(888) 229-7522

Top Life insurance Companies by Category

There are maybe hundreds of ways to classify the best life insurance companies. And what makes this even more confusing is that from one perspective or another each list could be right. Our expertise is in general life insurance and in hard to place policies. sticker peal the bestSo we will cover our top companies for:

These kinds of rankings are HIGHLY subjective. The real truth is, the best company when it comes to your life insurance is the company that will cover you for the plan you want, at the lowest rate, and if something were to happen to you they will pay out. So while we are going to list our top picks for some main categories of life insurance, your best bet is to get a set of quotes to look at which policy is right for you.

To help you even more we cover some of the most common questions about life insurance companies after our lists of top life insurance companies by category.

Top All-Around Company

So while we do make a recommendation on which is the top of our list that really comes down to which company we have had the most good experiences with our clients on standard plans. So instead of just taking our recommendation for the top company here and running with it we highly recommend you get a set of life insurance quotes and see who works best for you. Our top All-Around company is American General

No matter what the market American General tends to have competitive rates. They are the most likely to be in the top group no matter how you fill out the form. While this doesn’t mean they will be the exact right company for you this does put them as our best all-around performer.

Ratings

  • M. Best – A
  • Fitch – A+
  • Moody’s – A2
  • Standard and Poor’s – A+

Strengths:

  • Good for high risk clients as well as standard issue policies. Creative underwriting makes it easier for people to get a policy
  • They have an accelerated rider that comes standard so you can tap into your life insurance if you are terminally ill.
  • Some of the most competitive guaranteed issue rates in the industry. With very creative policies to meet different needs.

Weaknesses:

  • They view DUI’s and bankruptcy as a major strike against you in underwriting.
  • Anyone traveling to specific regions of the world that they find unfavorable will have a hard time qualifying.
  • Past criminal records are a problem for underwriting especially if you have a felony related to sexual abuse or drug use.

You can also see who we have in our current top 10 life insurance companies to see reviews of who we are having the most success with finding affordable life insurance rates.

Best Company for Smokers

Smokers always fall into a category by themselves. If you are actively smoking or using tobacco it is extremely important that you choose a company that looks favorably on the practice. For that reason we chose Prudential as our top company to find life insurance for smokers.

This market is actually very competitive so picking one was really difficult. What separates Prudential is not the smokers policy but their policies for other forms of tobacco use.

If you use chewing tobacco they will actually issue you a non-tobacco rate. That is a crazy deal for the insurance industry and makes them one of the most creative underwriters in the industry.

Ratings

  • M. Best – A+
  • Fitch – A+
  • Moody’s – A1
  • Standard and Poor’s – AA-

Strengths:

  • Willing to use your true age instead of rounding which can help older applicants.
  • When you are in one of their favored niches the underwriting is very creative.
  • Their entire line of life insurance products is “rock” solid.

Weaknesses:

  • The only weakness is if you get outside their niche markets. They are SUPER competitive on price for life insurance markets that they are able to be creative with but not so much on standard policies.

As with all our life insurance recommendations we want you to get the absolute best price. So while we right now consider Prudential to be our top company for smokers you should check out our top companies for smokers page and get a set of customized quotes to make sure you get the absolute best policy for your needs.

Best Company for Diabetics

Diabetic life insurance is a tricky nut to crack. Because the health conditions of individual diabetics are so different, it is important to get quotes from many different companies. That being said the company we have seen diabetics have the most success with is Banner Life Insurance Company.

You knew Banner had to make an appearance somewhere. This is one of the most competitive companies on price in the life insurance marketplace. While they could have easily been our top all-around pick they are particularly competitive in the Diabetics market. They are also great for anyone who is borderline on Preferred and Preferred plus rates.

Ratings

  • M. Best – A+
  • Standard and Poor’s – AA-

Strengths:

  • Excellent pricing on rates that are below standard
  • They provide an accelerated death benefit rider which advances the death benefit if you are terminally ill.
  • Term policies with Banner are convertible and renewable up to age 95. That is five more years than most carriers and a benefit if you are coming to the end of your term life policy.

Weaknesses:

  • Banner gets a ton of applications and it seems that they behind from time to time. If you are looking to get your policy in place, and fast, then Banner will not be your cup of tea.
  • While pricing is great they tend to be a little light on adding riders and different options to their policies.

If you want to check the other companies that we do very well with for diabetics make sure to go to our best companies for diabetics page.

You can learn more about the company by checking out our Banner Life insurance Company Review

Best Company for High Risk Individuals

So many different people fall into the high risk category that it was very hard to recommend just one company. Our best company for high risk individuals is Foresters Life Insurance Company

While Forester’s is not as well-known as some of the other companies on this list they are a very solid company who is great at working with the high risk market. While some of the other big brands may catch your eye this lesser known gem will take great care of your policy.

Ratings

  • M. Best – A

Strengths:

  • They have some of the most liberal underwriting in the industry which is why they work so well with high risk individuals
  • Very competitive on how they price their policies
  • A large product line with multiple types of life insurance to meet your needs.

Weaknesses:

  • Because of their focus on high risk cases they may not be as competitive on standard issue policies.

While with all the different types of high risk applicants it is EXTREMELY important important to get rates from multiple carriers.

One of the reasons we enjoy working with high risk individuals is that it is truly rewarding helping someone who is struggling to get a good rate on their policy. With high risk policies some people have trouble getting approved at all.

Our team is constantly working with the best companies for different illnesses, diseases, activities, and occupations so we will be able to help you get the best rates possible.

Get more information on this company in our Forrester’s Life insurance Review and the top group of high risk carriers on our top high risk life insurance companies page.

Best Company for No Exam Policies

No exam policies can be used for anyone but are particularly useful for those who do not easily qualify for a standard issue life insurance policy. There are several different kinds of policies to narrowing down one company was really about who offered the most variety. Our top company for no exam polices was American National

Also known at ANICO, you cannot make a list of companies that do no medical exams without have American National on that list. Their no exam term polices go up to $250k and whole life polices up to $150k and they are very competitive on both.

Ratings

  • M. Best –
  • Fitch –
  • Moody’s –
  • Standard and Poor’s –

Strengths:

  • Their underwriting is extremely flexible and they do a great job of getting no exam polices for high risk clients.
  • If one of their products meet your needs they will come to the table with one of the lowest rates.

Weaknesses:

  • They can be a little slower for no exam polices than other companies. They state that it can take up to 30 days but they do a better job at underwriting and can save you some money by taking that time.
  • They only have up to a 20 year term policy but this also plays into how they underwrite and keep their prices low.

Makes sure to look at the complete list of best no exam life insurance companies because each one will specialize in different types of policies and can be a better match for your needs. You can even find companies that will place your policy in less than 48 hours.

If you are not sure if a no exam policy is ring for you head over to you no exam life insurance page.

Common Questions about Life Insurance Companies

Since we work with so many different carriers we get a ton of questions about quality and customer experience. Here are some of the most common that we get.

What Matters Most in Selecting a Company?

Finding a company that fits your needs can be tough but starting with some basics will allow you to thin the herd.

Stability – Since even the shortest life insurance policies last five years you need to know that the company you choose is in it for the long haul. You will want to look at the company ratings from the different rating agencies.

Also check and see if they have had any changes in their ratings from year to year. If you see a consistent downward trend then you may want to stay away.

Policy Selection – not having the right policy to meet your needs is a deal breaker. Not only should a company have the right policy you will want them to offer you some options for the future. Is the policy convertible? What riders can be added? Can I extend the term? Being able to get the information on these types of questions and customize a policy that is right for you can make a big difference in selecting a company.

Price – Let’s face it. None of us wants to pay more than we need to for a life insurance policy. Price matters as long as you are getting the two items above right also. The most common types of policies are:

  • Term Life
  • Whole Life
  • Universal Life
  • Variable Life

Customer Support – While we hope you never have to call customer support there is always a chance that it will happen. Check to see if they have phone or live chat support on their website. These kind of features are an indication that they are keeping up with the customer support trends and making themselves available on your time.

If you are not working with an independent agent then you will want to make sure the company also has local offices so you can know that you have access to a person face to face.

This is one reason we recommend working with an independent agent. Independent agents work for you and not the insurance company. So when you look at life insurance companies together they are making a recommendation based off of your needs.

What Happens when a Life Insurance Company Goes Under?

First thing we need to clear up is that a life insurance company almost NEVER goes under. It does happen from time to time but it is almost always with a small company who already had poor ratings from the rating agencies. You are more likely to get struck by lightning while getting eaten by a shark than a large life insurance company is to go under.

But if you happen to be one of the unlucky ones the good news is you don’t just lose your coverage. Just like the banks are required to pay into the FDIC, insurance companies are required to pay into NOHLGA. This funny looking word stand for National Organization of Life & Health Insurance Guaranty Associations.

What this means for you is that your state has a guaranty association and if your life insurance company were to fold you would be covered for up to $300,000 of the face value of your policy. That in itself seems like a pretty good backup but NOHLGA does more.

When a life or health insurance company goes belly up NOHLGA steps in and takes over the company, but that is only the first step. Instead of just stopping there the association tries to sell of the policies to another more stable insurance company. This allows the clients to keep their same policy with another carrier. Basically, in most cases, the consumer doesn’t even feel the change.

Is there a NOHLGA Chapter in Every State?

Yes each state has their own life and health insurance company association and NOHLGA is the national organization that sets the minimum standards for all the states. Many states choose to set higher requirements, but all states are required to meet the minimum standard.

What do the Ratings Mean?

The Ratings from A.M. Best, Fitch, Moody’s, and S&P are a measurement of how financially sound a life insurance company is. Anything with a B rating or higher is going to be in good financial strength.

If I am Looking at Identical Policies, Why are the Prices Different?

Each company has their own method for underwriting a certain insurance application. So while your data is the same for each one they may treat your particular case very differently. This is why we encourage all of our clients to get quotes from a lot of different life insurance companies. You can never be certain who is going to come out as the best carrier for you.

When we put the recommended companies in the list above it is important to note that they are the best on a general basis. If you are a diabetic there is no guarantee that Banner will definitely treat your individual case better than American General. In fact it is highly likely someone will beat the Banner price.

This also highlights working with an agent who knows how to get good rates for any type of health issues. At InsureNow365 we know who the top five companies are going to be for diabetics and will get quotes quickly from them instead of wasting your time on companies that will never issue you a policy.

Does it Really Matter Which Agent I Use?

In a word, YES! There are two types of agents that the companies use to sell insurance. The first is a captive agent. This person only sells life insurance for one company. They are going to try and fit your needs into one of the policies that their company offers. Even if it is not an exact match they will put a policy together that comes closest to what you want.

The second type of agent is an independent agent. This person can shop around to a bunch of different life insurance companies and find a rate and policy that matches your needs exactly.

No matter which one you choose you need to make sure you get an agent that is not lazy or corrupt. With either one of those scenarios you are going to end up with a policy that is more expensive and may not meet your exact needs.

Does Your Quote Tool Find Every Life Insurance Company?

No, and here is why. We work with the top life insurance companies in the country. If a company has a C rating or lower they will not show up in our quotes. Also some small companies who are not rated at all and they will not shop up in any of our quotes. We want to make sure that every life insurance company that we show you has a strong financial standing and a reputation for helping the customer. If an insurance company does not meet that standard we will not work with them.

Are there Any Other Rating Companies?

There is only one other company that we trust to provide information on the life insurance carriers and that is Comdex. Unlike the other four that we use on a consistent basis, Comdex ranks the life insurance companies based off of the rankings of other companies inside the big four ratings services.

A company must have at least two rankings from the four big boys in order to get a Comdex rating. The ratings are on a 1-100 scale and make it a little easier to compare one company with another on financial strength.

The only downside is that a good company like Forester’s is left off because they only have ratings from A.M. Best and not from any of the other rating agencies.

How Often Should I Get New Quotes?

We recommend getting new quotes every two years. This is assuming that your health has not changed during that time. A person who has lost, let’s say, 50 pounds will need to keep that weight off for a while, but should definitely get new quotes from the top companies to see if they can get a better rate.

The same would go for someone who has quit smoking for two years or more. Life Insurance rates for smokers are much higher and getting switched over to standard underwriting will save them a bundle.

Choosing the Best Life Insurance Company for You

You have all the information you need the time has come to fill out the form on this page and get a set of customized quotes from some of the best life insurance companies in the US. If you have any questions along the way you can email with us or give us a call at 888-229-7522. We are here to help you get the best possible rates no matter what your specific needs are.

Sorry, comments are closed for this post.