Life Insurance in the US: Finding the Perfect Fit
Life Insurance in the US: Finding the Perfect Fit
In 2022, there has been a crawling growth rate in terms of the purchasing of life insurance in the United States. So, what changed? People have this tendency to exaggerate the cost of availing of life insurance plans. We tend to back out before we even begin. We think more of what we have to sacrifice than the benefit that these insurance policies may provide us in the long run. We look at the cost and, immediately, “no thanks,” without even seeing and assessing the bigger picture. Look, life insurance is one of the best ways to secure that your family will be protected even after you’re long gone. Yes, it may come with a cost, and that cost might be intimidating but, what’s stopping you? After all, it’s for our family, the people most important to us, isn’t it?
Life insurance could be this whole new language, which one needs to understand but once you’ve at least grasped a bit of that language, the next step is finding an insurer. We have to know what we need and want in a policy; moreover, whom to trust to attain those that we are looking for. These insurers will help us not only grasp but fluently speak the language of insurance. The search for an insurance company to best meet those needs is basically just finding your perfect match.
Best for Term Life Insurance Transamerica is an insurance company that has been in service for over a century. As of today, they have been helping around 11 million US clients to achieve that future security. They have been providing services varying from retirement plans to life insurance plans. And one of their best life insurance is their term life insurance. Transamerica offers a wide array of term life insurance for a specific period, from 10 to 30 years, to meet specific needs. They have reasonable rates across all ages. Their term life insurance plans come with affordability, flexibility, and convenience. Trendsetter® Super The coverage for this, in spite of it being a term life insurance, goes up to $10 million or even more. Furthermore, it is guaranteed and leveled all throughout the duration of the whole policy. Policyholders are also given the choice to convert a portion or the entirety of their term life insurance to a permanent one. Trendsetter LB This type of term insurance provides a lower death benefit, amounting to $2 million; however, it comes with living benefits. In cases wherein the policyholder is faced with a serious illness, he or she may claim a part of the death benefit to sustain the cost of dealing with such sickness.
Right Fit for Whole Life Insurance If you’re looking for something longer than a term life insurance, go with the traditional permanent life insurance or whole life insurance. This type of insurance is best offered by Northwestern Mutual. This company has been in business since the 1850s. They are on top of NerdWallet’s list of best life insurance companies. Moreover, they have a financial strength rating of AAA, which is the highest rating. The whole life insurance provided by Northwestern Mutual is not only backed by their ratings but as well as their excellent pricing. However, the greatest feature of all is that they prioritize the unique needs of each client and tailor the whole life insurance plan with those needs. Right Fit for Universal Life Insurance Do you want to utilize the use of your cash-value account by earning interest? Protective is the way to go. This insurance company has been successfully navigating its position, not only on life insurance but also on asset protection, for 110 years already. They have established internal costs available for different age groups within varying health risks. This way, a large excess on the premium that you have paid goes into the cash value account where it will earn interest. Protective offers three (3) universal life options: Protective Custom Choice UL With this policy, it’s mostly up to you – offering maximum flexibility and affordability. You have the capability to select your preferred coverage and the initial level benefit period. This means that premium payments can be leveled from 10 to 30 years, depending on the policyholder. Even after the initial level benefit, coverage is still existent – it does not end. Aside from these, the policy may also be changed alongside your needs without having to go through another rigorous medical exam. Variable Universal Life Insurance This plan gives you the choice of an investment option where you can potentially generate more income coming from your cash-value account. The investment options offered are based on your how much risk are you willing to handle and as well as what goals do you have. They also guarantee a tax-deferred cash value growth for your beneficiaries. Indexed Universal Life Insurance Lastly, Protective also offers indexed universal life insurance wherein your cash-value account may increase depending on a market index. The growth may be based on the performance of the stock market, subject to caps and floors. And if the market performs relatively well during your policy, the cash value would increase as well.
The Top Insurance Companies in the US 1. Lincoln Financial This group of companies offers insurance to different individuals with values rooting from President Abraham Lincoln’s character. They have been practicing trustworthiness and dependability since 1905. They are also innovative – maximizing the use of digital technologies for more efficient processes. 2. Mutual of Omaha They have been prioritizing your loved ones for a hundred years now. They are highly after your family’s health and financial needs. They are not only providing insurance for individuals but also businesses. Mutual of Omaha is also consists of a collaborative and diverse team to provide you with a brighter future. 3. Pacific Life A hundred and fifty-year-old insurance company headquartered in California. In 2019, they have recorded a total of over $170 million in assets. They have been offering life insurance plans alongside annuities and mutual funds for holistic financial wellness. There isn’t a one-size-fits-all insurance policy. Each insurance company and the policies they offer are catered to address the wide number of needs each individual has. It is important to assess what is it that you value the most to find the perfect fit – the one.