Today, we will answer the question of what makes a Term Life Insurance the best. Shopping for a life insurance is a complex process if you are not sure what you are looking for. To make the process shorter, you must know your preferences in what you want in a life insurance policy should be. A term life insurance is a type of insurance which is only valid for a couple of years on which you (the insured) and the company has agreed upon. If ever the number of years has ended, you may have the choice to adjust or change the terms again. A thing to note about the term policy though is that it is cheaper when compared to premium life insurance. Permium or whole life insurance has no limits when we talk about years. The policy is valid for as long as the insurer is alive, or until he or she cannot afford to pay the monthly dues anymore.
Reviews.com has listed their top three companies with what they consider as the best term insurance policies. This is a website which analyzes products, services, and just about anything to find the best for their readers.
- ) TRANSAMERICA
Transamerica is a company which offers reasonable prices on their terms. Their policies range from 10 to 30 years. The coverage amount they offer can be tailored for each individual and their needs with death benefits starting at $25,000 – all the way to $999,999. The flexibility that this company offers is great for buyers who prefer to have their terms. It’s easier for them to find the right one for them. Rated A+ by A.M. Best.
- ) NEW YORK LIFE
The same with Transamerica, New York Life also offers flexible term options that range from 5 to 20 years, although their coverage minimums start at $100,000. This company is best among the financially stable but it’s not so hot with young buyers and budget shoppers. Sadly, NYL does not offer an online quote so you’ll have to talk to their agent about it. You can’t compare it online.
- ) NORTHWESTERN MUTUAL
Northwestern is unique. It offers a policy that can only be availed in this company, it is what they call the Term 80. That is an option that pays death benefits until the insured’s 80th birthday. This policy options was designed to extend coverage.
Keep in mind that each one of us has different preferences so these three may not be the best term insurance policy for you, but that doesn’t mean that you won’t find the one term insurance policy that will suit your needs. You may browse online and/or talk to an agent about different policies offered by different companies. Be sure to do you own research so that you’ll be knowledgeable – even just a bit – when it comes to life insurances.