We selected carriers that have high financial rankings, pay out their benefits as expected, and have reasonable premiums.
But shopping for an insurance policy is vastly different than shopping for a new TV.
Everyone has different needs and health. So, this isn’t a situation where we write a “Top 10” list and everyone should go with No. 1 if they can.
The truth is, there isn’t a company that has the best policies for everyone.
So, this list isn’t in order of best to worst. We have put them in alphabetical order.
Things that hold true for all companies on this list:
- Premiums stay the same
- Coverage never expires as long as you pay your premiums
- Policy build cash value
American Amicable has been in business since 1910 and has an “A” rating from both A.M. Best Company and the Better Business Bureau.
There’s no restrictions on how the money is spent or who it can go to. There are policies available with no waiting period.
American Home Life
Founded in 1909, American Home Life has an “A+” rating from the Better Business Bureau and a “B++” rating from A.M. Best.
They have a few riders available.
Their terminal illness rider allows you to claim your death benefit before you pass away. The nursing home rider allows you to claim your death benefit if you have been permanently placed in a nursing home because of your health. The accidental death rider pays out a larger death benefit if you die due to an accident.
Gerber began their business in 1967. They have an “A+” rating from the Better Business Bureau and an “A” rating from A.M. Best.
Gerber offers a guaranteed issue life insurance product which means everyone is accepted, but there is a two-year waiting period. You should only take this product as a last resort and you cannot be approved otherwise.
There aren’t any riders available. Coverage ranges from $5,000-$25,000.
United Home Life
United Home Life began in 1948. Their parent company, Farm Family Life, started in 1937.
They have an “A-” rating from both A.M. Best and the Better Business Bureau.
They offer both guaranteed and what they call “express issue” policies that are available as simplified issue (no waiting period).
The waiting period with United Home Life, if you choose their guaranteed issue plan, is three years.
With their express issue plans, you can choose an accidental death benefit that pays out an additional benefit if you pass away because of an accident.
You can also get a terminal illness accelerated benefit rider that pays out your benefit if you are diagnosed with a life expectancy of 12 months or less.
Finally, there is a child rider. This provides coverage for your children who are 30 days to 18 years old at the time your policy is issued. It provides $5,000 in protection and you can purchase four increments of that coverage. It covers all of your children in that age range.
The children covered can convert their coverage into their own permanent plan.
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