Best Term Life Insurance Providers in 2020
Many individuals realize the value of purchasing a term life insurance policy. It is also known as pure life insurance. This policy ensures that the benefactors receive payment as a result of death benefit of a deceased individual. The benefit is only received if the death of policy holder occurs in a specified term. The policy expires once that specified term has passed without incident. After that, the policy holder can either renew the policy or terminate it completely.
Term Life insurance can be purchased for the specified terms of 5, 10, 20 or more years. It is also much more affordable than whole life insurance. Consequently, the premiums are significantly lower than whole life insurance. However, that also means it has lower applications.
You must look for trustworthy and capable insurance provider companies when purchasing term life insurance. Among other characteristics, you must look for following;
- Financial Strength
- Client Satisfaction Rate
- Policy Variety Offerings
- Relative Value for Price
- Reputation of the Company
Following are the insurance provider companies which are the best in the market. You can purchase your required term life insurance from any one which suits you the best without any worries.
Many companies who only specialize in life insurance do not provide other options. However, State Farm is not one of them. This means that if the client purchases multiple policies from State Farm, they are eligible for some special discounts. Amazing benefits are awarded to those who purchase a bundle of services; such as life, health, homeowner’s or auto insurance.
State Farm provides the term life insurance to interested individuals. It is offered in terms of 5, 10, 20 years. It is available for up to $250,000, according to the term life insurance calculator. Affordable premiums are monthly or annually payable. The customer reserves the right to renew the policy up to the age of 95. The death benefit received from state farm life insurance is ta free. The customer is fully capable of adding riders or add-ons for additional coverage’s. The premiums may get an annual increment but the maximum amount will never exceed the specified amount in the contract.
New York Life
Financial strength is an essential factor when choosing an insurance company. Not every company and policy are affordable for an average joe. Similarly, not every firm is capable of paying out on a claim. New York Life is one of those companies where you do not have to feel afraid of such a thing. It will be able to meet any and all financial obligations. It also offers customization life term policies. They can be altered to suit your needs and requirements. There are short-term policies also available. They do not cause as much as the mainstream policies. But they do have a shorter range in terms of time span.
Term life insurance policy by New York Life carry the option of yearly convertible and level convertible term policies. Add-ons or extra benefits may also be added. The policy is usually available with 10- or 20- year life terms. The premium options are available for 20 years. The policy can be further upgraded to complete whole life insurance at the end. There are additional policy riders available to provide coverage for accidental death, children’s insurance, chronic care, disability waiver of premium and living benefits etc.
Buy term life insurance offered by TransAmerica. It can be extended up to a term of 30 years. However limited availability of this option may be, it is still unique to TransAmerica. No other firm offers it.
Transamerica offers the term life insurance policy to its faithful clients ranging from 10 to 30 years. It is offered in the five-year increments in values of $25,000 to $2,000,000. There are some policies that require a medical exam before they are provided to a prospective client. Following are the two term-life insurance rates and types available through TransAmerica;
- Trendsetter Super Series. Its range is up to $1,000,000 in coverage. It has a a guaranteed premium that is convertible to a whole life policy at the end of the term.
- Trendsetter LB. Its range is up to $1,000,000. It has a living benefits option to receive an accelerated death benefit. You may have a qualifying illness while you are still alive.
It is one of the best term life insurance companies in the market. It offers the term life insurance in the terms of 10, 15, 30 and 35 years. The unique thing offered by this firm is that it has a money back guarantee. If at the end of the term, the policy has yet to be cashed out. Then, the company simply gives the option of receiving a full payout to the client. Just like the payouts, this money is also considered tax free.
SG Financial Inc. is provider of a term life insurance in Dallas, Texas. We can provide the complete cautionary and much needed information in regards to life term insurance policy. We also offer customized policy to our clients with many options. We offer multiple addon’s and riders to complement the initial policy.