Oct 23 2016

Top Life Insurance Companies: Rates, Rankings and more Information #zenith #insurance

#life insurance companies

Best life insurance companies

To help you make an informed choice, Budget Life has developed a ranking system to determine the best term life insurance companies with the most competitive rates. The list is based on two primary factors — financial strength and the lowest life insurance rates. Budget Life periodically collects term life insurance quotes for $500,000 policies from the Compulife Software Inc. database, which has provided over 1.9 million term life insurance comparisons since 2002.

Budget Life’s top 15 life insurance companies

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  1. Health Status. Preferred Plus and Standard Health
  2. Sex. Male and female
  3. Smoking. Non-smoker and smoker
  4. Age. 25, 35, 45 and 55 years old
  5. Duration. 10- and 20-year term

Once collected, the lowest life insurance rates in each risk category are assigned a score; the scores for each company are then totaled to produce the overall rankings.

Financial strength is an important consideration when buying term life insurance; therefore, only companies rated A- or better by A.M. Best Company. a credit rating organization, are included in the list.

Premium life insurance companies

If you need life insurance with a higher face value, such as a policy of $1 million or more, Budget Life also ranks the top premium life insurance companies with only the highest rating from A.M. Best.

Life insurance companies for smokers and nonsmokers

Among a number of factors, life insurance quotes are determined in part by your risk classification. In general, the three main underwriting classifications are preferred plus, preferred, standard and nonstandard the better your rate class the lower your premiums will be. Risk is further measured by nicotine use and gender.

Budget Life provides a list of the life insurance companies with the most competitive rates for smokers and nonsmokers.

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