Tips on How to Choose the Right Term Life Insurance Company
To avoid being defrauded and to ensure total satisfaction with your term life insurance provider, take note of the following tips.
- Decide which type of insurance you actually need. If your main objective in buying a policy is for protection only, then term life insurance is advised.
- Evaluate your financial status. Term life insurance is cheaper than whole life insurance. With limited budget, you might as well go for the former.
- Transact business with reputable companies that have been in the insurance business for a considerable period of time.
- Compare the premium rates and benefits offered. Buying an insurance policy is a major venture hence you must be able to make a comparison among the various types of plans. Always make sure to pick one that will provide your loved ones with the best protection.
- Read insurance company reviews and ratings for guidance. From the available data, you will have an idea which insurance provider is more stable and competent.
Top 10 Term Life Insurance Companies
For your guidance and further knowledge, here are some of the best term life insurance companies that you may consider when buying a policy.
- HSBC Insurance (Asia-Pacific Holdings Limited). This insurance company in Hong Kong is a member of the global-wide HSBC Group of companies owned by the Hongkong and Shanghai Banking Corporation Limited. It is one of the top choices among policyholders because it offers quick processing of insurance applications through online transactions with no need of medical examination. Being owned by a stable corporation, HSBC Insurance is one of the most reliable insurance providers in the whole world.
- New York Life Insurance Company (NYLIC). In the United States, NYLIC is ranked as one of the top insurance companies that operate worldwide. It has total assets of $287 billion and over $15 billion surplus funds.
- Nationwide Mutual Insurance Company & Affiliated Companies. This insurance company mainly operates in Columbus, Ohio but has business branches in other states nationwide such as Virginia, Texas and Iowa. It has for its component Nationwide Financial Services, hence giving policyholders the assurance that it has a solid financial foundation.
- Globe Life Insurance Company. Based in Oklahoma City, this insurance company is one of the top providers of policies in Japan. It has extended its services to South East Asian countries and the United States with its subsidiary Torchmark Corporation in Texas. Globe Life now has 3.8 million policyholders as of 2009 and has grown further over the recent years. Its $57 billion insurance funds and $2.8 billion worth of assets are enough reason for insurance applicants to pick the company as their primary insurer.
- Prudential Life Insurance. Also named The Prudential Insurance Company of America, this insurance agency has subsidiaries dedicated in providing insurance and investment management plans in the US and more than 30 nations spread over Asia, Europe and Latin America. Its leading product line includes life insurance, annuities, mutual funds, pension and retirement plans.
- Liberty Mutual Insurance Company. Ranked 129th in the Fortune 500 list of biggest corporations in the U.S., it has to its name $56 billion assets and $14.5 billion revenues.
- Mutual of Omaha. Operating with Omaha, Nebraska as its base, the company was established in 1909 originally as Mutual Benefit Health and Accident Association. Early in 1920, it has already reached its one million dollar premium income.
- State Farm Insurance Group. Operating in the United States and Canada, this insurance and financial services company also has investments in other State Farm Companies with holdings in Bloomington, Illinois. It has been declared as 37th in rank in Fortune 500 list of American companies with highest revenues.
- MetLife or Metropolitan Life Insurance Company. This is one of the biggest insurance providers worldwide. It specializes in annuities, employee benefits and insurance policies. It has been operating since 1868 and has since expanded its services to many countries.
- Mega Health and Life. Providing personalized health and other protection services, this insurance group also offers accidental policy options. It likewise caters to personalized plans, which are tailor made for the needs of policyholders.
There is actually as smorgasbord of insurance companies in the market but the above-mentioned groups are by far among the most reliable and reputable companies. They have been in the insurance business for many years and they enjoy solid financial support from their own company groups and subsidiaries.