Which life insurer is the best for you?
Do you want the fastest, lowest price, the best financial rating, the best company for health issues, etc?
Best Life Insurance Companies Review
At RiskQuoter, we developed this article to answer those questions for you.
Companies We Reviewed
How do you choose the best company and what criteria should you consider when shopping for insurance?
We listened to the questions our clients asked.
And used that to answer your most important questions.
Companies we reviewed include:
AIG – American General Life Insurance
AIG-American General offers term life insurance, universal, whole life, and guaranteed acceptance policies.
AIG – American General Life Insurance Review
Banner Life Insurance
Term life insurance, universal life, e-applications, e-policies, and e-delivery.
Equitable Life Insurance Company
AXA Equitable Life Insurance Company offers term life, universal life and whole life.
AXA is very competitive with coverage amounts of $500,000 or greater and is one of the few that HIV+.
Equitable Life Insurance Review
John Hancock Life Insurance Company
Hancock has term life insurance and universal life insurance.
They are one of the few carriers that specialize in HIV+ underwriting.
John Hancock Life Insurance Review
Lincoln Financial Group
Very competitive with term life insurance, guaranteed universal life, & index universal life.
They are hard to beat for a number of high-risk health conditions.
Lincoln National Life Insurance Company Review
Mutual of Omaha
Mutual of Omaha offers term life, universal life, whole life, and accidental death insurance.
Omaha is competitive in many categories, including its underwriting “Fit” program.
Mutual of Omaha Company Review
Principal Life Insurance Company
Universal life insurance, term life, and disability insurance.
They have a number of underwriting niches and are priced competitively.
Principal Life Insurance Company Review
Protective Life Insurance Company
An easy to use tele-application process and some of the best-priced term life insurance products available.
Protective Life Insurance Company Review
Prudential Life Insurance Company
There is no other company like Prudential when it comes to being competitive for most high-risk medical conditions.
Pru offers term life insurance, universal life and index universal life insurance.
Prudential Life Insurance Company Review
West Coast Life Insurance Company
West Coast Life Insurance Company is no longer active and is now part of Protective Life.
If you need to convert your existing term life insurance policy, we’re able to help you with that.
West Coast Life Insurance Company Review
Western Reserve Life Insurance Company
Transamerica Premier Life Insurance Company now owns Western Reserve.
Western Reserve Life Insurance Company Review
Financial Strength Ratings
These rating agencies issue life insurer financial strength (IFS) ratings.
- A.M. Best
- Moody’s
- S&P
- Fitch
| Company | AM Best | Moody’s | S&P |
|---|---|---|---|
| American General | A | A2 | A+ |
| Banner Life | A+ | – | AA- |
| John Hancock | A+ | A1 | AA- |
| Lincoln National | A+ | A1 | AA- |
| Mutual of Omaha | A+ | A1 | A+ |
| Principal | A+ | A1 | A+ |
| Protective Life | A+ | A1 | AA- |
| Prudential | A+ | A1 | AA- |
A.M. Best
A.M. Best analyzes companies to determine the company’s claims-paying ability.
A.M. Best is the only agency that focuses exclusively on the insurance industry and seems to be the easiest for most consumers to understand.
AM Best Ratings
- A++ and A+ = Superior
- A and A- = Excellent
- B++ and B+ = Good
- B and B- = Fair
- C++ and C+ = Marginal
- C and C- = Weak
- D = Poor
- E = Under Regulatory Supervision
- F = In Liquidation
Moody’s Ratings
Provides forward-looking opinions of the relative credit risks of financial obligations issued by the life insurer
Moody’s Ratings include:
- Aaa = Judged to be the highest quality
- Aa = Judged to be high quality
- A = Judged to be upper-medium grade
- Baa = Judged to be medium-grade and subject to moderate credit risk
- Ba = Judged to speculative
- Caa = Judged to be speculative of poor standing
- Ca = Judged to be highly speculative
- C = Lowest rated and typically in default
S&P Ratings
The focus is to provide a forward-looking opinion about the life insurers’ ability to pay their insurance policies under the terms of those contracts.
S&P Ratings include:
- AAA = Extremely strong financial characteristics
- AA = Very strong financial characteristics
- A = Strong financial characteristics
- BBB = Good financial characteristics
- BB, B, CCC, and CC = Vulnerable financial characteristics, with each of these broken down further.
You can find more information here about S&P life insurance ratings.
Fitch Ratings
The main driver of Fitch’s Insurer Financial Strength (IFS) rating is the evaluation of the insurance company’s performance under the Key Credit Factors defined by Fitch.
Fitch Ratings Include:
- AAA = Exceptionally Strong
- AA = Very Strong
- A = Strong
- BBB = Good
- B = Weak
- CCC = Very Weak
- CC = Extremely Weak
- C = Distressed
Comdex
Comdex is a composite score developed by a software company that sells quoting software to companies.
Best Term Life Insurance Company
Legal & General America
Known as Banner Life in the industry, Legal & General offers term life insurance using an e-application and e-policy.
You may complete your application online or during a phone interview and receive your policy electronically with Banner.
Other companies worth mentioning:
- AIG-American General
- Protective Life
Companies that Specialize in Health Issues
When it comes to high-risk health issues, the best company depends on the type of health issue you have.
Best Overall Company for Health Issues
If there’s a company that competes in every health issue, Prudential is it.
No other company is willing to underwrite as many health conditions as Prudential.
After Pru, other companies to consider include:
- Lincoln National
- AIG-American General
- John Hancock
For any health history, we’ll shop at all of the companies that specialize in high-risk conditions to ensure you get the best rate possible.
Best Company for Ulcerative Colitis
Hands down, AIG-American General Life Insurance Company is the best for people with ulcerative colitis.
AIG routinely offers “standard plus” rates or better.
Other companies to consider include:
- Banner Life
- Principal
- Prudential
When we shop for your medical history, we’re going to reach out to all companies for offers, not just the ones above.
Best Company for Prostate Cancer
The best prostate cancer company is Lincoln National due to how aggressive Lincoln is when your Gleason Score is 7.
Other competitive companies for prostate cancer include Prudential when the Gleason is 6 and Protective Life for older insureds.
Best Final Expense Life Insurance
AIG-American General Guaranteed Issue Whole Life Insurance
When you need a small life insurance policy without the hassle of medical underwriting,
AIG’s Guaranteed Issue Whole Life Insurance (GIWL) is a great choice.
With a quick online application, guaranteed rates, living benefits in many states, AIG is hard to beat.
Conclusion
The first step is to review your medical history with use.
After review, we’ll tell you which companies are best and why.
We’ll then help you with the underwriting process to ensure you receive the best approval possible.
Please take a few minutes to submit your quote request today. Thank you.
Michael J Horbal
I’m the owner of RiskQuoter. We specialize in life insurance underwriting, helping you get the best rates whether you have perfect health or a history of medical problems.
by Michael Horbal – Updated on January 26, 2021