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Life insurance policies can be an excellent way to provide for your family or leave behind an enduring legacy. By covering expenses such as ceremonial costs, medical bills or long-term payments like mortgage payments while your estate is settled, life insurance will reduce unnecessary expenditures while leaving an imprint upon future generations.
However, the road to life assurance can differ depending on your age or health status. Young and healthy people may prefer seeking instant coverage online while those over fifty or with health issues should consult an agent to advise them of the appropriate policies they need.
In 2020, 54.4 of USA citizens are insured, down from 56.7 in 2019 with one third of families remaining uninsurable. There are also 66 US citizens or couples that take out life assurance plans as an investment strategy to transfer wealth down generations.
Below are a selection of the top life assurance companies where you can obtain life assurance coverage.
Here are a selection of some of the premier life insurance providers from whom you can purchase coverage.
Guardian
Guardian offers a comprehensive range of whole life policies, such as their survivor policy for two people — typically spouses.
Choose between level premiums or “limited payment” policies with payments spread out over 10, 15, or 20 years.
Subsequently, your coverage is maintained without additional expenses.
The company also provides life insurance policies tailored specifically for people living with HIV. In order to be eligible, proof must be shown of medical treatment by an HIV specialist as well as successful antiretroviral therapy treatment.
Plus, this insurer provides various riders to enhance its policies’ features such as disability waiver of premium, long-term care benefits and index participation feature (IPF rider).
The IPF rider provides you with the ability to link part of your cash value with the performance of the S&P 500 Price Return Index and reap any profits in dividend payments.
Guardian doesn’t promise dividends to its permanent policyholders every year since 1868; in 2022 alone it will pay out an estimated payout of $1.13 billion.
MassMutual
MassMutual offers an assortment of whole-life policies, which all generate income at an attractive set charge per four-dimensional (up to age 100).
Dependent upon the policy, you may have the opportunity to customize your coverage with various riders, including long-care riders and yearly term purchase riders, which allow you to direct dividend payments towards term life assurance policies.
As a permanent client of MassMutual, you are eligible to receive dividends generated from its profits. They anticipate disbursing nearly $1.9 billion between 2023-2027 to their permanent policyholders with minimum coverage between $25,000 – $100k for heritage HECV policies.
AARP
AARP makes life easy for its members and their families looking for whole-life assurance with two policies available without requiring physical examinations.
The company provides customized whole-life policies as well as guaranteed acceptance life assurance policies to Association members and their spouses, both are accessible policies that meet both needs.
Your policy value of up to $50,000 can be purchased online; for larger coverage please reach out directly. $1,000 covers warranted acceptance policies while $1,500 covers quality whole life policies.
To apply for an essential whole life policy, fill out a health and lifestyle form; while for warranted acceptance policies there’s no form required – simply sign and return.
New York Life
New York Life offers two whole-life policies as well as a customizable policy with flexible premium payments.
Pay off your policy as quickly as five years, or arrange payments that suit you best.
Insurance company offers various life assurance riders, such as chronic care protection, relinquishing of premium and accelerated benefit options.
As a mutual company, New York Life will disburse $1.9 billion in dividends to its policyholders in 2022; at minimum coverage, this should amount to around $25,000.
Northwestern Mutual
Northwestern Mutual offers one whole life policy with several payment options, so that you can customize premium payments over fifteen, twenty or twenty-five years or until age 60-5 or 100 is reached.
Insurance policies start from $50,000 and extend up to a maximum coverage limit of $70 Million for eligible candidates.
Enhance your coverage with riders that extend coverage, such as an accelerated benefit that offers some payments if long care becomes necessary.
There’s also an additional purchase profit rider, which enables you to add coverage at a later date without taking another medical checkup exam for life assurance.
Northwestern Mutual, one of the nation’s premier individual life insurers, will distribute $6.8 billion in dividends by 2023.
State Farm Life
State Farm Life can offer whole life policies starting at $10,000 and are ideal for healthy individuals aged 18-50 applying for policies worth $100,000-1 Million.
State Farm can fast-track your application and issue your policy without needing a medical examination.
If you need to cover ceremonial, burial and end-of-life expenses privately, the insurance company provides final expense policies to candidates aged fifty to eighty (or seventy-five in New York).