There are quite a few good whole life insurance companies from which to choose these days. The recent turbulence in financial markets has revealed that a few were on shaky ground, but as the real rough weather seems to abated, we can have more faith in the companies that are left standing. When it comes to shopping around, be prepared to spend a little time learning do not rush into purchasing a policy. Life insurance is such a long term investment that it’s really worth your time. Here are just a few of the top rated whole life insurance companies:
In addition to standard whole life policies, New York Life offers so-called custom whole life, which has additional features you can purchase, such as accidental death benefits and a waiver of premium in case you should become disabled. Also, modified premium whole life insurance is available, which lets you get a larger policy than you might otherwise be able to afford because the premiums for the first five years are reduced.
State Farm is another insurance company that has been around for a long time. Their whole life offerings include the possibility of shorter premium payment periods, dividends, and the ability to borrow against any accumulated cash value.
Mass Mutual has been around for over 150 years, and might be an attractive option for you since they are not a publicly traded company. Without pressure to please shareholders, the idea is that they put more focus on their customers.
Another way to find the best company and policy for you is to ask people close to you who are financially savvy. Your family, friends and colleagues often know a lot more than you think about life insurance, because most people tend to never talk about it! Remember to get as much feedback as possible. The key here is extensive shopping, and in addition to personal recommendations, looking online for insurance information and rate quotes from top whole life insurance companies is another huge resource. Agood online guide will answer most of your questions about life insurance, at least.
The question of which whole life insurance company to go with can’t really be answered in one article. Take your time and remember that you’ll be paying premiums for decades most likely, so time spent investigating is well worth it. Because of the complexity of the policy, and any customization features you might want to include in your package, you need an agent who will answer all your questions and not push you too hard: in fact, you deserve it.
Remember too not to rush over the most basic of life insurance decisions: whether to go with term life or permanent insurance. The fact remains that for most people, term life insurance is still the best way to go.