Steven Alphonse

Who Has the Best Life Insurance Policy?

Ask a group of your friends about their favorite restaurants and you will likely get different opinions. Why is that? Well everyone has their favorite menu items and types of food.

When it comes to life insurance can you just ask your friends? You could but how do you know which ones are the best life insurance companies? Your needs are different so the right life insurance company may be different also.

Read on to find out how to get the best life insurance policy for you. 

Picking the Best Life Insurance Company

Life insurance companies seem to be all over the place. Everywhere you look there are companies offering you a “deal.” You begin to wonder what is really a deal and what isn’t.

The good part of there being so many life insurance companies is there is a ton of competition. When companies compete, you as the consumer win because the prices for things usually come down.

Stay Picky

The thing you want to do is stay picky when it comes to which company you choose. Don’t just go with the first company you look at. Do your homework and learn about the companies and what they offer.

Price is one factor to look at but it isn’t the only factor. You also want to look at the health of the company’s finances. You want to make sure they are smart with their money so they can pay if you need them.

Who Are the Best Life Insurance Companies?

There are some key factors that you need to think through before you pick the best life insurance company. Just like you are an individual and have different needs, life insurance companies all have different strengths for customers.

Define Your Needs

Before you can pick the right kind of life insurance, you want to assess what your needs are. If you are pretty healthy, a policy with a medical exam is no problem.

However, if you don’t want a medical exam then you will narrow down the companies you are looking at to choose a policy. Some companies only cover a narrow range of people while others offer coverage for many types of people.

You may want an agent to sit down and talk to or you may want to do everything online. There are different life insurance companies to fit those needs. 

If you want a company that has great customer satisfaction and stability, you can look over ratings to find one like that. Other companies may be strong in bundling coverages to save you money.

Some life insurance companies offer lots of flexible options for their coverages and allow you to add different types of riders to your coverage. This type of customization would push you to focus on specific companies.

Search the Markets

You want to define your needs first because this helps you know what you are looking for in a life insurance provider. Then you can go out into the market and start your search.

Searching for companies with specific strengths that line up with your needs will help you find the right fit. With the hundreds of options out there, you can be selective.

This may take a little upfront work on your part, but it will pay off when you find the perfect company for your coverage. 

The Different Types of Life Insurance Policies

Entering the life insurance market is tough for some people because they don’t know the different types of policies. Life insurance comes in a few different types of formats based on what your needs are for coverage.


Term life insurance is insurance that offers a death benefit coverage during a specific time. It is often broken up into ten-year increments. The most common coverages are for twenty to thirty years.

This life insurance is not permanent and when the time expires you have several options. You can renew the coverage for another term at a higher price.

You could also convert the policy to a different type of coverage, or you could let it terminate and not do anything with the policy. 

Term life insurance is often the cheapest option with the highest amounts of coverage. 


Whole life is often called permanent life insurance. It lasts for the insured’s lifetime. The premiums go toward the death benefit and also build cash value for the insured.

This cash value gives the policy owner several options. They can borrow funds from their cash value account if it has enough money in it. Some accounts allow the owner to withdraw the money for medical or school expenses.

There are different types of options available for each whole life policy that companies offer. If you are looking into this type of policy, make sure to ask about all the options available to you. 


Universal life insurance is a type of permanent life insurance that adds some flexibility to the policy owner. It can build up a cash value through different investments for the owner.

It also has the option of flexible payments. You can pay the minimum to keep the life insurance portion if times get tough. You can also pay the full premium to build up your savings and investments.

The investing portion can be used in different ways depending on your own desires and the company’s options. They can give you a permanent lower return option like a savings account.

You could also invest in the stock market with no guarantee on the rate of return but the chance for higher returns. This is often referred to as Variable Life Insurance when it invests outside of the company. 

The Cost of Life Insurance

Life insurance costs are based on several different factors. Some of the factors are based on your choices and others are based on the company.


The biggest factor in the cost of life insurance is your age. The younger you are the cheaper your life insurance rates. This is why so many young adults are encouraged to get life insurance in their twenties.

They can lock in the cheapest rates when they are younger and in better physical shape. 

Medical Exam

Most life insurance policies for individuals will involve a medical exam. This is usually a basic exam just to make sure you don’t have any serious conditions. 

Many policies are set up where you only have to do the exam once. This can help you not lose coverage if you develop medical problems later.

Some life insurance companies offer coverage with no medical exam, but their premiums will usually be higher because of the risk.

Type of Policy

The type of life insurance you choose will also be a big factor in your price. Term insurance is the cheapest. Whole and Universal are more because they are permanent life insurance.

Their prices can also vary widely depending on what type of saving plan you set up along with the insurance. 

How to Choose a Life Insurance Policy

Once you discover your needs and think through the type of life insurance coverage you want, you can start choosing. There are a couple of best practices you should implement when looking at companies.

Compare the Policies

Take the time to compare the policies that are offered to you. You want to look at the specific details like how long the coverage will be and what riders are in the policy.

Look beyond the price and make sure that the coverages are what you need at a price you can afford.

Research the Companies

Take some time to research the different companies you are getting quotes from. Check their ratings to make sure they are strong financially. You want coverage from an established company that will still be in business later on.

Read Through Reviews

Read through people’s experiences with the company. Find company reviews and look for trends in how they act. See if the company does a good job of paying claims and helping people through their tough times.  

Your Life Insurance Customized

The best life insurance companies are the ones that have coverage that fits your needs the best. Life insurance is very individualistic and you need coverage that can be customized to your specific needs.

Take the time to assess your own needs and do the research to find the companies that fit you. Let the companies compete for your business!

Comparison Genius has taken the work out of finding the right life insurance companies. We go through the process of comparing policies, researching companies, and going through reviews for you.

Check out our latest ratings of life insurance companies. We update their ratings regularly so you can be assured of our recommendations.