Term Life Insurance is one of the widespread types of life insurance today. Many people subscribe to term life insurance against whole life insurance, its counterpart. However, this case is so because term life offers opportunities even when the insured is still alive. Hence, you should aim for the top three term life insurance companies to begin today.
Therefore, if you choose to go for term life insurance, the next step is selecting the company. There are several term life insurance companies with different offers. Here are some of the top 3 term life insurance companies with some notes on them:
New York Life
This organization ranks among the top 3 term life insurance companies. New York Life is one of the country’s oldest insurance companies, having been in business since 1845.
Some policy options include Level Premium Convertible, Yearly Convertible, and Million Plus Term. Riders have a living benefits option, a disability waiver of premium, and a spouse’s paid-up rider on each policy.
Haven Life
Haven Life does not require a medical test for those who fit the qualifications. Your coverage, however, may be restricted to $1 million. For more extensive coverage amounts, you will need a medical exam.
You will not be able to convert your term life policy to a whole life policy if you purchase life insurance with Haven Life. When your term insurance expires, you may be able to buy a new whole life policy. This feature is one of the downsides of the company.
Lincoln Financial Group
Since it began in 1905, Lincoln Financial Group in Radnor, Pennsylvania, remains one of the top options. It offers two term life insurance policies: Lincoln TermAccel and Lincoln Life Elements.
Both businesses offer plans with 10-year to 30-year terms. Also, they offer riders like accelerated benefits, children’s level term insurance, and premium waivers. The level of coverage available is the main difference between the two.
