Can anyone recommend a good life insurance company that they have worked with? I think I am looking for a term life insurance policy. Thank you to anyone who responds!

Hi Amie,

If you are looking for term life insurance there are several good companies to consider based on financial strength, customer service, and competitive premiums.

But first, let me give you some information on term life insurance.

Term life insurance provides coverage for a specific number of years from 1-40 years, usually 10, 15, 20 or 30 years. You pay only for the life insurance protection, there is no cash value that builds up within the policy.

If you outlive your policy term, the coverage ends. You may want to add renewability and convertibility coverage to your policy. Renewability means that you can renew the policy at expiration, but you may need to take a physical, and the rates will probably be much higher.

Convertibility means you may convert your term life insurance policy to permanent life insurance coverage by a specific date. However, your rates will be higher for the permanent life insurance policy.

Level term life insurance is very popular, in 2003 about 97% of all term life insurance policies purchased in the U.S. were level term life insurance policies.

Level term life insurance offers you coverage and premiums that remain level (the same) for the entire term of the policy - usually 10, 15, 20 or 30 years.

When comparing plans and rates make sure to get quotes from several insurance companies to find the most competitive price from the highest rated company.

The Insurance Information Institute puts out a list of leading life insurance companies each year. Here is the list from 2007 and their respective financial strength ratings from A.M. Best

MetLife – rated A+, Superior
Prudential Financial – rated A+, Superior
New York Life Insurance – rated A++, Superior
TIAA-CREF – rated A++ , Superior
Massachusetts Mutual Life Insurance – A++, Superior
Northwestern Mutual – rated A++, Superior
AFLAC – A+, Superior
Genworth Financial – A+, Superior
Unum Group – A-, Excellent
Principal Financial – A+, Superior

These are all very good companies.

I hope that helps. best of luck to you.