1. American General (AIG)
A.M. Best Rating: AAmerican General Life insurance can be the right choice for many simply because they seem to be the “Jack of all trades” in the insurance industry. The Company’s underwriting is flexible, their pricing falls right in the upper area of the industry average, and they have exceptional customer service.
Strengths:
- Great carrier for higher risk applicants, especially those looking for life insurance with type 2 diabetes.
- A 25 year term product (most life insurance carriers only offer a 20 or 30 year term product). Particularly beneficial for those looking for a 30 year term but just aren’t comfortable with the price tag! You can also tailor your term to a specific length from 15-30 years.
- American General offers the typical accelerated death benefit rider (free of charge). Which means if you are diagnosed as terminally ill, you can receive a portion of your life insurance while you are still alive which can be used to help pay bills, hospice, or other important matters.
- American General offers some of the best rates on Guaranteed Universal Life insurance to age 121. This is a fixed premium policy that becomes fully vested at age 121. If you die before age 121 it pays out the full face amount. If you live beyond age 121 then you can cash the policy in for the full face amount. Realistically, it is basically a whole life policy that lasts the rest of your life but with a lower premium. This is a great option for business succession planning such as funding a buy-sell agreement with life insurance.
Weaknesses:
- Ironically, if you choose to purchase American General directly through their retail call center AIG Direct, you may not qualify if you appear to be a high risk applicant. The company’s call center likes to focus on standard risk or better applicants.
- Not a great choice for those with recent bankruptcies or DUI’s.
- Also, this may not be your best option if you have a previous felony charge; particularly if the felony is related to drugs or sexual assault.
- Candidates will also be disqualified if they plan on traveling to many regions of Mexico within the next two years.
Sample American General Guaranteed Universal Life Insurance to age 121 quotes for a 30 year old male
Quotes are based on a preferred plus rate class and monthly premiums
$100,000
$250,000
$500,000
$1,000,000
$2,500,000
$43.31
$87.06
$163.19
$315.00
$770.00
Sample American General Guaranteed Universal Life Insurance to age 121 quotes for a 50 year old male
Quotes are based on a preferred plus rate class and monthly premiums
$100,000
$250,000
$500,000
$1,000,000
$2,500,000
$82.60
$185.50
$359.63
$708.75
$1,754.38
To learn more please visit our American General Life Insurance Company Reviews
2. American National Insurance Company (ANICO)
A.M. Best Rating: AAmerican National Insurance Company is another highly rated insurance company with great customer service that we really like to offer to clients who are looking for traditional term or whole life insurance coverage with or without having to take a medical exam. The products that they offer that don’t require a medical exam are:
Freedom Term Life Insurance
- This is a no medical exam term life insurance policy.
- Face amounts up to $250,000.
- No exam term life insurance for 10, 20 or 30 years.
- Approval in less than 15 minutes.
- This is a no medical exam whole life insurance policy.
- Face amounts up to $150,000.
- Approval in less than 15 minutes.
- No exam and no health questions guaranteed issue whole life insurance.
- Coverage available up to $25,000.
- Available for ages 50-80.
- 2 year Graded Death Benefit (If you die in the first 2 years policy returns 110% of premium paid).
- You can have coverage in as quickly as 5 minutes.
- Fixed premiums and fixed death benefit.
Strengths:
- American National is one of the best no medical exam life insurance companies available.
- With a no medical exam term policy for up to $250,000 and a no medical exam whole life policy for up to $150,000, ANICO Direct offers clients an excellent alternative to a more traditional medical exam term or whole life policy.
Weaknesses:
- As with most no medical exam life insurance policies, the premiums will typically be higher than a life insurance policy with a medical exam.
- Therefore, if you are looking for the lowest premium for your life insurance, a no medical exam policy is probably not going to be the best option for you.
- Lastly, for many a $150,000 or $250,000 life insurance policy may not be enough. For those applicants seeking more coverage ANICO no medical exam life insurance simply isn’t the right fit.
3. Banner Life
A.M. Best rating: A+What would a top 10 list of the best life insurance companies in the United States be without Banner? Banner Life is one of our favorite carriers to write with not only because of their A+ rating but also because of their exceptional service and price. Banner will typically be one of the lowest priced insurance product available to our clients. And what is nice about them is that they’re underwriting is typically quite liberal when it comes to qualifying for their Preferred and Preferred Plus rate classes.
Strengths:
- Great carrier for higher risk applicants especially type 2 diabetics and type 1 diabetics.
- Banner Life policies are renewable and convertible to the age 95 (most competitors only allow policies to be renewed to age 90) which will provide its policy holders an added benefit towards the end of their term life policies if needed.
- Excellent pricing on table rates (i.e. rates below standard).
- Lastly, Banner Life also offers an accelerated death benefit rider as well (free of charge).
Weaknesses:
Approval times: Banner Life Insurance Company’s premiums are so good that the company is often swamped with clients looking to buy life insurance from them. Banner is a large company but having a lot of applicants can slow underwriting down. We wish Banner was a bit faster in the underwriting department but we also understand why the process can slow at this stage. When it comes to saving a ton of money over the life of a policy many clients are willing to put up with longer underwriting timelines.Limited options: Not to be too picky but another weakness would be Banner’s lack of term options and riders.
Sample Banner Life Insurance quotes for a 50 year old male at a substandard rate class
All quotes are based on a $250,000 Table B or Table 2. In each category Banner ranks #1 for price.
10 Year
15 year
20 year
30 year
GUL to 121
$57.75
$73.50
$98.44
$176.53
$N/A
To learn more please visit our Banner Life Insurance Company Reviews
4. Foresters Life Insurance
A.M. Best Rating: AProbably the hardest thing about writing a life insurance policy with Foresters Life Insurance company is the work that it takes to familiarize an applicant with who they are. Because the truth is, Forrester’s life insurance company is a really great insurance carrier that is willing to offer traditional term and whole life insurance coverage for even some of the most difficult cases.
For example:
We recently had a “high risk” applicant get approved who had a stent put in place in 2010 and is currently receiving SSI disability benefits due to his inability to continue his previous line of work! Which if you’re familiar with the life insurance industry you’ll know that not many life insurance carriers are willing to take on such a client.Strengths:
- Strong product line. Foresters offers term life insurance, whole life insurance, universal life insurance, final expense and accidental death insurance.
- Extremely liberal underwriting guidelines.
- Competitive pricing.
Negatives:
If one considers not having a “name brand” a negative then Foresters might not be the right carrier for you. However, if you do have a serious pre-existing condition we would strongly encourage you to do some research on Foresters, because in our opinion, they’re a great life insurance company. And given the health conditions the Company is willing to insure they are priced very aggressively!To learn more please visit our Foresters Life Insurance Company Reviews
5. Genworth
A.M. Best Rating: AWith over $100 billon in assets and a global presence in over 25 countries it not hard to see when Genworth made our list as one of the top 10 life insurance companies in the US. That combined with their liberal take on ones “waist band” makes them one of the first companies that we look at here at TermLife2Go for some of our “LARGER BUILD” clients. But let’s back that up with a few numbers.
For example:
Would you consider a 5’9” male, age 35, weighing in at 203 pounds a perfect candidate? Genworth does. How about a 5’5” female, age 47 weighting 180 pounds? Genworth would place this applicant in its best rate class as well! These same applicants, if they were to apply with another life insurance company, would have a very difficult time qualifying for a “Preferred Plus” rate class simply because most other life insurance carriers have much stricter build ratio guidelines It’s also important to note that Genworth’s liberal weight classes will also help benefit those who aren’t necessarily a candidate for the absolute best rate class out there. For example, let’s take look at what Genworth feels is a “Standard Risk”: That 5’9”, 35 year old male that we talked about early could now weigh in at 236 pounds, and our 47 year old female could now weigh in at 210 pounds and still be considered an “average” weight!Strengths:
- Not to beat a dead horse, but did we mention Genworth has liberal guidelines when it comes to one’s weight?’
- Genworth also has a ton of different products to choose from ensuring that there sure to have something for everyone.
Weaknesses:
Aside from weight, Genworth can be a little strict with certain medical conditions and family medical histories, which is why we at TermLife2Go pre-screen all of our applicants with nearly every question from Genworths’ application to be certain that you will be a good fit prior to you applying.To learn more please visit our Genworth Life Insurance Company Reviews
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