Life insurance is a contract between an insurance company and the insured. Here, the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.

Life policies are legal contracts, however Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Also, difficulties may arise where an event is not clearly defined, like: the insured knowingly incurred a risk by consenting to an experimental medication resulting in injury.

Modern life insurance bears some similarity to the asset management industry and life insurers have diversified their products as well.

Trigger point for fast payment on the contract or other events are terminal illness or critical illness can also fasten payment.

Life-based contracts tend to fall into two major categories:

• Protection policies: designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence.
• Investment policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums.

To get the best life insurance policy follow the steps below

• Decide what kind of policy you want, temporal or permanent.
• Figure out how much you need and how long of a term you need if you’re buying a term policy.
• Talk to a life insurance broker and ask them to pull quotes for the type of life insurance you’re interested in. If you’re not sure whether to choose term or permanent life insurance.
• Compare quotes from different providers and choose one that meets your requirements and fits your budget.
• Schedule a medical exam if necessary. If not, apply for and wait to be approved for the policy.

The best life insurance companies (Life Insurance in USA)

1. Northwestern Mutual

Northwestern Mutual is the largest life insurance company in the U.S. offering a wide range of products, such as term life, universal life and whole life insurance.

Here, the Universal life policyholders have flexible payment and coverage options, while temporal life customers have the opportunity to convert their policy to permanent coverage.

2. Guardian

Guardian offers both temporal and permanent life insurance policies, including whole life and universal life. One of the perks of Guardian’s universal coverage is the ability to increase or decrease your premiums to fit your needs.

The Guardian company also offers whole life insurance for individuals living with HIV. Applicants must meet certain eligibility requirements to qualify for coverage, such as being between the ages of 20 and 60.

3. Haven Life (Life Insurance in USA)

Haven Life offers term life insurance with accelerated underwriting, a process that uses algorithms and big data to review you insurance packages.

The entire application process is conducted online and can be completed in about 25 minutes, coverage amounts can reach as high as $3 million.

4. MassMutual

MassMutual is also calls the Massachusetts Mutual Life Insurance Co, which is the largest life insurers in the country.

The company offers a wide range of products, from online temporal life insurance to variable universal life. Other policies include universal life, whole life and standard term life.

5. AARP (Life Insurance in USA)

In AARP life insurance, 50 or older can join. The policies are available only to the group’s members and it is the company’s biggest draws is its simplified underwriting, which means you don’t have to take a life insurance medical exam.

6. Auto-Owners

Auto-Owners’ 48,000 licensed agents offer a range of insurance products across 26 states with products that includes term, whole and universal life, as well as long-term care policies.

Multiple family members can be insured under Auto-Owners’ universal policy, and the company’s whole life insurance covers you until you’re 110.

7. New York Life

New York Life is a mutual company, which means it’s owned by its policyholders, the insured may be eligible to vote in board elections if you buy certain policies.

The company is one of the largest insurers in the U.S. It offers both temporal and permanent life insurance policies.

One of its whole life policies includes a flexible payment option, allowing you to pay off your premiums early.

8. State Farm (Life Insurance in USA)

When you think of State Farm, you probably think of its auto insurance products, but it also offers a wide range of life insurance policies. State Farm’s permanent policies include whole life and universal life insurance.

9. USAA

USAA policies can be used to supplement the government-provided Servicemembers’ Group Life Insurance. Policyholders between 18 and 35 years old can also increase their coverage amount if they get married, buy a house.

USAA offers both permanent and temporal life insurance specifically designed for military members and their families.

10. Pacific Life

11. Principal Financial

The company’s term life policies come in a variety of lengths, ranging from 1 to 30 years. In addition, you can convert your term life policy to permanent coverage without providing additional proof of good health.

Principal Financial offers both term and permanent life insurance, including survivorship insurance, which is a type of life insurance for married couples. .

12. RiverSource

RiverSource also offers an extensive range of permanent life insurance policies including universal, indexed universal. They offer this to anyone looking for coverage with an investment component.

RiverSource is an affiliate of Ameriprise and its term life products are available in 10-, 15-, 20- and 30-year options.

13. Lincoln Financial Group

Lincoln Financial Group also offers both term and permanent life insurance, including universal, variable universal and indexed universal policies.

If you’re looking for quick coverage, Coverage can be purchased after completing a short phone interview, and a medical exam may not be required.

14. Prudential

Finally, Prudential offers both term and universal life insurance products with options to customize coverage. It also allows you to tailor your term policy with riders that cover accidental deaths, terminal illnesses and disabilities.