This article covers Top Us Life Insurance Companies Review In USA Reviews.
Life insurance is a necessity for anyone that has dependents relying on them and/or their income.
Here are examples of people who would benefit from the protection of a life insurance policy:
Married Couple – A duel income couple that relies on both incomes to sustain their quality of life is a good example of people who would benefit from life insurance. If both people make significantly different levels of income, the policy for each individual can be adjusted to help offset the loss of the other.
A married couple that only one spouse works would be even more dependent on life insurance should the income producer pass away. With no income whatsoever, the surviving spouse could deplete any savings or assets the couple had rather quickly.
Couple with Children – This situation is even more important to have adequate life insurance. Children require a lot of financial resources as they grow, especially for parents wanting to send their kids to college. If both parents work then the life insurance can offset the loss. If both parents do not work, then the death benefit can cover either the loss of the wage earner or the increased cost of hiring help with the children, should the stay at home spouse pass away.
Single with Children – Here is an example of a scenario where proper life insurance coverage is vital. It is important to think about what would happen to kids if the parent were to pass away, and then imagine how that could be eased if there was a large enough financial safety net to continue providing for the children.
Business Partners – A lot of small business that are run by two or more people could be forced to shut down if one of the business partners were to pass away. Frequently the other partner cannot carry the load or must buy out a widow in order to continue operating, and this could be too big of a financial burden to come out of the individual’s pocket.
While these are only a few situations where life insurance can be crucial, it is important to analyze your own situation and think about what would happen to others if you were no longer around.
Insurance of any type is a mystery to many people, but it’s possible to look past the complicated lingo and policy names by seeking out simplified definitions and straightforward answers to common questions.
Do You Even Need Life Insurance?
If you’re reading this guide to life insurance, you’ve already thought about that question. The answer is yes; almost all adults need some type of life insurance policy.
There are, however, a few exceptions to the rule. Those who don’t need life insurance tend to fall in three categories:
You’re young and single with no dependents
You have already raised your kids and now live on your own
You have all the financial resources you need to support your family after you’re gone
TIPS – Remember, if you have anyone depending on your income (your spouse, children, siblings, aging parents, etc.) and you’re not independently wealthy, you will need life insurance at some point.
Why Are There so Many Different Types of Life Insurance?
Just as our financial planning changes from one life stage to the next, different types of life insurance policies fill different needs depending on age and circumstance. The two major types of life insurance are whole life, and term life, so let’s start there.
Term Life Policies - Term life is designed to meet temporary needs because it gives you protection during a specific period of time or “term,” hence the name. It’s the most affordable option and serves its purpose, such as providing coverage while your kids are in college or until you pay off your mortgage, but it isn’t a long-term solution.
Some people choose a term life policy when they’re in their 20s or 30s, before they’re financially stable enough to afford a more costly policy. Consider the following example:
Whole/Permanent Life Insurance
A permanent life insurance policy is crucial to your retirement planning. It offers you lifelong protection that never expires as long as you make your premium payments and don’t have any loans or withdrawals taken out. It’s the more expensive option early on because you’re basically “overpaying” to ensure a set premium during your older, high-risk years—but that overpayment is set aside and considered to be the policy’s cash value.
That’s the unique thing about whole life insurance. It allows you to borrow against that cash value at any time during your life, tax-free. For example:
TIPS – Any amount of money borrowed from your whole life insurance policy (that isn’t paid back) reduces the amount paid out upon your death. This means that the more you borrow now, the less your beneficiaries will receive.
Life annuity companies
American Family Insurance
American Fidelity Assurance
Amica Mutual Insurance
AXA Equitable Life Insurance Company
Bankers Life and Casualty
Farmers Insurance Group
Jackson National Life
John Hancock Insurance
Lincoln National Corporation
Mutual of Omaha
National Life Group
Nationwide Mutual Insurance Company
New York Life Insurance Company
Standard Insurance Company
State Farm Insurance
Thrivent Financial for Lutherans
United of Omaha
Western & Southern Financial Group
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