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Compare Life Insurance

How to Find the Best Life Insurance Companies

Compare Life Insurance Companies, Plans and Quotes

When you are looking for the coverage to protect your family, life insurance is an excellent priority because it can provide for all of your family's financial needs in the event that you pass away unexpectedly. How do you find the best policy for your needs, and how can you be sure you are not falling prey to scams or high-priced policies?

One way to scout for the best life insurance companies is to work with an independent agent in the Trusted Choice® network. These agents work with multiple top insurers and can compare life insurance quotes on your behalf. Every member agent has signed a Pledge of Performance committing to ethical practices and will work with you to help you compare life insurance company ratings and find the best policy for your unique needs. Find a member agent to get started.


Trusted Choice vs. Big Brands

The Trusted Choice brand is built on the customer focused integrity of more than 300,000 business owners, agents and employees nationwide. With more local insurance agents than State Farm and GEICO, this network of agencies serves more consumers and pays out more claims

compare chart for the different insurance brands

Tips for Comparing Life Insurance Rates

  • Determine the type and the amount of life insurance you need (see method below)
  • Find an agent who can compare the best rates for you
  • Get at least two quotes comparing “apples to apples”

How to Compare Types of Life Insurance and Quotes

When you shop for life insurance, the variables to compare can be daunting. For example, you might want to compare life insurance rates for the following:

  • A 20-year term policy vs. a 30-year term policy
  • A $500,000 term policy vs. a $500,000 permanent policy
  • The best life insurance rate at your current age and five years from now
  • The best quotes from multiple insurance companies with high ratings

Read on to for a systematic method of performing life insurance comparisons and choosing the best life insurance policy for you.

If at any point you feel overwhelmed, simply contact a local independent agent in the Trusted Choice network who specializes in life insurance. A member agent can help you compare quotes on life insurance policies that suit your needs.


Life Insurance Comparison Methodology

The following methodology will help you identify the type of coverage you need so that you can review policies from the best life insurance companies.

Step 1: Determine the Type and Amount of Life Insurance You Need

In order to do a price comparison from multiple life insurance companies and find the best solution for you, you need to know what to compare. Use the decision tree in the following graphic to arrive at a projected policy amount. The totals you project will be a good starting point for a conversation with an independent agent.

Life Insurance - Compare - Decision Matrix
Step 2: Consider Additional Beneficiaries and Long Term Goals

The decision tree above illustrates some of the many questions you need to consider with your life insurance agent as you choose the best coverage type and amount for you.

There are many additional considerations you can go over with your agent to refine your choices, such as:

  • Charitable giving
    • Charitable donations can be included in your policy calculations
    • Any organization (such as an alma mater) can be named as the life insurance beneficiary
  • Joint whole life or universal life insurance
    • First-to-die policies provide benefits to the surviving spouse
    • Survivorship policies pay beneficiaries after the second spouse passes away
  • Estate planning
    • If you have assets over $2 million, estate planning is important to manage tax consequences associated with your estate
    • Consider setting up an insurance trust that will pay your estate taxes from the proceeds of the life insurance policy, removing this burden from your heirs

Note that you can add and remove variables that affect your coverage until your policy meets your needs and budget requirements. For example, you may want to build childcare costs into your life insurance policy if you have young children. Or you may feel that you only want life insurance coverage to provide for your final expenses, but not future expenses or ongoing financial support.

At this point you should have a good idea of the size of policy you will need based on your life insurance goals, as well as whether a term life policy or a permanent policy is a better fit for those goals. The next step is to compare life insurance companies.


Step 3: Review Life Insurance Company Ratings

There are a number of online rating systems you can use to review life insurance company ratings. Here is a two-step process for reviewing the best life insurance companies:

  1. Turn to a life insurance company rating organization, such as AM Best.
  2. Work with an insurance agent in the Trusted Choice network who provides policies from life insurance companies with the best ratings.

Independent agents in the Trusted Choice network partner with multiple life insurance companies so they can provide the best life insurance policy at best price to meet your needs and budget. They can compare premiums from different companies on your behalf, and help you review each company to make sure it is in good standing.

Choose at least two companies with good ratings to compare, then go to step 4.


Step 4: Compare Life Insurance Rates

Once you have chosen the type of policy you want and the size of the policy you want to buy, and have narrowed down your selection of insurance companies, it is time to compare life insurance quotes. Here are a few tips:

  1. Make sure you compare the same type of policy and the same policy amount with each of the companies you compare.
  2. Ask your agent or insurance company representative if there are any available discounts.
  3. Adjust the variables and do multiple comparisons; for example if the minimum amount of life insurance you want is $250,000 but your ideal amount is $500,000, do a comparison of both policy amounts from each company.

While it can be overwhelming to compare life insurance quotes, taking a methodical approach to determining your needs and goals, and then comparing insurance companies and quotes can help you gain control over your life insurance decisions.

An independent agent in the Trusted Choice network can help any time you need assistance with life insurance company and rate comparisons, and can even do all the legwork for you. Simply request a quote or find an agent to get started.

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