There are many areas where a life insurance company may be classified as the best in that specific area. MetLife, for example, is the largest asset holding life insurance company in the U.S.and has more life insurance in force than any other company. John Hancock has the best five year net investment yield. NACOLAH has the best indexed universal life for healthy insured for income. There are many companies that are excellent in their own right.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
Which life insurance company is the best? I think that depends on a few factors. Chief among them are the risk profile you present, and the type of product you want to purchase.
At the end of the day, it becomes a question of which will give you the best underwriting.
Your risk profile is characterized by the underwriting challenges you pose. I am sure you know that life insurance underwriting covers many factors. These include gender; nicotine use; current health; medical history; family medical history; occupation; avocation; foreign travel history and plans; lifestyle with regards to alcohol and drug use; financial situation; and criminal, financial, and motor vehicle record.
Much to look at. And you know what? In some way, shape, or form, all these factors can have an impact on your mortality. For most people, one or more of these factors are more operative than the others. Therefore you need to look for a company who will be most competitive in underwriting that particular risk factor.
Some companies will be more competitive for diabetics.
Some companies will be more competitive for people with a cancer history.
Some companies will be more competitive for mountain climbers.
Some companies will be more competitive for scuba divers.
Some companies will be more competitive for people with a bankruptcy on their record.
And on and on and on.
It is the job of your broker to direct you to the right company.
Also remember that companies tend to specialize in the products they manufacture. Some lean towards cheap term insurance. Others lean towards whole life insurance. Some lean towards guaranteed universal life insurance, while others lean towards interest-based universal life insurance.
Once your broker prequalifies you and identifies the company that will give you the lowest cost for your coverage, you can then determine which product they make available that would make the most sense, given the life insurance strategy you want to employ.
Important note: given that not every company makes available every type of product, you might have to re-think your choice of product once you find out which company will give you the best underwriting. But that is OK – at least you will be getting the most value for your dollar.
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At the end of the day, it becomes a question of which will give you the best underwriting.
Your risk profile is characterized by the underwriting challenges you pose. I am sure you know that life insurance underwriting covers many factors. These include gender; nicotine use; current health; medical history; family medical history; occupation; avocation; foreign travel history and plans; lifestyle with regards to alcohol and drug use; financial situation; and criminal, financial, and motor vehicle record.
Much to look at. And you know what? In some way, shape, or form, all these factors can have an impact on your mortality. For most people, one or more of these factors are more operative than the others. Therefore you need to look for a company who will be most competitive in underwriting that particular risk factor.
Some companies will be more competitive for diabetics.
Some companies will be more competitive for people with a cancer history.
Some companies will be more competitive for mountain climbers.
Some companies will be more competitive for scuba divers.
Some companies will be more competitive for people with a bankruptcy on their record.
And on and on and on.
It is the job of your broker to direct you to the right company.
Also remember that companies tend to specialize in the products they manufacture. Some lean towards cheap term insurance. Others lean towards whole life insurance. Some lean towards guaranteed universal life insurance, while others lean towards interest-based universal life insurance.
Once your broker prequalifies you and identifies the company that will give you the lowest cost for your coverage, you can then determine which product they make available that would make the most sense, given the life insurance strategy you want to employ.
Important note: given that not every company makes available every type of product, you might have to re-think your choice of product once you find out which company will give you the best underwriting. But that is OK – at least you will be getting the most value for your dollar.