Insurance Life Insurance

Best Life Insurance Companies in 2020

Life insurance is an important part of your estate planning. It doesn’t protect you financially, but it protects your loved ones when you die. If you want your loved ones to be financially secure upon your passing, life insurance is the key.

We know looking for life insurance can be overwhelming so we’ve outlined the best life insurance companies of 2020 below and why we like them.

#1 – Our Pick

Budgetable’s Rating

5.0

Why We Like Them
  • You can convert a term life insurance policy to a whole life policy without a medical exam
  • They offer level-term (premiums stay the same) and annually increasing term life insurance (premiums increase each year)
  • Has an AM Best A++ rating
  • Offers waiver of premium benefit if you become disabled (you won’t lose insurance but don’t have to pay for it)
  • Offers whole life insurance up to age 85
  • Offers Universal life insurance options with several payment choices to make it easier to afford

#2

Budgetable’s Rating

4.8

Why We Like Them
  • Offers a fast online application process, so you don’t have to deal with an insurance agent
  • There’s no medical exam required and you can get coverage up to $1 million up to age 59
  • Some applicants need a medical exam, but Haven Life provides temporary life insurance in the meantime until the exam results come back
  • Includes a digital program to create your will
  • Includes a 15% discount on any CVS MinuteClinic services
  • Backed by Mass Mutual who has an AM Best A++ rating

#3

Budgetable’s Rating

4.6

Why We Like Them
  • Offers a wide selection of life insurance including term, whole, universal, and variable universal life insurance
  • Offers instant term life insurance with an online application and coverage immediately even while you wait for your medical exam results (you have 90 days)
  • Offers high policy amounts, sometimes up to $10 million
  • Offers accelerated death benefits if you become disabled or terminally ill
  • Has one of the largest selections of life insurance
  • Some policies pay dividends

#4

Budgetable’s Rating

4.5

Why We Like Them
  • They offer term, whole life, and universal life insurance options
  • Offers policies to applicants with HIV as long as they are healthy
  • Whole life customers may receive dividends
  • Offers survivorship life insurance, a unique policy that insures couples
  • You can convert a term life policy into whole life within the first 5 years
  • Offers accelerated underwriting for ages 18 to 50 for policies up to $1 million

#5

Budgetable’s Rating

4.3

Why We Like Them
  • Offers policies with simplified underwriting, which means you don’t need a medical exam
  • Whole life insurance policies are paid up at age 95
  • Offers whole life insurance policies for your children up to age 17
  • Offers a waiver of premium which eliminates your premiums if you become disabled
  • Underwritten and managed by New York Life who has an AM Best A++ rating
  • Offers reasonable quotes for guaranteed coverage