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10 Best Term Life Insurance…Number 8 Will Surprise You

Insurance companies and brokers know that risk is hard to predict. That’s why insurance is important.

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Some risks are easy to see coming, like fire or car accidents. But others are unexpected.

Did you know you can get insurance for some really strange things?

Here are the 10 best term Life life insurance. Number 8 will surprise you.

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What is Term Life Insurance?

Before we take off with our pick for the best term life insurance, let’s know the meaning of term insurance.

Term life insurance is a kind of life insurance that lasts for a set time, like 20 years.

If the insured person passes away during this time, their loved ones get paid.

This payment, called the death benefit, can be given as a lump sum or in regular payments, known as annuities.

Now you’re clear with the nitty-gritty of what is term life insurance, let’s commence with the 10 Best Term Life Insurance.

 

best term life insurance

10 Best Term Life Insurance

Here are the 10 best term life insurance companies, and you might just be wow at what can be insured at No. 8:

#1. Corebridge Term Life Insurance

Corebridge Term offers Select-a-Term policy, which has 18 term options. You can choose terms from 10 to 35 years, with 16 choices in between.

It’s for people aged 18 to 80. After your term ends, you can renew annually until you’re 95. Coverage starts at $100,000.

Pros:

  • Good prices for term life insurance, no matter how old you are or how much coverage you need.
  • You get to pick how many years you want your term to last, from 10 to 35 years, like 27 years, for example.
  • If you use marijuana sometimes (eight or fewer days a month), you can still get the best prices.
  • Most Corebridge cash value policies are good overall. They don’t cost much.

Cons:

  • Corebridge had some money problems after AIG had trouble in 2008, but they’re doing better now.

 

#2. Pacific Life Term Insurance

Pacific Life’s variable universal life insurance is a great option. They offer good prices and clear explanations for cash-value life insurance.

Their low costs mean more of your money goes into building cash value.

Term life insurance with Pacific Life is affordable.

Pros:

  • Good prices and clear explanations for cash value policies.
  • Low costs mean more money for cash value.
  • Affordable term life insurance.

Cons:

  • Limited choices if you want to switch from a term life policy to universal life insurance.

 

#3. Protective Life Insurance

Protective offers the Protective Classic Choice Term Life product for people aged 18 to 52.

You can pick terms from 10 to 40 years and coverage from $100,000 to $50,000,000.

These policies can be renewed until age 90, but expect higher premiums later on.

Pros:

  • Competitive costs inside cash value policies mean more cash value for you.
  • Strong investment performance keeps premiums lower.
  • Competitive rates for term life insurance.
  • You can choose from up to 8 permanent life insurance policies when switching from term life.

Cons:

  • Cash value might grow slowly in the early years.

#4. Symetra Life Insurance

If you’re looking for affordable term life insurance, Symetra is a great choice. Their rates are low, especially for term life.

Pros:

  • Term life insurance with Symetra is cheap.
  • If you’re under 60 and need coverage up to $3 million, you can get Symetra’s SwiftTermquickly without a medical exam.

Cons:

  • It takes time for cash value to build up in Symetra’s permanent life insurance.
  • Symetra’s investments haven’t done well over time.
  • Symetra started in 1957, so it’s not as experienced as other companies that have been around for over 100 years.

 

#5. Penn Mutual Life Insurance

Penn Mutual is a good choice for life insurance. They’re financially strong and offer affordable policies, especially for seniors.

For term life insurance, Penn Mutual has competitive rates.

Pros:

  • Penn Mutual’s policies offer good value.
  • They make it easy to switch from term to permanent insurance.
  • They’re financially stable.

Cons:

  • Some policies don’t build cash value quickly.
  • Converting term insurance to permanent may cost more.

 

#6. SBLI Term Life

SBLI offers term life insurance with coverage options starting at $100,000 for 10, 15, 20, 25, or 30 years.

Pros:

  • SBLI has a low number of complaints compared to other companies.
  • They offer a 25-year term option, which is not common among competitors.
  • The company has a superior AM Best financial strength rating (A+), so you can trust them to pay claims.
  • Customers have few complaints.
  • SBLI provides various term options.

Cons:

  • While their rates are okay, they’re not the best in our analysis.

Available Riders:

  • Children’s Term Life Insurance Rider
  • Accidental Death Benefit Rider
  • Waiver of Premium Rider

 

#7. Transamerica Insurance

Cash value life insurance buyers will like Transamerica’s clear policy illustrations, which got top marks.

Their Trendsetter LB term life policy offers great benefits. If you get sick with a qualifying illness, you can access your death benefit money.

Pros:

  • Transamerica’s policy illustrations are reliable, so you won’t be surprised by lower cash value gains.
  • Cash value grows well in the early years, giving you flexibility for loans or withdrawals.
  • Term life insurance buyers can renew or convert policies at high ages with Transamerica.

Cons:

  • Transamerica’s investments may not perform as well as others, affecting premiums.
  • Expenses for Transamerica customers can be higher than some competitors.
  • When buying cash value life insurance, check the policy illustration for costs and compare it with other companies.

 

#8. Spooksafe Ghost Insurance

While ghost policy means a situation where a business tries to cheat its way out of proper workers’ compensation coverage, some companies offer literal ghost insurance like Spooksafe.

Spooksafe insurance covers:

  • Death caused by ghosts or poltergeists.
  • Injury caused by the paranormal.
  • Damage to personal belongings caused by the paranormal.
  • Attacks by vampires or werewolves. Surprising, right?

 

#9. Nationwide Insurance

Nationwide is a good choice because it shows policy details clearly, and the cash value grows well at the beginning of the policy.

They offer different types of policies and extra options.

Pros:

  • Good for showing policy details, which is helpful for young buyers with long-term plans.
  • Cash value grows well at the start.

Cons:

  • Rates for Nationwide’s life insurance are okay compared to others.
  • Their investments haven’t done as well as competitors in the past.

 

#10. Midland National’s Premier

Midland National’s Premier Term policy is a good choice because it offers helpful benefits while you’re alive.

You get access to your death money If you’re diagnosed with a serious illness like terminal, chronic, or critical illness.

Midland National does this at rates that are often lower than other companies’ policies without these extras.

Pros:

  • You can get money from your death benefit if you get very sick.
  • Rates for term life insurance are competitive and include these extra benefits.
  • You can get a 30-year term if you’re up to 55 years old (50 if you smoke).

Cons:

  • There aren’t many extra options to add to your policy, but the living benefits make up for it.

Extras:

  • Children’s Insurance
  • Waiver of Premium for Disability

 

Conclusion

Term life insurance is cheap. If you’re not too old or sick, you can leave your family with $250,000 for less than $200 a year.

Picking an insurance company is hard because, in the U.S., there are over 700 of them.

However, we were able to dig out the best 10 life-term insurance options for you.

You can begin your choice with our top 10 or you are welcome to do your research. Ensure you consider what they offer, how long the coverage lasts, what customers think, and how much it costs.

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