How to find the Best Life Insurance Options for 2020

How to find the Best Life Insurance Options for 2020

You want to take care of your family and you work hard to provide them with the luxuries of life.

But have you ever thought what will happen if anything happens to you and you are no longer around?

85 percent of the Americans admit the need for a life insurance policy, but only 65 percent actually own it.

If you don’t want your family to feel unprotected or helpless in your absence, then you need to choose a life insurance plan that justifies your needs.

Here, we have listed down the top three plans which you should consider in 2020.

Best Life Insurance 2020 State Farm

State Farm offers term and permanent policies. A specific payout is set to be paid to your beneficiaries if you die within a certain period of time. 10, 20, 30 and 40 years terms are offered but a 30 years term with a payout of $ 250,000 is usually recommended.

The cost of purchasing a state farm insurance depends on your risk. The older you are, the more amount you will have to pay to buy the policy.

Your lifestyle choices play a role in determining the cost of a life insurance policy. For example, a 45 years old male smoker customer will have to pay $130 per month whereas a 33 years old non-smoker female will pay as low as $19 per month.

Permanent life insurance policies cost higher than term policies. State Farm offers three packages to its customers: Whole life, Universal life, and term life.

Term life is the best plan whereas universal life is a comprehensive one. State Farm has a high customer satisfaction rate and is available in almost every state.

Best Life Insurance 2020 AIG Life

The company has a tarnished reputation due to its role in the financial crisis in 2008, but still, it has 90 million customers worldwide.

The best plan offered by AIG is “Quality of life” which can assist your family while you are still alive.

The majority of the plan still pays out after death, but in case you are diagnosed with a chronic or fatal illness, it allows access to some of the benefits of the plan to the beneficiaries while you are alive.

The premiums increase as you age or make dangerous lifestyle choices.

For example, a person enjoying good health in his 20’s will pay as less as $19 per month whereas a person in his 50’s will pay $110 per month for the same $500,000 policy.

AIG lacks in terms of customer service. J.D Power study in 2017 ranked AIG lowest 22nd out of 24 companies in terms of customer satisfaction.

AIG stands out because of its best-offered “Quality of life” plan but be prepared for grueling customer service if you choose AIG.   

Best Life Insurance 2020 Mutual of Omaha

J.D. power rates Mutual of Omaha 8th out of the 24 best companies in terms of customer satisfaction. The company offers whole, term and unlimited life insurance policies where the cost of the policy depends on the customer’s age and circumstances.

For example, a 30 years non-smoker male will pay $10 per month with a payout of $100,000 whereas a 50 years old smoker male will have to pay $62.78 for the same policy.

Most of the company’s top-tier policies cannot be purchased online, and you will have to talk to a customer care representative in order to make a purchase.

Your care for your family is manifested in its best when you show them your love and care in your absence by purchasing a life insurance plan which secures their future.