Life insurance jobs are very lucrative if you get one with a good firm. Working in a great life insurance company comes with several benefits and the state of California is one place to find great life insurance jobs. In this article, we will let you know the top 10 life insurance companies to work within the USA.
Buying a life insurance policy can help protect your loved ones financially, but it can be hard to choose the right one. There are a few different kinds of life insurance policies. Some, like term life insurance, are only good for a certain amount of time. Some, like permanent life insurance policies, can cover you for your whole life and help you save money or make investments.
We’ve put together a list of the best life insurance companies of 2024 to help you get started. We’ve also put together information about the different types of policies, how to get a quote, and how to buy a policy once you’ve found the right one.
Our Top 10 List of Best Companies To Get Life Insurance Jobs
- Haven Life
- Bestow
- New York Life
- Northwestern Mutual
- Lincoln Financial
- John Hancock
- AIG
- State Farm
- Nationwide
- Banner Life
Top 10 Best Life Insurance Companies of 2024 in Detail:
Haven Life
Haven Life is a digital insurance company that offers Haven Term and Haven Simple, which are both types of term life insurance.
The Haven Term has policies that cover up to $3 million and last from 10 to 30 years. Haven Simple has policies that cover up to $500,000 and last from 5 to 20 years while Haven Life’s Simple plan doesn’t require a medical exam like many other life insurance plans.
One thing to remember is that Haven Term is only for people under 64, and Haven Simple is only for people over 55.
Bestow
Bestow is a company that sells term life insurance policies online. There are no other kinds of life insurance or riders available. But no policies it sells need to be checked out by a doctor. Bestow sells term life insurance policies that last between 10 and 30 years and cover between $50,000 and $1.5 million. You must be at least 60 years old to join.
No medical exams are required during the application process, but Bestow will look at your credit history, medical history, previous attempts to buy insurance, and driving record. Bestow doesn’t make the life insurance policies that Bestow sells. Instead, North American Company for Life and Health Insurance gives out the policies.
New York Life
The company with the best rating in our rating that offers both term and permanent policies is New York Life. It has both whole and universal policies for permanent life insurance. It also has term policies that can be changed into permanent policies.
You can also add things like a waiver of premium for disability, an accidental death benefit, and living benefits. There may not be a lot of information about New York Life’s policies on its website, so you may need to talk to a New York Health Life insurance jobs agent for more details. Also, its term policies are more expensive than most companies we ranked.
Northwestern Mutual
Northwestern Mutual has both term life insurance and permanent life insurance. The length of its term policies ranges from 10 to 20 years. Northwestern Mutual has permanent life insurance plans like universal life insurance and whole life insurance. You can start with a term life policy from Northwestern Mutual, then change it to a complete life policy without paying extra or going to the doctor.
There isn’t much price information on its website, and policies can only be bought through a life insurance agent. Depending on the type of policy you choose, you may be able to add riders that change the way your policy works. Make sure to ask your life insurance agent about this.
Lincoln Financial Group
The Lincoln Financial Group has both term insurance and insurance that covers everything. Its two-term policies, TermAccel, and LifeElements, have coverage options from $100,000 to $1 million and last between 10 and 30 years. Some policyholders may also switch from a term policy to a permanent one. starting at $100,000. Depending on what you’re applying for, you might not have to get a medical exam.
Lincoln’s permanent life insurance comes in three types: universal life, variable universal life, and indexed universal life. Lincoln Financial must be contacted to get a policy.
John Hancock
John Hancock sells three different kinds of universal life insurance and term policies. It sells term policies with coverage ranging from $750,000 to $65 million and terms of 10 to 30 years.
The minimum and maximum coverage amounts are higher than what you might find with other companies. For instance, the Haven Term policy from Haven Life starts at $100,000 and goes up to $3 million.
At John Hancock, they don’t have any whole-life policies, but it does have three types of universal policies: universal life, indexed universal life (IUL), and variable universal life (VUL).
It also has a Vitality Plus program that can help you save money. You can get discounts at different stores if you make healthy choices, like watching a webinar on nutrition or going to the gym and logging your results in its mobile app.
AIG
In 1919, American International Group (AIG) began to sell insurance. Today, the insurance company has offices worldwide and offers financial services, general property and casualty insurance, and services for retirement and investments.
AIG sells health, accident, and travel insurance in the United States. AIG also sells life insurance for individuals. It has both term life and permanent life policies.
State Farm
The State Farm was started in 1922 as an auto insurance company. It is now a mutual company with 85 million policies and accounts. Life insurance, home, and renter’s insurance, auto and specialty vehicle insurance, and insurance for health, liability, and disability are just some things that can be bought.
State Farm also works with Trupanion to offer insurance for pets. The company also provides loans for homes and cars, checking and savings accounts, credit cards, and a wide range of investments and other financial services. The headquarters are in Bloomington, Illinois.
Nationwide
When it comes to life insurance, you should make sure you have the policy to help your family if you die. Based on our reviews, Nationwide is one of the best life insurance companies. Read on to learn more about Nationwide and decide if it’s a good choice for you.
Nationwide is one of the biggest financial services companies in the world. It was started in 1925. It offers a wide range of services, such as insurance for life, cars, homes, renters, and pets. The main office of the company is in Columbus, Ohio.
Banner Life
Life insurance gives people peace of mind because they know that their final costs and the financial needs of their loved ones will be taken care of after they die. Based on our rankings, Banner Life will be one of the best life insurance companies and agencies in 2024.
Legal & General America owns Banner Life, which sells two types of life insurance: term life and universal life. This may be good for people who want to keep life insurance as simple as possible, but it may not make Banner Life the best choice for people who want to customize their life insurance.
How to Choose the Right Life Insurance Company for You
When looking for the right life insurance company, there are a few things you should think about, such as what policies are available and which companies offer the services you need. This can also have riders that fit your needs best. It’s also important to read customer reviews and compare prices from different insurance companies.
Policies:
Not all insurance companies offer the same kinds of coverage. For example, Haven Life and Bestow offer term life insurance but not whole or universal life. On the other hand, Nationwide, MassMutual, and Prudential offer all three of these types of products as well as policies that don’t require a medical exam.
Coverage:
Think about how much coverage you need for your life insurance. This will help you narrow down your search. If a company has a high minimum amount of coverage, you might end up paying for more coverage than you need.
For example, a policy from a company with a minimum coverage amount of $750,000 might not make much sense if you are young, have little or no debt, and don’t have any dependents. But if you have a mortgage, a partner who doesn’t work, or several dependents who want to go to college, a policy that tops out at $50,000 might not give you enough financial security.
Riders:
Riders are usually extras that you can add to a standard life insurance policy to make it better fit your needs. Here is a short list of some common riders and what they do:
- The accelerated death benefit: is a type of rider that lets you get your death benefit money before you die, usually, if you have a terminal illness.
- Term conversion rider: This lets you change your term life insurance policy into a permanent one.
- Accidental death and dismemberment: If you die in an accident, you get a set amount of money on top of the regular death benefit.
- Waiver of premium rider: This rider lets you stop paying your policy’s premiums if you become disabled.
Price:
You can choose from many insurance companies, so one way to narrow down your options is to compare prices. You might find that some insurance companies offer policies that are similar but cost different amounts. For example, State Farm and Nationwide could sell policies with the same coverage and riders at different prices.
Customer Satisfaction:
It’s also important to look at how happy an insurer’s customers are. Looking at customer reviews can help you find a company that is easy to work with. The National Association of Insurance Commissioners (NAIC) has a website to determine how many complaints have been filed in a state.
The strength of the company’s finances is another thing to think about. Will the company be able to pay your beneficiary the death benefit when you die? One way to figure this out is to look at the company’s financial rating.
Several rating agencies, such as AM Best, give a credit rating score. A credit rating is a sign from the rating agency about how likely a company will not pay its debts. The better a company’s credit rating, the less likely it is that it will not pay its debts. AM Best has given A or better credit ratings to all of the companies in our rating. A high credit score can show that a company is financially stable and will probably still be around when you die to pay your beneficiary the death benefit.
What Is Life Insurance?
Life insurance is a type of insurance that gives money to the person or group you choose when you die. You choose a life insurance company that offers the kind of policy and death benefits you want, fill out an application, and if you are accepted, the insurance company promises to give the specified amount of money to your beneficiary (this can be a relative, loved one, or even an organization) when you die, as long as you paid the required premiums.
This money is often used to pay for funeral costs and compensate for lost wages. For instance, if a family’s primary wage earner died, the money would help the rest of the family pay their bills.
Types of Life Insurance Policies
Permanent and term life insurance are the two main types of life insurance. Universal and whole life are two types of permanent life insurance. Read on to learn about the different kinds.
What Is Term Life Insurance?
Term life insurance is a type of life insurance for a short time. The length of time that a term life insurance policy is in effect, or its term, is what makes it what it is. A term can last anywhere from one year to thirty years. Term life insurance policies can also be changed into permanent policies or renewed for another term.
What Is Permanent Life Insurance?
A permanent life insurance policy covers your life for a long time. Most of the time, these policies have two parts: the death benefit and the cash value. Depending on the policy, the cash value can be used to save money or as an investment. Whole life and universal life policies are both examples of permanent life insurance.
What Is Whole Life Insurance?
A whole life policy is a type of permanent life insurance with both a death benefit and a cash value. If the company you buy insurance from pays dividends, the cash value can grow. There are often dividend options in mutual life insurance policies and some policies sold by stock insurers. Dividends can be based on how well the company did with its money.
What’s universal life insurance?
Permanent life insurance is also made up of things like universal life insurance. One big difference between whole and universal life insurance is how flexible the policy is. With many universal policies, you can change your premiums and the amount you get if you die while the policy is still in effect. There are also different kinds of universal life insurance, such as indexed universal life (IUL), variable universal life (VUL), and guaranteed universal life insurance.
What Is No-Exam Life Insurance?
When you sign up for a no-exam life insurance policy, you don’t have to take a medical exam. These policies can be either for a set amount of time or for life. Most of the time, getting approved for these policies is quick because you don’t have to schedule and go through a medical exam.
Some applicants may not have to take a medical exam, but if a company has a no-exam policy, no one will have to take a medical exam.
How Much Does a Life Insurance Policy Cost?
Even for people in the same age group, the price of a life insurance policy can be very different. Some things that affect the cost of a life insurance policy’s premiums are the insurance company, the person’s age, sex, health, and any add-ons to the policy (also called riders).
If you only look at a person’s gender, the difference in cost for a $1,000,000 20-year term life policy from Banner Life between a 35-year-old male and female in the Standard Risk class is just over $15 per month. If you take the same two people and type of policy and apply it to New York Life, the difference is almost $50 per month.
Another important factor is age. With a $1,000,000 20-year term policy from Haven Life, the difference between a 35-year-old woman in the Standard Risk Class and the same woman at 65 years old in the same risk class is almost $975 per month.
People in high-risk groups, like smokers, will often have to pay more for their insurance. Visit our list of the Cheapest Life Insurance Companies of 2022 to learn more about companies that offer cheap life insurance.
Do I Need Life Insurance?
Whether you need life insurance or not is a very personal choice. Here are a few reasons why you might want to think about getting life insurance. Your partner or kids depend on the money you bring in. Many people buy insurance policies to ensure their loved ones have enough money. Death benefits can be used to pay for day-to-day costs that might be hard to pay if you lose your job. This includes the mortgage, rent, food, groceries, utilities, tuition, etc.
You still owe money to people. Car loans, mortgages, credit card bills, and other kinds of debt can add to the funds your dependents have to pay. A life insurance policy can help your beneficiary pay off those debts and feel better.
You want to pay for the costs of dying. LIMRA says that the price of a funeral is the main reason why 83% of people buy life insurance. That makes sense, given how much funerals cost now and how much they will cost in the future.
A 2021 study by the National Funeral Direct Association (NFDA) found that a funeral, including a viewing and burial, costs an average of $7,848. With a burial vault, that can go up to almost $9,500. Those costs will probably go up. Between 1987 and 2017, the price of a funeral went up by 227.1%, according to the U.S. Bureau of Labor and Statistics.
A financial expert can help you decide if you need life insurance and what it should cover. They can also help you look at different policy options and determine which will best meet your needs.
Job Description of a Life Insurance Agent
We are looking for a licensed life insurance agent to join our team. The job of a life insurance agent is to give advice, act as a middleman between the client and the insurance company, and sell life insurance policies that pay out when the insured person dies. Health life insurance jobs are fantastic for life insurance agents.
To be a successful life insurance agent, you should offer good customer service by keeping the clients you already have and taking steps to get more clients through marketing, social media, and other programs. In the end, a good life insurance agent will analyze each client’s needs to ensure they are getting the right products.
Life Insurance Agent Responsibilities:
- Advise clients and suggest insurance products.
- Serve as a middleman between insurance companies and customers.
- Give good customer service to keep clients and keep them coming back.
- Grow your list of customers.
- By talking to potential clients, you can find out more about them.
- Sell life insurance that pays out when someone dies.
- Sell annuities that will pay you money when you retire.
- Look at the client’s current investments and make suggestions.
- Help clients through the process of making a claim.
- Keep both digital and paper records.
- Life Insurance Agent Needs a degree or diploma in finance or a related field.
- You need a license to work in the state where you live.
- Financial Industry Regulatory Authority-approved (FINRA).
- Possess excellent communication skills.
- Show that you can think critically.
- Provide excellent customer service.
- Possesses excellent selling skills.
Life Insurance FAQ
Who is the beneficiary?
The beneficiary is the person or thing you choose to get your life insurance money after you die. This could be a person like a family member or friend or a group like a charity.
Who is the policyholder?
The person who buys life insurance is called the policyholder. This could be the insured person, the beneficiary, or someone else, like a spouse.
What is a death benefit?
When the insured person dies, the death benefit is the money that is given to the person who was insured. Most of the time, the death benefit isn’t paid out until the policy is paid in full.
What is the cash value?
In a permanent life insurance policy, the cash value is the part of your premium that is saved in a separate account. The cash value can be used in several ways. Depending on your policy type, your money can either earn interest or be put elsewhere. You can also use it to borrow money or, in some cases, pay your life insurance premiums.
Do life insurance policies pay dividends?
Some whole-life policies give you money back. This depends on your policy, and you should check with your insurance company or agent to see if your current policy or the policy you are thinking about buying pays dividends.
How long do you have to claim life insurance?
Most of the time, life insurance companies have to follow state laws about how long a beneficiary has to file a claim. If you have questions, you can talk to your agent or the company from which you bought the policy.
Does life insurance pay for death by suicide?
Some companies would pay the death benefit even if the person were killed. Life insurance policies sometimes have suicide clauses or waiting periods, which usually end two to three years after the policy was bought.
If you or someone you know is thinking about ending their life, you can get help. The National Suicide Prevention Lifeline can be reached at 800-273-8255 any time of day or night for free, private help. The group also runs more than 150 crisis centers where people can get support and encouragement. If you need assistance, please reach out to them.
Can you get life insurance if you have cancer?
This will probably depend on the insurance company and your policy. As part of the process of getting life insurance, a medical exam is often needed. You might not be able to get life insurance because of this, but not always. This will depend on the type and stage of your cancer, your treatment, and how well you’re doing.