There are hundreds of life insurance products out on the market for brokers and agents to sell. This post will provide a high level list of the best plans in each category: Term, UL, IUL (Med Exam Required), Term, UL, IUL (No Med Exam), Guaranteed issue Life and Final Expense (simplified issue).
There are a number of unique or specific situations that may make one product a better fit than another but I am looking at the overall picture with my list.
Term Insurance-(Full Medical Exam)– Banner Life, Protective Life, Genworth, Trans America, Mutual of Omaha, American National and North American are at the top when it comes to term prices for 10,20,30 year term on a fully underwritten basis. To be more specific….
Protective Life has the best overall rates for non smokers on 10-30 year term.
American National will have the best price on Annual Renewable term.
Trans America will have the best rates for smokers (Trans does not do business in NY)
Brokers be aware that a number of the more competitive companies will no longer advance commissions on term policies.
Simplified Issue Term –Multiple companies offer this product. No medical exam is required but they will pull medical records through the MIB. Most carriers only offer it up to 250K and will usually go up to age 65.
Assurity- They have competitive rates and are very competitive with smokers. They also will go up to age 65
Mutual of Omaha- Very good rates and approved in tough states like NY
Trans America– Good rates but not approved in NY
Guaranteed UL and Indexed UL– Guaranteed UL will not lapse as long as the premium is paid. The policy also is not going to generate a cash value. They are basically a permanent term policy with a premium that stays level for life. Indexed UL policies are much better at creating cash value and allow a better opportunity for growth via the crediting methods on the policy.
Principal Financial -North American -Protective Life- All have very competitive rates for guaranteed UL. Principal and Protective tend to be the best with preferred and super preferred and North American does well on standard ratings.
North American is the best option for indexed UL. Not because they necessarily have the lowest rates (They are always close to the best price however) but it is the index caps that make them stand apart. They have very high point to point index caps which is key when it comes to generating a return with an IUL product.
Simplified Issue UL – This is UL that is does not require a medical exam. Many of the products are only guaranteed for 15 years and then may require more premium to continue running.
Americo- Lowest cost simplified issue UL available. Not approved in NY but it can be sold cross border using one additional form.
Occidental-Same as Americo but rates are slightly higher.
Guaranteed Issue – This one is easy. Vantis Life has a 100% guaranteed life product that has the lowest rates, easiest application and best cash value of any guaranteed issue plan period. There are no knockout questions on this plan and smoker/non smoker are the same rates.
Final Expense– This is simplified issue insurance geared toward seniors or those with medical conditions. Finding the best plan in this category can be tricky because of the questions that each company lists on their applications.
Foresters- ultra competitive rates and also approved in NY. A fraternal insurance license is required to sell this plan in some states. They also have more specific questions on the application which can make it harder to place a case at the best health class.
Americo-Strong plan overall. Not available in NY but easy to sell cross border. They do not have the best rates but are competitive. Best selling feature is that they do not have a phone interview.
United Home Life – They do not have the best rates compared to others but they are very good with diabetics. They also offer the plan to younger aged people which can come in handy.
If you have questions about any of the carriers listed above or any not listed, please email Ed Crowe at Edward@Croweandassociates.com or call 203-796-5403
