8. American Income Life Insurance
This company prides itself on being perfect for the average working family, and the rankings reflect this by receiving an A and A+ rating from A.M. Best and Fitch. American Income Life offers whole life insurance for your entire life. Your premium will never go up and as long as you own the policy, you will build cash.
A Terminal Illness rider can be added to your policy at no cost to the person insured which will pay part of the coverage amount if you are diagnosed with a terminal illness with less than a year left.
You will get a personal touch with this company as their representatives will meet with you in your own home to discuss your possible policy.
7. AARP Guaranteed Acceptance Life Insurance
If you’re a member of AARP, you may already know about their Guaranteed Acceptance Life Insurance Policy from New York Life Insurance Company. This program is exclusively for members 50-80 years old and can provide up to $25,000 of group insurance. All you have to do is fill out the easy application and you’re accepted with guaranteed lifetime protection! With this policy, your premium is based on your age and there is a limited benefit period of two years. Once you reach the age of 95, you will no longer have to pay your premium but will receive the same coverage for the rest of your life. Best Life Rates gives New York Life the number 2 spot on their Top 10 Best Life Insurance Companies for 2017.
Click here for estimated rates.
6. Trinity Life Insurance
Trinity Life Insurance Company’s Golden Eagle Final Expense plan is another great policy which will help your family with additional expenses. This policy includes the Guaranteed Death Benefit which means that your benefits will not decrease because of your age or health status. Your beneficiary will receive all of this benefit after the death of the policy holder. Because this is a whole life insurance policy, it won’t ever be canceled as long as they receive payment. Depending on your answers to the application, you could receive a death benefit of up to $25,000 and if you are diagnosed with a terminal illness, you can receive the 100% Accelerated Living Benefit. Better Business Bureau gives Trinity Life Insurance an A+ rating.
5. Colonial Penn
Colonial Penn’s cut off age is 85, five more years than most of the other final expense insurance policies. This well-known company received all A ratings from A.M. best, Fitch, Moody’s, and S&P, according to Best Life Rates. You’ll find that this policy is affordable and can be purchased as supplemental life insurance to avoid additional costs that could come to their families. You will receive a lifetime of protection and your rates will never increase.
They offer a limited benefit amount and, according to their website, “With this Colonial Penn plan, if death occurs during the first two years, in most states, the policy will return the premiums paid plus interest.”
To get a Colonial Penn’s Guaranteed Acceptance Life Insurance plan quote click here.
