Best Life Insurance Companies in Alabama
You’re probably familiar with the Life Insurance Company of Alabama ( LICOA ), but did you know that most life insurance companies can underwrite life insurance in Alabama? Here are some of the top companies based on various factors, including customer satisfaction and financial strength.
With an Insurify rating of 103 and an A.M. Best rating of A++, State Farm is as trustworthy and dependable as its slogan suggests. It offers term life policies with a variety of riders available so that you can customize them to your needs. Whole life coverage, from birth to age 80, has a maximum death benefit of $100,000. Riders are available to provide additional coverage.
A mutual insurance company, which means its policyholders own it, Nationwide offers term life insurance with guaranteed level premiums. In addition to child and spouse protection riders, it also provides living/accelerated death benefits.
Whole life insurance is available until age 100, with a maximum death benefit of $10,000, making it perfect if you just need your policy to cover final expenses.
With a range of term life insurance policies from 10 to 20 years, MassMutual offers guaranteed level term policies. Those looking for lifetime coverage with a universal policy will find that it provides a flexible premium option and a variety of riders. Riders for guaranteed insurability, waiver of premiums, and change of insured give you more protection.
New York Life
New York Life has a solid reputation in the life insurance industry. Its term policies offer level premiums for the life of your policy. Optional riders include long-term care, disability, and accidental death. Its whole life policies allow you to earn dividends on your premiums, providing some investment income throughout the life of your policy.
Founded in 1907 in Birmingham, Alabama, Protective Life prides itself on taking care of Alabama residents’ insurance needs from birth through retirement. It offers term life insurance policies in 10, 15, 20, 25, and 30 years, with a maximum death benefit of $50 million. Whole life policies feature flexible options for both premiums and death benefits.