What Are the Best Life Insurance Companies in Maryland?
When looking for the right life insurance plans, consumers typically want the best policy that fits their needs, at the most affordable price. It’s also important to consider an insurer’s financial strength and ability to pay claims. Independent rating services like A.M. Best, Standard and Poor’s (S&P), and Moody’s measure insurers’ fiscal strength.
Rating services usually rate insurers by grades A to D. A is the highest claims-paying and financial strength rating, and D means the life insurance company is in liquidation. If you are a policyholder and your life insurance company becomes insolvent, your state’s guaranty agency helps pay claims on your health insurance, life insurance, and annuity claims.
A number of affordable life insurance companies offer diverse products in the state of Maryland. Finding the right policy for your individual and financial needs may be tiresome with so many varying products and life insurance companies. Some of the most affordable products on the market are 10-year term policies. Rates depend on your age and usually any health conditions you have when you buy the policy.
Best and Cheapest Life Insurance for Teens
Typically, children are not providers in most families, so teen life insurance may seem illogical. Although a life insurance policy on your child or grandchild will help with unexpected expenses should the unthinkable happen, usually life insurance for teens is purchased for guaranteed insurability in the future. Two of the best companies for teen life insurance in Maryland are Pacific Life and Lincoln Financial Group.
With A+ ratings from A.M. Best, Fitch, Moody’s, and S&P, Pacific Life offers a variety of life insurance products and annuities at affordable prices. It offers term life insurance and its whole life insurance products include variable, universal, and traditional whole life policies.
Lincoln Financial Group (Lincoln National)
Lincoln Financial Group is an insurance and investment company founded in 1905. Abraham Lincoln’s son Robert granted permission to use his father’s name and image for the company. They offer individual and group term insurance. Their whole life protection comes in universal and variable universal life policies.
The table shows expected monthly rates for a 10-year term policy with coverage of $100,000 for teens.
Best and Cheapest Life insurance for People 20 to 29 Years Old
Buying life insurance while you are in your 20s is a good idea to help keep rates low in the future. Most term policies are guaranteed renewable and convertible. If you purchase a term life policy in your 20s, you could later convert the coverage to a whole life policy with a premium rate based on the age you were when you bought the original policy.
Established in 1954, Sagicor is licensed in 45 states and is one of the longest-running life insurance companies in the U.S. It has an A+ rating with A.M. Best, and it offers traditional whole life and universal life policies. Sagicor’s Sage Term offers affordable rates and 10-, 15-, and 20-year terms. Its term policy is convertible and has a level death benefit to age 95.
Bestow offers an online insurance application process for term life insurance policies. It does not require a medical exam, and coverage is fast and affordable. Bestow currently accepts applicants under the age of 45. Its coverage amounts range from $50,000 to $1.5 million.
Here is a list of the cheapest quotes for the monthly rates on a $100,000 policy for 20- to 29-year-olds in Maryland.
Best and Cheapest Life insurance for People 30 to 39 Years Old
For most people, their 30s is the time in life when they are adding more financial responsibilities, such as a mortgage, children, or a business. Because of this, most people start taking life insurance seriously at this age. Life insurance policies are still inexpensive in your 30s and can insure your family, your mortgage, or your child’s future education.
American General Life (AIG)
American General Life Insurance has a wide range of life insurance products. AIG’s quality of life insurance product provides accelerated benefits should you become terminally ill. Their whole life insurance products include traditional whole life, universal life, and guaranteed issue life insurance. Their term life insurance lengths are 10 to 30 years and are renewable and convertible.
The American Family dream began over 90 years ago in 1927. A small auto insurance office in Madison, Wisconsin, grew into a multifaceted insurance agency protecting people in 19 states with life, auto, renters, home, business, and farm and ranch insurance. It offers a variety of life insurance, which includes whole life, term life, and simplified issue policies.
The table below is expected quotes for the monthly cost of a $100,000policy for 30- to 39-year-olds.
Best and Cheapest Life insurance for People 40 to 49 Years Old
By our 40s, life insurance may become more of a priority because we begin to think about our own vitality in life and the people who rely on us. You can still find cheap life insurance in your 40s. Quotes are usually just a few dollars more than if you were in your 30s.
Vantis Life offers life insurance and annuities at affordable rates. Now a part of Penn Mutual Life Insurance Company, it is financially strong and has A+ ratings with A.M. Best and the BBB. You can be approved in minutes online for its velocity term life insurance, which has coverage amounts from $50,000 to $2 million.
Their whole life products include their velocity whole life flex complete policy. This policy can cover your family and adds a chronic, terminal, and critical illness rider at no extra cost. Their guaranteed golden policy is a guaranteed issue n-medical-exam life insurance policy.
Haven Life is owned by MassMutual life insurance company. It offers affordable term life insurance policies that are easy to apply for. Its products are applied for digitally and its Haven Simple term life insurance policy does not require a medical exam.
In the following table, you’ll see expected monthly rates for a $100,000 policy for people who are 40 to 49 years of age.
Best and Cheapest Life insurance for People 50 to 59 Years Old
Quotes for applicants in their 50s see more of a significant increase than with younger age groups. In our 50s, we may have health issues that we didn’t have in our 20s and 30s. That said, there are policies that will cover your life insurance needs at affordable prices.
Transamerica Financial Life
Founded in 1904, Transamerica has high ratings with A.M. Best, Moody’s, and S&P. Its life insurance products include term life, whole life, final expense, and universal life policies. The Transamerica Institute funded by Transamerica is a nonprofit foundation that teaches retirement and health studies.
Prudential Financial provides term life policies that offer living benefits and convertibility, and you can also attach various riders, such as waiver of premium and child protection riders. Prudential’s whole life policies include universal and variable life insurance products.
Here is a table of the monthly rates for the most low-cost $100,000 10-year term policies for people ages 50 to 59.
Best and Cheapest Life insurance for People 60 to 69 Years Old
Term life insurance is still an affordable option even in your 60s. If you have not purchased life insurance until your 60s, you will still see affordable term life rates to cover final expenses and any outstanding debt and to leave a legacy behind for your loved ones.
Protective Life offers affordable term life insurance policies and also whole and universal life policies. With over 110 years of experience on the life insurance market, it is a financially strong company. It has an A+ rating with A.M. Best and Fitch, an AA- with Standard and Poor’s, and an A1 from Moody’s.
SBLI, an abbreviation for Simply Better Life Insurance, offers low-cost term life insurance and final expense and whole life insurance policies. They offer an accelerated death benefit rider at no extra charge and a waiver of premium rider for their term policies. They are rated A with A.M. Best and A- with Standard and Poor’s.
The chart demonstrates monthly rates for the most affordable $100,000 10-year term policies for 60- to 69-year-olds.
Best and Cheapest Life insurance for People 70 to 79 Years Old
Finding affordable life insurance coverage in your 70s is a more difficult task than at a younger age. Policies will be more expensive, they may provide less coverage, and it is tougher to find an insurer. Though it is more difficult, it’s not impossible. Some insurers that cover people ages 70 to 79 include Banner Life and Transamerica.
Banner Life & William Penn have been selling their life insurance products under Legal & General America since 1989. Operating in New York, Banner Life insures people all over the country in 49 states. With $6.8 billion in assets, Banner Life is financially solid.
The table displays expected monthly rates for a 10-year term policy with $100,000 in coverage.
With Insurify, finding the right coverage is easy. Whether you are looking for whole life, term life, or final expense policy, Insurify will help you compare quotes from the best life insurance companies in Maryland or anywhere you are in the country.