Tag Archives: Term Life Insurance

21st Century Insurance Review: JD Power Ratings, AM Best Financial Strength Ratings, & Customer Complaints

Posted on by

This 21st Century review will analyze the change in the JD Power auto insurance study scores & ratings for 21st Century Insurance over the last several years. The annual JD Power insurance surveys are, in my opinion, the most objective and relevant indicators of insurance company customer & claims satisfaction, by gathering the opinions of thousands of auto insurance customers. However, the power circle ratings used by JD Power can be misleading, with some top four and five power circle rated companies not scoring much above the score of the average company.

This review will look at the JD Power ratings & numerical scores for 21st Century, in all the JD Power insurance studies where it was included in the last three years, to see what its current JD Power ratings really say about the quality of the claims & customer service for the company.

Another measure of quality for an automobile insurance company is the number of upheld complaints filed against it with a state’s insurance regulatory authority, adjusted for the company’s market share. This review will show you if 21st Century has a better than average, average, or below average complaint record for 2009, 2010, 2011, 2012, 2013 & 2014. Additionally, I’ll review the AM Best Financial Strength Rating (FSR) for 21st Century insurance.

The smart insurance buyer shops for the best combination of coverage, price, and service, so be sure to use the ad below this paragraph (or the ad at the end of this review) to get price quotes from multiple insurance companies and find the best insurance company for you. Continue reading →

Direct General Insurance Review: Auto Insurance Customer Complaints, JD Power Customer Satisfaction & AM Best Financial Strength Ratings

Posted on by

Direct General is an insurance company selling nonstandard auto insurance (for people not qualifying for lower-priced, standard or preferred auto insurance rates), motorcycle, and term life insurance in the 13 US states of Alabama, Arkansas, Florida, Georgia, Illinois, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, & Virginia. Direct General is an important insurance company to know, if you live in any of the states where it operates, and have trouble qualifying for low auto or motorcycle insurance rates due to your or a driver in your household’s driving record, lack of driving experience, no prior insurance, lapse in coverage, or other reasons. When you pay a lot for auto insurance, and fewer car insurance companies will insure you, it’s even more important to know all your company options, and choose the company with acceptable service for the coverage you need at the best price. Now you know if Direct General is an option for you, it’s easy enough to contact them for a price quote. This review will show you not only how to contact Direct General for a quote, but give you the latest company ratings and complaint information about the Direct General insurance companies, to help you decide if Direct General is a good choice for you. I’ll also give you the names of the major insurance companies offering nonstandard auto insurance, competing with Direct General, so you have more options to shop for a better price or better service. Continue reading →

Choosing an insurance agent: Experience is not expertise

Posted on by

In my last blog post, I wrote how you should choose an agent with enough experience to be competent. More than 2 years is enough, but 5 to 10 years experience is preferable. Anything more than 10 years is not relevant. But experience does not guarantee expertise.

True expertise is hard to find. I have always been surprised how little your average, experienced & successful agent knows about the products they sell, or how much bad information they can provide to their customers & prospective customers. Continue reading →

State Farm Life Insurance & Term Rates Review 2014

Posted on by

State Farm is the largest insurer of autos & homes in the USA by far, with lots of local State Farm agent offices in almost every community across the nation. In fact, there are TWO State Farm agent offices within a mile of my home, and over a dozen State Farm offices within 10 miles of me. State Farm is a well-known household name when it comes to insurance. But is State Farm a good choice for life insurance? State Farm may be a good choice for auto & home insurance, but as this review will show you, State Farm’s rates for life insurance are expensive, compared to other highly rated major life insurance companies. There are other drawbacks to using a State Farm agent for your life insurance. An independent insurance agent or agency, representing many life insurance companies, specializing in life insurance, is usually a better choice to find the best life insurance for your needs. The review below will explain why I think this is the case. Continue reading →

Who Needs Life Insurance? Do You Really Need Life Insurance?

Posted on by

Who Needs Life Insurance? Do You Really Need Life Insurance? As I previously wrote about in my blog post, When is the best time to buy life insurance? The best time to buy life insurance is when you need it. If you need it, the best time to buy it is now. It’s human nature to procrastinate. You may get a term life insurance quote estimated to cost $35 a month for a $500,000 death benefit. But you may say to yourself, “I’ll wait until next year, when my car is paid off and I have more room in my budget to buy life insurance. I’m healthy now, and my agent says it will cost about the same if I buy it next year, so if I wait a year or two, I can save $420 a year by putting it off.” Some people use this type of thinking to keep avoiding buying the life insurance they need, until its too late. Continue reading →

Term Life Insurance Age 50 – 59 Review: The Best Rates for People Age Fifty through Fifty-Nine (and older)

Posted on by

This term life insurance age 20 – 29 review will show you the best prices for people in their fifties. Using the pricing information in this review can help keep you from overpaying for your term life insurance. However, if you are age 50 years or older, you should question whether you should be looking to buy term insurance or a permanent life insurance policy. If you follow anyone writing about personal finance, almost all of them say the only type of life insurance anyone should buy is term life insurance. This may be the best strategy for many people in their 20s, 30s, & 40s, trying to “buy term and invest the difference.” When you are younger, term life insurance is inexpensive, so you can buy enough term life insurance to cover you during your working years, and use the money you would have used to buy the more expensive permanent life insurance, to invest in the stock market to get a better return. For example, say you buy a $750,000 30 year term life insurance policy at age 32. By the time the policy expires when you are 62, your kids are grown, your mortgage is paid off, and the 30 years of investment returns has built a large retirement account your spouse can use should you die. Continue reading →

Term Life Insurance Age 45 – 49 Review: The Best Rates for People Age Forty-Five through Forty-Nine

Posted on by

This term life insurance age 45 – 49 review will show you the best prices for people in their middle to late Forties. It’s difficult to find the best deal for term life insurance by searching for the lowest rates on the Internet. You may not qualify for the best rates you see on the Web, or the low rates advertised by some agents or life insurance companies. For example, $250,000 of term life insurance for as little as $22 a month, may cost a whole lot more money for you, when your application is approved by the life insurance company. You could be in very good health with no medical problems, and still not qualify for a life insurance company’s lowest rates. You can’t shop based on price until you know the best price for which you qualify, with each term life insurance company.

Many agents and companies you contact may brag about their competitive term life insurance rates, but some insurance companies charge much more than other insurance companies for the same term life insurance coverage. A $ 300,000 20 year term life insurance policy for a 46 old female non-smoker at standard rates costs $608 a year with Ohio National Life Assurance Corporation, $663 with Cincinnati Life Insurance Company, $680.52 with TIAA-CREF Life Insurance Company, and $816 with Guardian Life Insurance Company of America. Change one variable, like the amount of coverage, length of the term, the health class, age, sex, etc., & the life insurance companies with the most competitive rates will change. This blog article reviews the best term life insurance rates for men & women age 45 to 49, for smokers and non-smokers, so you know if you are quoted a competitive price, when you are shopping for term life insurance. Continue reading →

Term Life Insurance Age 35 – 39 Review: The Best Rates for People Age Thirty-five through Thirty-Nine

Posted on by

This term life insurance age 35 – 39 review will show you the best prices for people in their middle to late thirties. It’s hard to shop for the lowest term life insurance rates on the Web. You may not qualify for the lowest rates you find online, or the teaser rates advertised by agents or life insurance companies. For example, $300,000 of term life insurance for as little as $20 a month, may cost a lot more for you, after your application is approved by the insurance company. You may be in good health with no medical conditions, but still not qualify for a term life insurance company’s lowest rates. You can’t shop based on price, until you know the lowest price you qualify for with each term life insurance company.

All life insurance agents or companies you contact will brag about their competitive term rates, but some companies charge a lot more than others for the same coverage. A $300,000 20 year term life insurance policy for a 36 year old female non-smoker at standard rates costs $335 a year with Ohio National Life Assurance Corporation, $361 with Hartford Life and Annuity Insurance Company, $381 with AAA Life Insurance Company, and $442 with Northwestern Mutual Life Insurance Company. Change one thing, like the amount of coverage, length of the term, the health rating class, age, sex, etc., and the companies with the most competitive rates will change. This review shows you the best term life insurance rates for men & women age 35 to 39, for smokers and non-smokers, so when you are shopping for term life insurance, you’ll know if the rates you are quoted are competitively priced. Continue reading →

Term Life Insurance Age 40 – 44 Review: The Best Rates for People Age Forty through Forty-Four

Posted on by

This term life insurance age 40 – 44 review will show you the best prices for people in their early forties. It’s difficult to find the best deal for term life insurance by searching for the lowest rates. You won’t possibly qualify for the best rates you see on the Web or the low rates advertised by some agents or life insurance companies. For example, $300,000 of term life insurance for as little as $15 a month, may turn into a whole lot more for you, when your application is approved by the life insurance company. You may be in very good health, but still not qualify for a life insurance company’s lowest rates. You can’t shop based on price until you know the best price for which you qualify, with each term life insurance company.

Almost all agents and companies you contact will brag about their competitive term life insurance rates, but some companies charge much more than others for the same coverage. A $ 400,000 20 year term life insurance policy for a 40 year old female non-smoker at standard rates costs $530 a year with EMC National Life Company, $562 with United of Omaha Life Insurance Company (Mutual of Omaha), $619 with AAA Life Insurance Company, and $719 with Nationwide Life and Annuity Insurance Company. Change one thing, like the amount of coverage, length of the term, the health class, age, sex, etc., & the companies with the most competitive rates will change. This blog post reviews the best term life insurance rates for men & women age 40 to 44, for smokers and non-smokers, so you know if you are quoted a competitive price, when you are shopping for term life insurance. Continue reading →

Term Life Insurance Age 30 – 34 Review: The Best Rates for People Age Thirty though Thirty-Five

Posted on by

This term life insurance age 30 – 34 review will show you the best prices for people in their early thirties. It can be hard to shop for the lowest term life insurance rates. You may not qualify for the lowest rates you find online, or advertised by agents or life insurance companies. For example, $500,000 of term life insurance for as little as $17 a month, may turn into a lot more for you, once your application is approved by the insurance company. You may be very healthy, but still not qualify for a life insurance company’s lowest rates. You can’t shop based on price until you know the lowest price you qualify for with each term life insurance company. Any life insurance agent or company you contact will brag about their competitive term rates, but some companies charge a lot more than others for the same coverage. A $500,000 20 year term life insurance policy for a 33 year old female non-smoker at standard rates costs $390 a year with Royal Neighbors of America, $495 with New York Life Insurance Company, $504 with MetLife Investors USA Insurance Company, and $530 with Pruco (Prudential) Life Insurance Company. Change something like the amount of coverage, length of the term, the health rating class, age, sex, etc., and the companies with the most competitive rates will change. This blog post reviews the best term life insurance rates for men & women age 30 to 34, for smokers and non-smokers, so you know when you are shopping if term life insurance rates you are offered are competitively priced. Continue reading →

Term Life Insurance Age 20 – 29 Review: The Best Rates for People in their 20s

Posted on by

This term life insurance age 20 – 29 review will show you the best prices for people in their twenties. When shopping for term life insurance, its hard to know if you are getting a good deal. Although you may be in perfect health, many seemingly minor factors, such as a few extra pounds, taking a medication like an anti-depressant, higher than ideal blood pressure or cholesterol levels, or the health problems or early demise of close family members, can mean you won’t qualify for the lowest rates for all term life insurance companies, making it hard to shop based on the lowest price. Good life insurance agents are thorough when asking you about your health history, and do their best to quote you the price you are likely to qualify for, but the term life insurance rates you pay are ultimately decided by the insurance company, after reviewing your application and paramedical exam results, as usually required. Continue reading →

Term Life Insurance Rates: 65 Year Old Female Non Smoker

Posted on by

Term life insurance for a sixty five year old woman costs more than it does when a woman is in her twenties, thirties or forties, but it’s more affordable than one might expect. This blog post will show you the companies with the lowest rates for a ten year term life insurance policy for a 65 year old female, at different dollar amounts of coverage across four health rating categories, to help you shop for the right coverage for you & your budget. Continue reading →

Term Life Insurance Rates: 65 Year Old Male Non Smoker

Posted on by

Term life insurance for a sixty-five year old man costs more than it does for younger guys in their twenties or thirties, but it’s more affordable than you may think. This blog post will show you the term life insurance companies with the lowest rates for a ten-year term policy for a 65 year old male, at different amounts of coverage for 4 health rating classes, to help you shop for the best coverage for you & your budget. Continue reading →

Term Life Insurance Rates: 64 Year Old Female Non Smoker

Posted on by

Term life insurance for a sixty-four year old woman costs more than it does when a woman is in her twenties or thirties, but it’s more affordable than you might expect. This blog post will show you the companies with the lowest rates for a ten year term life insurance policy for a 64 year-old female, at different dollar amounts of coverage across four health rating groups, to help you shop for the right coverage for you and your budget. Continue reading →

Term Life Insurance Rates: 63 Year Old Female Non Smoker

Posted on by

Term life insurance for a sixty-three year old woman costs more than it does when a woman is in her 20s or 30s, but it’s more affordable than you might think. This blog article will show you the companies with the lowest rates for a ten year term life insurance policy for a 63 year-old female, at different dollar amounts of coverage across four health rate classes, to help you shop for the right coverage for you and your budget. Continue reading →

Term Life Insurance Rates: 64 Year Old Male Non Smoker

Posted on by

Term life insurance for a sixty-four year old costs more than it does for younger men in their twenties or thirties, but it’s more affordable than you may think. This blog post will show you the life insurance companies with the lowest rates for a ten year term policy for a 64 year-old man, at different amounts of coverage for four health rating classes, to help you shop for the best coverage for you & your budget. Continue reading →

Term Life Insurance: the smart way to shop, avoid mistakes, and save money, Part 4

Posted on by

In parts two and three of this blog series, I explained I think it’s best to use independent life insurance agents when looking for competitively priced term life insurance, and how they differ from other types of life insurance agents. Experienced independent life insurance agents specializing in term life insurance, are a great choice to help you buy the right term life insurance policy for you at a great price. After reading this blog series so far, you should now have some idea how to tell a good life insurance agent from a bad agent. But how do you find a good independent life insurance agent? This blog post will give you useful information about how to find the best independent term life insurance agent for you. Continue reading →

Term Life Insurance: the smart way to shop, avoid mistakes, and save money, Part 3

Posted on by

In part one of this blog series, I told you where NOT to shop, if you want to buy competitive term life insurance. In part two, I told you how buying life insurance is different than buying home or auto insurance, how using experienced independent life insurance agents is your best option, for buying the right term life insurance policy for you at a great price, and how to tell a competent agent from a less competent one. You now have some idea on how to tell a good independent life insurance agent from a bad agent, but how do you know if you are really working with an independent insurance agent? This blog post will tell you the difference between independent insurance agents and other agents, why independent insurance agents, when it comes to life insurance, often have the best options for you, and how to know if your agent is a captive or an independent insurance agent. Continue reading →

Term Life Insurance: the smart way to shop, avoid mistakes, and save money, Part 2

Posted on by

In part one of this blog series, I told you where not to shop for term life insurance. Here in part two, I’ll tell you where you should shop — with independent life insurance agents — and about buying term life insurance, so you can avoid problems. When you are looking for good auto & home insurance rates & coverage, you should know, if you have been reading my blog, I think it’s important to shop with all the leading companies, including contacting a few independent insurance agents, to make sure you don’t miss out on good auto & home insurance companies selling only through independent insurance agents. But I also advise people to not rely on the claims of some independent insurance agents selling auto & home insurance, to be able to shop the market for you, since most of the leading auto & home insurance companies cannot be shopped or purchased through independent agents.

However, when it comes to term life insurance, independent insurance agents specializing in term life insurance really can shop the market for you. For example, in part one, I advised staying away from captive life insurance agents employed by one company, like Prudential and Metlife. I’m not saying Prudential, Metlife, or any company with captive agents are bad, or have high rates (In fact, Prudential has a reputation for being more willing to accept and offer better rates for certain medical conditions, such as diabetes, if the condition is well-controlled), but it’s best to avoid agents with a strong incentive or requirement to place business with only one company. You want to avoid Prudential, Metlife, NY Life, (et al) agents, but you don’t want to avoid the companies. And you don’t have to avoid these companies, because many of them, including Prudential & Metlife, also sell through independent life insurance agents. There are a few companies, like Northwestern Mutual, selling only through their own agents, or companies selling direct, like Amica, USAA, & TIAA-CREF, independent insurance agents can’t quote or offer you, but when you are looking for term life insurance, independent life insurance agents can adequately shop the market for you. But not all independent life insurance agents are the same, and some independent agents you will want to avoid. This blog post will explain the process of buying term life insurance, why choosing a competent, experienced life insurance agent is so important, and how to know a good agent from a bad one. Continue reading →

Term Life Insurance: the smart way to shop, avoid mistakes, and save money, Part 1

Posted on by

If you now or will have, any loved one relying on you being around to bring home a paycheck, you need your own term life insurance policy. Life insurance coverage through work is not enough, and may not be there when you need it. It’s not just insurance agents thinking you need an individual term life insurance policy: You won’t find anyone educating people about personal finance, be it Suze Orman, Dave Ramsey, or the money columnist of your local newspaper, not recommending term life insurance. So, you know you need term life insurance, or maybe you bought a policy a few years ago and need it reviewed. How do you shop for proper advice, good rates, and the right policy? How do you avoid a high pressure sales pitch? Similar to auto & home insurance, term life insurance rates can be more than double the price with some life insurance companies, for the same amount of coverage, as other companies. But unlike auto & home insurance, going to the major insurance company websites to get online price quotes, or to find a local agent, is not a good way to shop for term life insurance. In fact, the most obvious places for people to get advice and price quotes, can lead to paying too much for your term life insurance policy, or even worse, lead to you making a costly mistake, by being convinced to buy a permanent life insurance policy, annuity, or investment product you’ll later regret. Part one of this blog series will discuss where NOT TO SHOP for term life insurance. Continue reading →

Are Insurance Companies Owned by their Policyholders Better or Less Expensive than Companies Owned by Stockholders?

Posted on by

I’ve noticed some insurance companies, like Nationwide Insurance, have been emphasizing their ownership by their policyholders, not investors, as a selling point in their TV ads. One of the more popular ways to organize an insurance company is as a mutual company, like Nationwide, where the policyholders are the owners of the company, instead of the typical ownership of companies in other industries, where the companies are owned privately, or by stockholders. But some insurance companies are organized as stock companies, owned by stockholders. Some examples of major mutual companies are State Farm, Amica, American Family, Northwestern Mutual Life, Mass Mutual, Guardian Life, & Nationwide. Some examples of major stock companies are Geico, Progressive, Allstate, Prudential, Travelers, & Metlife. Are mutual companies better for the customer than stock companies? Do mutual insurance companies have lower rates, since they don’t need to provide a profit to investors? Do mutual companies provide better service, because the companies operate for the benefit of their policyholders? I’ll answer these & other questions in this blog post, and explain why I think, whether an insurance company is a mutual company or a stock company, its type of ownership should not sway your opinion when buying auto, property, or life insurance, except in certain situations. In fact, in spite of the appeal of policyholder ownership, where an insurance company works for its customers, instead of investors, I’ll tell you how some mutual insurance companies can cost you money. Continue reading →

Are Big Auto, Home, & Life Insurance Companies Better than Small Companies?

Posted on by

When insurance companies want to convince people they should insure with them, they often cite their long history and size, usually expressed by the dollar amount of their assets. For example, Prudential Financial, Inc., a major life insurance & financial services company, states on their website they have been in business for 137 years and have $1.061 trillion of assets under management. Does this make Prudential better than a competing company like TIAA-CREF Life Insurance Company, which has been in business 95 years, and has only $520 billion assets under management? Is Prudential financially stronger than TIAA-CREF? Not according to the rating agency AM Best, which rates Prudential at “A+” for financial strength, but gives the higher grade of “A++” to TIAA-CREF. State Farm states on its website it has 81 million policies & accounts in the USA & Canada. State Farm is the largest insurer of cars in the US, and its subsidiary, State Farm Mutual Automobile Insurance Company, has close to 115 billion dollars in assets for 2012 (according to the financial statement from its website). In comparison, Auto Owners Insurance has less than 6 billion dollars in written premium. But Auto Owners Insurance scored higher than State Farm in both the 2013 JD Power US Property Claims Satisfaction Study and the 2012 JD Power 2012 US Auto Claims Satisfaction Study. It’s good to see any potential insurance company has a long history, and a significant asset base, but bigger does not mean better for the customer, beyond a certain point. When it comes to getting a competitive price for insurance, size does not matter at all. However, there are pros & cons for both small & large companies. This blog post will give you tips about how to consider a company’s size, when buying auto, home, or life insurance. Continue reading →

Auto, Home, & Life Insurance Companies: Stick with the Big Brand Names?

Posted on by

State Farm. Prudential. Allstate. AFLAC. GEICO. Metlife. Progressive. These insurance companies are household names. No one likes paying for insurance, much less paying more for insurance, but if you are in a major car accident, your house burns down, or you get a life threatening disease or develop a health condition, you want to be sure your auto, home, or life insurance company will be there to take care of your claim. Because of this concern, many people prefer familiar brand names when buying insurance. What if an insurance agent quotes you an insurance company with the coverage you need at a great price, but you have never heard of the company? Can you trust this unknown company to pay your claim? You know the big brand name companies are legitimate companies, even if you have heard stories about some of them having bad customer service. Is some insurance company unknown to you a fly-by-night company? Do they lure you in with low rates, but can’t be reached when you have a claim? It’s human nature to be inclined to buy a product from a company with a familiar name, but are you familiar with the company name because their customers rave about it being a great company, or is it because you are constantly exposed to the company’s advertising? An insurance company is not a better company because it spends a lot of money on advertising, or because it has a lot of customers and many agencies in your area. The wise insurance buyer does not limit their shopping to a few companies with brand name recognition. However, whether you know them or not, all insurance companies are not equally good. This blog post will tell you how to shop for your insurance without being misled by insurance company hype, and what you need to consider, when evaluating an insurance company, to see if it’s the right choice for you. Continue reading →

Term Life Insurance Rates: 63 Year Old Male Non Smoker

Posted on by

Term life insurance at age sixty-three costs more than it does for younger people in their twenties or thirties, but it’s more affordable than you may think. This blog post will show you the life insurance companies with the lowest rates for a ten year term policy for a 63 year old man, at different amounts of coverage for 4 health rating categories, to help you shop for the best coverage for you & your budget. Continue reading →

Term Life Insurance Rates: 62 Year Old Female Non Smoker

Posted on by

Term life insurance at age 62 costs more than it does when you are in your 20s or 30s, but it’s more affordable than you might think. This blog article will show you the companies with the lowest rates for a ten year term life insurance policy for a 62 year old woman, at different dollar amounts of coverage across four health rate categories, to help you shop for the right coverage for you and your budget. Continue reading →