 Personal Finance Powerpoint Presentation. Life Insurance Companies. Prepare to get financially fit by practicing personal finance. Insurance is part of our long-term risk and mitigation strategy where we follow the adage of major twice cut once put in a formal process in place, looking something like set the goals, develop a plan to reach them, put that plan in action, review the results and repeat the process periodically. Most of this information can be found at Investopedia Best Life Insurance Companies, which you can find online. Take a look at the references, resources, continue your research from there, this by Meredith Mangan and Richard Burke, updated May 17th, 2022. Note that we are not personally affiliated with any of these companies, although Investopedia may be in some way. We're just here to give a list of some companies if you're getting down to the nitty gritty and actually looking into some insurance companies, just to get an idea for people to start their research from. They can obviously continue the research, possibly at Investopedia, looking at the references and resources there, and then possibly, of course, go into the websites themselves for the companies and start doing your comparing and your contrasting. In prior presentations, we talked about insurance in general. Now we're moving on to the life insurance in conjunction with that overall discussion. Having talked about the different kinds of insurance in general, we'll continue some more of that discussion of life insurance in the future, but now we're just looking at a few companies that are a life insurance companies. Best life insurance companies, the best life insurance companies, according to Investopedia, are those that are financially sound, provide robust customer service, make the application process easy and offer a wide range of features. So that sounds appropriate. To choose the best life insurance company, we measured, that being Investopedia, 91 insurers in these categories collected more than 50 points of data for each insurer and considered third-party radiance, while undoubtedly a complicated process, choosing the right life insurance company to fit your needs is one of the most important decisions you will make. It's like the most important ever, it's kind of like deciding to eat or something. Anyways, among the reasons to compare different companies is that your choice will cover your funeral arrangements and other financial obligations. So obviously, that's what we think about all the time, of course, is making sure that our funeral is properly and will be an elegant affair, so including tuition, mortgage, and cost of living. So permanent life policies also build cash value over time, which may provide added financial stability during your life. So we talked about different kinds of life insurance. So you wanna think about different kinds of life insurance in general, term versus permanent, for example, and then determine what your actual needs are. Is it insurance or some type of tax planning, estate planning and whatnot? And then of course, do your comparisons for the different companies and comparing and contrasting your actual goals, which is what we're looking at the companies at this point. Read on to discover the best life insurance companies for 2022, according to Investopedia and why each made our list, that's the Investopedia list, best life insurance companies of 2022, according to Investopedia, best overall, nationwide, best for term life insurance, protective, appropriately named. So notice that again, there are gonna be some specialties here in terms of what kind of life insurance you're getting. If your term is like the classical life insurance, just for life insurance kind of thing. So if you're looking for that, that might go there. And notice when you're talking to agents in the field of life insurance, just like when you're talking to someone selling anything, you would expect the more complex structures, the more complex the life insurance, the more they might be making on it as a commission kind of to it. So if you're looking for, say, just term life insurance, you might want to be talking to someone who probably preaches term life insurance, and that would be someone that just does term life insurance, right? If you're looking into more complex life insurance, you probably wanna be talking and being in alignment possibly with what other strategies you might be putting in place, such as tax or state strategies. So you might be talking to CPAs and stuff like that to make sure that you're in alignment with your overall goals with regards to that, noting that when you're talking to someone who's going to make money from you signing up to the thing that they're selling, then obviously they have some incentive, financial incentives that doesn't mean that they're lying about what they're offering, but it does mean that it's a biased kind of decision in that case. So you might wanna talk to other people, of course, third party members, possibly a CPA or your financial advisor or something like that to get an independent decision, possibly even paying them to get an independent decision from someone who's not being paid by you signing up to a policy and then armed with that, go to the agents and talk to them. Okay, best financial stability, that's mass mutual, best for living benefits, mutual of Omaha, fewest complaints, guardian life insurance, that's nice, best for the military, U-S-A-A life insurance, best for seniors, New York life insurance. So this is just, we'll just go through a couple of the top couple on this list, and then of course you can go to these individual companies yourself and do your more research and your comparing and contrasting from there. So first we got nationwide, what are the pros? Ranked second in JD Powers 2021 Customer Satisfaction Study, drew fewer customer complaints, fewer than what, fewer customer complaints, that's good I guess, no medical exam coverage available to healthy applicants, up to $5 million, so you don't have to go through, if you're healthy apparently, possibly no medical exam, that's nice, living benefits includes on most policies and allows credit card payments, that's good, cons, final expense policies available to existing customers only. Why we chose it, nationwide garnered an A plus financial stability rating from the AM best, received very few customer complaints over the past three years and was the second ranked out of 21 life insurers for customer satisfaction in JD Powers US individual life insurance study, plus it boasts a wide range of policy types and riders, no exam applications for up to $5 million in coverage for healthy individuals and generous living benefits. The host of exceptional features puts it squarely at the top of our best life insurance companies, according to Investopedia. Nationwide has been in business for nearly a century and offers term, whole life, universal life, UL, variable, L, UL, index, UL, universal life and final expense policies. So they got kind of a wide range of these items and again, note that if you're talking to somebody and you're going to, these more extravagant life insurance are probably going to be things where the person selling them might make more if they're making some kind of commission. So if you go here and say, I just want some term insurance, then notice they, you know, be ready if they're going to steer you somewhere that you don't think you're going to go. I'm not saying any particular company is likely to do that in per se, but if the payment structure is such that they're going to make some kind of commission on it, then you want to be aware of that. So many of these policies can be opened with no medical exam and applications may be approved the same day. The company also includes three accelerated death benefit riders on most of its policies at no cost. This allows policy holders to access part of their death benefits while still alive if they are diagnosed with a chronic critical or terminal illness. So we kind of talked about some of these riders before. Notice now we're kind of have a cross match here of life insurance, but now you can get the money if you have a medical problem. So that's kind of like medical insurance or long-term disability type insurance. So, and that's where it gets a little bit confusing when you got these overlaps on the insurance. Note that if you're looking for final expenses or burial insurance policy, you'll need to be an existing customer to get one with nationwide. For more information, check out Investopedia's full nationwide review and then we're going to do maybe one or two more. Protective is the next one. The pros tied with banner for the least expensive term policies. So these I believe are the term policy specialists. So again, if you talk to different people in insurance fields, the people that are in term insurance tend to say the term insurance is the way to go and everybody that's trying to sell these other policies might be selling it to people that might not need those other kind of policies. So if you're deciding that you want to go to a term policy place, then you might go to a term policy place and they're going to be preaching term policy, which is kind of like pure life insurance in essence. So offers term coverage for up to 40 years, allows credit card payments, cons ranked 16 out of 21 companies for customer satisfaction, relatively low no exam coverage amounts. Why we chose it, according to Investopedia, protective ties with banner for the cheapest term life insurance of all the companies we've reviewed. That's a good one. I like that. Plus it offers 40 year term policies, which is uncommon in the industry. Most companies cap terms at 30 years, 40 years. That's good. Founded in 1907, protective backs its coverage with a A plus rating from AM best for financial stability. It also received fewer complaints than expected for a company of its size over the past three years, but protective ranked lower than the industry average in JD powers life insurance survey coming in at number 16 out of 21 companies studied. Huh, that doesn't seem as good. And it's no medical exam life insurance policies are capped at $1 million in coverage, which are only eligible for up to age 45. This is much lower than some competitors that offer coverage up to $5 million for applicants up to age 50 and $3 million for applications applicants up to age 60. For more details, you could see Investopedia Protective Review. So we didn't go through all of these. Obviously these life insurance companies have some of their specialties in particular types of areas. So you might try to start your research based on what that particular life insurance company is geared towards doing. You could take a look at the references that Investopedia as a launching point if you so choose. And then of course go to the company websites themselves and start your comparing and contrasting from there.