In today’s modern era, companies offering Instant Issue Whole Life Insurance abounds. Needless to say, many of these prove to be scammers, looters or even unstable in the long run. Hence, one-to-one familiarity with the Bestsellers can help you better customize the coverage to meet your specific needs.
Consequently, our team has worked and researched tirelessly to come up with a comprehensive and absolutely genuine list of the “THE 8 BEST INSTANT WHOLE LIFE INSURANCE POLICIES OF 2018”:
MassMutual is deemed a pioneer in its field for accumulating unprecedented Cash Value over the years with an ‘A++’ Rating by A.M. Best and Insure.com. Hence, it is ideal for people in their old age when they plan to utilize their life insurance as a substitute or supplement of retirement income. As part of the company’s policy you earn rewards in the form of dividends annually. The best part is, MassMutual promises guaranteed acceptance of life insurance, without any medical examination, of $2,000 to $25,000 for age ranging between 50 to 75. This is known as the Instant Issue Term Life Insurance.
2) Northwestern Mutual
Proffering the most competitive rates, particularly for senior citizens, North-western Mutual secured a 4 out of 5 stars in a recent customer satisfaction review undertaken by J.D. Power & Associates. Having the reputation of being the largest direct writer of life insurance in the United States, it abides to the policy of offering insurance if the insurer suffers a temporary or even lifelong disabling injury.
Their remarkable policies combine the traditional whole life and CompLife and apart from the potential to earn dividends, you have three options for paying premiums; up to age 65, till 90 years, or over the specified term periods of 10 to 30 years.
3) NewYork Life
NewYork Life has consistently held the honour of being the strongest company financially by four major insurance rating organizations namely the A.M. Best, Fitch Ratings, Standard & Poor’s and Moody’s Investor Services. One of the only company of its kind to offer two distinct types of policies; a traditional whole life insurance coupled with a custom whole life policy which is exclusively aimed at amassing cash value faster. Also, its superior financial stability is a reflection of its ability to meet financial obligations and pay any claims proposed, in addition to the higher dividend payments.
MetLife succeeds the Northwestern Mutual in the customer satisfaction review from J.D. Power & Associates, enabling it to stand on No. 2. As part of the remarkable policy, the insurer can earn dividends right from the second year of applying. Moreover, they serve the opportunity of adding more coverage to the standard policies by a ‘policy rider’ from a wide range of options like The Enrichment Rider (it accelerates coverage and cash value over time as you need it), Accidental Death Benefit (additional death payment due to a sudden unforeseen accident), Enhanced Care (cash value available for prolonged illness allowing you to withdraw a whopping 90 percent of the policy’s cash), Flex Term Rider (a term life policy can be added to the whole life one), Child Term Rider (higher coverage included for your children) and the Disability Waiver (the premium is relinquished incase of a mishap resulting in a disability of six months or more).
Transamerica is renowned for its exceptional Final Expense Coverage policies which assisted the company to acquire an “A+” financial strength rating from A.M. Best. Added to this, the company is home to a diversified array of products and services; Whole life (up to $25,000 is accessible to groups in the form of voluntary benefits while individuals can obtain figures ranging between $2000 to $50,000 through agents), Term life, Universal life (accessed through employers only), Variable universal, Accidental death insurance, Annuities, Dental insurance, Long-term Care insurance, Medicare supplement plans (where the Company pays the excess of death benefits if the policyholder suffers from a terminal illness or chronic diseases), Mutual funds and Retirement planning- to name a few!
6) Mutual of Omaha
Emanating tons of satisfied customers round the globe, Mutual of Omaha is certainly one of our top picks. Not only does it waive off the prerequisite of passing a Medical Examination for the insurance eligibility but also, the company has a long history of paying dividends to its clients between 45 to 85 (in NY, 50 to 75) with an entirely separate department dealing with Children’s instant issue whole life insurance too. Therefore, without a shred of doubt, Mutual of Omaha has an “A+” financial strength rating from A.M. Best. Another noteworthy feature is the graded death benefit offered during the first two years of the policy which mandates the firm to pay all premiums with an added 10 percent due to a natural death.
Guardian offers a distinct set of eight cash value multipliers which most of the company’s fails to offer with add-ons like guaranteed premium, potential dividend payments, tax benefits, affordable loan, riders like waiver of premium, enhanced accelerated death benefit, and accidental death benefit to protect you against every contingency. Without a shred of doubt, Guardian dominates the market in terms of whole life coverage with an “A++” rock-solid financial strength rating from A.M. Best.
8) State Farm Policy
Being a leading organization, State Farm follows tremendous Instant Issue Insurance coverage policy with a limit of up to $100,000. Furthermore, for a wider range of premium payment models, you must consider State Farm as it allows the policyholders to set individual investment goals by choosing a “Limited Pay Life Plans” to pay all your premiums in the first ten, fifteen or twenty years and then build up savings. This also rids them from paying premiums during the stressful retirement years. What makes State Farm stand out from the crowd is the fact that it offers unbelievable discounts of 67 percent on its policies in contrast to the Industry’s average of 40 percent. Needless to say, the firm also has rock-solid financial ratings of ‘A++’ by A.M. Best and garners the highest customer satisfaction scores from J.D. Power & Associates.
Having said that, in the end it all comes down on you as before choosing one of the above options its solely your obligation to identify exactly what you and your family aims to accomplish through the instant issue life Insurance policies.