Top 10 Life Insurance Companies
As we continue to live in a year of lockdown amidst the presence of a global pandemic, the search for good life insurance companies continues to grow. Due to the reported mortality rate of COVID-19, many people have made the decision to acquire life insurance over the past year. To find the best insurance companies its important to take price, product selections and overall customer satisfaction scores into account.
Companies that prioritise the needs of their customers remain some of the best life insurance companies in the industry.
10. Allianz Life
A subsidiary of the Allianz Group, Allianz Life is one of the top life insurance companies that offers customers a fixed index universal life insurance policy (FIUL). This policy differs from term insurance and is rather a permanent insurance policy that remains active until the death of the policyholder.
With FUIL, policyholders can earn interest and a tax deferral on the accumulated value of their policy. Clients also have greater payment flexibility meaning policyholders have the option to pay premiums whenever they want.
For the beneficiaries of policyholders, Allianz Life guarantees an income-tax-free death benefit that can be used to cover funeral, medical or mortgage costs. However, it does bear reminding that to receive access to these benefits, policyholders are required to ensure that their FUIL is properly funded on an annual basis.
Like an investment service, this policy type is best suited for individuals who wish to slowly build the value of their buyout claim for the future rather than renewing a new term.
9. Beagle Street
With an aim to add a level of simplicity to the world of insurance, Beagle Street is one of the life insurance companies that strives to provide its customers with the necessary information to make the right choice. Providing a life insurance policy option of level-term or decrease-term, all policyholders of Beagle Street receive terminal illness cover and a counselling support service to help family members deal with the mental hardships of loss.
In the event of a death, Beagle Street offers a quick funeral payment system which ensures that up to £5,000 of a policyholder’s claim is available at short notice to help pay funeral costs. Having recently partnered with a will writing organisation, policyholders have the ability to create a will at no additional cost.
8. Royal London
Founded in 1861, Royal London is one of the oldest life insurance companies on this list. Adored for its excellent customer service, Royal London’s Over 50 life insurance policy is second to none. When compared to other comparisons, Royal London is the only insurance company to offer a flexible payment structure, payment holidays and a guaranteed pay out benefits to its Over 50’s policyholders.
Due to the adverse effect the pandemic has had on society, this service is especially beneficial during a period where employment levels continue to drop. Customers can expect to be fully insured in half the time it takes compared to other providers. From as little as £3.95 a month and a guaranteed acceptance with no medical tests, this is the perfect insurance provider for readers over the age of 50 who are looking to purchase a life insurance plan.
What may come as a surprise to a few of you is that HSBC offers life insurance products alongside its banking responsibilities. For as little as £5 a month, HSBC provides customers the option to purchase a level-term or decreasing-term cover policy. Level-term cover offers the same pay out throughout the term and is suitable for customers looking to pay off personal expenses such as funeral costs or child school fees. Decreasing-term cover reduces the pay-out sum over the course of the term leading to cheaper monthly payment fees.
All customers that make use of HSBC’S life insurance services can expect instant protection covered by their free Accidental Death benefit service. Showcasing a 100% pay out rate, HSBC is the most reliable life insurance company in this list when it comes to paying back its clients.
6. Legal & General
Legal & General could be considered one of the best life insurance companies when it comes to the additional benefits it offers alongside its life insurance coverage. Giving more control to policyholders, clients can change aspects of their policy to meet their needs. These can include changing the term, payment structure or cover available. For individuals looking to purchase life insurance to cover mortgage payments, Legal & General offer a Free Life Cover service that operates between contract exchanges and property purchase completion.
In the event a policyholder is diagnosed with a terminal illness that reduces their life expectancy to under 12 months, Legal & General are committed to offering a full pay out. Additionally, unlike other providers, Legal & General have accidental death cover meaning family members can still expect a pay out in the event of accidental death.
LV is one of the few life insurance companies to offer award winning life insurance cover at an affordable price of £5 per month. Offering life insurance with critical illness cover and income protection insurance, LV has shown a willingness to appeal to business owners with its business protection insurance policy.
The Business Protection policy provides financial aid to businesses in the event of an unexpected policyholder’s death. This insurance policy can be applied to multiple owners of a business to reduce the negative impact the loss of a key figure can have on a business’s operation and profits.
Parents who apply for LV= Life and Critical Illness Cover can receive up to £25,000 of children’s critical illness cover included in their monthly premium. Additionally, for a limited time only LV= are offering £250 worth of eGift vouchers to new applicants.
Garnering a 5 Star rating by Defaqto, Vitality offers a variety of products, including joint life insurance and mortgage protection insurance. As the name implies, Vitality’s mortgage protection insurance helps clients make payments on their mortgage in the event of illness or death before the mortgage is paid off.
For couples that see a long-term future together and would rather split the financial burden of life insurance premiums, Vitality offers a joint life insurance policy. This insurance policy offers a pay out to a partner if one of the policy holders falls ill or dies.
As an added incentive, this life insurance company offers rewards for healthy living activities such as discounted gym memberships and activity trackers. Policyholders are also eligible to get a free Apple Watch depending on the plan they choose.
3. Zurich Insurance Group
Operating across Europe, Zurich offers affordable life cover that can protect you for as little as £5 a month. Reporting a 99% pay out rate for all death and critical illness claims in 2019, Zurich is one of the most reliable life insurance companies in the market.
Offering life insurance and critical illness cover, Zurich policyholders have access to the Zurich Support Service system which provides 24/7 customer support to clients and their family members. As a bonus, Zurich has also made a pledge to plant a tree for every single insurance policy bought.
Teaming up with Tree Nation, Zurich has helped to plant over 150,000 trees and this number only continues to grow each day. In a period where climate change is a worry for many, this pledge is an ideal incentive for those that want to contribute to this cause.
The American International Group (AIG) is a global life insurance company that operates throughout Europe, Asia, North America, and certain regions of Africa. AIG uses a term policy structure that is committed to offering its clients the best doctors and support until the last day of the policy. With the recent acquisition of Ellipse means AIG now offers group protection policies that can be tailored to the needs of an entire family.
Since life insurance can be considered rather expensive for some, clients of AIG can make use of the Life Start package. Providing the same coverage as AIG’s normal life insurance, this package offers a premium that begins lower than standard life cover and gradually increases over time. If you are looking to get insured on a lower budget, this is one of the best packages available on the market.
Aviva is the largest life insurance company in the U.K. Owning over 17% of the life insurance market share, Aviva offers a wide variety of products, including standard life insurance, free parent life cover and critical illness cover. For parents of children under the age of four, the Free Parent Life cover plan provides a free year of life coverage valued at £15,000 to ensure relatives have financial support in the event of parental loss.
Critical illness policyholders receive a significant sum of money if they are diagnosed with a disease that is covered by this policy. These diseases can include Alzheimer’s, cancer, brain tumours, cardiac arrest, and comas. This insurance cover was developed to allow Aviva’s clients to focus on their health during periods of significant illness.