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Pinpointing the best life insurance policy can be a challenge for any buyer because there are so many different types of life insurance. But there is no reason to go it alone. Financial advisors and experienced life insurance agents have the background to help you make the right decisions based on your financial goals and budget.

Here are some important things to remember when shopping for the best life insurance.

Look at financial strength ratings

A strong financial strength rating means you can be confident an insurer will be able to pay out claims in the future. Additionally, insurers with greater financial strength are less likely to increase internal policy costs and premiums in response to challenging financial times.

Financial strength ratings are available from agencies such as Standard & Poor’s and AM Best, and are usually found on insurers’ websites. All of our best life insurance companies have Superior (A+ to A++) or Excellent (A- to A) financial strength ratings.

Select life insurance as part of a larger financial plan

Life insurance helps your loved ones cover expenses and reach financial goals after you’re gone. Reviewing your financial goals with a financial advisor can help ensure you get a life insurance policy that helps you meet those goals. For example, a term life policy might be a good fit to ensure your children have money for college if a parent passes away. But a cash value policy might be a better choice if you want to supplement retirement income.

Work with an experienced life insurance agent

Life insurance quotes are determined by factors such as your age, gender, lifestyle (such as smoking) and health. All factors are important, but health has a tremendous impact on the rates and types of life insurance you’ll qualify for—and which insurance companies will have the best life insurance quotes for you.

An experienced independent agent or financial advisor can save you a lot of time and frustration by pinpointing the insurance companies that are most likely to give you favorable rates based on your health and other factors.

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Don’t assume insurance companies offer competitive pricing for everyone

Every life insurance company has its own rules that determine the rates it offers. As a result, your premium can vary significantly depending on the insurer. The accumulation rate of cash value and the policy fees for cash value policies also vary between companies.

Insist that cost disclosures for universal life insurance be included in any proposals

A life insurance quote reflects what you’ll be billed for, but it doesn’t always tell you about a policy’s internal costs, such as expenses and fees.

Universal life insurance policies have premiums, like any other life insurance policy, but they also have other costs in the form of policy fees. When shopping for this type of policy, be sure to ask the insurer about premiums, fees and any other costs that may be associated with the policy.

“Current regulations in some states and for some products permit insurers to ‘quote’ a low premium while charging high costs—without disclosing that you may need to pay additional premiums later in order to avoid a lapse,” warns Barry Flagg, founder of Veralytic.

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Figure out if you want life insurance riders

If you can’t seem to find a life insurance policy that seems perfect, you may want to check into the life insurance riders offered by the insurance company.

Life insurance riders allow you to customize your policy by adding extra coverages. Common riders include benefits you can use while you’re alive, such as accelerated death benefits, long-term care and waiver of premium if you become disabled.

Some riders are included in certain types of life insurance policies without extra charge, such as accelerated death benefit riders. If you’re interested in customizing and expanding coverage, ask your life insurance agent to explain your rider options.

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Life insurance for military members

Military service members have life insurance options that are specifically for them:

• Active-duty service members of the Army, Navy, Air Force, Space Force, Marines, or Coast Guard or those who meet other eligibility requirements qualify for Servicemembers’ Group Life Insurance (SGLI).
• Veterans who had SGLI before retirement qualify for Veterans’ Group Life Insurance (VGLI).

The Supporting Families of the Fallen Act passed in October 2022, increasing the coverage amounts of both SGLI and VGLI from $400,000 to $500,000.

Military members who decide to supplement SGLI or VGLI can do so with a private insurance company, like the American Armed Forces Mutual Aid Association, USAA and many others.

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