12 Top Life Insurance Companies

What to compare before you buy life insurance

Life insurance is a long commitment, and the person who relies on it is usually not you. Take time to understand what the policy pays, when, and what could stop it paying.

• Term or permanent: term cover lasts a set number of years and usually costs less. Permanent policies last for life and may build cash value, at a higher price.
• Medical questions: fully underwritten policies use health questions or an exam. No-exam and guaranteed-acceptance policies cost more per dollar of cover and may pay only a partial benefit in the first years.
• Accidental-only cover: accidental death policies pay only for deaths caused by accidents, not illness. They are not a substitute for full life cover.
• Honest applications: mistakes or omissions about health or smoking can lead to a claim being challenged later.
• Review period: many policies allow a short window after purchase to cancel for a refund. Read your documents as soon as they arrive.

Common problems and how to avoid them

Complaints often involve policies that lapsed after a missed payment, beneficiaries who struggled to file a claim, and persistent calls or mailers after an online enquiry. Set up automatic payments, tell beneficiaries where documents are kept and keep beneficiary names up to date. CandorRated company pages show who runs the website, how long its domain has existed, the contact details found and reviews.

Frequently asked questions

What is a graded death benefit?

It means the full payout applies only after a waiting period, often two or three years. Before that, the policy may return premiums or pay a reduced amount.

What happens if I miss a payment?

Most policies have a grace period. If payment is not made by the end of it, the policy may lapse.