Choosing between 3 companies…

[gmmintro]

Our financial advisor has gotten me (f33) and my spouse (m42) competing life insurance quotes from the following companies. They are all similar in rates so I guess I’m just looking for feedback from anyone who has had positive or negative experiences with these guys:

-Banner Life

-Protective Life

-Pacific Life Insurance Company, Lynchburg

 

[justadog]

@gmmintro If this is for term insurance and the prices are similar, I would pick off who has the best langauge and options for conversion to permanent policies.

If you think there is a high probability you will want permanent coverage at some point, I wouldn't go with any of them.

 

[smb123]

@gmmintro Out of those 3 carriers, Protective Custom Choice UL-term (NOT classic choice product) and Pacific have much better conversion options than Banner. For a few $s more than those 3, North American or Midland would include chronic and critical illness living benefits on their term insurance, in most States. There are also better values on term insurance than all of the above, if living benefits and best conversion is important to you. Conversion is basically an automatic extension option with no underwriting required. State you live in can make a difference on what's available to you.

 

[aatif]

@smb123 If those are the options, I would also strongly recommend North American/Midland for not much more

I don't love Banner due to the lack of conversion options. Personally, as an agent, I like PacLife better than Protective but as an insurance buyer I don't think they are all that different.

But... North American is what I bought for myself.

 

[adoptedwatcher]

@gmmintro You can look up their financial ratings at

AM Best