Need help in choosing life insurance company [closed]

Question

I am a 31 year old, I was shopping around for a dependable term life insurance. I got two approved quotes.

One is from Prudential, which is $68/month for $1m/20 years term.

The other one is from Brighthouse via Policygenius, which is $47/month for $1.5m/20 years term. This sounds like a good deal, but I am worried about the company, is it dependable, can I rely on this one and throw away Prudential's offer?

PS: Premium for face value is pretty linear, hence kindly let me know if I can rely on Brighthouse as my only insurance company just because it is cheaper

Answer 1

Just because a company advertises enough to be well known does not make it a high quality company. The best example of this is State Farm. A lot of advertising hides the fact that they can be reluctant to pay claims and have many complaints with the various state insurance commissioners.

Many of these well known insurance companies often group a bunch of policies together and sell them to a re-insurer, so they many not be the ones actually underwriting the policy.

My prejudice about Prudential is that they are high cost and much better deals can come from other quality insurance carriers. Plus, you will likely have to deal with an agent that will attempt to convert you to whole or universal life (which are bad deals).

According to AM Best Prudential has a rating of A+ and Brighthouse a rating of A.

Given only these two choices, I would opt for Brighthouse. However, if you were able, I would shop around a bit more and get at least a rating of A+ for such a long level term policy.

One company that fits the bill here is Banner Life Insurance company, which is also used by Policy Genius.