The chances this was put together by someone who knows any more than how to spell life insurance is very low.
First, “Advertising disclosure: When you use our links to explore or buy products we may earn a fee, but that in no way affects our editorial independence.” is quite the way to open a “news” article.
The idea that a consumer could lean on this article for objective and informative data for decision making is absurd. Let’s look at a few comments.
- The article lists pros and cons for each carrier. To begin with, a “con” for every one of the policies is that it must be purchased through an agent. I don’t know of another way to purchase a life insurance policy. Even online you’d be working with an agent, though consumers don’t always realize this. This is like saying a downside of buying groceries is that you have to go to a store (physical or online).
- The “Best Overall” carrier is the one I have the most pending lawsuits against.
- Whether you look at the magazine’s various “Best” lists for whole life, universal life, term insurance or simply “The Best Life Insurance Company,” it’s the same ten carriers.
- The premium comparisons from carrier to carrier don’t mean anything. There’s no such thing as a specific dollar amount for premium on most policies. A policy can be be built innumerable ways.
- More than once, in one section of a review, they say the carrier doesn’t offer a given product, then lists that product a paragraph or two later.
- In one review they say the carrier offers seven universal life policies with two that have cash value. Not even close. Every one of the UL policies has cash value.
- When touting the number of products available, they double count a different version of the same product available in different states.
- Many of the “features” listed for some carriers are equally attributable to most other carriers.
- One of the categories is “Best Coverage Amount.” I don’t even know what that means. This is especially dubious given that for another carrier the maximum death benefit listed is incorrect.
- This is an article about the best universal life carriers, and it’s highlighting the big four mutual whole life companies.
- A comparison between carriers in the Best Universal Life review is based on the number of products offered, including term insurance and whole life.
- The carrier rated first in “Best Riders Available” has no list or discussion of riders whatsoever, while other carrier reviews include an extensive list of rider options.
- The winning carrier for “Best Age Range” limits policies more than other carriers and the review specifically points out one product that has an unusually low age limit for policy underwriting.
- The “Best Variable” review doesn’t discuss the carrier’s variable life product.
- The “Best for Online Tools” review has no mention of the carrier’s online tools.
- The “Best for Customer Experience” has nothing on customer experience.
- Other US News “Best” reports list different carriers as the best in the same categories.
- The “Best Term Option” is a carrier with sub-par conversion language and no unique features compared to other carriers.
- A “pro” for one carrier is the ability to convert term insurance without an exam. Not exactly groundbreaking.
- The review touting a carrier with a whole life product that doesn’t require a medical exam only offers whole life for children and for final expense, neither of which generally require exams. The review states this may be beneficial for those with preexisting conditions but fails to note the policies are still underwritten.
- In their “Best Whole Life” list, they include an almost exclusive UL carrier that keeps a whole life policy on the books as an unattractive conversion option for term policies in force more than 5 years.
It goes on and on. I’m not sure if this report was put together by AI or an intern on a Friday afternoon who was told they could go home when it was done. It’s not like I can look at it closely and find some technically wrong details, rather, on a wholesale basis, it doesn’t make any sense. It sincerely appears to be entirely made up.
Remember, this is the well-known US News and World Report with the famous “Best Colleges” report. That’s a sobering thought.
Bill Boersma is a CLU, AEP and LIC and the founder and owner of OC Consulting Group. More information can be found at www.OC-LIC.com, www.BillBoersmaOnLifeInsurance.info or email at bill@oc-lic.com or call at 616-456-1000.
