Top Life Insurance Companies in Washington State

Purchasing life insurance is an important step to protect your loved ones financially in case of your passing. But with so many insurance companies to choose from, how do you select the right one for your needs?

This guide examines the top-rated life insurance providers available to residents of Washington state. We evaluated insurers on factors like customer satisfaction, financial strength, coverage options, and cost.

How We Selected the Best Life Insurance Companies

To compile this list, we analyzed:

• Ratings and reviews: Customer feedback on third-party sites like the Better Business Bureau.

• Range of policies: Availability of different types like term, whole, and universal life.

• Customer service: Responsiveness, professionalism, and helpfulness of agents.

• Financial stability: Independent ratings of the company’s ability to pay out claims.

• Cost: Competitiveness of premiums for similar coverage amounts.

• Availability: National companies with strong presence and good reputation in Washington.

Based on these criteria, these life insurers stand out in Washington state:

Best Life Insurance Companies in Washington

1. Banner Life Insurance

• Policies: Term, universal, whole life

• BBB Rating: A+

• Sample Annual Premium: $160K policy – $700 (30-year-old male, preferred plus rating)

Banner Life is our top pick for Washington residents because of their affordable rates and variety of policy options. Their term life plans are inexpensive but still provide robust coverage. Banner Life has high financial strength ratings and receives positive reviews for good customer service.

2. Pacific Life

• Policies: Term, universal, whole life

• BBB Rating: A+

• Sample Annual Premium: $500K policy – $2,500 (40-year-old female, preferred plus rating)

Pacific Life is one of the largest U.S. life insurance companies. They offer very competitive rates on term life insurance while also providing permanent life options. Pacific Life has paid dividends to policyholders every year since 1868.

3. John Hancock

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $250K policy – $900 (50-year-old male, preferred rating)

John Hancock life insurance enjoys a trusted reputation built over 150+ years in business. They provide all types of life insurance with customized coverage options. While John Hancock’s premiums tend to be a bit higher than competitors, their strong financials provide peace of mind.

4. Lincoln Financial

• Policies: Term, universal, whole life

• BBB Rating: A+

• Sample Annual Premium: $500K policy – $1,600 (40-year-old female, preferred plus rating)

Lincoln Financial offers low-cost term life insurance that can convert to permanent coverage later. They have highly-rated financial strength and a long history of reliable service. Lincoln’s Accelerated Benefits Rider provides access to death benefits if terminally ill.

5. Principal Financial

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $200K policy – $550 (40-year-old male, preferred plus rating)

Principal insurance sells competitively-priced term life and permanent life insurance. They provide helpful online tools to estimate coverage needs and compare policy costs. Customers give positive feedback on Principal’s fast claims payments.

6. Mutual of Omaha

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $250K policy – $700 (40-year-old female, preferred plus rating)

Mutual of Omaha offers all types of life insurance with added benefits like chronic illness riders. Their premiums are very affordable, especially for term life. Strong financial ratings give confidence in their long-term viability.

7. SBLI

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $500K policy – $1,100 (50-year-old male, preferred rating)

Established in 1907, SBLI provides low-cost term life insurance that’s an excellent value. They also offer permanent life insurance and annuities. SBLI is known for fast policy approval and predominantly positive customer feedback.

8. Protective Life

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $750K policy – $2,900 (60-year-old male, preferred rating)

Protective Life sells competitively priced life insurance tailored to your needs. They have good reviews for paying claims quickly and resolving issues professionally. Protective Life is especially strong in permanent life insurance products.

9. Transamerica

• Policies: Term, whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $250K policy – $550 (40-year-old male, preferred plus rating)

Known for affordable premiums, Transamerica Life Insurance provides all types of policies with flexible coverage options. Their strong financial standing reassures customers. Transamerica also offers quality service when making claims.

10. Northwestern Mutual

• Policies: Whole life, universal life

• BBB Rating: A+

• Sample Annual Premium: $1M policy – $12,000 (40-year-old male, preferred plus rating)

Northwestern Mutual is a highly-rated insurer specializing in permanent life insurance and disability income insurance. Their whole life policies build cash value and pay dividends. Northwestern Mutual is praised for knowledgeable agents and quality customer service.

What to Look for in a Washington Life Insurance Company

There are a few key factors to evaluate when choosing life insurance in Washington:

• Types of policies available – Look for term, whole, and universal life options to find the right fit.

• Price – Get quotes from multiple insurers to compare costs. Term life offers the most affordable premiums.

• Ratings – Verify the company has strong financial stability ratings from AM Best, Moody’s, and Standard & Poor’s.

• Customer satisfaction – Read online reviews and complaint data to gauge the insurer’s reputation.

• Coverage benefits – Seek out policies with living benefits or chronic illness riders.

• Ease of process – Work with an insurer that simplifies the application and underwriting process.

Frequently Asked Questions

How much life insurance do I need in Washington?

As a general guideline, purchase a life insurance policy equal to 7-10 times your annual income, more if you have major debts or dependents. Use an online calculator to add up specific expenses you want covered.

What medical tests are required for life insurance in WA?

Life insurers usually require a medical exam including blood/urine tests and potentially an EKG or treadmill test for large policies. However, some companies offer simplified issue policies up to $1 million with just a health questionnaire.

Is Washington a community property state for life insurance?

Yes, Washington follows community property laws. This means life insurance policy assets acquired during a marriage are equally owned by both spouses. Special considerations apply when naming beneficiaries.

What are Washington’s laws on grace periods for nonpayment?

Washington law requires insurers to grant a minimum 31-day grace period after a missed premium payment before terminating a life insurance policy. Companies typically allow 30-60 days extra before lapsing coverage.

Can my creditors make a claim against life insurance benefits in Washington?

Generally, life insurance death benefits are exempt from creditors in Washington. However, exceptions include federal tax liens, child support, and cases where the policy was obtained to defraud creditors.

Choose the Best Life Insurance Company for You

While all reputable insurers must meet state requirements, there can still be major differences in cost, service, and reliability. Spend time comparing Washington life insurance companies using the criteria above to find one that aligns with your budget and needs. This ensures your loved ones are protected by the strongest coverage.