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Published On - February 20, 2024
Khadija Farooq Burial Insurance, Life Insurance
In the heart of Arkansas, where the natural beauty of the Ozarks meets the bustling energy of Little Rock, life moves at its own pace. Amidst this backdrop, securing your family’s financial future is paramount. Choosing the rightlife insurance companyis not just a decision; it’s a commitment to protect what matters most.
Arkansas is home to various life insurance providers, each offering unique policies tailored to fit your needs. From the reliable stability of Allstate to the personalized service of Arkansas Blue Cross and Blue Shield, these companies are the bedrock of financial security for many Arkansans.
In this blog post, we will explore the largest companies in Arkansas, uncovering their strengths, specialities, and why they’re trusted by so many families across the Natural State.
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Largest Companies in Arkansas
While searching for the largest life insurance companies in Arkansas, you may come across several insurance companies. Here is the list of the largest companies in Arkansas:
1- Arkansas Blue Cross and Blue Shield
Overview:Arkansas Blue Cross and Blue Shield is a member of the Blue Cross and Blue Shield Association, providing a range of insurance products, including life insurance, to individuals and families in Arkansas.
Products:Offers term life,whole life, and universal life insurance policies.
Strengths:Known for its extensive network of healthcare providers and strong customer service.
Considerations:Premiums and coverage options may vary based on age, health, and other factors.
2- Sammons Enterprises
Overview:Sammons Enterprises is a diversified holding company with interests in various industries, including insurance.
Products:Offers life insurance through its insurance subsidiaries, providing term and permanent life insurance options.
Strengths:Financial stability and a diverse range of insurance products.
Considerations:Availability of life insurance products may vary by location.
3- Southern Farm Bureau Life Insurance
Overview:Southern Farm Bureau Life Insurance is a subsidiary of Southern Farm Bureau Casualty Insurance Company, offering life insurance primarily to members of the Southern Farm Bureau.
Products:Provides a range of life insurance products, including term life, whole life, and universal life.
Strengths:Tailored insurance solutions for members, with a focus on customer service.
Considerations:Membership eligibility requirements may apply.
4- Lincoln National
Overview:Lincoln National Corporation is a financial services company that offers life insurance and retirement planning solutions.
Products:Offers term life, universal life, andvariable life insurance policies.
Strengths:Strong financial ratings and a history of reliable service.
Considerations:Premiums and coverage options may vary based on individual circ*mstances.
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5- Shelter Life Insurance Co.
Overview:Shelter Life Insurance Company is a subsidiary of Shelter Insurance, providing life insurance products to individuals and families.
Products:Offers term life, whole life, and universal life insurance policies.
Strengths:Known for personalized service and competitive rates.
Considerations:Availability of products may vary by state.
6- Unum Group
Overview:Unum Group is a leading provider of financial protection benefits, including life insurance, disability insurance, and more.
Products:Offers group and individual life insurance policies.
Strengths:Strong financial ratings and a wide range of insurance products.
Considerations:Availability of products may vary by employer or group affiliation.
7- Lincoln Heritage Life Insurance Co.
Overview:Lincoln Heritage Life Insurance Company specializes in providing final expense life insurance to seniors.
Products:Focuses on affordablefinal expense insurance policies.
Strengths:Simplified underwriting process and quick claims processing for policyholders.
Considerations:Products may be limited to final expense insurance.
8- Zurich
Overview:Zurich Insurance Group is a global insurance company offering a range of insurance products, including life insurance.
Products:Provides various life insurance products such as term life, whole life, and universal life insurance.
Strengths:Global presence and a wide range of insurance solutions.
Considerations:Availability of products and features may vary by region.
9- Voya Financial Inc.
Overview:Voya Financial is a financial services company offering retirement, investment, and insurance products, including life insurance.
Products:Offers term life, universal life, and indexed universal life insurance policies.
Strengths:Strong financial ratings and a focus on retirement and financial planning.
Considerations:Availability of products and features may vary by location.
10- Western & Southern Financial
Overview:Western & Southern Financial Group is a diversified financial services company offering life insurance, annuities, and investment products.
Products:Provides a range of life insurance products including whole life, universal life, andterm life insurance.
Strengths:Strong financial ratings and a history of financial strength.
Considerations:Availability of products may vary by state.
These companies offer a variety of life insurance products, so it’s important to review each company’s offerings, financial strength, and customer reviews to find the best fit for your needs.
Feature Comparison of Largest Companies in Arkansas
| Company | Products Offered | Price Competitiveness | Financial Stability | Customer Service | Specialties |
| Arkansas Blue Cross and Blue Shield | Term life, whole life | Competitive | High | Excellent | Comprehensive coverage for Arkansans |
| Sammons Enterprises | Term life, whole life | Competitive | High | Good | Customizable life insurance solutions |
| Southern Farm Bureau Life Insurance | Term life, whole life | Affordable | High | Good | Coverage tailored for rural communities |
| Lincoln National | Term life, whole life, universal life | Competitive | High | Excellent | Retirement planning and employee benefits |
| Shelter Life Insurance Co. | Term life, whole life | Competitive | High | Excellent | Bundled insurance packages |
| Unum Group | Term life, whole life | Competitive | High | Excellent | Employee benefits solutions |
| Lincoln Heritage Life Insurance Co. | Final expense life insurance | Affordable | Good | Good | Coverage for seniors and pre-existing conditions |
| Zurich | Term life, whole life, universal life | Competitive | High | Good | Customized insurance solutions |
| Voya Financial Inc. | Retirement, investment, life insurance | Competitive | High | Excellent | Holistic financial planning |
| Western & Southern Financial | Term life, whole life, annuities | Competitive | High | Excellent | Retirement planning and investment options |
Life Insurance Cost in the USA
Here’s a general overview of life insurance costs in the USA for both term and whole life insurance, broken down by age, coverage amount, and other parameters:
| Age Range | Coverage Amount | Term Life Insurance Cost (Monthly) | Whole Life Insurance Cost (Monthly) |
| 20-29 | $100,000 | $10 – $15 | $75 – $100 |
| $250,000 | $15 – $25 | $125 – $175 | |
| $500,000 | $20 – $35 | $200 – $300 | |
| 30-39 | $100,000 | $15 – $20 | $100 – $150 |
| $250,000 | $20 – $35 | $150 – $250 | |
| $500,000 | $30 – $50 | $250 – $400 | |
| 40-49 | $100,000 | $25 – $40 | $150 – $250 |
| $250,000 | $35 – $60 | $250 – $450 | |
| $500,000 | $50 – $90 | $400 – $700 | |
| 50-59 | $100,000 | $50 – $90 | $300 – $500 |
| $250,000 | $75 – $150 | $500 – $900 | |
| $500,000 | $125 – $250 | $900 – $1,600 | |
| 60-69 | $100,000 | $100 – $250 | $600 – $1,000 |
| $250,000 | $200 – $500 | $1,200 – $2,500 | |
| $500,000 | $400 – $800 | $2,500 – $5,000 |
Please note that these are estimated monthly premiums and actual costs may vary based on factors such as health, lifestyle, location, and the insurance company’s underwriting criteria. Additionally, whole-life insurance premiums are generally higher than term insurance premiums due to the cash value accumulation feature and lifelong coverage provided by whole-life policies. It’s important to compare quotes from multiple insurance companies to find the best rates and coverage for your individual needs.
How to Find the Right Insurance Company in Arkansas?
Finding the right insurance company in Arkansas can seem like a daunting task, but with the right approach, you can make an informed decision that meets your needs. Here are some steps to help you find the right insurance company:
- Assess Your Needs:Determine what type ofinsurance coverageyou need (e.g., life insurance, auto insurance, homeowners insurance) and how much coverage you require.
- Research Insurance Companies:Look for insurance companies that offer the type of coverage you need. Consider factors such as the company’s financial stability, customer service reputation, and the range of products they offer.
- Check Financial Ratings:Review the financial ratings of insurance companies from rating agencies such as A.M. Best, Standard & Poor’s, and Moody’s. These ratings can give you an idea of the company’s financial strength and ability to pay claims.
- Read Customer Reviews:Look for customer reviews and testimonials to get an idea of the level of service and satisfaction from policyholders.
- Compare Quotes:Obtain quotes from multiple insurance companies to compare prices and coverage options. Make sure to compare similar policies to get an accurate comparison.
- Check Licensing and Complaints:Verify that the insurance company is licensed to operate in Arkansas and check for any complaints or disciplinary actions against the company with the Arkansas Insurance Department.
- Consider Local Companies:Local insurance companies may offer more personalized service and a better understanding of local insurance needs.
- Review Policy Terms:Carefully review the terms and conditions of the insurance policy, including coverage limits, exclusions, and deductibles, to ensure it meets your needs.
- Seek Advice:Consider seeking advice from aninsurance agent or brokerwho can help you navigate the insurance market and find the right policy for you.
- Review and Update Regularly:Review your insurance needs regularly and update your policy as needed to ensure you have adequate coverage.
Finding the right insurance company in Arkansas requires research and careful consideration, but by following these steps, you can find a company that meets your needs and provides you with peace of mind.
Final Thoughts
In the end, a wide range of the largest companies in Arkansas are operating, each offering various life insurance products to meet the needs of individuals and families. When choosing a life insurance company, it’s important to consider factors such as financial strength, customer service, and the types of policies offered. By doing your research and comparing your options, you can find the right life insurance company to protect your loved ones’ future.
Khadija Farooq
Meet the mind behind our life insurance insights! With a finance background and hands-on experience, Khadija simplifies complex insurance plans for you. Trust our expert to guide you through policies, terms, and financial decisions with clear, concise, and easy-to-read content.
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