Best Life Insurance for Siblings in 2024 (Top 10 Companies Ranked)
The best life insurance for siblings are offered by Prudential, State Farm, and Northwestern Mutual providing significant discounts, with rates averaging 10-20% lower than competitors. With their diverse coverage options and outstanding customer service, they ensure reliable protection for siblings.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chris works tireles...
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UPDATED: Oct 18, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 18, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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When it comes to finding the best life insurance for siblings, Prudential, State Farm, and Northwestern Mutual stand out as the top choices. These companies offer competitive and affordable coverage rates, with Prudential leading the pack with rates up to 20% lower than competitors.
In addition to affordable premiums, these top companies provide diverse coverage options and exceptional customer service. With their reliable reputation and financial stability, Prudential, State Farm, and Northwestern Mutual ensure peace of mind and reliable coverage for siblings.
Our Top 10 Company Picks: Best Life Insurance for Siblings
| Company | Rank | A.M. Best | Multi-Policy Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
| #1 | A+ | 20% | Flexible Coverage | Prudential |
 | #2 | A++ | 17% | Family Discounts | State Farm |
 | #3 | A++ | 15% | Financial Strength | Northwestern Mutual |
 | #4 | A++ | 15% | Long-Term Care Options | New York Life |
 | #5 | A+ | 25% | Innovative Policy Options | Allstate |
 | #6 | A+ | 20% | Member Discounts | Nationwide |
 | #7 | A++ | 15% | Dividend Payments | MassMutual |
 | #8 | A | 15% | Global Presence | AIG |
 | #9 | A | 25% | Bundle Savings | Liberty Mutual |
 | #10 | A++ | 15% | Living Benefits | Guardian Life |
In this comprehensive guide, we’ll delve into the crucial role life insurance plays for siblings, compare rates, and explore the best options for reliable coverage. You can get free quotes for life insurance and secure financial protection for your loved ones by entering your ZIP code into our tool above.
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#1 – Prudential: Top Overall Pick
Pros
- Flexible Coverage: Prudential offers a range of flexible coverage options, allowing customers to tailor their life insurance plans to meet their specific needs.
- Multi-Policy Discount: With a multi-policy discount of up to 20%, Prudential incentivizes customers to consolidate their insurance needs, leading to potential cost savings.
- Low-Mileage Discount: The company provides a low-mileage discount of up to 15%, promoting affordability for policyholders who don’t drive extensively.
- Reputable Financial Strength: Prudential is recognized for its strong financial stability, instilling confidence in policyholders about the company’s ability to fulfill its commitments.
- Customer-Friendly Options: Prudential insurance review & ratings reflect the company’s dedication to providing flexible coverage options, designed to ensure a positive experience for policyholders.
Cons
- Limited Global Presence: Compared to some competitors, Prudential may have a more limited global presence, potentially affecting its accessibility for international customers.
- Coverage Cost: While flexible, the coverage from Prudential may be relatively more expensive for certain individuals or families.
#2 – State Farm: Best for Family Security Expertise
Pros
- Family Discounts: State Farm stands out for offering family discounts, making it an attractive choice for individuals seeking life insurance coverage for multiple family members.
- Multi-Policy Discount: Customers can benefit from a multi-policy discount of up to 17% when combining different insurance policies with State Farm.
- Low-Mileage Discount: State Farm’s up to 15% low-mileage discount encourages cost savings for policyholders who drive less frequently.
- Customer-Friendly Service: State Farm insurance review & ratings highlight the company’s dedication to providing exceptional customer service, ensuring policyholders have a positive experience.
- Varied Policy Options: State Farm provides a variety of life insurance policy options, catering to the diverse needs of its customer base.
Cons
- Limited Innovative Policy Options: While comprehensive, State Farm may have fewer innovative policy options compared to some competitors.
- May not be the Most Cost-Effective: Depending on individual circumstances, State Farm’s policies might not be the most cost-effective for certain customers.
#3 – Northwestern Mutual: Best for Financial Security
Pros
- Financial Strength: Northwestern Mutual insurance review & ratings is renowned for the company’s financial strength, providing policyholders with confidence in its stability and reliability.
- Multi-Policy Discount: The company offers a multi-policy discount of up to 15%, encouraging customers to bundle their insurance needs with Northwestern Mutual.
- Low-Mileage Discount: Northwestern Mutual provides a low-mileage discount of up to 15%, promoting affordability for policyholders who drive less.
- Customized Financial Planning: Northwestern Mutual is known for its focus on financial planning, allowing customers to integrate life insurance into their broader financial strategy.
- Diverse Product Portfolio: Beyond life insurance, Northwestern Mutual offers a diverse portfolio of financial products, providing comprehensive solutions.
Cons
- Potentially Higher Cost: The financial strength and comprehensive offerings may come at a slightly higher cost for some customers.
- Limited Innovation: Northwestern Mutual might not be as quick to adopt innovative policy features compared to more tech-oriented competitors.
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#4 – New York Life: Best for Long-Term Care
Pros
- Long-Term Care Options: New York Life insurance review & ratings underscore the company’s focus on providing long-term care options to meet the changing needs of policyholders.
- Multi-Policy Discount: Customers can enjoy a multi-policy discount of up to 15% by combining various insurance policies with New York Life.
- Low-Mileage Discount: New York Life offers a low-mileage discount of up to 15%, contributing to cost savings for policyholders who drive less.
- Reputable Financial Stability: With a strong financial foundation, New York Life provides assurance to policyholders regarding its ability to fulfill commitments.
- Customer Support: New York Life is known for its dedicated customer support, ensuring that policyholders have access to assistance when needed.
Cons
- Potentially Higher Cost: The comprehensive coverage and long-term care options may lead to higher average monthly life insurance cost for certain individuals.
- Limited Innovative Policy Features: New York Life may not offer as many innovative policy features compared to some competitors.
#5 – Allstate: Best for Innovation and Customization
Pros
- Innovative Policy Options: Allstate insurance review & ratings show that the company excels in providing innovative policy options, offering customers cutting-edge solutions for their life insurance needs.
- Multi-Policy Discount: With a multi-policy discount of up to 25%, Allstate encourages customers to bundle their insurance requirements for potential cost savings.
- Low-Mileage Discount: Allstate offers a substantial low-mileage discount of up to 30%, catering to policyholders who drive minimally.
- Customization: Allstate’s commitment to customization allows policyholders to tailor their coverage to match their unique circumstances and preferences.
- Reputable Financial Stability: The company’s financial stability adds a layer of confidence for policyholders, ensuring the fulfillment of commitments.
Cons
- Potentially Higher Premiums: The innovative policy options and customization may come at a higher average monthly cost of life insurance for certain individuals.
- Limited Global Presence: Allstate’s global presence may be relatively more limited compared to some competitors.
#6 – Nationwide: Best for Member-Centric Coverage
Pros
- Member Discounts: Nationwide offers member discounts, creating an attractive proposition for policyholders who are part of affiliated groups or organizations.
- Multi-Policy Discount: Customers can benefit from a multi-policy discount of up to 20% when combining different insurance policies with Nationwide.
- Low-Mileage Discount: Nationwide provides a low-mileage discount of up to 15%, promoting affordability for policyholders who drive less.
- Customer Satisfaction: Nationwide insurance review & ratings reveal the company’s commitment to high customer satisfaction, guaranteeing a positive experience for policyholders.
- Variety of Insurance Products: In addition to life insurance, Nationwide offers a variety of insurance products, allowing customers to consolidate their coverage needs.
Cons
- Coverage Options may be Standard: Nationwide’s coverage options may be more traditional and standard compared to some competitors.
- Limited Global Presence: Nationwide’s global presence may be relatively more limited, potentially impacting accessibility for international customers.
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#7 – MassMutual: Best for Dividend Advantage
Pros
- Dividend Payments: MassMutual insurance review & ratings highlight the company’s standout feature: dividend payments that provide policyholders with a distinct financial advantage.
- Multi-Policy Discount: Customers can enjoy a multi-policy discount of up to 15%, incentivizing them to bundle various insurance policies with MassMutual.
- Low-Mileage Discount: MassMutual provides a low-mileage discount of up to 15%, contributing to cost savings for policyholders who drive less.
- Financial Stability: MassMutual’s strong financial stability provides policyholders with confidence in the company’s ability to meet its obligations.
- Customized Planning: MassMutual life insurance quote emphasizes customized financial planning, ensuring that life insurance fits into a broader financial strategy.
Cons
- Potentially Higher Cost: The dividend payments and comprehensive offerings may result in slightly higher premiums for some customers.
- Limited Innovation: MassMutual may not be as quick to adopt innovative policy features compared to more tech-oriented competitors.
#8 – AIG: Best for Global Assurance
Pros
- Global Presence: AIG insurance review & ratings benefit from the company’s extensive global presence, making it a convenient choice for those with international connections or travel requirements.
- Multi-Policy Discount: Customers can benefit from a multi-policy discount of up to 15%, encouraging them to consolidate their insurance needs with AIG.
- Low-Mileage Discount: AIG provides a low-mileage discount of up to 15%, promoting affordability for policyholders who drive less.
- Diverse Product Offerings: AIG offers a wide range of insurance products beyond life insurance, allowing customers to address various coverage needs.
- Financial Stability: AIG’s strong financial stability instills confidence in policyholders regarding the company’s ability to fulfill its commitments.
Cons
- Potentially Higher Cost: The global presence and diverse offerings may come with a slightly higher premium cost for some individuals.
- Perceived Complexity: AIG’s extensive range of products may be perceived as complex by some customers, potentially leading to confusion.
#9 – Liberty Mutual: Best for Bundled Assurance
Pros
- Bundle Savings: Liberty Mutual offers bundle savings, providing an attractive option for policyholders looking to consolidate multiple insurance policies.
- Multi-Policy Discount: Customers can enjoy a multi-policy discount of up to 25%, promoting cost savings when combining different insurance policies with Liberty Mutual.
- Low-Mileage Discount: Liberty Mutual provides a low-mileage discount of up to 15%, contributing to affordability for policyholders who drive less.
- Customer Service: When it comes to Liberty Mutual insurance review & ratings, one thing stands out: their commitment to providing excellent customer service. They ensure that policyholders always have the assistance and support they need.
- Varied Insurance Offerings: In addition to life insurance, Liberty Mutual offers a variety of insurance products, allowing customers to address diverse coverage needs.
Cons
- Potentially Higher Cost: The bundle savings and diverse offerings may lead to slightly higher premiums for some individuals.
- Limited Global Presence: Liberty Mutual’s global presence may be more limited compared to some competitors.
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#10 – Guardian Life: Best for Living Benefits
Pros
- Living Benefits: Guardian Life stands out for its living benefits, providing policyholders with unique advantages during their lifetime.
- Multi-Policy Discount: Customers can benefit from a multi-policy discount of up to 15%, encouraging them to bundle various insurance policies with Guardian Life.
- Low-Mileage Discount: Guardian Life provides a low-mileage discount of up to 15%, promoting affordability for policyholders who drive less.
- Customized Planning: Guardian Life emphasizes customized financial planning, ensuring that life insurance aligns with broader financial goals.
- Financial Stability: Guardian Life insurance review & ratings accentuate strong financial stability assures policyholders of the company’s ability to meet its financial commitments.
Cons
- Potentially Higher Cost: The living benefits and comprehensive offerings may result in slightly higher premiums for certain individuals.
- Limited Global Presence: Guardian Life’s global presence may be more limited compared to some competitors.
Life Insurance Cost for Siblings: What to Expect
Life insurance coverage rates for siblings vary among different insurance providers, with each company offering distinct minimum and full coverage options. These rates play a pivotal role in determining the financial protection individuals can provide for their siblings. Let’s delve into the specifics of the coverage rates offered by prominent insurance companies.
When considering the minimum coverage, State Farm and Nationwide stand out as the most affordable options, both offering a minimum coverage rate of $35 per month. Liberty Mutual closely follows with a slightly higher minimum coverage rate of $38. On the other end of the spectrum, New York Life has the highest minimum coverage rate at $50 per month, followed by MassMutual at $48.
Life Insurance for Siblings: Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| AIG (American Int'l Group) | $42 | $125 |
| Allstate | $40 | $120 |
| Guardian Life | $46 | $130 |
| Liberty Mutual | $38 | $115 |
| MassMutual | $48 | $135 |
| Nationwide | $35 | $110 |
| New York Life | $50 | $140 |
| Northwestern Mutual | $45 | $130 |
| Prudential | $40 | $120 |
| State Farm | $35 | $110 |
For those seeking comprehensive protection with full coverage, Nationwide and State Farm continue to offer competitive rates at $110 per month. Liberty Mutual maintains its affordability with a full coverage rate of $115, while Prudential, Allstate, and AIG provide full coverage at $120, making them relatively reasonable options. The highest full coverage rate is offered by New York Life at $140, and MassMutual follows closely at $135.
It’s crucial for individuals to carefully evaluate these rates in conjunction with their specific needs and budgetary constraints. While some may prioritize affordability, others might opt for higher coverage amounts to ensure comprehensive protection for their siblings.
The diversity in coverage rates among these best insurance companies allows individuals to tailor their choices based on personal preferences and financial considerations. On average, people pay $26 per month for life insurance. However, life insurance quotes for siblings vary based on their age, gender, medical record, and lifestyle choices.
Below, compare example rates for siblings with different term lengths for a policy with a $100,000 death benefit by gender and age.
Life Insurance for Siblings: Monthly Rates by Term Length, Gender, & Age
| Age & Gender | 10-Year Term | 20-Year Term | 30-Year Term |
|---|---|---|---|
| 25-Year-Old Female | $12 | $13 | $15 |
| 25-Year-Old Male | $14 | $15 | $20 |
| 30-Year-Old Female | $13 | $13 | $17 |
| 30-Year-Old Male | $15 | $15 | $22 |
| 35-Year-Old Female | $14 | $15 | $19 |
| 35-Year-Old Male | $15 | $18 | $24 |
| 40-Year-Old Female | $15 | $19 | $24 |
| 40-Year-Old Male | $16 | $21 | $31 |
| 45-Year-Old Female | $21 | $23 | $31 |
| 45-Year-Old Male | $21 | $27 | $42 |
| 50-Year-Old Female | $23 | $29 | $37 |
| 50-Year-Old Male | $27 | $36 | $50 |
| 55-Year-Old Female | $30 | $38 | $58 |
| 55-Year-Old Male | $34 | $51 | $74 |
| 60-Year-Old Female | $41 | $60 | $85 |
| 60-Year-Old Male | $52 | $85 | $112 |
| 65-Year-Old Female | $60 | $97 | $125 |
| 65-Year-Old Male | $83 | $145 | $210 |
As you can see, securing affordable life insurance for siblings is a possibility. However, brothers cost more to insure than sisters.
Buying Life Insurance for a Sibling: A Step-by-Step Guide
Many people wonder, can you get life insurance on a sibling? The answer is yes, as long as you have their consent and can prove insurable interest. Insurable interest means you’d experience a financial burden if the person passes away. For brothers and sisters, this includes people who cosign a loan, go into business together, or are legal guardians of their younger sibling.
Some companies allow you to take out a policy on any blood relative with their consent. According to the U.S. Department of Health and Human Services, consent means your sibling signs a written form expressing permission for the underwriter to access their medical record. You also need them to help answer all questions on the application accurately and take a medical examination if required.
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Choosing the Right Life Insurance Policy for Siblings
You can secure a traditionally underwritten life insurance policy for your sibling if they’re in good health and are not older than 75. Term life insurance comes in 10, 15, 20, or 30-year increments and is often inexpensive, especially for younger people. However, at the time of renewal, an underwriter revaluates the rates to reflect changes in age and health.
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Whole life insurance is more expensive but doesn’t expire as long as someone pays the premiums. Again, age restrictions apply at the discretion of the provider. Simplified issue life insurance does not require a medical exam, only a questionnaire.
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What happens when the owner of a life insurance policy dies? For senior siblings, burial insurance for siblings or final expense insurance assists with funeral costs and end-of-life expenses. Those who shave pre-existing conditions should consider guaranteed issue life insurance. However, this is the most expensive option.
How to Obtain an Online Life Insurance Quote
Can I get life insurance on my brother or sister? Getting an insurance quote online is quick and easy. Follow these simple steps to secure a quote for life insurance coverage:
- Visit the insurance provider’s website. Go to the official website of the insurance provider you’re interested in.
- Navigate to the life insurance section. Find the section dedicated to life insurance on the website.
- Fill out the quote form. Locate the online quote form and fill in the required information. You may need to provide details such as your age, gender, health status, desired coverage amount, and term length.
- Review your quote options. Once you’ve filled out the form, you’ll receive an online quote based on the information provided.
- Compare quotes. Compare the quotes provided by different insurance companies to find the best coverage options for your needs and budget.
- Customize your coverage. If you find a quote that fits your needs, you can customize your coverage by adjusting the coverage amount, term length, and additional policy features.
- Complete the application process. Once you’ve selected the right coverage for you, follow the instructions to complete the online application process.
By following these steps, you can easily obtain an online quote for life insurance and take the first step towards securing financial protection for your loved ones.
Once you have your online quotes, take the time to review them carefully and consider your options. If you have any questions or need assistance, don’t hesitate to reach out to the insurance provider’s customer service team. Remember, getting multiple quotes allows you to compare coverage and rates, ensuring you find the best life insurance policy for your needs.
Case Studies: Best Life Insurance for Siblings
When it comes to securing life insurance for siblings, finding the right coverage can be crucial for financial security and peace of mind. Here are a few case studies highlighting different scenarios and how life insurance helped these siblings protect their loved ones.
- Case Study #1 – Sarah and Michael: Sarah, 32, and Michael, 28, opted for a joint term life insurance policy with Prudential, providing a $250,000 death benefit for 20 years. Affordable monthly premiums ensured financial security for their sibling in case of unexpected events.
- Case Study #2 – Emily and David: Emily, 35, and David, 40, chose whole life insurance policies from Northwestern Mutual, offering lifelong coverage with a $500,000 death benefit each. Guaranteed cash value accumulation and fixed premiums secured financial protection for their families and a legacy for their siblings.
- Case Study #3 – Jessica and Brian: Jessica, 45, and Brian, 50, opted for burial insurance from State Farm, providing $25,000 in coverage each. Simplified underwriting and affordable premiums protected their loved ones from financial strain during a difficult time.
- Case Study #4 – Ashley and Tyler: Ashley, 27, and Tyler, 30, chose term life insurance policies from Allstate, each with a $100,000 death benefit for 15 years. Competitive rates and customizable coverage options allowed them to secure financial protection for their siblings while working towards paying off their loans.
These case studies illustrate the diverse life insurance options available for siblings, tailored to different needs and budgets. Whether it’s term life insurance for temporary coverage, whole life insurance for lifelong protection, or burial insurance for final expenses, there’s a policy to suit every family’s unique needs. By taking the time to explore their options, these siblings were able to secure financial peace of mind.
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Life Insurance for Siblings: The Bottom Line
In conclusion, Prudential, State Farm, and Northwestern Mutual emerge as the top choices for life insurance for siblings. These companies offer competitive rates, diverse coverage options, and exceptional customer service.
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With the diverse coverage rates offered by these reputable insurance providers, individuals can tailor their choices based on personal preferences and financial considerations. Remember, getting multiple quotes allows you to compare coverage and rates, ensuring you find the best life insurance policy for your needs. So, safeguard your family’s future by comparing life insurance quotes with our free tool today.
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Frequently Asked Questions
How much does life insurance cost for siblings?
Life insurance rates for siblings vary among providers. For minimum coverage, State Farm and Nationwide offer affordable options at $35 per month, while New York Life has the highest at $50. For full coverage, Nationwide and State Farm remain competitive at $110 per month, with New York Life at the highest end with $140.
How do you buy life insurance for a sibling?
Yes, you can buy life insurance for a sibling with their consent and proof of insurable interest. This includes being legal guardians, co-signing loans, or going into business together. Consent involves a written form and access to medical records or of their health status.
What type of life insurance policy is suitable for siblings?
Depending on health and age, options include term life insurance (10-30 years), whole life insurance (permanent but more expensive), simplified issue life insurance (no medical exam), and burial or final expense insurance for seniors.
Stop overspending on life insurance. Use our tool below to compare rates from top providers near you.
Can I take out a life insurance policy on my sibling?
Yes, you can, with their consent and proof of insurable interest. This includes co-signing loans, going into business together, or being legal guardians. Some companies allow policies on any blood relative with their consent.
How to compare life insurance quotes for siblings?
To compare quotes, consider factors such as coverage amount, term length, and premium costs. Online tools can help you compare rates from different providers. Rates vary based on age, gender, medical history, and lifestyle choices.
Discover more information on our “How does the insurance company determine my premium?“.
Can siblings be nominee for life insurance?
Typically, individuals select their closest family members—such as spouses, children, parents, or siblings—as nominees. According to Section 39 of the Insurance Act 1938, it is the policyholder’s responsibility to designate a nominee who will receive the coverage amount in the event of the insured’s unfortunate passing.
Can a sibling be a beneficiary?
If you have any financial connections with your sibling, you should have no issues designating them as a beneficiary. You may choose to name a sibling as your beneficiary if they are responsible for caring for your elderly parents.
Do you have to share life insurance with siblings?
You are not obligated to distribute any life insurance benefit you receive with your sibling. The decision of who receives the death benefit from the life insurance policy, and the amount they receive, rests with the insured individual.
Delve more details on our “Accelerated Death Benefit Rider: A Complete Guide“.
Can I get life insurance on my siblings?
Sibling can buy life insurance policies for each other, provided there is an insurable interest. Insurable interest usually exists when one person can prove they would suffer a financial loss if the insured sibling were to die.
If you’re looking for affordable life insurance premiums, try our comparison tool below and find the cheapest coverage that fits your needs.
What type of life insurance is best for a family?
If you’re wondering which type of insurance policy is most suitable, consider term life insurance for families. Opting for a term life insurance policy for each parent might be the most practical choice.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chris works tireles...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
