Is Strength Life Insurance Legit? A Review of Its Products and Ratings

Is Strength Life Insurance Legit?

An image to illustrate: Strength Life Insurance
Before you buy a policy from Strength Life Insurance, read this article. We’ll cover its products, costs, ratings, and more. Is it legit? Find out here/PHOTO: Image by creativeart on Freepik

Strength Life Insurance is a relatively new player in the life insurance industry, having been founded in 2019.

The company claims to offer affordable and flexible life insurance policies that can be customized to fit the needs and goals of its customers.

But how legit is it? Find out in this article.

What Is Strength Life Insurance and What Are Its Products?

Strength Life Insurance is a life insurance company that operates online and sells term life insurance and whole life insurance policies.

Term life insurance provides coverage for a specific time, usually 10, 15, 20, or 30 years.

Whole life insurance provides coverage for the entire life of the insured, as long as the premiums are paid.

Both types of policies have a death benefit that is paid to the beneficiaries in case of the insured’s death, and a cash value component that accumulates over time and can be accessed by the policyholder.

Strength Life Insurance claims to offer flexible and customizable policies that can be tailored to the customer’s needs and goals.

For example, customers can choose the amount and duration of coverage, the frequency and method of payment, the riders and benefits, and the beneficiaries.

Customers can also adjust their policies as their life circumstances change, such as getting married, having children, or retiring.

How Much Does Strength Life Insurance Cost and How to Apply for It?

The cost of Strength Life Insurance depends on several factors, such as:

  • the type, amount, and duration of coverage
  • the age, health, and lifestyle of the applicant
  • the riders and benefits selected

Generally, term life insurance is cheaper than whole life insurance and younger and healthier applicants pay lower premiums than older and riskier ones.

Strength Life Insurance offers a free online quote tool that allows customers to compare different options and prices.

To apply, customers need to fill out an online application form that asks for some personal and medical information.

Depending on the type and amount of coverage, customers may also need to undergo a medical exam and provide additional documents.

The application process can take from a few minutes to a few weeks, depending on the complexity and underwriting of the policy.

What Are the Pros and Cons of Strength Life Insurance?

Pros

  1. Strength Life Insurance offers flexible and customizable policies that can suit different needs and goals.
  2. It has a simple and convenient online platform that allows customers to get quotes, apply, and manage their policies.
  3. It has a variety of riders and benefits that can enhance the value and protection of the policies, such as accelerated death benefit, waiver of premium, accidental death benefit, and child rider.

Cons

  1. Strength Life Insurance is a new and unproven company that has not established a reputation or track record in the life insurance industry.
  2. It has limited product offerings, as it only sells term life insurance and whole life insurance, and does not offer other types of life insurance, such as universal life insurance or variable life insurance.
  3. It has higher premiums than some of its competitors, especially for older and riskier applicants.

How Does Strength Life Insurance Rank in Terms of Financial Strength and Customer Satisfaction?

Strength Life Insurance has not received any financial strength ratings from the major rating agencies, such as A.M. Best, Fitch, Standard & Poor’s, or Moody’s.

This is because the company is too new and has not demonstrated enough financial performance or stability to be rated.

However, it claims to be backed by some of the largest and most reputable reinsurers in the world, such as:

They have high financial strength ratings.

It has also not received any customer satisfaction ratings from the major rating organizations, such as J.D. Power, Consumer Reports, or Better Business Bureau.

This is also because the company is too new and has not generated enough customer feedback or complaints to be rated.

However, it has some positive reviews and testimonials from its customers on its website and social media platforms.

These indicate that the company has good customer service and satisfaction.

What Are Some Alternatives to Strength Life Insurance?

  • Pacific Life: Pacific Life is one of the best life insurance companies for variable universal life insurance, which is a type of life insurance that allows customers to invest their cash value in various subaccounts, such as stocks, bonds, or mutual funds.
  • Penn Mutual: Penn Mutual is one of the best life insurance companies for older people, as it offers competitive rates and flexible policies for older applicants, as well as a no-exam option for some of its products.
  • Protective: Protective is one of the best life insurance companies for universal life insurance, which is a type of life insurance that offers more flexibility and options than whole life insurance, such as adjusting the premiums, death benefit, and cash value.

Conclusion

Strength Life Insurance is a new and innovative life insurance company.

It offers flexible and customizable term life insurance and whole life insurance policies.

However, Strength Life Insurance is also a new and unproven company that has not received any financial strength or customer satisfaction ratings and has higher premiums than some of its competitors.

Therefore, customers should compare Strength Life Insurance with other life insurance companies and products before making a decision.

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