Review of TIAA-CREF Life Insurance Company
Are you looking to buy a life insurance policy? If so, perhaps you’ve already heard about TIAA-CREF and are looking for more information about the company and the life insurance policies it offers. TermLife2Go is here to help you answer all your life insurance questions, and that includes questions you may have about TIAA-CREF Life Insurance Company.
About The TIAA Group of Companies
Founded in 1918 as the Teachers Insurance and Annuity Association of America, TIAA is a company most famous for retirement plans. They specialize in providing retirement for people in specific careers including: academics, researchers, and medical professionals.
As of 2017, They have $954 Billion in assets under management.
TIAA offers life insurance and annuities under the name TIAA-CREF Life Insurance Company, TIAA Life.
The TIAA Group of Companies used to be known as TIAA-CREF. However, to simplify things, the company rebranded itself and dropped the “CREF”. As of February 2016, the company is known as TIAA.
TIAA Life Ratings
TIAA has been rated by all of the top financial strength rating organizations, and it has impeccable financial strength ratings. TIAA is in one of the top 10 highest rated life insurance companies.
- A.M. Best rating: A++
- S&P’s rating: AA+
- Fitch rating: AAA
- Moody’s rating: Aa1
- Comdex ranking: 99 (out of 100)
These ratings are fantastic and should reassure anyone considering TIAA. Ratings agencies like these look closely at the financial aspects, stability, and future outlook to determine their ratings.
Life Insurance Policies offered by TIAA Life
When deciding on the best policy for you and your specific needs and goals, it is important to understand the various features and benefits of term vs whole life insurance. Often, term life is touted as the best life insurance policy and only a fool would consider permanent life. However, an astute individual will take the time to do their due diligence before blindly following the crowd.
Guaranteed Level Term Plans
TIAA is known for its Guaranteed Level Plans. Guaranteed level term life insurance is available for a certain terms: either 10, 15, 20, or 30 years. TIAA Life term is available for ages 20-75. The coverage amount varies depending on your desires and your eligibility, including your insurable interest.
Term life is convertible. The conversion option is handy if you decide you want or need to keep the coverage. By exercising the conversion option you convert all or a portion of your term into permanent coverage.
Alternatively, if you do not convert, your policy is guaranteed renewable. Just be aware that your policy renews annually and your cost of insurance will go up as you age. Over time the policy will get too expensive to keep.
TIAA Life offers Universal Life, Survivorship Universal Life and Variable Universal Life.
Universal life (UL) provides lifetime coverage. UL also provides flexible premium payments. If you find yourself in a tight spot financially, you can make lower payments, subject to policy limitations and available cash value levels.
Survivorship or Second-to-die Universal Life covers the lives of two persons. Upon the death of the survivor, the policy pays out a lump sum death benefit to the beneficiary. Survivorship life is a great estate planning or business succession tool, such as a buy sell agreement.
Variable Universal Life
Variable Universal Life offers the benefits of Universal Life, with the additional opportunity to earn a greater return by investing in variable sub-accounts, similar to mutual funds.
TIAA Life offers roughly 40 different investment options to choose from. Add a waiver of monthly charges rider, which will waive policy premiums if you become disabled.
Due to the inherent risk associated with investing, we do not recommend variable insurance policies.
Life Insurance Riders offered by TIAA
Like most like insurance companies, TIAA offers customers the option to add riders to their life insurance policy. Some of the riders offered by TIAA include:
- Accidental death benefit – in case of an accidental death, your beneficiaries will still receive the death benefit. This may not include all types of accidental death.
- Automatic premium loan provision- in case you need a loan during your lifetime, this makes it easy!
- Living/accelerated death benefit– sometimes people need to access their policy death benefit before they actually die. This rider allows you access to your policy money.
Is TIAA an affordable life insurance company?
In comparison to other life insurance companies, TIAA offers good life insurance rates, somewhere in the middle of the road. Of course you will be able to find life insurance companies that are cheaper than TIAA, but they may or may not offer the same quality of life insurance. If you are a non-smoker, and a female your rates will be lower than if you are a male and a non-smoker or a male smoker.
Is TIAA a good life insurance company?
Now that you’ve learned some of the basics about TIAA, you want to get to the main point: Is TIAA a good, or even great, life insurance company? Well, we certainly don’t have any complaints! It is a reliable life insurance company offering millions of people financial security. The company serves people some top notch retirement solutions and life insurance plans.
But are they the best life insurance company-for you?
We need to make this very point very clear: there is no such thing as “the best life insurance company”. Why? Well, it’s simple. Like people, life insurance companies are all different. When you’re looking for a soul mate, the person that’s right for you is probably not right for you best friend and vice versa. You and your best friend have different needs and different preferences. And though it may sound funny to compare a life insurance company to a soul mate, both are very important decisions, and both should be customized to your specific needs and wants.
We can’t tell you if TIAA is the best life insurance company for you without knowing more about you. Of course there’s a chance that TIAA is the very best option for you- they may offer you the lowest premiums and the most life insurance coverage. But then again, they may not. They may offer the best for your friend, though.
Does it sound confusing? It kind of is. That’s why you need the help of an expert. Someone who can help you navigate your way through the selection process. And that someone shouldn’t have an ulterior motive of pushing a life insurance policy that isn’t right for you simply to make a commission.
That’s where TermLife2Go comes in. We have a vast understanding of the life insurance industry. We work with dozens of the top life insurance companies in the United States. Once we get the chance to get to know you, we’ll be able to give you solid, customized life insurance recommendations.
Caveat emptor, i.e. buy beware, we are not TIAA Life and we don’t work with TIAA. However, we do recommend you give them a call. See what they have to offer you.
Then, call TermLife2Go and see what we can find for you. Compare the results and make the choice that’s best for you – even if that’s TIAA. After all, your main objective is to get the best life insurance coverage possible. And that’s what you deserve.
So, what are you waiting for? Give us a call today and see what we can do for you!
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