The life insurance industry can be confusing to the average consumer. There are many factors that go into choosing the right life insurance company and product, such as price, coverage amount, exclusions, and more. This makes choosing the best life insurance companies one of the most important decisions you’ll make in your life, so we’ve compiled a list of our top 10 favorite life insurance companies based on customer satisfaction, price, and financial strength to help you in your decision making process.
1) Northwestern Mutual
Northwestern Mutual is not only the best life insurance company but also an investment firm and financial planning provider. With over $7 billion dollars of revenue, it’s one of America’s top insurance companies, and its market share continues to grow. Known for its customer service, Northwestern Mutual has been featured on lists like Best Employers to Work For and offers a variety of services that range from investment products to financial planning.
MetLife, Inc. is a Fortune 100 company that offers a broad range of insurance, annuities, and employee benefit programs to help meet your needs. From life insurance to health insurance and disability coverage, MetLife has products to fit your needs. In addition, they offer their customer’s investment management services through MetLife Investment Management Company of America (LIMCA) to help support your financial goals.
3) Prudential Financial
With a reputable name and even more dependable financial backing, Prudential Financial is one of our top picks for the best life insurance companies. The company was founded over 150 years ago, offering both term and whole life options to help you plan for your future finances. With all of their products, you can rest assured that you’re working with a company that will do whatever it takes to keep you covered.
With strong financial strength and an ability to serve customers across a wide range of insurance products, MassMutual is one of America’s most prominent life insurance companies. It has been named number two in JD Power’s Customer Service Satisfaction ratings for insurance companies every year since 2010. This company also scores highly when it comes to its financial strength, achieving a perfect A+ score from A.M.
5) Principal Financial Group
Prudential Financial, Inc., commonly known as Prudential, is an American Fortune Global 500 and S&P 500 company based in Newark, New Jersey. It is one of the largest financial services companies in the world. A large portion of Prudential’s business consists of selling life insurance and investment products. Prudential’s core businesses are its life insurance operations in North America, Asia (including Japan), Europe and Latin America, along with asset management.
6) Pacific Life
Pacific Life is one of the best life insurance companies for families, but it has higher rates than some of its competitors. The company offers term life, permanent life, and annuities. Pacific Life can be pricey because it targets high-net-worth individuals, who have more assets to protect. Families that use Pacific Life will typically have policies worth more than $5 million. For example, a 30-year-old man with excellent health may pay about $12 per month for a $1 million policy, according to GoBankingRates’ data on average annual premiums by age and gender. However, if he decides not to smoke or doesn’t put his occupation as a construction worker, his premium could go down significantly. That same man would likely pay around $150 per month at Northwestern Mutual or Transamerica while paying around $40 a month at New York Life if he’s considered low risk when compared with other applicants of similar age.
7) Allstate Life Insurance Company
Founded in 1931, Allstate Life is headquartered in Northbrook, Illinois. The company was acquired by Sears Holding Corporation (NASDAQ: SHLD) in 2003. Allstate offers life insurance and other related products such as annuities, long-term care insurance, and college savings plans. In 2017, Allstate reported $26 billion of life insurance in force. The company employs nearly 5,000 associates in over 90 offices nationwide. A+ rating with AM Best; Fitch Rating AA+; Standard & Poor’s AA-. (ratings as of 6/14/17).
8) Transamerica Life Insurance Company
Transamerica is an American insurance company and financial services, provider. The company is based in Baltimore, Maryland. The company was formed by Thomas Lewis Sr. on March 31, 1892. It has over $1 billion US dollars in assets and employs more than 4,000 employees across 37 states and Puerto Rico. Transamerica’s headquarters are located at 100 South Charles Street.
9) Jackson National Life
There are several major life insurance companies, each offering different policies, and rates. It is important to shop around for quotes from as many companies as possible to see what best fits your needs and budget. Jackson National Life offers multiple types of plans that can fit any need or situation. Policies start at just $100 a month and allow you to choose exactly how much coverage you want, with options up to $10 million dollars.
10) Lincoln Financial Group
Lincoln Financial Group is one of America’s oldest and most respected financial services companies. With more than $100 billion in assets under management, Lincoln’s extensive range of financial products is sure to fit your financial needs. Whether you are looking for life insurance, annuities, or retirement planning solutions, Lincoln Financial Group has what you need to achieve a better tomorrow.