Top Life Insurance Companies in the United States: With more than 800 insurance companies in the United States, you could spend months comparing quotes and analyzing ratings without ever knowing for sure that you’d chosen the right company. There are other great companies out there, but these given below consistently offer the best products and customer service, and they exhibit strength and stability, which means they’re more likely to be there when you need them.
Here is the list of some of the Top Life Insurance Companies in the United States that you will find suitable:
1. Haven Life
Haven life has upended the traditional process of acquiring term life insurance by getting rid of the medical examination for people who qualify. Even if you do need a medical exam, Haven Life’s process is quick and easy to navigate.
Haven Life offers only term life insurance, which is usually the simplest and most affordable type of coverage, especially if you’re young and in good health. The agency’s policies are backed by MassMutual which has earned the highest financial ratings offered by A.M. Best and other insurance company rating agencies.
If you are looking to get term life insurance with the least hassle and faster than any other company can offer, then Haven Life is going to be your top company.
2. Banner Life Insurance
It is a leader in terms of life insurance product diversity and customer service. The company has been operating since 1949, and it currently holds about $415 billion in premiums in force.
Banner Life has both comprehensive and flexible coverage options. For example, they offer special rates for younger or health conscious individuals. In addition, people up to age 95 can apply for a Banner Life term policy, which is nearly unheard of in the insurance industry. Banner Life has earned high ratings, including an A+ from A.M. Best, an AA- from Standard & Poor’s, and an A from Fitch Ratings making it land on the list of Top Life Insurance Companies in the United States. The company also has earned an A+ rating from the Better Business Bureau.
With more than 49,000 employees and clients in over 80 countries and jurisdictions, AIG, or American International Group, is often considered the world’s largest insurance organization.
Another long-standing, top life insurance company is Prudential, which manages more than $1 trillion in assets for clients throughout the world.
Prudential offers a number of different policy options, including term and permanent coverage. Permanent coverage from Prudential includes universal, indexed universal, variable universal, and survivorship universal life insurance.
The 140-year-old company has earned high ratings, including an A+ from A.M. Best, an AA- from Standard & Poor’s, an A1 from Moody’s, and an A+ rating from Fitch. We’ve noticed that applicants who use chewing tobacco often prefer Prudential because the company does not place chewing tobacco users into its classification for smokers, and this can save a huge amount of money. For example, a 37-year-old man who uses chewing tobacco can save thousands of dollars a year with Prudential.
4. Met Life
MetLife, another well-known insurance and financial services provider in the United States and globally, offers a variety of policy options, including term, whole life, universal, variable, and survivorship plans.
MetLife also offers a simplified issue term life insurance which does not require applicants to get a medical exam. This can be a good option for those who have health-related issues that might make a medically underwritten policy too expensive or impossible to buy.
MetLife has earned an A+ from A.M. Best, an AA- from Fitch, an Aa3 from Moody’s, and an AA- from Standard & Poor.
5. My Voya Review
Formerly known as ING, Voya Financial has emerged as a leader in today’s financial and insurance services industry and ranks 5th on the list of Top Life Insurance Companies in the United States. The company is comprised of premier insurance, investment, and retirement companies, and it serves roughly 13 million clients in the United States.
Voya provides a wide array of coverage, including term life, universal life, indexed universal life, variable universal life, and survivorship policies. The company currently has about $519 billion in total assets under management, and it is considered a top five retirement plan provider based on the number of plans, participants, and assets.
Voya Insurance and Annuity Company has earned high ratings: an A from A.M. Best, an A- from Fitch, an A3 from Moody’s, and an A- from Standard & Poor.
6. Mutual of Omaha
Mutual of Omaha has been serving customers in the life insurance arena for more than a century. It provides a wide variety of products including term, whole life, universal life, and accidental death.
The company provides easy-to-follow online steps to help customers determine how much coverage they may need. The site also offers calculators to help determine how long life insurance proceeds may last.
Mutual has earned best life insurance company status from the rating agencies due to its financial strength and claims-paying history.
7. New York Life Insurance Company
New York Life Insurance Company opened more than 170 years ago, and the insurer has more than $425 billion in managed assets. It serves policyholders in both the United States and around the world.
New York Life offers term, whole life, universal life and variable life. The company is a financial stalwart, earning an A++ from A.M. Best, an AA+ from Standard & Poor’s, an AAA from Fitch, and an Aaa from Moody’s Investor Services making it rank high on the list of Top Life Insurance Companies in the United States.
8. Lincoln Financial Group
Lincoln Financial Group provides numerous coverage options, including term, universal, and variable universal life insurance coverage. Lincoln also has a combination life / long-term care option whereby a policyholder can use a universal policy as an alternative to purchasing a stand-alone, long-term care insurance policy.
The Lincoln Life and Annuity Company has earned high marks from rating agencies, including an A+ from A.M. Best, an AA- from Standard & Poor’s, an A1 from Moody’s, and an A+ from Fitch. See our detailed review of Lincoln Financial Group.
Do check out our blog post on How to Find Best Mortgage Rates.