List Of Life Insurance Companies in USA (United State of America). Here we are going to Guide you Through the Health Sector of USA insurance company.
Insurance in USA is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.
Life Annuity Insurance
Main article: Life annuity
American Family Insurance
American Fidelity Assurance
American Income Life Insurance Company
Ameritas Life Insurance Company
Amica Mutual Insurance
Assurity Life Insurance Company
AXA Equitable Life Insurance Company
Bankers Life and Casualty
Black Bear Life
Colonial Life & Accident Insurance Company
Farmers Insurance Group
Federal Life Insurance Company
Garden State Life
Gerber Life Insurance Company
Globe Life And Accident Insurance Company
The Guardian Life Insurance Company of America
Horace Mann Educators Corporation
Jackson National Life
John Hancock Insurance
Kansas City Life Insurance Company
Lincoln National Corporation
Manhattan Life Insurance Company
Mature Life Plan
MEGA Life and Health Insurance
Mutual of Omaha
National Life Group
National Western Life Insurance Company
Nationwide Mutual Insurance Company
New York Life Insurance Company
Ohio National Financial Services Company
Professional Life and Casualty
Securian Financial Group
Standard Insurance Company
State Farm Insurance
Thrivent Financial for Lutherans
United of Omaha
Veterans Life Insurance
Western & Southern Financial Group
West Suburban Assurance LLC
Best Life Insurance Companies In The United States in 2019
From the above companies, How can you be so sure you’re choosing the top life insurance carrier for you and your family?
Just because they are highly rated insurers with a strong brand name, how can you be so sure it’s truly the best policy?
We’re going to attempt to help you make your decision (or at least make it simpler) so you only find yourself working with the best life insurance providers available to you.
BEST LIFE INSURANCE COMPANIES IN THE U.S.A
- Haven Life
- Banner Life
- Northwestern Mutual
How Insurance Works?
There is a lot of different types of insurance policies available in Different part of the world, and any individual or business can secure an insurance company willing to insure them—for a price. The most common types of personal insurance policies are auto, health, homeowners, and life. Most individuals in the United States have at least one of these types of insurance, and car insurance is required by law.
BANNER LIFE INSURANCE COMPANY
Our Banner Review
If you simply want the best bang-for-your-buck in term life insurance, Banner Life is your company.
Where they lack in speed, when compared to some of the instant issue products on the market, they more than make up for customized, cheap term life insurance coverage. Some of the cheapest on the market!
Banner’s products also come with a great range of riders, convertibility options, and a second-to-none sub-standard underwriting style. If you are part of the 95% of the world who isn’t in perfect, Olympic athlete health, you probably won’t find a more affordable term policy than you will with Banner.PROS
- Superior UNDERWRITING
- AFFORDABLE Term
- Riders & Convertibility
- NO Instant Issue
- Unfamiliar Brand Name
- NO True Whole Life
See our full Banner Life review.
PROTECTIVE LIFE INSURANCE COMPANY
Making a big jump our list of best life insurance companies at number four is Protective, another company many haven’t heard of just yet. Despite this, they have a dominant foothold in more than one sector of the life insurance industry.
For more than a century now, Protective Life has lived up to its name in protecting households and businesses all across the United States. With more than 5 subsidiaries, an international presence, four separate “A” ratings, and a huge number of policyholders, Protective is getting noticed for the first time in a major way.
You will have your pick of term life insurance, universal, or variable universal, where Protective is extremely price-competitive. Especially with its universal products, Protective is one of the few companies who offer permanent insurance for all tiers of fully underwritten life insurance.
If you are considering permanent coverage, like for estate planning, Protective should be among your top considerations.PROS
- Best UNIVERSAL Product
- ESTATE Planning
- Riders & Convertibility
- NO Instant Issue
- Unfamiliar Brand Name
See our full Protective review.
PRUDENTIAL LIFE INSURANCE COMPANY (PRUCO)
Prudential is a household name, and their industry dominance and niche underwriting have bumped them up even higher into our top 10 list this year.
Extremely successful in several smaller areas of life insurance, Prudential also has leveraged its brand to become a leader in the life insurance industry, as a whole.
This 140-year-old financial institution is a premiere insurer, with ratings of “A” or better from all of the rating agencies. In competition with MetLife for most life insurance sold, Prudential did take home the highest in net premiums, topping $13 billion.
Although there is no whole life availability, Pru does have term, universal and indexed universal to fill their portfolio of products. Non-life insurance options include accident, critical illness, disability, and more.
To top it all off, Prudential has exceptional underwriting for smokers.PROS
- Best RISK Underwriting
- Trusted Brand
- Great For SMOKERS
- Lacking No Exam Product
- Uncompetitive Term
See our full Prudential review.
AIG – AMERICAN GENERAL
American General, who is also called AIG for short, is a highly reputable company, having “A” or better ratings across the board and a century-old name behind the rankings.
With a strong presence in the market, they have an exceptionally wide range of Universal and Indexed Universal products. While we love the variety, they can get a little complex for the average person, so we highly recommend working with a knowledgeable agent before buying.
Underwriting is very fair, though it may take a little time, and you can expect a very fair price from AIG. They’ve climbed into our top 10 this year because of product selection, financial strength, and prices which rival the elites.PROS
- Good PRODUCT Selection
- “A” Rated Carrier
- Competitive Prices
- Lacks Simplified Product
- Complex IUL Policies
PRINCIPAL LIFE INSURANCE COMPANY
Another rising company for life insurance is Principal, coming in at number seven on our list of top 10 life insurance carriers we reviewed.
Although it is more highly rated than some of our other companies on the list, including four ratings of “A” or better, Principal does not quite have the footprint yet of a best-in-class carrier.
One of the prime reasons Principal Life Group made our list was not only their host of term, universal and variable universal life products, but their no exam life insurance underwriting which allows consumers to purchase up to $1,000,000 in coverage, regardless of which type of insurance they choose.
This doubled the industry allowance on death benefit amounts at the time it came to market!
Principal has more than just life insurance among its offerings, including financial investments through subsidiaries.PROS
- $1M NO EXAM Product
- Trusted Brand
- Product Variety
- Moderately Priced
- More Strict Underwriting
See our full Principal review.
NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
Unquestionably, Northwestern Mutual is our top-rated life insurance carrier, as it was the previous two years.
But, it took a big drop in our total rankings this year due to lack of innovation and keeping up with market trends.
Northwestern has been around for over a century, providing some of the most competitive permanent life insurance products in the entire industry. Backed up by perfect ratings from all four major credit rating agencies, they’re one of just a handful of companies with a perfect Comdexscore.
While consumers see higher prices for term life and limited availability of product (sold exclusively through company agents only), these two downfalls are masked by an institution with $220 billionin assets, a long-standing history, a stout financial portfolio, and promising future.
You will have access to insurance products, like participating whole life insurance, to full-scale investments to suit every need in your household or business.PROS
- Best WHOLE Life
- Trusted Brand
- Opportunity for DIVIDENDS
- Lacks TERM Options
- More Strict Underwriting
- Expensive Term
METLIFE (BRIGHTHOUSE FINANCIAL)
MetLife continues to be the largest provider of life insurance in the United States, but this was not enough to keep them in the top 5 for this year; simply being the largest life company is not enough.
The largest, most recognized name in life insurance, the Metropolitan Life Insurance Company brand is the giant of the industry.
Since the civil war, MetLife has been offering life insurance to fit any budget, any business, or any need. Among these needs, other insurance products from dental to disability are available all under one roof.
Although it’s harder to get accepted with MetLife than many other companies, they offer a great lineup of products, including term, universal and whole. The ratings received by all four credit agencies are fantastic, and MetLife has secured “A” ratings across the board.
Metropolitan Life also has an affinity for working with those with specials needs, so consider this if it fits your criteria.PROS
- MOST Trusted Brand
- Affordable Coverage
- Highly RATED
- Difficult UNDERWRITING
- Lacks No Exam Product
TRANSAMERICA LIFE INSURANCE COMPANY
Falling down our list once again, Transamerica is a century old life insurer with a great group of product choices to meet any need.
Nearly famous for its prominence in the skyline of San Francisco alone, Bank of America’s purchase of Occidental and it’s re-branding to Transamerica has given the company new life since its inception more than 110 years ago.
Today, they host “A” ratings from all four rating agencies.
Transamerica Life offers an excellent variety of life insurance, including term, universal, whole and accident. Outside of their insurance arm, there are additional resources for investments, if you so choose, where Transamerica and their subsidiaries are competitive.
Transamerica is also an international company.PROS
- Product OPTIONS
- Affordable Term & Universal
- Four “A” Ratings
- LENGTHY Underwriting
- Lacks No Exam Product
While it’s a bit of a daunting purchase, life insurance can truly be one of the more important financial decisions you’ll make as you budget, save, and invest for the future. It’s a key component a full financial plan, and protects your family in the event of a loss, both financially and emotionally.
Life insurance is the best tool in order to protect a person’s lifelong earning potential. This is especially the case when one member of your household is the primary earner. The loss of such a person could mean a significant loss of income, but potentially in assets as well.
Worse, it could mean accumulation of debt if you are unprepared.
These are just a few of the reasons it can be so important to make sure you have coverage in place. But, we also know all coverage options are not the same. One family might have completely different needs, or be experiencing completely different situations.
For this reason, we wanted to break out a few companies who specialize in a few situations or products, in the event you were unable to find a fit for yourself in the list above.
THE BEST LIFE INSURANCE CARRIERS BROKEN DOWN BY CATEGORY OR PRODUCT TYPE
As you assess your particular needs, the type of life insurance you require could be different from the next person. There are several hundreds of life insurance companies available around the U.S., some local, and some national.
Because no single carrier has the best product among all categories, it seemed necessary for us to make the distinction for each specific area of life insurance. While these aren’t the only insurers for each product type or category, they are the ones with the most clear advantages.
To have won the honor of top carrier for any category, greater emphasis was put on product, priceand additional benefits provided by the company itself which would enhance the overall experience in buying from them.
The utility of a product, its riders, the convertibility (where appropriate), and its availability to several demographics was most heavily weighted.
Here are our selections for each area:
BEST TERM LIFE INSURANCE COMPANY
Without a doubt, one of the best term life insurance companies this year is Banner Life, who exemplifies what consumers want in affordable term insurance: simplicity, wide availability, and superior pricing.
Banner has some of the most cost-effective term insurance products on the market and includes excellent riders and convertibility for those looking to add a little oomph to their policy.
You should also know Banner has a subsidiary, William Penn Life Insurance of New York, who operates in the state of New York only (where Banner does not).
When you get a life insurance quote for any length of term product, from 10-year to 30, make sure Banner Life Insurance Company is among your research. If you need help getting term quotes from Banner, we can help.
BEST UNIVERSAL LIFE INSURANCE COMPANY
Our top universal life insurance carrier this year goes to Protective Life, who hosts the most comprehensive assortment of universal life at virtually unbeatable prices.
With perhaps the most highly customizable universal product out, anyone seeking the cheapest possible solution for permanent coverage should look no further than Protective. When you apply with Protective for a universal policy, you can specify the age you want to extend coverage to, ranging from 90 to 121.
Universal life insurance is best for those who are aiming to have a permanent coverage, but want to have lower premiums (and slightly less guarantees) than a true whole life product.
BEST WHOLE LIFE INSURANCE COMPANY
Last year’s overall best life insurance company for the year, Northwestern Mutual, takes the cake for any consumer looking to find top-notch whole life insurance and survivorship life insurance.
The greatest considerations taken into account were safety, security, guarantees, and growth, as those are the pillars to any company looking to establish themselves as the best whole life insurance company.
Among other things, a good selection of riders, credits from term conversion, and dividends make these products second to none. If you’re looking to pair your retirement with the same company as your insurance, Northwestern Mutual has you covered with a full suite of options.
BEST NO EXAM LIFE INSURANCE COMPANY
If there was any one category which had a front-runner most separated from the pack, it’s our winner for the top no exam life insurance company this year, Sagicor.
The evolution in accessible, no medical exam coverage is dominated by Sagicor, who sports top honors in virtually every aspect, including variety, types of coverage, and everyone’s favorite, price. In addition, their prowess includes some of the fastest issuing coverage in the industry.
The largest degree of separation between Sagicor and its closest competitor in this space, Haven Life, is offering a wider range of products, as well as ratings. This is key for those who aren’t in impeccable shape, or want something other than term.
BEST BURIAL LIFE INSURANCE COMPANY
The final expense arena, the top burial life insurance company lies with Mutual of Omaha and their level, permanent coverage options.
Though there were close contenders because of the necessity to compare all sub-types of burial (level, graded, guaranteed), Mutual of Omaha stood out with superior availability to wider demographics, simple and fast underwriting, and very comparable prices.
Their products have plenty of long-term guarantees, and the company behind the product is strong and stable. Feel confident in buying the last policy you’ll ever need from the product line of Mutual of Omaha.
BEST IMPAIRED RISK LIFE INSURANCE COMPANY
Not everyone is perfectly healthy, and for those looking for affordable higher risk coverage, Prudential is easily the top pick for our impaired risk life insurer and has been for a while.
The most aggressive, liberal underwriter for coverage in the industry, Pru, as their often referred to, boasts uncharacteristically relaxed guidelines in the most progressive areas of life insurance. Where some carriers won’t even attempt to go, Prudential offers traditional coverage with little reserve.
If you have a medical condition or other type of impairment, consider looking at life insurance from Prudential. Underwriting may take a little longer and be more comprehensive, but you’ll save in premiums.
BEST LIFE INSURANCE COMPANY FOR SMOKERS
In addition to being one of the top high risk life insurance companies, overall, Prudential has a specific strength in helping to insure those who use any and all types of tobacco. Whether you smoke cigarettes or cigars, chew dip, e-cigarettes, or even use marijuana, Prudential should be atop your list.
Their guidelines are a bit technical for each, so we highly suggest talking to one of our agents before applying. You should also know its mandatory to tell them up front about any types of smoking.
Banner Life Insurance is a close second, so consider them if there is a clear price distinction in your state (remember, it’s William Penn in the state of NY).
BEST LIFE INSURANCE COMPANY FOR DIABETICS
Unfortunately, there are a large number of diabetics in the United States, and those numbers are climbing every year. For this reason, it was important to us to find an insurance company who was as diabetic-friendly as possible.
American General stood out to us as a top provider for fully underwritten life (no exam policies for diabetics are a different story), providing great term products and riders lasting up to 30 years.
One thing to note, however, is if you have multiple risks, you may find them a little tougher to work with than, say, Prudential. If you have diabetes, but are otherwise an average risk or better, expect a great experience and competitive rates.
BEST LIFE INSURANCE COMPANY FOR OVERWEIGHT APPLICANTS
Much like diabetes is reaching near-epidemic proportions, those who are overweight or obese are also on the rise. With more than half of all Americans experiencing issues with their weight, it was imperative for us to discover who might be most helpful, and Genworth took the cake.
Industry wide, most carriers tend to shy away from any kind of discounted rate for obese people, but Genworth goes against the current here. If your BMI (body mass index) is overweight, but not quite obese, you can still get a discounted rate, so long as you’re otherwise healthy.
In addition, even those who are obese might be eligible for a Standard (non-discounted) rate, assuming all other factors are within normal ranges. No exam policies are hard to come by, but Phoenix would be your go-to in this category.
OUR CRITERIA FOR EVALUATING EACH OF THE INSURANCE PROVIDERS
There are several characteristics we focus on when narrowing down the top 10 best life insurance companies to choose from:
There are more than this, but focusing on these help us get down to 8 or 10 which are most appropriate; and, remember, just because you haven’t yet heard of an insurer doesn’t mean they are not great.
While some companies might have what you need, it might not be the best solution because of the health rating you’ll get, the level of service you require, or simply, price.
If you’re like many people we’ve worked with before, you don’t even know how many choices you really have when it comes to picking the best life insurance company for you. There are more than800 life insurance companies throughout the United States, all of which are different sizes, structures, and business models.
Just because you have your car, your homeowner’s, or your business insurance with a single company, does not mean it’s the best place to buy your life insurance policy.
In fact, you’re probably significantly better off not doing so, because you’ll have a much wider selection of companies all bidding for your business, with a larger selection of policy types as well.
Don’t get tricked into thinking you can lower your rates by ‘bundling’ your policies, because it’s bogus.
To put this into perspective, you wouldn’t expect to buy every piece of clothing you have from the same retailer, right?
I can’t imagine a scenario where someone would try to purchase all their clothes at the same store just to not have to go look somewhere else for a better deal, a better fit, or a better style.
Buying your life insurance privately will almost always yield you lower prices, so long as you find a good life insurance company for your situation. The best life insurance rates don’t always come from the same insurance providers.
The best insurance companies for life insurance are those who give you the exact policy you need, for the best price you can get (based on your age, gender, and health), with the stability and financial foundation we all expect of a multi-million or multi-billion dollar institution.
If you aren’t confident the company you do business with is going to be here in 5, 10, or 20 years, how can you be confident in a product which needs to last just as long?
A LIFE INSURANCE COMPANY’S FINANCIAL STRENGTH RATINGS (THIRD PARTY)
This one is paramount and should be included in all life insurance company reviews.
Choosing a company who will be outlasted by its own product is not one you want to deal with.
While it would be nearly impossible to sit down and rummage through the financial documents of all the possible companies, it is possible to get a good idea of where they stand financially by reviewing their financial ratings through independent rating agencies.
The most reputable life insurance companies are rated by independent agencies, by request.
You also want a life insurance carrier who pays out, not one who will default when your family needs the benefit most.
Here’s who currently holds the highest ratings, considering all possible rating agencies:
TOP 10 HIGHEST RATED LIFE INSURANCE COMPANIES
|A.M. Best||Fitch||Moody’s||S&P||J.D. Power|
|New York Life||A++||AAA||Aaa||AA+||782|
WHAT EXACTLY ARE LIFE INSURANCE COMPANY RATINGS?
Ratings are a sort of “report card” where we attempt to rank life insurance companies based on many, many factors.
Others take a look at J.D. Power and Associates, TrustPilot, TheStreet, and others. We don’t think these are very accurate, and they also include non-insurance companies, so it’s not apples-to-apples.
Within the financial space, the “Big Three” consist of Fitch, Moody’s, and Standard & Poor’s, though within the life insurance arena, A.M. Best holds the most clout.
Again, while these ratings aren’t a perfect measure, they tend to be close.
Look for a company with nothing lower than an “A-” from A.M. Best, and we recommend not going any further down.
This isn’t to say it means another company isn’t a great fit, but we’re looking long term. You need your company to be solvent to pay a claim as quickly as possible.
Other financial signs to think about are
- company surplus
- company assets
- in-force policies
- total liabilities
Most life insurance companies will publish this kind of information on their website to promote transparency and to be compliant where necessary, but someone like A.M. Best furnishes these as well.
For quick reference, and to put things into perspective industry-wide, here is a list of many of the most well known life insurance companies and their current financial ratings:
THE TYPE OF LIFE INSURANCE COMPANY YOU SHOULD CONSIDER
There is more than one type of life insurance provider, and it’s the internal structure and operating personnel which make them different.
One type of company is called a mutual life insurance company, and the other is a stock held life insurance company.
A mutual company is one who is owned entirely by those who do business with the company.
The only way to own a piece of the company is to own their product, and they answer directly to their customers. Typically, dividends, or excess gains and funds acquired throughout the year, are distributed back to consumers.
These dividends are never guaranteed, but some companies have been paying them out for over 160 years in a row. The type of agent you’ll deal with is more likely to be an in-house, or captive, agent, so you may need to find a local agent or call the company directly to make a purchase.
A stock held company is one who has gone public, and it’s not owned by its policy owners.
They are traded on a stock exchange, like the New York Stock Exchange (NYSE) available for anyone to become a part owner. In other words, profits go back towards those who own stocks first, not those who own a life insurance policy, like a dividend paying company might.