Top 10 Best Life Insurance Companies. When purchasing life insurance, choose an insurer with a record of reliability and satisfaction. Check the number of complaints a company receives in relation to its size, and consider whether it offers tools like online policy management or education resources.
For example, Thrivent is an A-rated insurer with a pristine complaint record and competitive indexed universal life policies that grow investments based on market indexes.
1. New York Life
New York Life has many different life insurance policy options. It’s one of the oldest life insurance companies in the United States and has top ratings from credit rating agencies.
It also has fewer complaints than average with the National Association of Insurance Commissioners. The company also has an extensive online presence and offers financial guidance to policyholders.
New York Life offers yearly renewable term policies that can be converted to permanent coverage and whole life policies, including the Secure Wealth Plus option, which prioritizes cash value growth in the early years. It also offers a variety of riders that can increase the death benefit and/or build up cash value.
2. MassMutual’s financial services company offers various insurance and investment options. They are an excellent choice for anyone looking to create long-term financial security.
MassMutual has high third-party ratings, and customers are delighted with the company. The company also has a low complaint index from the National Association of Insurance Commissioners (NAIC) and an above-industry-average J.D. Power customer satisfaction score in 2022.
They offer various life insurance policy options, including permanent policies with cash value, and they are known for their commitment to customer service. This includes providing personalized policy reviews and offering several online tools and resources for managing your account.
3. Prudential
Prudential provides a solid range of term and permanent life insurance policies and a solid set of riders that can be added to any of them.
They stand out in the market by combining traditional and innovative financial services. Their focus on personalized financial planning aligns with research from McKinsey & Company, which finds that this type of service can boost customer satisfaction by up to 20%.
4. Thrivent
Thrivent is a non-profit fraternal benefit society with its main offices in Minneapolis and Wisconsin. Its membership network functions through chapters, and it offers 2.5 million members a portfolio of financial services, including banking, mutual funds, investment, and insurance.
Unlike most life insurers, Thrivent invests its net proceeds in church programs and community benefit projects. It also focuses on improving service delivery and growing its capability to help more members.
Thrivent offers both term and whole life insurance, with generous height/weight guidelines for older clients. Its entire life policies build cash value and provide a guaranteed death benefit.
5. MetLife
MetLife offers a robust range of life insurance and financial services. Its focus on innovation and accessibility aligns with the needs of a modern customer base. The company’s economic stability and diverse policy options make it a superior choice to Primerica.
MetLife provides various policy options, including term, whole, and universal life policies. Its extensive selection allows customers to customize their coverage based on their needs. Additionally, the company’s commitment to customer service ensures that policyholders can always count on it for support and assistance.
6. Aetna
Aetna was founded in 1853 and is America’s largest healthcare insurer. It offers Affordable Care Act plans, employer plans, Medicare, and dental insurance to individuals and families. It’s the best, and the BBB rates it highly. The company’s and mobile customer service capabilities are top-notch. Although it didn’t finish first in Power’s Wealth Study, Aetna scored well.
Aetna is known for its long-term care coverage, including its popular Medicare Supplement product with a 7% or 12% household discount. It also offers discounts for its members on a wide variety of products and services.
7. State Farm
As the name suggests, State Farm offers a full suite of insurance products. They offer term and whole life policies and health, auto, and homeowners coverage. They have a good reputation for customer service and are known for their “Li”, a Good Neighbor slogan.
However, their premiums tend to be higher than competitors’, and their bundled pricing strategy can be off-putting. Plus, their rates are only competitive; you’re the top rate class (Preferred Best).
Another critical point is that State Farm agents are captive and can only sell the company’s policies. This may prevent some customers from shopping around.
8. Northwestern Mutual
Northwestern Mutual has more than $2 trillion of life insurance protection. Its robust revenue streams, including premiums from insurance policies and fees from investment products and advisory services, help the company stay financially strong.
The company offers whole life, universal, and variable universal life policies, among other products. Its universal and whole life insurance policies can include accelerated death benefit riders and long-term care rider options. The company also projects a high dividend payout this year.
Northwestern Mutual draws far fewer complaints to state regulators than expected for a large insurer. In a J.D. Power study, it also earned a good rating for customer satisfaction.
9. Pacific Life
Pacific Life traces its roots back to 1868, giving the company well over a century of experience. It offers term, whole, and universal life insurance, plus annuities. The company provides detailed information about each type of policy and has contact departments broken down by product.
Pacific Life benefits include competitive pricing, a robust catalog of universal life policies, and multiple benefit riders to personalize coverage. The company also has good underwriting flexibility, for instance, offering recreational scuba divers standard rates and private pilots preferred rates.
