Top Life Insurance Companies In USA. There are lots of life insurance companies in the United States of America today and it gets confusing trying to select one for yourself. In this article, we make the process easy for you by narrowing your options and listing the top Life insurance companies in the USA.
First, we shall not fail to drop a very comprehensive note on Life insurance.
Life insurance is a contract between an insurance policyholder and an insurance company in which the insurer promises to pay a sum of money in exchange for a premium upon the death of an insured person or after a specified period of time.
Top Life Insurance Companies in The United States of America
We have selected and compared dozens of life insurance companies and ranked them based on factors such as customer satisfaction as rated by JD Power’s Individual Life Insurance Study, best ratings for financial stability as rated by rating agency AM Best, online usability, and whether or not an exam is required.
According to the scope of our studies and the factors with which we did our evaluations, here are the insurance companies that made it into our list.
Northwestern provides four policy options: term, whole life, universal life, and variable universal life. A term policy is only valid for a set number of years, whereas a whole-life policy accumulates cash value over time and is valid for as long as you live or continue to pay your premiums.
Universal life, which is also a lifelong policy as long as premiums are paid, provides flexibility and cash value. A variable universal policy, like a universal policy, offers coverage for as long as you live or continue to pay premiums, the flexibility to change your policy as your financial needs change, and a cash value.
Northwestern Mutual policies start at $50,000 for whole life and $100,000 for term life.
State Farm was founded in 1922 as an auto insurance company and is now a mutual company with 85 million active policies and accounts. Life insurance, home, and renters’ insurance, auto and specialty vehicle insurance, and health, liability, and disability insurance are all available.
Furthermore, State Farm has partnered with Trupanion to provide pet insurance. In addition, the company provides home and auto loans, checking and savings accounts, credit cards, and a wide range of investments and other financial services. Its headquarters are in Bloomington, Illinois.
The extent of your coverage will be determined by the policy you choose. For example, two of the three-term policies start at $100,000 in death benefits, whereas the other policy only offers $50,000 in coverage. Furthermore, whole and universal policies start at $25,000.
Guardian Life Insurance
This mutual company based in New York City was founded in 1860 and offers individual life insurance. Individual insurance options include investment management, disability, and retirement planning, among others. Guardian Life Insurance Company also provides commercial insurance as well as benefits such as 401(k) plans.
Most policies begin with $100,000 of coverage, with the exception of whole-life policies, which begin with $25,000 of coverage.
MassMutual Life Insurance
Those who have a MassMutual life insurance policy have access to all of the modern conveniences you’d expect. It has a mobile app for iPhones and Androids, for example, that allows you to view your policy details and make specific changes. You can also file claims online rather than speaking with a customer service representative.
If you’re looking for insurance, MassMutual offers an easy-to-understand chart that explains the differences between its policies. That said, if you apply for a term policy online, it will be through Haven Life, a MassMutual company that is also in our rating. Permanent policies, such as whole and universal, are not available for application online.
Term policies typically start at $100,000 and can go up to $10 million in coverage. MassMutual offers several whole-life policies starting at $25,000 (though some policies have a lower limit of $100,000). Its universal life insurance policies begin at $50,000 to $100,000, depending on the policy.
Nationwide was founded in 1925 and is now one of the world’s largest financial services companies. It provides a wide range of insurance products, including life, auto, homeowners, renters, and pet insurance. The company is based in Columbus, Ohio.
Nationwide Life Insurance Company offers both term and permanent life insurance policies. These policies include whole, universal, indexed universal, and variable universal. Its Guaranteed Level Term policy has a fixed premium for the policy’s entire term and the option to convert to a permanent policy such as whole or universal.
A survivorship policy, which is an indexed universal life policy, is also available.
Coverages vary depending on the policy type, and while most begin at $100,000, there are some exceptions. For example, the survivorship policy typically starts at $250,000 in coverage, whereas the whole-life policy typically starts at $10,000 in coverage.
Haven Life Insurance
Haven Life, headquartered in New York City and founded in 2014, is a newcomer to the insurance market. It is a digital insurance agency that sells policies issued by MassMutual or one of its subsidiaries on the Haven website.
Haven Life Insurance Company offers two types of term life insurance: Haven Simple and Haven Term. Haven Simple policies can be purchased online after filling out an application and answering a few questions.
There is no need for a medical exam, and coverage begins as soon as your payment is approved. You can also apply for Haven Term policies online, though you may be required to take a medical exam before your purchase is approved.
Haven Simple provides up to $500,000 in coverage with a 20-year term limit. Haven Term provides up to $3 million in coverage with term limits of up to 30 years.
Frequently Asked Questions
What Is the Best Life Insurance?
There is no single best life insurance policy or company. Your life insurance options will be determined by your needs and how you intend to use the policy.
How Do Life Insurance Companies Check Medical Background?
You may be required to take a medical exam depending on the life insurance company, policy type, and your specific situation. A pulse and blood pressure check, blood work and urinalysis collection, X-rays, and a treadmill stress test are all possible.
What Are the Advantages of Life Insurance?
Life insurance, as a long-term savings instrument, also ensures that life insurers focus on long-term returns rather than risky investment decisions for short-term gains. Annuities provide guaranteed income – Life insurance is one of the best tools for retirement planning.