The Top 12 Best Term Life Insurance Companies in America
Whenever I speak with someone that is interested in purchasing Term Life insurance or a permanent plan design such as Universal Life or Whole Life, the question always comes up concerning what is the best life insurance company to apply with. There is no specific answer to this question due to the fact everyone has their own specifics such as health history, occupation, sports, driving records etc.
All this information is going to determine what company would be best for them so they can receive the lowest life insurance rates possible. What company may be best for Sally may not be the best for John.
There are many excellent companies on the market today and this article is going to review the top 12 companies.
I have constructed this list of 12 highly rated life insurance companies that would all make a fine choice and be equally ranked as some of the best carriers in America.
Compare instant quotes from our 12 best life insurance companies list in America by completing the simple quoting form on the right side of this page. You will be able to review life insurance quotes from all these excellent companies compared side-by-side.
Prudential: A.M. Best Rating A++ (Superior)
The Prudential life Insurance company has over $1.171 Trillion dollars in strictly managed assets monitored by the company’s executive staff. They have over 48,000 employees and sales associates worldwide. Prudential has been insuring people’s lives for more than 135 years. Prudential was founded by an insurance agent named John Dryden in a small basement office in Newark, New Jersey in 1875. It was actually the first life insurance company in the America to offer life insurance to the working class of people.
Prudential sold Industrial Insurance, which provided funeral and burial expenses for low-income families. Some of the premiums were as low as three cents per week. With their ever growing sales and assets reaching $1 million, they sold their one-millionth policy to John Dryden. The company was then renamed to “The Prudential Insurance Company of America,” A few years later Prudential adopted the famous Rock of Gibraltar as its company symbol, which was to reflect the strength and security it offered to their life insurance customers.
Prudential is now one of the most financially secure companies in the world which makes them an excellent choice for life insurance. Get a Prudential Quote
Prudential’s Strong Points
There are many advantages applying with Prudential such as very competitive smoker rates, hazardous sports involvement, height and weight issues. This is a great company to use if your experiencing health problems. Visit the Prudential website at https://www.prudential.com/
MetLife: A.M. Best Rating A++ (Superior)
The Metropolitan Life Insurance company now referred to as MetLife was founded in 1868 and has a customer database of over 100 million customers. MetLife has over 68,000 employees and has been established as one of the leading life insurers for nearly 150 years of operation. At this point in time they have $473.7 billion dollars in managed assets. MetLife was organized by a group of New York City businessmen in 1863. They began business in July 1864 insuring Civil War sailors and soldiers against wartime-related disabilities.
After five difficult years in business, the company President James Dow, who was a medical doctor and on the board of directors decided to drop the casualty business and concentrated focus solely on selling life insurance. When MetLife opened for business on March 24, 1868 the telephone had not yet been invented and electric lights were still very uncommon. The population of the United States was approximately 37 million, and there were only 37 states in the country. The company’s first home office consisted of two rooms, just enough space for its grand total of six employees.
A lot has changed since then and now MetLife is one of the most respected names in the Life Insurance business. Get a MetLife Quote
MetLife’s Strong Points
MetLife is a great choice if you have more serious health conditions such as Diabetes where some of the other companies may decline your application. They also offer an excellent Whole Life insurance policy for young children. If you are looking for low cost life insurance, check out MetLife. Visit the MetLife website at https://www.metlife.com/
Transamerica: A.M. Best Rating A+ (Superior)
The Transamerica life insurance company was founded in1904 by a young entrepreneur by the name of Amadeo Giannini who also created the Bank of Italy which opened its doors in a converted San Francisco tavern. His goal was to make financial services available to everyone not just the wealthy class of people. After the historic 1906 earthquake and fire, Amadeo Giannini set up a makeshift bank on the San Francisco docks, giving residents loans to rebuild, secured with only a friendly handshake.
In 1928, Amadeo Giannini merged with the now famous Bank of America, and in 1930 acquired the Occidental Life Insurance Company through his Transamerica Corporation. The banking and life insurance businesses separated in 1956 into two different entities, with the life insurance division taking on the Transamerica name. In the year 1972, the now iconic Transamerica pyramid claimed its place in the San Francisco skyline and the rest became company history.
In the later corporate activities of the 1960s and 1970s resulted in Transamerica growing at an incredible rate of speed owning interests in not only life insurance and financial services, but also motion picture studio United Artists, Trans International Airlines and the Budget Rent A Car companies. Today Transamerica is one of the premier life insurers in the United States and in many other countries. They definitely one of the best choices today for an excellent source of affordable life insurance products. Get a Transamerica Quote
Transamerica’s Strong Points
Transamerica has a term product which is the Trendsetter LB policy with “Living Benefits” for Critical and Chronic Diseases which would give you some great protection while you are alive. Visit the Transamerica website at https://www.transamerica.com/individual/
Banner Life: A.M. Best Rating A+ (Superior)
The Banner Life Insurance Company is normally not going to be a household word for many consumers as would be Prudential, MetLife, John Hancock and others but this has no reflection on their performance as a stable and competitive life insurance company. Banner Life is part of the Legal & General America family of life insurance companies. They have well over $1,000,000 customers with over $624 Billion dollars of life insurance in force and growing rapidly. Legal & General first opened their doors for business in London England 178 years ago in 1836.
They have over 10 Million customers worldwide and considering their managed assets have a rank of the 7th largest insurance company in the world.
The Banner Life Insurance Company is known very well by the life insurance sales force as a company with some of the lowest life insurance rates in the business especially for Term life insurance products. Banner life is always a very good choice for competitive life insurance policies and the peace of mind in have a very financially stable company you can count on when the unexpected happens. Get a Banner Life Quote
Banner’s Strong Points
If you have any medical conditions such as high blood pressure or high cholesterol for example, Banner will usually come back with the best rate class after their underwriting process which in turn will enable you to acquire some of the lowest life insurance premiums. Affordable life insurance is Banner’s middle name. Visit the Banner website at https://www.lgamerica.com/
Genworth: A.M. Best Rating A (Superior)
When it comes to applying life insurance, you have options to choose from. Genworth has many reasons to consider Genworth Financial. This company was first founded in 1871 with their original name The Life Insurance Company of Virginia. The Genworth Life Insurance Company has over $728 billion dollars of life insurance in force. This company offer excellent life insurance, Annuities, Long Term Care & Mortgage insurance. Genworth offers Term life insurance, Whole Life, Universal Life and Indexed Universal life.
If you ever had the opportunity to review Term life insurance quotes on a modern quoting engine you will find Genworth Financial is one of the companies with the most competitive life insurance rates. This has led to a rapid growth in the company sales and millions of satisfied customers that now have a quality life insurance product with a premium that they can comfortably afford at the same time.
Genworth Financial has come a long way since they first opened their doors for business in 1871 and continue to grow and grow. Having over 700 Billion dollars of life insurance in force puts Genworth in the class as one of the most successful life insurance companies in America. Get a Genworth Quote
Genworth’s Strong Points
Genworth is a very versatile company with many valuable points of interest such as the ability to secure a face amount less that $100,000 and very competitive Term life insurance rates. Visit the Genworth website at https://www.genworth.com/
New York Life: A.M. Best Rating A++ (Superior)
Needless to say the company New York Life is definitely a household word in the United States. This life insurance giant has been in business for 170 years. They opened for business on April 12, 1845, as the company that would be known as The New York Life Insurance Company. The companies Secretary Lewis Benton purchased the first policy for $5,000. This is when it all began for the new life insurance company. Their corporate President and Chairman of the board was Darwin Kingsley at this time who called the shots and brought the young company into a life insurance behemoth and one of the largest life insurance companies in the world. They have been in business for over 170 years.
The New York Life Company definition of “what is life insurance” is life insurance can help you make sure your family is well provided for, your children’s educational needs are financially secure, and that your children won’t have to worry about their future. These are words well-spoken and sum up the common question that most consumers have in the back of their minds when they think of do they really need life insurance and what will be the benefits of having it. New York Life is one of the largest and most secure players in the life insurance market to say the least and always a great choice. Get a New York Life Quote
New York Life’s Strong Points
New York life is such a large company the can afford to be more liberal in the underwriting department where they can allow with medical conditions to be placed in a better rate class so they may be able to be issued lower rates than some of the smaller companies. Visit the New York Life website at https://www.newyorklife.com/
SBLI : A.M. Best Rating A+ (Superior)
The Savings Bank Life Insurance Company is definitely one of Americas finest life insurance companies. SBLI was founded by Louis Brandeis in the year 1907. Brandeis had an idea that he refused to accept as impossible: to provide affordable life insurance to all families who needed it regardless of their income. SBLI roots trace back to the Panic of 1907 which was one of the stock markets worst crashes in the history of the United States.
Many banks failed at this time and the life insurance industry had been exposed to crime and corruption of the crippled financial world. This triggered the SBLI Boston lawyer and eventual Supreme Court Justice Louis Brandeis to become a strong advocate for trustworthy practices and affordable life insurance for the working families of America.
He was greatly responsible for the passage of Chapter 561 which was an act that allowed savings banks incorporated under the laws of the state of Massachusetts to establish departments to issue life insurance and annuities. The legislation was passed and Louis Brandeis established the first SBLI department which was responsible for launching the SBLI Bank and a new era in the life insurance industry was born. The very first policy was issued to Charles Jones in 1908 and the world of being able to purchase affordable life insurance for all Americans had now began.
The SBLI life insurance company has now over 125 Billion dollars of life insurance in for and has some of the lowest premiums in the industry. Today SBLI is one of the most competitive life insurance companies and is one of your best choices to apply with. Get an SBLI Quote
SBLI Strong Points
SBLI has traditionally had some of the most competitive Term life insurance rates in the industry. Visit the SBLI website at https://www.sbli.com/
Voya: (ING) A.M. Best Rating A+ (Superior)
Voya Financial, Inc. debuted in April and completed its rebranding in September. Voya is an abstract name coined from the word ‘voyage.’ The name reflects momentum and optimism. Voya is an industry leader in retirement planning and is a leading provider of retirement products and services in the U.S. serving more than 46,000 institutional clients and nearly 5 million individual retirement plan investors. Voya has more than 2,300 financial advisers serving the retail market.
Voya’s Retirement business is focused on guiding and consulting Americans to greater retirement plan strategies vs. the employer-sponsored savings plans and holistic retirement and income guidance. Voya’s Annuities offers fixed, fixed-index and immediate annuities aimed at helping individuals save and protect their retirement savings, serving over 417,000 retail fixed annuity product customers in the United States and other parts of the world.
Having over 40 years of investment history in investment management, the company has the experience and resources to provide clients with investment solutions which concentrates on equities, fixed income, and asset strategies and solutions. Individual Life is a top-tier provider of term life insurance and provides wealth protection and transfer opportunities through universal, variable and term products. The complete life insurance products are very well designed and have some of the most competitive rates you will ever fine especially for low cost Term life insurance.
Voya will always make a fine choice to apply with and enjoy affordable life insurance rates you can easily afford. Get a Voya Quote
Voya’s Strong Points
Voya is well known for issuing life insurance rates in a preferred rate class where some of the other would be placing you in a standard rate class which would result in higher premiums. Visit the Voya website at https://www.voya.com/
Protective Life: A.M. Best Rating A+ (Superior)
Protective Life first opened their doors for business while Theodore Roosevelt was in his 7th year in office as president of the United States. This dates back to 1907 which clearly indicates that Protective Life not only has a lot of experience in the life insurance industry but reflects a financially strong company that has stood the test of time. Financial strength and longevity is very important when considering the purchase of life insurance due to the fact your policy may be in force for well over 30 years before the policy may be paying out any benefits.
Protective Life has very competitive Term life insurance rates along with an excellent Universal Life policy when a person needs a permanent life insurance policy. Protective Life has over $427 Billion dollars of life insurance in force. This is living proof that the company has very competitive life insurance rates and does an excellent job of paying benefit claims when the time comes. Protective Life is one of the most popular companies in the industry due to their broad spectrum of life insurance products, excellent underwriting practices and competitive rates that puts a quality life insurance product into the hands of thousands of Americans with an affordable premium as well.
In 1997 Protective Life acquired another excellent and very competitive life insurance from San Francisco called West Coast Life which was a favorite company with life insurance agents around the country who wanted to provide excellent life insurance products for their clients with affordable life insurance rates. West Coast Life now goes by the name of Protective Life as its parent company. Get a Protective Life Quote
Protective Life’s Strong Points
Protective Life is very competitive for Term Life insurance and has very competitive underwriting for people applying for Term Life insurance with health conditions. If you are looking to purchase low cost life insurance from a very financially strong company, Protective life will prove to be one of your best choices. Visit the Protective Life website at https://www.protective.com/
American General: A.M. Best Rating A (Excellent)
American General is a very well known life insurance company today in the United States and in many other places of the world. As one of the companies in the AIG family they are very secure financially and they have been in business for over 160 years. They also have more than 12 million customers with life insurance in force. American General has a complete line of high quality insurance products ranging from employer group benefits to Dental insurance to group and individual life insurance products all backed up with tremendous financial strength and some of the most affordable premiums available.
American General has been in business since 1850 and are considered one of the largest and most secure life insurance companies in the industry. Term life insurance is the most popular life insurance plan design sold in the United States and American General is normally a top contender for competitive premiums when compared to their competition. Make sure to review the American General line of life insurance products if you are considering applying for a new life insurance policy. You can’t go wrong with AIG American General. Get a American General Quote
AIG American General Strong Points
American General has many strong points from offering low cost life insurance rates to folks with serious health problems to offering some of the best permanent life insurance product such as Universal Life. Visit the AIG American General website at http://www.aig.com/lifeinsurance
Assurity: A.M. Best Rating A- (Excellent)
Assurity Life Insurance Company is a mutual insurance company based in Lincoln, Nebraska. Assurity employs over 400 home office associates and is licensed to conduct business in 49 states and the District of Columbia. They have been in business for over 125 years. They may not be a household word such as Prudential, MetLife or Transamerica but don’t let that fool you for a minute.
They are an excellent life insurance company with a very good line of products and very affordable premiums. They are used extensively by the life insurance sales force in this country due to the fact they are a good company all around from innovative life insurance products to great customer service and very affordable and competitive rates.
They have a full arsenal of life insurance policies from conventional Term life insurance to Final Expense insurance otherwise known as Burial Insurance which is popular with the senior markets. Assurity Life can compete with the largest New York carrier’s product for product. This company has some other products that excel such as Disability Income, Critical Illness insurance, Accidental Death and Annuities. Assurity Life is a company you never want to overlook when planning on purchasing your new life insurance plan. Get an Assurity Life Quote
Assurity Life Strong Points
Assurity Life has a full spectrum of life insurance products that are offered from low cost Term life insurance to some excellent Burial Insurance products offered for the senior market. Assurity is a well rounded carrier with high quality insurance products and very competitive premiums. Visit the Assurity Life website at http://assurity.com/
Sagicor: A.M. Best Rating A- (Excellent)
The Sagicor Life Insurance Company is a company with over 60 years of experience and have a complete line of insurance products. All of their products provide quality and value to all their policyholders. They also offer a wide range of life and annuity products to serve the needs of all Americans at every stage of their life. Their life products include Term and Universal Life plan designs to choose from. Their annuities range from immediate options to those that address long term needs of financial savings.
Sagicor does business in 45 states and the District of Columbia and their product lines are provided through well over 6,000 independent and dedicated insurance producers in the US.
This company currently ranks as one of the 140 largest life insurance companies in the United States by means of total assets. Sagicor was founded in the year 1840, and is one of the oldest insurance carriers in the America. They operate in 21 countries, mainly in the United States, Central America and the Caribbean. Sagicor has approximately $5.5 billion in assets and has been a leader in the life insurance industry for over 170 years. If you have never heard of this company before, don’t let this alter your opinion of this well established leader in the life insurance market. They are most definitely one of the top companies to consider when it comes to purchasing life insurance or other financial products. Get a Sagicor Quote
Sagicor’s Strong Points
I believe that one of Sagicor’s best strongest points is the opportunity to receive a preferred rating if you use tobacco products. They also offer an excellent no medical exam policy and an underwriting process as short as 24 hours.
All twelve of these companies I have listed above are some of the top companies to consider. There are more companies that deserve praise but this is just some of them that I wanted to mention. There and approximately 30 more life insurance companies that are listed on our consumer quote engine for your review.
Take your time and review these companies on our quoting tool and contact us 7 days a week with any questions you may have. There is no obligation for our help. We are independent agents that work for you and not the life insurance companies to make sure you get the very best plan design for the lowest possible premium. Visit the Sagicor website at http://www.sagicor.com/
Life insurance company ratings were provided by the A.M. Best Reporting Agency
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