Here is our top 12 list of the best life insurance companies and policy designs to choose from
Deciding to apply with a life insurance company just because you like the name or its financial rating is not the answer. There is much more strategy required to make the best choice. Most consumers planning on purchasing life insurance want to know their choices before they apply. There is no one or two specific best life insurance companies. But through my 25+ years experience as an independent insurance agent. I have created this list of excellent and solid choices. Choosing any one of these trusted carriers would be a smart move. But your agent can help choose the exact one for the perfect fit.
There are many variables to consider when choosing one company over another
I have constructed this list from over 60 insurers and targeted 12 of the best life insurance companies. As I said, these companies would all make a great choice and be equally ranked as some of the best. This is only my opinion but there is no doubt these are the creme of the crop. The two main pre-requisites to make this list are financial conditions and claims paying abilities. The last problem you want is a company becoming insolvent or failing to pay-off on a life claim promptly.
Prudential: A.M. Best Rating A++ (Superior)
The Prudential Insurance company has over $1.171 Trillion dollars in strictly managed assets. They are monitored closely 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.
The Prudential Insurance Company is a name recognized around the world as a financially strong and trusted insurer
Prudential sold “industrial life 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 The Prudential Insurance Company of America.
A few years later Prudential adopted the famous Rock of Gibraltar as its company symbol. This 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.
Prudential’s strong points
There are many advantages applying with Prudential such as very competitive smoker rates, hazardous sports involvement and height and weight issues. This is a great company to use if experiencing serious health conditions also.
MetLife: A.M. Best Rating A++ (Superior)
The Metropolitan Insurance company now referred to as MetLife. It 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. 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.
MetLife had its growing pains in the very beginning
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 solely on selling life insurance. This is 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. There were only 37 states in the country. The company’s first home office consisted of two rooms. This was 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 industry.
MetLife’s strong points
MetLife is a great choice if you have more serious health conditions such as Diabetes. This is 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 life insurance, you should consider MetLife.
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. He 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. He gave residents loans to rebuild, secured with only a friendly handshake.
Transamerica merged with the Bank of America in 1928
In 1928, Amadeo Giannini merged with the now famous Bank of America. In 1930 they acquired the Occidental Life Insurance Company through his Transamerica Corporation. The banking and life insurance businesses separated in 1956 into two different entities. The life division took on the Transamerica name. In 1972, the now iconic Transamerica pyramid claimed its place in the San Francisco skyline. The rest later became all of the company history.
In the later corporate activities of the 1960s and 1970s. Transamerica grew at an incredible rate of speed owning interests in not only life insurance. But in financial services, 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.
Transamerica’s strong points
Transamerica has a term product which is the Trendsetter LB policy with “Living Benefits”. These benefits are for critical and chronic illnesses. These plan designs will give you excellent while you are alive.
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. Such as 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.
Banner Life is usually the most competitive company for the best term insurance rates
They have over 10 Million customers all around the world. You have to consider 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. They are a company with some of the lowest life insurance rates in the business especially for term products. Banner life is always a very good choice for competitive life insurance policies. They will give you peace of mind in having a very financially stable company you can count on if the unexpected happens.
Banner’s strong points
If you have any medical conditions such as high blood pressure or high cholesterol. Banner will usually come back with the best rate class after their underwriting process. This will in turn will enable you to acquire some of the lowest life insurance premiums. Low cost Term insurance is Banner’s middle name.
Principal Financial: A.M. Best Rating A (Superior)
Independent agents have been turning to Principal for all the best life insurance solutions to help their clients for decades. Principal Financial is also very strong and active in the financial investment markets also. Thanks to their financial stability, they have been very successful helping people and companies build their financial future.
The company was founded in 1879 as an insurance company. Today, they are a Fortune 500 company and a global investment leader all over the world.
- Principal has been named one of the most ethical companies in America.
- They have received the Adviser’s Choice Award for excellence in record keeping.
- Principal has received nearly 100 Best in Class designations over the past 10 years from Plansponsor magazine’s Defined Contribution Services Survey.
- The company offers a very diversified portfolio of insurance products with very competitive rates.
Principal Financial’s strong points
Principal is a very versatile company with many valuable cost effective plan designs such as:
- Term life.
- Indexed universal life.
- Universal life.
- Variable universal life.
- Survivorship life.
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 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 he called the shots and brought the young company into a life insurance behemoth. It would also be one of the largest life insurance companies in the world. They have been in business for over 170 years.
New York Life is one of the original companies that created the first life insurance policy
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. Also, 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. Especially when they think of do they really need life insurance and what will be the benefits of having it. This company is one of the largest and most secure players in the market to say the least and always a great choice.
New York Life’s strong points
The New York Life Insurance Company is such a large company the can afford to be more liberal in the underwriting department. They can allow applicants with medical conditions to be placed in a better rate class. Then they may be able to be issued lower rates than some of the smaller companies.
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. This was to provide affordable 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. This is one of the reasons that crippled the entire financial world. This triggered the SBLI Boston lawyer Louis Brandeis to become a strong advocate for trustworthy practices. This also meant low cost life insurance for the working families of America.
SBLI has over 125 billion dollars of life insurance in force
He was greatly responsible for the passage of Chapter 561. This 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. This department was responsible for launching the SBLI Bank. A new era in the life insurance industry was born. The very first policy was issued to Charles Jones in 1908. The world of being able to purchase affordable insurance for all Americans had now began.
The SBLI life insurance company has now over 125 Billion dollars of life insurance. They also have some of the lowest premiums in the industry. Today SBLI is one of the most competitive insurance companies and is excellent choice to apply with.
SBLI strong points
SBLI has traditionally had some of the most competitive Term life insurance rates in the industry.
Voya: (ING) A.M. Best Rating A+ (Superior)
Voya Financial, Inc. debuted in April and completed its rebranding in September. The company name Voya is an abstract name coined from the word “voyage”. The name reflects momentum and optimism. Voya is also an industry leader in retirement planning field. They are also a leading provider of retirement products and services in the U.S. They serve more than 46,000 institutional clients and nearly 5 million individual retirement plan investors. The Voya corporation has more than 2,300 financial advisers serving the retail market.
Voya Retirement business is focused on guiding and consulting Americans to greater retirement plan strategies. Not just the usual employer-sponsored savings plans and holistic retirement guidance. Voya Annuities offers fixed, fixed-index and immediate annuities. These are aimed at helping individuals save and protect their retirement savings. They serve over 417,000 retail fixed annuity product customers in the United States and other parts of the world.
Voya is one of the newer companies on this list, but still has over 40 years of successful investment experience
Having over 40 years of investment history in investment management. The company has the experience and resources to provide clients with investment solutions. They concentrate 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. This is done through universal, variable and term products. The complete line of life insurance products are very well designed. They have some of the most competitive rates you will ever fine in 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.
Voya’s strong points
Voya is very well known for issuing many of its life insurance rates in a preferred rate class. Where some of the other carriers would be placing you in a standard rate class which would result in higher premiums.
Protective Life: A.M. Best Rating A+ (Superior)
Protective Life first opened their doors for business while President Theodore Roosevelt was in his 7th year in office. This dates back to 1907 which clearly indicates that Protective Life not only has a lot of experience in the life insurance industry. But also 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. This is due to the fact your policy may be in force for well over 30 years before the policy would be expected to paying out any benefits.
Protective Life has some of the most competitive term and universal life rates in the business
Protective Life has very competitive Term life insurance rates. Along with an excellent universal life insurance 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. Also, they do 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. They also have excellent underwriting practices and competitive rates. They put a quality insurance product into the hands of thousands of Americans with an affordable premium as well.
Protective Life has excellent customer service from their home office in Birmingham Alabama
In 1997 Protective Life acquired another excellent and very competitive insurance from San Francisco called West Coast Life. This division was a favorite company with life insurance agents around the country. Especially who wanted to provide excellent life insurance products for their clients with affordable life insurance rates. West Coast Life now goes under the name of Protective Life just like its parent company.
Protective Life’s strong points
Protective Life is very competitive for term insurance. They are also 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 very best choices.
American General: A.M. Best Rating A (Excellent)
American General is a very well known company 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. They range from employer group benefits to individual life insurance products. They are all backed up with tremendous financial strength and some of the most affordable premiums available.
American General has been in business since since the year 1850
American General has been in business since 1850. They 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. American General is normally a top contender for competitive term life premiums when compared to their competition. Make sure to review the American General line of insurance products if you are considering applying for a new policy. You can’t go wrong with AIG American General.
American General strong points
American General has many strong points from offering low cost life insurance rates. Especially to applicants with serious health problems. They also offer some of the best permanent universal life insurance products.
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 one minute.
Assurity Life is 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. This is due to the fact they are a good company all around from innovative life insurance products. Also with great customer service and very competitive rates.
They have a full arsenal of life insurance policies from conventional term life insurance to final expense life insurance. Assurity Life can compete with the largest New York carrier’s product for product any day of the week. This company has some other products that excel such as disability income. Also Critical Illness insurance, Accidental Death and life insurance company annuities. Assurity Life is a company you never want to overlook when planning on purchasing your new life insurance plan.
Assurity Life strong points
Assurity Life has a full spectrum of life insurance products. These products are offered from low cost Term life insurance to some excellent Burial Insurance products. Assurity is a well rounded carrier with high quality insurance products and very competitive premiums.
Sagicor: A.M. Best Rating A- (Excellent)
The Sagicor Life Insurance Company is a company with over 60 years of experience. They also 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 insurance agents 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 an industry leader for over 170 years. If you have never heard of this company before, don’t let this alter your opinion. 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.
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.
Our final recommendations
All twelve of the best life insurance companies we 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 are approximately 40 more companies that are listed on our websites quote engine for your review. They all offer some of the best rates.
Take your time and review these companies on our websites quoting system. Please don’t hesitate to contact us 7 days a week with any questions you may have. There is never any obligation for our help. We want to make sure you get the very best plan design for the lowest possible premium.
All the best,