Discover the 13 best life insurance companies in the US as recently rated by Forbes. This will help you make crucial financial decisions to ensure financial safety for your family and loved ones among the hundreds of life insurance brands in the US.
Factors of a Top Life Insurance Company
Reputation and Experience
A reputable life insurance company usually has a long history and is trusted by many customers. Large companies often have transparent policies and procedures, making buyers feel more secure when choosing insurance.
Key Services and Products
A reputable insurance company will offer a variety of insurance products suitable for different customer groups. This flexibility allows buyers to choose from Term Life Insurance, Whole Life Insurance, to Indexed Universal Life Insurance (IUL) investment-linked policies.
Pricing and Costs
Reasonable pricing, along with good benefits and support services, is a crucial factor when evaluating an insurance company. Insurance costs should be affordable while still ensuring sufficient insurance benefits and financial advantages.
Customer and Community Feedback
Feedback from current customers and ratings from independent organizations are essential measures when choosing a life insurance company. Companies with high customer satisfaction are usually more reliable.
TOP 13 Best Life Insurance Companies in the US
Here is the list of the top 13 reputable and recommended life insurance companies in the US:
National Life Group – Great for Indexed Universal Life Insurance & Kaizen Insurance
- Company Overview: National Life Group is a major financial group in the US, founded in 1848, specializing in life insurance products and financial solutions for individuals and businesses.
- Operating Time: Over 175 years.
- Key Insurance Products: Indexed Universal Life Insurance (IUL) and Kaizen Insurance.
- Pros: National Life Group is notable for its flexible insurance products, especially IUL, which allows for account value growth based on the stock market without incurring losses. Kaizen Insurance products are also highly rated for their asset-building capabilities.
- Cons: Products like IUL are complex and require in-depth knowledge to be effectively utilized.
- Customer Base: Suitable for middle and affluent customers looking to grow their assets and secure financial protection.
Allianz – Best for Max Funded Indexed Universal Life Insurance
- Company Overview: Allianz is one of the largest global financial groups, headquartered in Germany with a strong presence in the US. They are known for offering diverse insurance and financial products.
- Operating Time: Over 130 years (since 1890).
- Key Insurance Products: Max Funded Indexed Universal Life (IUL) and Kaizen Insurance.
- Pros: Allianz offers numerous life insurance products with attractive benefits, particularly IUL. Their Max Funded IUL stands out with its potential for high returns while protecting policyholders from market downturns.
- Cons: Accumulated value from IUL depends on market fluctuations, making it challenging for customers to predict outcomes.
- Customer Base: Wealthy individuals or those seeking long-term, low-risk investment methods with a desire for asset growth.
AIG – Best for Term Life Insurance
- AIG is a globally renowned insurance and financial services corporation, particularly strong in life insurance with over 100 years of operation (since 1919).
- Key Insurance Products: Term Life Insurance.
- Pros: AIG provides affordable and flexible term life insurance products, ideal for families with medium income.
- Cons: Term life insurance products do not accumulate cash value, so customers do not receive benefits after the policy term ends.
- Customer Base: Ideal for individuals and families needing short-term financial protection at a low cost.
Transamerica – Great for Reliable Policy Illustrations
- Company Overview: Transamerica is one of the major insurance companies in the US, with a strong reputation in life insurance and investment management.
- Operating Time: Over 110 years (since 1906).
- Key Insurance Products: Universal Life Insurance and Term Life Insurance.
- Pros: Transamerica is known for providing clear and understandable policy illustrations, helping customers comprehend their rights and responsibilities.
- Cons: Some products may be complex for consumers unfamiliar with universal life insurance.
- Customer Base: Suitable for those seeking long-term protection with flexible cash value options.
Pacific Life – Best for Variable Universal Life Insurance
- Pacific Life is one of the best life insurance and financial companies in the US, with over 150 years of operation (since 1868), offering a wide range of insurance and investment products.
- Key Insurance Products: Variable Universal Life Insurance (VUL).
- Pros: Pacific Life offers outstanding VUL products with flexible investment options in financial funds, providing customers with opportunities to grow their assets.
- Cons: VUL products carry high risk due to stock market volatility.
- Customer Base: Suitable for investors who can tolerate risk and want to combine life insurance with asset growth opportunities.
Protective – Best for Indexed Universal Life Insurance
- Company Overview: Protective is a reputable life insurance company in the US, known for its cost-effective and flexible insurance products.
- Operating Time: Over 110 years (since 1907).
- Key Insurance Products: Indexed Universal Life Insurance (IUL).
- Pros: Protective offers low-cost IUL products, especially for customers seeking long-term financial stability.
- Cons: Accumulated interest rates depend on the market, which may not be appealing during market downturns.
- Customer Base: Suitable for middle-income individuals seeking long-term financial protection without accepting too much risk.
Corebridge Financial – Best for Recreational Marijuana Users
- Company Overview: Corebridge Financial (formerly AIG Life & Retirement) is one of the leading insurance companies in the U.S., offering financial and life insurance solutions.
- Years in Business: Over 100 years (under the AIG brand).
- Key Insurance Products: Term Life Insurance, Universal Life Insurance.
- Pros: Corebridge Financial stands out for providing life insurance to legal marijuana users, which is often limited by other insurers.
- Cons: Their insurance products can be complex and difficult for consumers unfamiliar with detailed terms to understand.
- Target Audience: Suitable for consumers seeking flexibility in insurance policies, especially those with higher-risk lifestyles or behaviors, such as legal marijuana users.
Penn Mutual – Best for Universal Life Insurance
- Company Overview: Penn Mutual is a life insurance company with a long history, known for its universal life insurance products.
- Years in Business: Over 175 years (since 1847).
- Key Insurance Products: Universal Life Insurance, Whole Life Insurance.
- Pros: Penn Mutual offers financially flexible life insurance products, allowing policyholders to maximize accumulated value.
- Cons: Some products may require in-depth knowledge of finance and investment.
- Target Audience: Suitable for those seeking long-term insurance with the potential for asset accumulation.
Symetra – Best for Term Life Insurance
- Company Overview: Symetra is a well-known insurance company, primarily for its term life insurance and small business insurance products.
- Years in Business: Over 60 years (since 1957).
- Key Insurance Products: Term Life Insurance, Universal Life Insurance.
- Pros: Symetra provides competitively priced term life insurance products with a straightforward process.
- Cons: Symetra does not offer as many universal life insurance options as some competitors.
- Target Audience: Suitable for individuals and small businesses in need of short-term financial protection solutions.
Lincoln Financial – Great for Estate Planning
- Company Overview: Lincoln Financial is one of the largest insurance companies in the U.S., known for its insurance and investment solutions related to estate planning.
- Years in Business: Over 115 years (since 1905).
- Key Insurance Products: Variable Universal Life Insurance, Term Life Insurance.
- Pros: Lincoln Financial excels at offering insurance products that help clients efficiently manage their assets and legacy.
- Cons: Estate-related insurance products typically come with higher premiums and are more suited to those with significant assets.
- Target Audience: Suitable for wealthy individuals who need asset protection and estate planning solutions.
MassMutual – Great for Financial Strength
- Company Overview: MassMutual is one of the most financially stable insurance companies in the U.S., specializing in life insurance and financial services.
- Years in Business: Over 170 years (since 1851).
- Key Insurance Products: Whole Life Insurance, Universal Life Insurance.
- Pros: MassMutual stands out with its strong financial stability and comprehensive insurance products like Whole Life Insurance, which provides lifetime cash value accumulation.
- Cons: Premiums are often higher compared to other companies.
- Target Audience: Suitable for those seeking stability and confidence in the company’s financial strength.
Midland – Great for Seniors
- Company Overview: Midland National Life Insurance is one of the oldest insurance companies in the U.S., known for its insurance solutions tailored to seniors.
- Years in Business: Over 115 years (since 1906).
- Key Insurance Products: Indexed Universal Life Insurance, Whole Life Insurance.
- Pros: Midland offers flexible insurance products suited for seniors, especially those looking for financial protection without strict medical exams.
- Cons: Products may not be suitable for younger individuals or those seeking long-term accumulation benefits.
- Target Audience: Suitable for seniors looking to protect their family’s financial future and ensure long-term benefits.
Nationwide – Great for Young Adults
- Company Overview: Nationwide is one of the leading life insurance companies in the U.S., offering various life insurance products and financial solutions for young customers.
- Years in Business: Over 90 years (since 1929).
- Key Insurance Products: Term Life Insurance, Universal Life Insurance.
- Pros: Nationwide stands out with affordable term life insurance products, especially for young adults and those new to insurance.
- Cons: Term products do not offer the asset accumulation features of more comprehensive insurance plans.
- Target Audience: Suitable for young individuals or those starting in life insurance, seeking short-term financial protection at low costs.
How to Choose the Right Insurance Company
Assess Your Needs
Before purchasing insurance, you should identify your financial needs. Do you need insurance to protect your family income, safeguard your legacy, or invest in accumulating assets?
Compare Insurance Plans
Compare the insurance plans from different companies to find a product that fits your financial needs and circumstances.
Choose a Reliable Insurance Company
- Company Reputation and Longevity: Companies with a long history are generally more reliable and experienced in handling claims and customer service.
- Pros and Cons: Every company has unique product and service advantages. Consider factors like premium costs, insurance benefits, and customer support when choosing a company.
- Evaluate Risk Levels: If you have high-risk factors (such as poor health or working in hazardous environments), consider choosing a company with flexible policies and higher coverage levels.
- Customer Support Team: Choose a company with a strong customer service team that’s ready to answer questions and assist throughout your policy usage.
- Company Reach: A company with nationwide coverage will allow you to access services, especially when direct support is needed easily.
- Cost and Pricing: Choose a company with reasonable premiums that still ensures coverage benefits.
- Ease of Policy Approval: Quick, transparent, and simple procedures will save you time and help you receive benefits more efficiently.
Conclusion
Selecting a life insurance company requires consideration beyond price. Service quality, reliability, and community feedback should also be evaluated. Hopefully, this list of the TOP 13 best life insurance companies in the U.S. helps you find the right insurance partner for your needs.
