2017 RANKING & REVIEWS OF
THE TOP LIFE INSURANCE COMPANIES
Intro: 2017 Ranking of Top Life Insurance Firms (Why Should You Have Life Insurance?)
Are you asking yourself why it would be important for you to identify the best life insurance companies?
Maybe you’re young and healthy and feel as if life insurance really has no place in your life.
Unfortunately, that’s not necessarily the case, which is why it’s so important to read life insurance reviews and make an informed decision that will protect your loved ones in the event of an unexpected situation.
There tends to be a feeling among consumers, particularly when they’re in their 20s or 30s, that they’re invincible; therefore, there’s no reason even to consider the best-rated life insurance companies.
The problem then becomes that people wait until they’re in their 40s, 50s or even older, and then it becomes much more difficult to gain coverage, even from the best life insurance companies.
The policies may be unrealistically expensive, or older consumers may not qualify.
That’s why it’s so important to begin researching top life insurance companies early in life and understand the benefits it can bring.
Award Emblem: Top 10 Best Life Insurance Companies
It’s worth noting that insurance often isn’t as expensive as people think it’s going to be, particularly when they’re working with one of the reputable and best-rated life insurance companies.
Research from a nonprofit insurance education group recently showed that Millennials see life insurance as being three times more expensive than it actually is.
When they start exploring life insurance company ratings and talking to policy providers, they tend to be surprised over how inexpensive and affordable it is.
The following compilation of life insurance reviews is designed as an actionable buyer’s guide, showing the top 10 life insurance companies.
List of the Top Life Insurance Companies
This list is sorted alphabetically (click any of the below names to go directly to the detailed review for the best life insurance companies)
- MassMutual Life Insurance
- New York Life
- Northwestern Mutual
- State Farm
Top Life Insurance Companies | 2017 Ranking
Life Insurance Companies
|MassMutual Life Insurance||https://www.massmutual.com/|
|New York Life||https://www.newyorklife.com/|
|Transamerica (Aegon USA Group)||https://www.transamerica.com/individual/|
Table: Top 10 Best Life Insurance Companies | above list is sorted alphabetically
- Permission to Use Your FREE Award Emblems
- Promoting Your “Top Ranking” Award Emblem and Recognition
- Can Anyone Request a Review of Life Insurance Companies?
- Do The Best Life Insurance Companies Have a Say in Their Review & Ranking?
- Can Top 10 Life Insurance Companies Request Corrections & Additions to Their Reviews?
All-in-One Change Management Tools
Top Rated Toolkit for Change Managers.
Get Your Change Management Tool Today...
Methodology for Selecting the Top 10 Life Insurance Companies
When AdvisoryHQ began the process to create the life insurance company ratings on this life insurance comparison, we utilized our signature methodology, which puts the focus on the consumer. We looked at the factors that would be most relevant to the consumer, with a top-down approach.
As with all of our review and ranking articles, the research and writing for this list of life insurance companies were completely independent and objective.
Detailed Review – Top Life Insurance Companies
After carefully considering each of the best-rated life insurance companies, we created the following list of the top 10 life insurance companies.
AIG is an organization that’s been serving the needs of customers for almost a century, and it works to provide the insurance products consumers need to protect their families, property, and businesses. AIG is ranked as one of the top 10 commercial insurance companies and also as the #1 commercial insurer in the U.S. and Canada.
AIG is the world’s biggest non-life insurer based on market capitalization as well as being a leading provider of personal insurance in countries around the world. Nearly half of the Forbes 400 richest Americans choose AIG as their personal life insurance provider.
Key Factors That Enabled This to Rank as One of the Top 10 Life Insurance Companies
When comparing the best-rated life insurance companies, the following are some of the primary reasons AIG is on this list of top life insurance companies.
Quality of Life Insurance
When reading life insurance reviews and trying to find the best-rated life insurance companies, many consumers incorrectly believe all products are the same, and that is not necessarily true. In reality, many of the top life insurance companies actually offer exclusive products that aren’t provided by all companies.
One of the signature products available from AIG is called Quality of Life Insurance, and this product is one of the reasons AIG was selected as a best company for life insurance.
Quality of Life Insurance is a suite of products that provides a death benefit to the people who depend on the insured, and there can also be options to cover medical expenses, retirement, and other life events. Since the policyholder doesn’t have to actually die to receive these benefits, they’re called living benefits, and they’re available at no additional charge.
Some of the coverage includes chronic and critical illness as well as terminal illness.
Image source: Big Stock
During the process of looking at life insurance company ratings and then choosing the best company for life insurance, consumers often demand convenience and accessibility. Rather than having to go to an office and meet with an insurance representative, they want the option to do most of the business online, and that’s something AIG offers, which is why it’s included on this list of life insurance companies.
Consumers can visit the AIG website and get a free, no-obligation term life insurance quote in two minutes. They simply fill out a few bits of information about themselves, and then they can at least get an idea of how much life insurance would cost for them.
Guaranteed Issue Whole Life
AIG is considered one of the best whole life insurance companies, and a valuable product offering is called Guaranteed Issue Whole Life. This is a straightforward, affordable insurance policy that covers the cost of things like medical bills, credit card debt, and funeral costs.
This life insurance protection doesn’t require any health questions or medical exams, and it offers guaranteed protection for consumers ages 50–85. This is great for those worried over qualifying for a policy based on their health. In addition, they receive the peace of mind in knowing their loved ones will receive financial help during a challenging time.
No two people are exactly the same, so a universal, one-size-fits-all life insurance policy isn’t likely to be ideal. AIG is unique from other life insurance providers in that it focuses on offering products that are versatile and customizable, leading to its inclusion in this life insurance comparison.
For example, in addition to being one of the best whole life insurance companies, it offers a range of term life insurance products with affordable coverage, a selection of policy duration options, and terms ranging from 10 to 30 years.
With AG Select-A-Term, the policyholder can choose the amount of benefit needed for the length of time he or she needs it.
There’s also the AG ROP Select-A-Term which offers immediate protection and money back later when the end of the level premium term is reached without a claim. The money that is given back through this policy is guaranteed and tax-free.
One of the best life insurance companies, Fidelity is a financial services and insurance company based in Boston. It has ten regional offices and more than 180 investor centers and 40,000 employees throughout the U.S. Fidelity offers products, including personal investing, workplace investing, and asset management as well as being one of the top life insurance companies.
Fidelity’s business philosophy is based on responsibility and helping clients make good judgments for the long term in a way that promotes integrity, compassion, and expertise based on insights.
Key Factors That Led Us to Rank This As One of the Top 10 Life Insurance Companies
Reasons Fidelity was included on this list of life insurance companies are highlighted below.
Determining Your Needs
A big part of why Fidelity is one of the best life insurance companies and why it was included in this life insurance comparison is because it doesn’t just offer policies but strives to be an educational resource for consumers – to help them determine the right plan for their needs.
For example, Fidelity offers a guide called “Determining Your Coverage Need.”
This covers topics such as whether you should select term or permanent coverage, and what factors your coverage amount should be based on. The guide also offers information about varying life milestones and the corresponding type of coverage a person might want to purchase at those times in their life.
Long Term Care Coverage
Fidelity features long-term care coverage, which is a single premium life insurance policy, providing valuable long-term care benefits. This means clients can use a part of their personal savings to create a larger pool of long-term care benefits, which are accessible on a monthly basis and used to help with the payment of care expenses.
This is a unique alternative to other types of life insurance, and the provision of these different policy options is a key reason Fidelity was included on this life insurance companies list.
The long-term care coverage is a different approach to life insurance, and it can be one many consumers find valuable, particularly as the average lifespan continues to grow.
Universal Life Insurance
As one of the best life insurance companies, Fidelity offers clients access to two different Universal Life Insurance Policies.
These Universal policies are permanent life insurance products, with a lifetime guaranteed death benefit. While permanent life insurance tends to be more expensive than term life products, it also offers guaranteed death benefits, which is something clients can find valuable.
One of the Universal Life Insurance products available from Fidelity is designed to provide liquidity for an estate and transfer wealth or provide income replacement for dependents after their working years.
The other options are for two people who want to complete their estate plan in a way that maximizes the wealth they will transfer to their beneficiaries after both individuals have passed away.
Term Life Insurance
Fidelity is one of the best term life insurance companies, and these products offer general financial resources to the policyholder’s family after his or her death.
This coverage is designed for someone who wants income replacement protection during their working years to protect their dependents. The insurance benefits would be used to meet things like debt obligations if a premature death were to occur.
MassMutual Life Insurance Review
MassMutual is often considered one of the best term life insurance companies as well as one of the best whole life insurance companies. MassMutual was founded in 1851, and it has remained true to its original guiding principle, which is to help people secure their future and loved ones.
As a mutual company, MassMutual doesn’t have shareholders; instead, members and policy owners share in the membership of the company. That means if someone has a life insurance policy with MassMutual, that individual is entitled to vote for the board of directors. Additionally, dividends are often paid to eligible participating policyholders.
Key Factors That Enabled This to Rank as One of the Top Life Insurance Companies
MassMutual is included on this list of life insurance companies and life insurance company ratings for the following reasons.
Guaranteed Acceptance Life Insurance
When selecting the best-rated life insurance companies, one of the big questions many consumers have is whether or not they will be accepted for coverage. MassMutual offers Guaranteed Acceptance Life Insurance, which provides an affordable way to cover financial expenses, which can include funeral costs, debts, and medical bills.
This coverage is guaranteed throughout the life of the policy, and the premium remains the same.
There is a limited benefit provided by Guaranteed Acceptance Whole Life Insurance in the first two policy years.
Coverage ranges from $2,000 to $25,000, and rates start at less than $10 per month. This coverage is for consumers between the ages of 50 and 75, and the application process is simple, with no medical exam or health questions. There isn’t denial for health reasons.
This guaranteed acceptance coverage was an essential part of MassMutual being ranked as one of the best whole life insurance companies as well as its inclusion on this list of life insurance company ratings.
Universal Life Insurance
Also available to clients of MassMutual is Universal Life Insurance, which is designed to offer permanent protection along with versatility and flexibility. When a client chooses this form of coverage, he or she can select varying premiums as long as the value is available in the individual’s account.
This can also include a guaranteed death benefit option to provide permanent coverage to a policyholder’s loved ones.
This option is great for people who have financial circumstances that change from month-to-month since they can decide how much premium to pay. This makes it possible to pay extra some months and less during others.
This account can also accumulate value which can be borrowed to supplement retirement income or do other things such as paying for education costs.
Financial Strength Ratings
With any financial services company, it’s important to think about stability, strength, and reputation – all important considerations when choosing the best life insurance companies. Financial strength ratings are one way to gauge this, and the strength of MassMutual is critical to why it’s one of the top 10 life insurance companies on this list of life insurance reviews.
Financial strength ratings include:
- A.M. Best Company A++ (Superior, Top Category of 15)
- Fitch Ratings AA+ (Very Strong, Second Category of 21)
- Moody’s Investors Service Aa2 (Excellent, Third Category of 21)
- Standard & Poor’s AA+ (Very Strong, Second Category of 21)
Whole Life Insurance
MassMutual is one of the best term life insurance companies as well as being one of the best whole life insurance companies.
Its standard Whole Life Insurance is designed to provide present and future protection for the loved ones of policyholders. The premiums don’t increase with this permanent protection, and what’s really unique is that whole life policies build cash value during the policyholder’s lifetime.
This is one of the primary benefits of whole life insurance – it lets people accumulate cash value which is guaranteed to increase over time. Then, that value can be borrowed against.
Additionally, whole life policyholders can potentially receive dividends. They aren’t guaranteed, but, according to MassMutual, it has consistently paid dividends to eligible policyowners since the 1860s.
MetLife is included on this life insurance companies list as one of the top 10 life insurance companies for many reasons. MetLife, Inc. is one of the world’s top providers of insurance as well as employee benefit programs and annuities, with 90 million customers. MetLife has a presence in not only the U.S. but also throughout the world, including Europe, Asia, and Latin America.
The company was founded in 1868, and it has continued to maintain its goal of providing unique products and services to customers through innovation and high-quality solutions.
Key Factors That Allowed This to Rank as One of The Top Life Insurance Companies
When reviewing and ranking the best-rated life insurance companies to include on this list of life insurance companies, the below criteria were important for MetLife.
As with anything in today’s technologically and digitally-driven world, the ability to get service that’s fast and convenient is an important decision for consumers searching for the best life insurance companies.
MetLife strives to move forward with a focus on innovation, and one of the ways it does this is through the availability of eService. eService means life insurance customers of MetLife can go online and do things like change their beneficiary or policy information, review their coverage and premium, make a withdrawal, and more.
Other MetLife products can be managed online too, including individual disability, auto, and home insurance.
Policyholders can also enroll in MetLife eDelivery for paperless access to information they’d ordinarily receive by mail.
While many policies from top life insurance companies are only accessible through an advisor, MetLife does feature two options that are available online.
The first is the Simplified Issue Term Life Insurance, with a simple, straightforward application process and decisions made in as little as 24 hours. Coverage lasts up to age 90, and no medical exam is required. Only two health questions are asked during the application process. Coverage amounts range from $10,000 to $100,000.
Another policy available from this pick for one of the best life insurance companies is the Guaranteed Acceptance Whole Life Insurance policy. This also features an easy online application and no medical questions or medical exam at all. Coverage amounts range from $2,000 to $25,000.
Term Life Option
MetLife is not only one of the overall best term life insurance companies, but it also offers one of the best selections of diverse term life policies. Term life insurance is preferred by many consumers because of its affordability. Term life insurance from MetLife means valuable coverage at a price that’s affordable, and it can help cover specific financial responsibilities like a mortgage. It’s also often used to supplement a work or permanent policy.
The flexible and versatile term life options from MetLife include:
- Simplified Issue Term Life Insurance: This is for coverage amounts below $100,000. There is no medical exam, and decisions are made fast.
- Level Term Life Insurance: For amounts over $100,000, term life insurance policies have premiums that won’t increase for the length of the level premium period selected
- One-Year Term Life Insurance: This is a one-year, non-renewable short-term insurance option
New York Life Review
New York Life is well-known as one of the top life insurance companies in the country. New York Life is the largest mutual life insurance company in the U.S., and, in addition to being one of the best-rated life insurance companies, it also offers a variety of investment and retirement solutions.
New York Life strives to be there for clients throughout the most important moments in their lives – providing customers with peace of mind and a sense of financial well-being. New York Life has a history of more than 170 years, and it is a Fortune 100 company.
Key Factors That Enabled Us to Rank This as One of the Top 10 Life Insurance Companies
When creating this list of life insurance companies, the following details are some of the reasons New York Life is ranked among the best-rated life insurance companies.
Anytime a consumer starts exploring top life insurance companies or looking for a policy that meets specific needs, if he or she has never made this kind of purchase before, it can be a confusing time.
That’s why New York Life prides itself on not just being a best company for life insurance but also for delivering personalized, attentive service that helps clients make the right decisions for their life.
There are many ways to reach New York Life, including by phone, email, and social media. It also has a set of FAQs for clients and potential clients to utilize during their decision-making.
New York Life recently announced that it has maintained the highest possible ratings for financial strength awarded to any life insurer from all four major rating agencies. New York Life is one of only two life insurers with the highest financial strength ratings from all four major agencies, and that’s out of a pool of 800 insurers operating in the U.S.
Highlights of these life insurance company ratings include:
- A.M. Best – Rating of A++ based on factors like leading marketing position in the U.S. life insurance industry, excellent risk-adjusted capitalization, favorable liability profile, and consistent operating earnings
- Fitch Ratings – Rating of AAA for market leadership in life insurance, extremely strong capital, a conservative operating profile, and strong brand recognition
- Moody’s Investors Service – Rating of AA for a top-tier position in the U.S. individual life insurance market, large block of individual life insurance containing significant embedded profits, and a well-diversified investment portfolio
One of the top 10 life insurance companies, New York Life offers what are called “policy riders” so that customers can customize their coverage to their own needs and wants and also derive the most value from their life insurance. Policy riders are available through the purchase of a primary policy, and, while some of these add-ons have an additional cost, several are automatically included.
A few of these potential add-ons include the following:
- Accidental death benefit rider
- Children’s insurance rider
- Chronic care rider
- Disability waiver of premium rider
- Living benefits rider
- Spouse’s Paid-Up Insurance Purchase Option (SPP)
This is just a partial description of many the available riders from New York Life – one of the top life insurance companies.
One of the more unique things about New York Life that led to its inclusion on this list of life insurance companies and ranking of the top 10 life insurance companies is the fact that it’s a mutual company.
This means everything done by New York Life is for the benefit of the policyholders rather than shareholders.
Clients completely and collectively own New York Life, so the company can look beyond short-term profits when making decisions. This also means clients are an active part of the company, and policyholders may have the ability to select members of the board of directors. Policyholders can also take part in shared dividends annually, and in 2016, those totaled $1.7 billion.
Northwestern Mutual Review
Northwestern Mutual is one of the country’s best life insurance companies that has been working to improve the financial lives of clients for generations. Northwestern Mutual says it is not only committed to the betterment of its clients but also the communities it serves.
As a pick for a best company for life insurance, Northwestern Mutual has a history that goes back almost 160 years. As a mutual company, there are no stockholders, and policyholders ultimately own and guide the direction of the company.
Key Factors Leading Us to Rank This as One of the Best Life Insurance Companies
When creating this list of life insurance companies, the following are some criteria that resulted in the inclusion of Northwestern Mutual.
Live Life Differently
To be included on this list of life insurance reviews and ranked as one of the top 10 life insurance companies, it was important that companies do things differently, and Northwestern Mutual has an entire program dedicated to just that.
The Live Life Differently Program is designed to provide clients with financial security and the tools necessary to achieve it.
This program begins with an expert advisor working to assess the client’s entire financial situation. The advisor will help the individual see where he or she is and what needs to be done to achieve the desired goals. Then, a personalized plan is created which includes wealth-growing investments as well as insurance to provide protection for what’s being grown. The plan is then regularly monitored.
When customers are considering life insurance reviews and searching for the best-rated life insurance companies, they often go with a company that stands apart in some way. Northwestern Mutual is distinctive because it not only has a history of almost 160 years and some of the highest financial strength ratings in the world, but policyholders of this best company for life insurance can receive dividends.
Northwestern Mutual has paid dividends every year since 1872, and its total yearly dividend payout is an industry leader.
With money from dividends, policyholders can increase the value of their policy, use it to pay their premiums or receive it as cash.
A signature product available from this pick for one of the best life insurance companies is called CompLife Insurance. This product is designed to offer a combination of protection and value for a lifetime. It integrates permanent life insurance and optional term coverage.
When a client of this selection for one of the top life insurance companies goes with CompLife insurance, he or she gets optional term life insurance for a customized plan, and the permanent and term aspects of coverage can be combined in nearly any proportion.
Premium payments are based on the proportion of permanent and term insurance coverage selected, and permanent life insurance value can be added if the policyholder opts to pay additional premiums.
CompLife also includes dividend earnings, and it’s a flexible option that’s adaptable to changing needs.
Variable Life Insurance
Also available from Northwestern Mutual, one of the best term life insurance companies and one of the best whole life insurance companies, is Variable Life Insurance.
With Variable Life Insurance, the objective is to help clients balance their need for protection with their other financial goals. Policyholders get the opportunity to determine where the cash value of their policy is invested, which means there is possibly more risk but also the potential for more growth.
This is also a flexible life insurance plan, and policyholders can use the cash value to meet their other financial goals.
Prudential Financial is a company with a history dating back 140 years that serves the needs of both individual and institutional customers. Along with being one of the best life insurance companies and having some of the highest overall life insurance company ratings, Prudential is also one of the world’s largest financial services organizations.
Prudential has 49,000 worldwide employees, nearly $1.3 trillion in assets under its management, and a presence of serving customers in 47 countries and territories. It is also ranked highly in terms of financial strength by Moody’s, Fitch, A.M. Best, and Standard &Poors.
Key Factors That Enabled This to Rank as One of the Top Life Insurance Companies
During the process of considering life insurance company ratings used to create this list of the best life insurance companies, below are some factors that made Prudential stand out.
Life Insurance Needs Estimator
Often, consumers will put off working with even the best-rated life insurance companies because the process can seem intimidating. Even if they realize the need they have for life insurance, they’re not sure where to begin or exactly how much coverage is needed.
Prudential strives to make it easy for consumers to figure this out, which is one of the many reasons it is included in this life insurance comparison and list of life insurance company ratings.
It features signature tools, including the “How Much Life Insurance Do You Need” calculator.
This comprehensive calculator is available online, and customers answer questions such as how much insurance they currently have, both in terms of personal and employer group insurance. They also respond to questions regarding current investments, income, debt, and potential college expenses for their children.
Image source: Pixabay
Online Service Center
To incorporate convenience and accessibility, this selection for one of the top 10 life insurance companies included on this life insurance companies list offers its Online Service Center.
Once a customer has a policy with Prudential, the individual can go to the Online Service Center to access information about his or her policy and manage it. This portal is called PruOnline.
Some of the things policyholders can do here include the following:
- Elect or change how payments are made
- Name and update beneficiaries
- Update contact information
- View and print policy documents
- Make a premium payment
- View payment history
Universal Life Insurance
Prudential is a leader and one of the country’s top life insurance companies, with some of the best life insurance company ratings in large part due to its extensive product offerings. Prudential doesn’t just offer one type of universal life insurance. Instead, it offers several, giving clients the opportunity to really customize their plan to suit personal requirements.
In general, universal life insurance is designed for people who want long-term insurance protection.
The universal life insurance products available from this leader among the best-rated life insurance companies include:
- PruLife Universal Protector: offers guaranteed lifetime protection
- PruLife Universal Plus: life insurance protection with the potential for cash value accumulation
- PruLife Index Advantage UL: lifetime protection and cash value accumulation
- PruLife SUL Protector: for two individuals, with guaranteed lifetime protection under a single policy
When reviewing life insurance company ratings and life insurance reviews, one of the big factors AdvisoryHQ used in the creation of this life insurance comparison was how customizable the products were.
What stood out about Prudential and persuaded us to include it on this life insurance companies list was the availability of riders. Riders are customizable options that can be included with a life insurance policy, and many of them can be accessed and utilized when the policyholder is alive.
For example, the Children Level Term lets policyholders provide life insurance for their children from a young age while the Enhanced Cash Value is a rider that helps policyholders receive a higher cash value in the initial years of their policy, in case it’s surrendered.
State Farm Review
State Farm is a full-service insurance company founded in 1922. State Farm’s 18,000 agents service 82 million policies and accounts, and the mission is defined as helping people manage the risks of everyday life, recover from the unexpected, and realize their dreams.
In addition to being one of the best life insurance companies and a provider of many other insurance products, State Farm is also a financial services company with tens of millions of American customers and more than 100 available products.
Key Factors That Led Us to Rank This as One of 2016’s Top Life Insurance Companies
Main reasons State Farm is part of this life insurance comparison and compilation of life insurance company ratings are cited in the following list.
State Farm, one of the country’s top 10 life insurance companies, offers not only products for individuals but also for small businesses. There are certain considerations business owners have to keep in mind when they’re working to grow their organization, including what would happen in the event of their death.
A range of life insurance products are available from this best company for life insurance that ensure businesses move along in an orderly way during a transition.
There are also options available from State Farm, one of the best-rated life insurance companies, which provide insurance policies that protect small businesses against the loss of key employees, and State Farm insurance policies can be used as an additional employee benefit as well.
For some consumers, they’re not searching for a list of life insurance companies that offer full-scale policies; instead, they just want something minimal that would cover their final expenses. Not every life insurance company offers that minimum option, but State Farm does.
One of its key insurance policies is called Final Expense, and it’s specifically designed to ease the burden of burial expenses on family members and loved ones. The availability of this simple yet valuable policy is one of the reasons State Farm is included on this list of life insurance companies and in this life insurance comparison.
There is a fixed death benefit of $10,000, premiums are guaranteed up to the age of 100, and the growth of the tax value is tax-deferred. There is also the possibility to earn dividends for policyholders.
Triangle of Protection
This leader among the best life insurance companies offers a signature product option called the Triangle of Protection. This is designed to protect the client against unexpected situations, and an agent from State Farm works to build a layered approach to protection that can include life, disability, income, and homeowner’s insurance.
Life insurance can be used to pay off a mortgage and keep a family in their home if the owner dies prematurely. Disability income insurance can help the policyholder make mortgage payments if he or she is unable to work due to a disability, and homeowner’s insurance provides protection if there’s damage to a home and the belongings it contains.
Limited Pay Life
State Farm is frequently recognized as one of the best term life insurance companies, and one of its more popular products is called Limited Pay Life, which is designed to offer a lifetime of benefits without lifelong premiums.
Premium payments are limited to 10, 15 or 20 years.
This policy includes tax-deferred cash value growth, and death benefits are generally passed on to beneficiaries tax-free.
This policy may also earn dividends.
TIAA, along with being one of the top 10 life insurance companies, has a history of almost 100 years. It was started in 1918 through an endowment by the Carnegie Foundation. Since that time, it’s grown into a Fortune 100 financial services organization. As well as being one of the top life insurance companies, TIAA has investments in 50 countries throughout the world.
This leader among the best life insurance companies also manages $889 billion in assets and follows a rigorous set of ethical standards, including transparency, integrity, and corporate social responsibility. TIAA also tends to fare well in most life insurance reviews and life insurance company ratings.
Key Factors Considered When Ranking This as One of the Top Life Insurance Companies
When creating the life insurance company ratings that are part of this list of life insurance companies and life insurance reviews, below are some of the reasons TIAA was included.
When a client turns to TIAA, that individual will quickly realize that he or she is working with one of the best life insurance companies because of the level of personalized service and attention given. The process and approach undertaken by this leader among the top life insurance companies is one that’s not only tailored and individualized but also driven by goals.
All clients receive access to realistic, personalized advice no matter how much they have to spend or invest.
At the same time as TIAA strives to help customers meet their goals, it also remains true to its mission and values, and that’s why the company has received recognition such as being named one of the world’s most ethical companies by ethisphere.com.
The TIAA Difference
When creating a life insurance comparison and life insurance company ratings, it’s important to look at how one company differentiates itself from another. TIAA makes it very clear that it is unique in key ways, even among some of the best life insurance companies, which include:
- The TIAA representatives make it easy for clients by helping them find the right kind of insurance for their life, family, and overall needs
- When looking at the best-rated life insurance companies, TIAA is among the best in the U.S. in terms of financial strength
- Customers can choose a charity that will receive 1% of their policy amount at no extra cost
Most of the names on this list of life insurance reviews and life insurance company ratings have some types of tools or calculators that help clients determine what’s right for them, but TIAA Life Wizard is among the most comprehensive of these.
Within a matter of minutes, users of Life Wizard can start by assessing whether or not they need life insurance. They can then move on by answering simple questions that will estimate how much coverage is necessary.
Then, the final step of the Life Wizard process involves the receipt of a quote and application so the user can see how much it would cost.
As mentioned above, TIAA works to differentiate itself from other top life insurance companies by offering one of the simplest and most straightforward processes for consumers. Along with using Life Wizard, if a client knows the life insurance product he or she is interested in, the individual can go online and use the Quick Quote tool. This tool provides a fast online quote and application experience.
Once users choose the type of policy they want, they can select the policy features and apply for coverage. If applicable, a brief medical screening will be done in the applicant’s home at no additional cost.
After being approved and reviewing the policy, the client is then ready to make the first payment. It’s all very direct and streamlined when clients work with this selection for one of the top 10 life insurance companies.
Transamerica was included on this list of life insurance companies and life insurance company ratings for many reasons including its financial strength. A leader among the top life insurance companies, Transamerica has been serving the needs of clients for 100 years, and it currently works with more than 20 million people and families.
Transamerica started in San Francisco in 1904, and since that time, the business has grown and changed. In the mid-1980s, the focus moved to the core mission of making insurance and financial tools more accessible to more people.
Key Factors That Led to Our Ranking of This as One of the Top 10 Life Insurance Companies
Notable reasons Transamerica was included on this list of life insurance companies and ranked as a best company for life insurance are below.
A key product available from Transamerica that helped it become part of this life insurance companies list is its accidental death insurance. This provides a guaranteed death benefit to beneficiaries if the policyholder is in a covered accident. This benefit is payable on its own or in addition to life insurance coverage.
This accidental death insurance from Transamerica, one of the best term life insurance companies, is designed to provide monetary support if there is a covered accident that results in the loss of vision or a limb.
There is no medical exam or evaluation required to purchase accidental death insurance, and it can be bought on its own or in conjunction with another type of policy.
For some consumers, one important consideration when searching for the best term life insurance companies is to find one that offers plans with living benefits. Transamerica addresses this need with the Trendsetter LB with Living Benefits policy.
This policy provides early access to benefits offered under the plan that can be used to offset medical expenses that might result from a qualifying chronic, critical or terminal illness.
Essentially, this pairs living benefits with a death benefit for one valuable, streamlined solution.
Often, the best life insurance companies – and many of the names on this list of life insurance company ratings and life insurance reviews – will offer policies that have a cash value component.
Transamerica is no exception, and this is available through its Whole Life coverage. Policyholders can receive access to the cash value as a loan whenever it’s needed. It does have to be paid back to receive the full death benefit amount.
All customers of this selection for one of the best whole life insurance companies have to do to access the cash value of an eligible policy is to contact the company. Once the request is processed, the policyholder receives a check in the mail. It works like a loan, but without a long application or waiting time for approval.
Another product offered from Transamerica, which led to its inclusion on this life insurance company ratings list, is its Universal Life Insurance. A permanent insurance product, it provides lifelong coverage, and when the policyholder dies, his or her named beneficiaries receive a guaranteed amount which is called a death benefit.
In addition to the death benefit, this also includes a cash value which grows tax-deferred until funds are withdrawn.
The primary benefit of Universal Life Insurance for many policyholders is the level of flexibility it provides. Transamerica, one of the best whole life insurance companies and best term life insurance companies, offers universal coverage that can be modified in amount and frequency of payments as long as they’re cash value to cover deductions.
Popular Article: How to Get Rid of PMI Mortgage Insurance | Ways to Get Rid of PMI
Conclusion – The Top 10 Life Insurance Companies
Are you on the fence about whether or not you should be looking at life insurance reviews or trying to find the best life insurance companies? If so, the answer is absolutely.
Life insurance is a necessary protection that anyone should have, regardless of age or status in life. Finding the best company for life insurance based on the above life insurance reviews and life insurance company ratings can help you protect what matters most: your loved ones.
The top 10 life insurance companies on this life insurance comparison excel in so many ways. These top life insurance companies offer outstanding products that are diverse and customizable. The names on this list of life insurance companies also provide excellent customer service, and many of them have been serving the needs of consumers for 100 years or more proving stability and reliability.
And, of course, each of the names on this life insurance comparison can help provide protection and peace of mind for your family in a way that’s convenient and accessible.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.