What Are The Best Life Insurance Companies In The United States?
Northwestern Mutual is one of those insurers that needs no introduction. In fact, it has been listed as the largest insurance company in the United States. In 2019 alone, Northwestern Mutual had more than 10% of the market. While this company offers a wide range of products – which you could review in detail – it is also famous for its term life insurance, universal life insurance and whole life insurance.
What we like about Northwestern Mutual is that, in addition to the variety of insurance, it includes a wide range of coverage options and payment plans. And its flexibility goes beyond the payment of the policy, since anyone who wants to convert their term life policy into a permanent coverage policy will be able to do so without having to go through a medical evaluation.
Guardian is a large insurance company. For some reason he takes the number two on our list. One of the advantages it offers customers is the ability to increase or decrease premiums, something that is fantastic because you can purchase insurance that fits your needs and family budget.
Regarding the type of policies, Guardian stands out in permanent life insurance and term life insurance. It also has complete life insurance for HIV patients, something you won’t find in the other insurance companies in the US market.
Note: To qualify, applicants who have been diagnosed with HIV must meet certain eligibility requirements, such as being 20 to 60 years old and not having developed AIDS.
3. Haven Life
If you need good term life insurance, Haven Life could be the alternative for you. This company issues forward policies with one-step subscriptions. To do this, they use the best in technology and combine it with Big Data. This is how they can quickly evaluate applicants and determine their insurability.
Wondering how fast the insurance process would be with Haven Life? Well, it would be enough to tell you that the entire application process is done online and will take you an average of 25 minutes.
With this company, the amounts of coverage amount to $3,000,000. Therefore, we would not be wrong to say that Haven Life is an excellent option for those looking to acquire full coverage easily and quickly.
Note: You should know that all policies offered by Haven Life are issued by MassMutual.
MassMutual (Massachusetts Mutual Life Insurance) is the next most important insurer in the country. In fact, it has already conquered 6.4% of the market (and this is an impressive figure). This company has a wide variety of insurance, from term life insurance to variable universal life insurance (a permanent term policy with investment opportunities for policyholders and premiums with fairly flexible and affordable prices).
In addition to this and to favor its clientele, it includes other policies listed, such as full-life, standard-term and universal insurance.
USAA has a wide range of options that include permanent and term life insurance, but only for militia members and their families. However, they also have products for customers who have not served in the army. You can use your USAA life policy to supplement, for example, the group life insurance offered by government offices to their employees.
In general, the forward life policies of this insurer have extensive coverage that takes into account the death of the insured in times of war, during acts or attacks of terrorism, among others.
Note: An important factor of USAA is that you can change your coverage in case you get married or have a baby.
Although AARP life insurance policies are only available to its members, it allows people 50 years of age or older to join the insurance. What we like about this company is that the subscription process is simple and quick to complete. Translation? You won’t have to undergo a medical examination to access it.
Note: All AARP policies are issued by New York Life.
New York Life is a mutual insurer that allows policyholders to vote in the company’s board elections. Again, we are facing one of the largest and most important companies in the United States. For some reason they have reported having 7% market share as of 2019.
New York Life offers both term life insurance policies and permanent life insurance. They also include other types of life policies listed, such as universal life insurance, for example.
Something that seems great to us about this insurer is that it has a payment plan that could be adjusted to anyone because it allows them to pay premiums in advance.
Tip: If you want to turn your term life insurance policy into a permanent one, you can do it without problems with New York Life.
8. State Farm
State Farm is an insurance company famous for its car insurance. However, it is also dedicated to the life insurance sector. What we like about this option is that you will have many types of policies to choose from and, if you prefer, you can add additional clauses to them.
If you do so before it expires, you can change from a term life insurance policy to a permanent one, whether complete, universal or variable.
Note: One of State Farm’s best life insurances is instant life insurance, a policy available for people between 16 and 45 years of age. This policy has coverage of $50,000, but compensates for this low amount with exemption from the previous medical examination.
9. Pacific Life
Founded in 1868, Pacific Life offers a wide range of term or permanent life insurance, including coveted indexed universal life insurance. In fact, they are specialists in the issuance of the latter type of insurance that, in simple words, increases the investment amount of the insured based on market stock indices, for example, the S&P 500.
Are you worried that this index – or the market, in general – will fall? I shouldn’t, because Pacific Life works with guaranteed limits. Therefore, if the market collapses, your policy will not decrease by a certain specific figure.
10. Penn Mutual
Penn Mutual offers, in addition to insurance policies, dividends for policyholders. Why? Because it is really a mutual insurer. This means that everyone who buys a policy has access to shares at Penn Mutual.
In this case, you will have many permanent and temporary life insurances to choose from. The good thing is that, if you later want to change the type of insurance, you can do it without having to go through a professional evaluation.
Principal Financial is known for its life insurance, although perhaps its star product is survival life insurance, ideal for married couples. As for the duration, term life policies can be as low as one year and as high as 30. Again, if you want to change your type of insurance from an installment policy to a permanent one, you can do so without having to visit the doctor.
RiverSource, a subsidiary of Ameriprise Financial, offers permanent life insurance and on terms (10, 15, 20 and 30 years old). A differential factor is that, during the term of the policy, premiums will remain unchanged.
Tip: Examine RiverSource’s catalog well because it has permanent, indexed, universal and variable life insurance policies.
Banner life insurance is available in all states of the country, except New York City. Its insurance list is as wide as that of other companies in the sector, since it offers universal life insurance, on terms and in full. If you prefer, you can add additional clauses to your policies to customize them even more.
Differential: Banner goes a little beyond the other insurers in the country in the case of term life insurance. While most companies do not exceed 30 years, Banner rises this number to 35 and 40 years old.
Although Ethos life insurance policies are issued by Banner, this company focuses only on term life insurance. Therefore, it could be a good option if you are looking for coverage for a certain period.
Ethos also stands out for having a quick application process that you can complete online in just 10 minutes. If you have questions or doubts about the policy, coverage or application process; you can contact a company representative through your preference, including SMS.
Now, not all of them are good news with Ethos. Insurance analysts will evaluate your driving history, medical history, medical prescriptions ( among others) to determine your premium rate and insurability. If the results of the research are good, you can get your policy without having to pass a medical examination. Otherwise, you must prove that you are in good health.
Note: Something we like about Ethos is that it includes a benefit for premature death. This will allow the beneficiary to access the amount of coverage in case the insured dies suddenly from an accident or terminal illness.
15. John Hancock
John Hancock belongs to the emporium Manulife Financial Corp., a company based in Canada. Although John Hancock’s catalog is similar to that of the other life insurance companies on the list, they include a differential policy: life insurance with specific coverage for diabetics.
Every time someone purchases a John Hancock policy they will have access to the Vitality Program, which offers educational resources to be in good health, nutritional and sports tips.
Note: Vitality Program educational resources are available through its mobile application. One of the advantages offered by this program – and that makes John Hancock different from the other insurance companies we have analyzed – is that it provides discounts and rewards to policyholders who follow the instructions of the app and join the healthy movement.
Lincoln Financial Group’s catalog has permanent and term life insurance, universal policies and indexed policies. To facilitate the purchase, the company simplified the procedure. In fact, anyone can purchase term life insurance in an instant. You just need to complete a brief telephone interview.
Note: Only in some exceptional cases, Lincoln Financial Group will order a previous medical examination.
Nationwide is one of the leading car insurers in the United States, but it also offers term, full-life and universal life insurance policies. If you want a term policy, you can choose the duration: 10, 15, 20 or 30 years.
Did you change your mind? Well, no problem! With Nationwide you can move to lifelong coverage easily and quickly.
Important: Something we like about Nationwide is that it works with level premiums, that is, they do not increase over time. In addition, it offers the instant renewal of term life insurance, a factor that is extremely important because it will allow you to stay protected for as long as you decide.
Prudential knows that every insured person is a world and that is why he allows you to customize his universal and term life insurance. How is the adjustment made? Well, with the addition of additional clauses to the insurance contract. In this way, you can cover death from terminal illnesses, traffic accidents, and even an unexpected disability.
Note: We invite you to see Prudential’s catalog with magnifying glass, since it has 9 completely different life insurances, some of them with investment opportunities.
Securian Financial may not sound familiar to you, but Minnesota Life Insurance, its previous name. This insurance company sells almost all types of life insurance. We love your full-life policy because it is subject to the payment of a fixed premium and provides guaranteed death benefits.
Another success of the company is that it allows policyholders to modify the premium and coverage of universal life insurance policies. This will help you adapt the insurance to your particular needs.
Note: Depending on the policy you choose, Securian Financial will allow you to add additional clauses for children, exemptions or additional benefits for premature deaths.