Top Life Insurance Companies In USA

top-life-insurance-companies

Here we are including the top ranked life insurance firms based on three criteria, and our picked top 5 agencies are the overlapping ones in these three tables. 

  1. Mutual of Omaha
  2. Protective
  3. Pacific Life
  4. Foresters Financial
  5. Northwestern Mutual

Firstly, the Forbes 20 top rated life insurance agencies table is presented.

Secondly, the top rated agencies based on their market share, this shows the agency’s financial sturdiness to pay your claims over a decade, from now on. 

Thirdly, the raking table shows the customer satisfaction top ratings from year 2022, the latest up till now. It is common sense that the 5 or 6 companies that are common in these three make it to being enlisted the most viable options.

Also Read: Top 10 Senior Life Insurance Companies in 2023

Which are the best 20 Life Insurance Companies according to the Forbes Top Ratings List for 2023?

AgencyRatingsYear 
Pacific LifeA+ Superior    A.M.Best1868 
Penn MutualA+ Superior    A.M.Best1847 
ProtectiveA+ Superior    A.M.Best1907 
AIGA Excellent      A.M.Best1919 
Mutual of OmahaA+ Superior    A.M.Best1909 
TransamericaA+ Superior    A.M.Best1928 
John HancockA+ Superior    A.M.Best1862 
Lincoln FinancialA Excellent      A.M.Best1905 
Minnesota Life A+ Superior    A.M.Best1880 
SymetraA Excellent      A.M.Best1957 
Sammons Midland NationalA+ Superior    A.M.Best1906 
NationwideA+ Superior    A.M.Best1926 
State FarmA++ Superior  A.M.Best1922 
Mass MutualA++ Superior  A.M.Best1851 
Forester FinancialA Excellent      A.M.Best1874 

We support and advise to use the Forbes Rating’s list but we will elaborate which top 5 ones to go for and why.

Which are the Latest Most Financially Stable US Life Insurance Agencies?

Here’s a list of Top US Companies based on market Share 2022.

Here are the top 20 life insurance agencies based on their market share, but as the saying goes that what’s popular isn’t always right, obviously this is based on their market share only. This ensures their financial sturdiness basically. Here at Insure Guardian, we do not suggest to choose based on market share alone, but consider this as one of the significant factors, affecting your decision:

CompanyMarket share in 2022
1. Northwestern Mutual11.4%
2. MassMutual6.9%
3. New York Life6.8%
4. Prudential5%
5. Lincoln Financial4.3%
6. State Farm3.5%
7. Guardian3.2%
8. John Hancock3.1%
9. Pacific Life2.9%
10. Transamerica2.9%
11. Protective2.6%
12. MetLife2.2%
13. Corebridge Financial2.2%
14. Sammons Midland National2.1%
15. Nationwide2%
16. Penn Mutual1.8%
17. Primerica1.8%
18. Equitable1.8%
19. National Life Group1.7%
20. Globe Life1.5%

 

Which life insurance agencies are the best based on J.D. Powers Customer Satisfaction Survey of 2022?

J.D. Power is a research organization best known for its customer satisfaction surveys and ratings. J.D. Power researchers assess the businesses based on reported customer satisfaction, in these six categories:

  1. Application and orientation
  2. Communications
  3. Interaction
  4. Price
  5. Product offerings
  6. Statements

The table below reflects overall customer satisfaction ratings out of 1,000 points for customers surveyed by J.D. Power with individual life insurance policies in 2022.

Insurance AgencyJ.D. Power Rating out of 1000
State Farm839
Globe Life812
Mutual of Omaha801
Northwestern Mutual794
Pacific Life793
Nationwide791
Guardian Life787
Met Life786
Mass Mutual780
New York Life775

What are our Benchmarks for Measuring the top US Life Insurance Companies for 2023?

  1. Financial Sturdiness
  2. Historical Background, founding year
  3. Cost Competitiveness
  4. Unique selling point USP
  5. Agency Costs

The overlapping 5 firms which are present in all 3 tables according to their:

  1. Forbes Ratings 2023
  2. Market Share 2022
  3. Customer Satisfaction according to J.D, Powers 2022

Which US Life Insurance Companies are the best 5 for Insure Guardian Ratings for 2023?

1.Mutual of Omaha

  1. Offers all types of life insurance: term life, whole life and universal life policies.
  2. Head office is in Omaha, Nebraska.
  3. Founded in 1909.
  4. Financial sturdiness 100%
  5. Builds substantial cash value for policyholders in early years. 100%
  6. Excellent historical performance over the years. 100%
  7. It is the top pick for old people and youngsters, alike.
  8. However, if you’re looking for a term life policy or might borrow loans from a cash value component, earlier, look elsewhere.

 2.Protective

  1. Offers all types of life insurance: Term life, whole life and universal life.
  2. Was founded in 1907.
  3. Head office is in Birmingham, Alabama.
  4. USP are two: Universal Life Insurance and Classic Choice Term Policy.
  5. Offers low and competitive prices. 100%
  6. Term life will give you flexible options like no one else 10, 15, 20, 25, 30, 35, or 40 years.
  7. Builds a cash value component in early years. 100%
  8. The company has shown superior performance compared to the rest for decades.
  9. Due to its efficiency it has been offering low premiums compared to all others over decades.
  10. Term life is awfully cheap and pays off well, 8 permanent policies to convert your term life into.
  11. Financial stable and reliable for coming decades.
  12. Gives you no medical exam options.

 3.Pacific Life

  1. Offers all types of life insurance policies: Term life, whole life and universal life types.
  2. Founded in 1868.
  3. Head office is located at Newport Beach, California.
  4. Top notch Cash Value accumulation over a decade. 100%
  5. Cash Value component growth also offered.
  6. Very low prices compared to the rest of agencies. 100%
  7. Your premium amount that goes for company overhead and operating costs, is minimal.
  8. Market superior rates for buying term life insurance policy. 100%
  9. Best for cash value permanent policies too, in terms of costs.  Cost competitiveness 100%
  10. Builds a considerable cash value account in early years. 100%

4.Foresters Financial

  1. Offers all types of life insurance: term life, whole life and universal life insurance types.
  2. Founded in 1874.
  3. Head office is located at Buffalo, New York.
  4. USP is Advantage Plus life insurance policy, a whole life participating policy.
  5. Aggressively builds cash value. 100%
  6. Foresters Financial has been a fiscally sound insurance carrier for the last 150 years.
  7. Remarkable Cash Value Growth. 100%
  8. Allows very high coverage amounts. 100% 

5.Northwestern Mutual

  1. Market leader financially, according to market shares 11.4%
  2. Top 4th on J.D. Power’s Latest Customer Satisfaction Survey of 2022.
  3. Offers all types of life insurance: Term life, whole life and universal life insurance types.
  4. Founded in 1857.
  5. Head office is located at Milwaukee, WI
  6. Offers whole life policies to build a cash value account in early years. 100%
  7. Good and competitive pricing. 100%
  8. Since Northwestern Mutual does not have any shareholders, instead of reporting to Wall Street like other insurer agencies, it reports to its own policy owners.

Which two Life Insurance Companies are good for Smokers or Cigar users?

  1. AIG-suitable and low rates with no exam policies for smokers and marijuana users.
  2. John Hancock best for smokers and celebrity cigar users

Which Popular Senior Life Insurance Companies You Should Avoid due to Seductive Ads and Over Promising?

  1. Colonial Penn
  2. AARP
  3. Lincoln Heritage
  4. Globe Life
  5. TruStage
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