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Life insurance company ratings
Business Insider compiled data from 30 different life insurance companies based on customer service, financial stability, and asset size rankings, along with premium prices where available.
The full methodology of this ranking is listed below, under “How we determined the winners.” Here is the full list:
Financial stability (max 200)
JD Power’s Customer satisfaction (max 1000)
Ranking by total net assets (top 20)
New York Life
Mutual of Omaha
Principal Financial Group
Lincoln Financial Group
Midland National Life
Sammons Enterprises (North American Co. for Life & Health Insurance)
The best term life insurance companies
Pros of a Northwestern Mutual term life policy
Highest rated for customer satisfaction by JD Power
Strong financial stability
Offers several different types of policies, including a renewable policy with a one-year term
Cons of a Northwestern Mutual term life policy
Policy must be purchased through an adviser
No easy way to get a quote online to compare prices
Will likely require a medical exam
Best for: Someone who doesn’t mind a very traditional approach to life insurance
In the business since 1857, Northwestern Mutual is an insurer focusing on life and health insurance. On JD Power’s 2019 Customer Satisfaction Survey, Northwestern Mutual took the top spot, earning 810 points out of 200. Northwestern Mutual also earned some of the highest credit rankings from financial security rating company A.M. Best, and second-highest rankings from Fitch and Moody’s.
However, Northwestern Mutual policies must be bought through a financial adviser, which adds more work for anyone who wants to simply get a quote to compare. While Northwestern Mutual has been around for a long time, this approach to buying shows its age.
New York Life
Pros of a New York Life term life policy
New York life is the third-largest life insurance company by assets
This company has earned top marks for financial security ratings from A.M. Best and Moody’s
Cons of a New York Life term life policy
Policies must be purchased through an agent
No online quotes available
May require a medical exam
Best for: Anyone who wants wants highly personalized coverage
As the third-largest life insurance company in the US, New York Life is well-known. But, the fact that policies are only available through an agent means that it’s not as easy to compare policies and check rates as it could be.
New York Life has a variety of riders — or coverage in addition to your policy that can expand what it covers and when it pays out — you can choose to add on to your policy. One of these examples with New York Life is a chronic illness rider, which could help cover medical expenses for someone who becomes sick later in life.
As one of the largest life insurers in the US, New York Life has policies available nationwide.
Pros of a State Farm term life policy
Policy purchase can be done completely on your own and online
No medical exam required
High customer satisfaction ratings
Cons of a State Farm term life policy
Only offers 30-year terms …read more
Source:: Business Insider