May 26, 2020

The best life insurance companies of 2020


Best life insurance companies 4x3

 Table of Contents

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:

Company
Financial stability (max 200)
JD Power’s Customer satisfaction (max 1000)
Ranking by total net assets (top 20)
Weighted Score

Northwestern Mutual
190
810
6
492

New York Life
190
770
3
478

State Farm
190
808
 
461

Nationwide
150
783
14
453

Mutual of Omaha
150
795
 
443

MassMutual
180
751
7
458

Prudential Financial
150
754
1
462

Guardian Life
180
770
 
439

Principal Financial Group
90
789
12
442

Pacific Life
150
765
17
438

John Hancock
160
739
8
444

MetLife
110
744
2
443

Lincoln Financial Group
160
750
 
423

Protective Life
150
754
 
422

AXA Equitable
160
730
11
435

Securian
170
739
 
421

Transamerica
140
732
10
432

AIG
130
722
5
432

PennMutual
160
733
 
415

Liberty Mutual
30
788
 
403

Midland National Life
150
723
 
407

Voya Financial
80
744
16
408

Primerica
100
741
 
401

Brighthouse Financial
40
729
13
395

TIAA
200
600
4
394

Jackson
130
600
9
365

Allianz 
150
600
15
359

RiverSource
160
600
20
354

Sammons Enterprises (North American Co. for Life & Health Insurance)
130
600
19
343

Talcott Resolution
70
600
18
329

The best term life insurance companies
Northwestern Mutual                        

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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. 

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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.  

State Farm

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

      

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