Preparing for the day you’ll leave this world is something we don’t want to think about especially if we are happily living with our family, but it is something you don’t want to put off until it is too late either. It can seem like a pointless fear, but thinking about what your family members would be like financially after you’re gone, yes, you’d think twice. It is better done now than later. Getting life insurance that covers all your current debt is a thing an expert would recommend you to do, but to ensure a family financial stability, some would go beyond just covering current debt. In order to do this, it’s crucial to buy the right plan from the right company. It’s easy to find different kinds of policies or evaluate free quotations online, but how would you know if life insurance is well suited for your needs? There are many people who deeply regret purchasing the expensive “incorrect” plan from the “incorrect” insurance company. Searching for the right if not the best life insurance company should have to be traumatic, time-consuming,stressful and of course expensive. We listed the top 10 best life insurance companies in the United States; you can start from here and decide what works for you.
10. Northwestern Mutual Life Insurance
John Johnston founded Northwestern Mutual Life Insurance in 1857. It is a US financial services mutual company based in Milwaukee, Wisconsin. They are the largest direct provider of individual life insurance in the US, with approximately $1.5 trillion of life insurance in action. They provide life insurance, disability insurance, long-term care insurance, annuities, employee benefits and mutual funds. The company also provides consultations on assets, personal needs, financial planning, and trusts. Northwestern Mutual Life Insurance is acknowledged by Fortune Magazine as one of the “World’s Most Admired” companies. The company achieved the highest financial strength rating given by four of the major rating agencies.
9. Genworth Financial
Genworth was founded in 1871 as The Life Insurance Company of Virginia. Then later on was acquired by General Electric Capital. Genworth Financial was established out of various insurance businesses of GE Company in May 2004 which was the largest IPO that year. The company administers three divisions: US Mortgage Insurance, International and Retirement and Protection. They offer products and services, which include life and long-term care insurance, lifestyle protection insurance, wealth management, annuities and mortgage insurance. Genworth is also a Fortune 500 financial security company. It is headquartered in Richmond, Virginia and has offices in all 50 areas in America.
8. Lincoln National Corporation
Lincoln National records its roots to its very first forerunners established in 1905. It is a Fortune 250 American holding company, which operates in several insurance plans and pension business. The company products include variable annuities, savings plans, term life insurance, advisory services, mutual funds, dental insurance comprehensive financial planning, group life insurance and disability insurance. The company is based in Radnor, Philadelphia and is currently managing approximately $215 billion. Lincoln Financial Group is the promotional name for LNC and its subsidiary companies. Also they gain the naming rights as sponsor of Lincoln Financial Field in Philadelphia, which is also the home field of the National Football League team, Philadelphia Eagles.
Teachers Insurance and Annuity Association – College Retirement Equities Fund or commonly called TIAA-CREF manages on a not-for-profit basis. TIAA-CREF is another Fortune 100 (97th) Financial services organization that is a full-service monetary service organization that commits itself into helping those under medical, academic, cultural and research fields. It is currently assisting 3.9 million active and retired employees and has $2,667 billion (as of August 1, 2014) combined assets under management. TIAA-CREF has an unwavering history of high ratings and financial strength and stability. The company is also amongst the highest ranking insurance companies in the United States rated by A.M. Best, Moody’s Investors Services, Standard& Poor’s and Fitch, the four leading insurance company rating agencies.
6. Prudential Insurance Company of America
Prudential Insurance Company of America is managing assets with over $1.1 trillion as of July 31, 2014. It is a financial service leader and consists of hundred subordinate companies and handles approximately $4 trillion of life insurance globally. Prudential Financial offers a variety of products and services, such as annuities, life insurance, pension and retirement, mutual funds, banking and trust services, relocation services, asset management, real estate brokerage franchises, and retail brokerage services. In February 2011, Prudential Insurance successfully bought AIG Star Life Insurance and AIG Edison Life Insurance Company. It is one of the world’s largest financial services with operations in the United States, Europe, Latin America and Asia.
5. Principal Financial Group
The Principal Financial Group is a worldwide financial investment management pioneer that provides businesses individual and institutional customers, a wide range of financial products and services that includes asset management, life insurance, retirement, etc. Principal was ranked 298thon Fortune 500 magazine’s list of 500 largest U.S. corporations in May 2014 and ranked 528th on the Forbes Global 2000 list in 2013. Headquartered in the capital city of Des Moines, Iowa. Principal has offices throughout North America, Latin America, Europe, Australia and Asia. Managing about $496 billion in total assets and serving 19.2 million clients globally.
4. American Family Life Assurance Company
Aflac was founded in 1985 and based in Columbus, Georgia and is the top provider of supplemental insurance plans in the United States. Its principal business is supplemental health and life insurance. Aflac is known for its payroll deduction insurance coverage that offers cash benefits to qualified (covered accident or illness) policyholders. The company also guarantees a variety of plans that includes: cancer/specified disease, vision, short term disability, lump sum cancer, dental, hospital intensive care, hospital confinement indemnity, etc. Aflac has offices spread-out in the U.S. and Guam, Virgin Islands and Puerto Rico and 50 million clients worldwide.
3. Massachusetts Mutual Life Insurance
Massachusetts Mutual Life Insurance or commonly known as MassMutual, was founded in 1851 by George W. Rice as a mutual company. One of the oldest insurance companies in America and now, amongst the biggest companies with over 1800 branches and 13 million customers around the world including Japan, China, U.S., Hong Kong, Taiwan, Macau, Luxembourg and Chile. As of 2010, MassMutual ranked 93rd in the Fortune 500 list. MassMutual provides a wide range of financial services such as life insurance, annuities, disability income insurance, retirement management account, long term care insurance, college saving plans, trust services, investment services and a lot more. MassMutual is headquartered in Springfield, Massachusetts.
2. New York Life Insurance
The organization is known as an innovator, introducing non-forfeiture option. It is an option, which allows the policy to remain in power even if a transaction is missed. New York Life Insurance also establishes the cash-dividend expenses to its customers. It is the oldest and amongst the top mutual insurance companies in America with a managing assets of $287 billion. New York Life was also the first insurance policy provider to issue life insurance to women. They also offer a broad range of financial and insurance services including mutual fund, asset-management, annuities, retirement plans, long-term car insurance and life insurance. Ranked #89 on the 2013 Fortune 500 list.
Metropolitan Life Insurance Company or MetLife is among the world’s greatest providers of insurance, annuities and worker advantage programs. Founded on March 24, 1868 and now with over ninety million customers in approximately 60 countries. It is the number one in retirement and savings products that caters to large organizations, small companies, government bureaus and individual accounts in the United States. MetLife also holds a major market position in the US, Latin America, Japan, European countries and the Middle East and provides to about 100 million clients globally. It also offers products and services to up to 60,000 groups of customers, which includes 90 of the top 100 FORTUNE 500 companies.