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Compare life insurance companies
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Compare life insurance companies
Who are the largest life insurance companies?
These are the biggest players in the life insurance game, according to the most recent market share report from the National Association of Insurance Commissioners (NAIC). Together, these insurers wrote $166 billion in direct premiums in 2018.
Along with dominating the life insurance market in the US, these companies are highly rated by AM Best. This means they have the cash reserves to pay out claims — which is important because your beneficiaries hopefully won’t have to file a claim for years or even decades to come.
|Rank||Company||Market share||Direct premiums written||AM Best rating||Life insurance types|
|1||MetLife||6.53%||$10,877,336,635||A+||Group life insurance:|
|3||New York Life||5.63%||$9,385,843,168||A++|
|5||Lincoln Financial Group||5.30%||$8,825,313,514||A+|
(formerly Minnesota Mutual)
|12||Pacific Life Group||2.26%||$3,770,583,797||A+|
(formerly Torchmark Corporation)
(Midland National & North American Company)
|23||Mutual of Omaha||1.37%||$2,287,294,687||A+|
How to compare life insurance companies
When you’re researching insurers, it’s important to get the whole picture on what each offers.
Does the company offer the type of life insurance policy you need? This includes types of life insurance, such as whole, term and universal policies. It also includes term lengths, riders, policy features and coverage amounts.
Getting the right policy can save you money now and ensure your family is fully protected later. It’s not easy to switch life insurance like it is to swap car or home insurance.
Payments and cost
Check to see if you have multiple billing options, and how long the application process will take. If you want immediate coverage, you’ll probably have to look for a policy that doesn’t require a medical exam.
When you’re comparing costs, make sure you’re comparing apples to apples. Each policy should be about the same so that you’re getting an estimate of the full premiums, including any riders or add-ons. And watch out for premiums that can go up or down over time.
Customer ratings and financial strength
Checking out J.D. Power rankings and customer reviews can give you a good idea about how easy it is to work with a company. Too many complaints may mean a huge headache when managing your policy — or worse, your beneficiaries may have trouble filing a claim.
Look into each life insurer’s financial strength ratings. The ratings from independent agencies like AM Best can help you determine how likely a company is to pay out claims. A financially strong company with a rating of A or greater has a greater chance of paying out the death benefit to beneficiaries.
The right life insurance policy can protect you and your family’s assets, offer peace of mind and provide financial security if there is a sudden loss of income. To make sure you’re choosing a policy that fits your needs at the right price, you’ll want to compare life insurers and get quotes from your top choices.
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