News

The best life insurance companies of 2021


Best life insurance companies 2x1

 Summary List PlacementTable of Contents: Masthead Sticky

Life insurance protects your loved ones if you die. There are two types of life insurance: permanent life and term life. This article focuses on the best term life insurance companies — as term life insurance is the most affordable option for most people.

The best life insurance companies of 2021

Business Insider compiled data from 20 different life insurance companies based on customer service, financial stability, and asset size rankings, along with premium prices where available. From there, we determined the top five.

Company

Financial Stability Rating (AM Best)

JD Power Customer Satisfaction (out of 5)

Sample Premium for a $250,000 policy 30-year term

1. Northwestern Mutual

A++
5/5
n/a

2. State Farm

A+
5/5
$30/mo

3. Guardian Life

A++
4/5
$30/mo

4. New York Life

A++
4/5
n/a

5. Nationwide

A+
4/5
$21.44/mo

The full methodology of this ranking is listed below, under “How we determined the winners.”

Compare life insurance companies with Sproutt »
 

Northwestern Mutual has been around since 1857.

Pros:

Highest rated for customer satisfaction by JD Power
Strong financial stability

 

Cons:

Policy must be purchased through an advisor
No easy way to get a quote online to compare prices
Will likely require a medical exam

 

Visit Northwestern Mutual’s website for more information.

 

While probably better known for auto and home insurance, State Farm also offers life insurance coverage.

Pros:

Second place in customer satisfaction, just behind Northwestern Mutual
Policy purchase can be done on your own and online
No medical exam required
Discounts available for customers who have other policies with State Farm

 

Con:

Only offers 30-year terms for people under age 45

 

Visit State Farm’s website for more information.

 

The company has longevity like Northwestern Mutual. It has been around since 1860.

Pros:

Top marks for financial security ratings from A.M. Best
4 of 5 for customer satisfaction
Online calculator for premium quotes

 

Cons: 

Although you can get an online quote, you will need an agent to purchase a policy

 

Visit Guardian Life’s website for more information.

As the second-largest life insurance company in the US, New York Life is well known. 

Pros:

Top marks for financial stability
4 of 5 for customer satisfaction
As one of the largest life insurers in the US, New York Life has policies available nationwide

 

Cons:

Policies must be purchased through an agent
No online quotes available
May require a medical exam

 

Visit New York Life’s website for more information.

Nationwide is most known for bundling its auto, homeowners, and insurance products.

Pros:

4 of 5 customer satisfaction score
Good financial stability rating 
Cheapest quote for our sample premium
Online tool to get premium quotes

 

Cons:

If you are considering switching to bundle all of your insurance products — although Nationwide’s life insurance has high customer service marks — its auto insurance has low marks for customer service

 

Visit Nationwide’s website for more information.

The best life insurance companies based on customer satisfaction

According to a J.D. Power survey, these are the top life insurance companies in the US, based on customer rankings:   

State Farm
Globe Life
Nationwide
Northwestern Mutual
Mutual of Omaha
New York Life
Pacific Life
MetLife
Principal Financial
MassMutual
Industry Average
Prudential
Protective Life
Lincoln Financial Group
Guardian Life
AIG
Securian
John …read more

Source:: Business Insider

      

(Visited 4 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *