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2016-Top 5 Life Insurance Companies in America

by Scott G on April 10, 2013 · 4 comments

2013-top 5 life insurance companies

2016-Top 5 Life Insurance Companies in America

When shopping for the best life insurance company, there are a few factors that you should consider before deciding to go with a particular company.   Price of course is one of the largest determinants of which company you will choose, but you should also consider other matters before moving forward with a company.  In the end, the purpose of life insurance coverage is to protect your family if the event of an unexpected tragedy, and you need to know that the policy will pay out if you were not here.  Here are some important features one should look for when searching for life insurance:

  • Financial strength of the company.  Make sure the company has at least an “A” rating or better for financial strength by A.M. Best.
  • Premium rates.  Make sure you compare rates from multiple companies; the rates can vary by as much as 70% or more!
  • Conversion into permanent at any time.  This used to be a staple on most term policies, but I am seeing some policies now that stop offering this or after 5 years.  Make sure the policy will allow you to convert to a permanent policy at any time without evidence of insurability.
  • Assets.  Make sure the company has a large amount of assets and ability to meet claim obligations.
  • Fast claims.  Make sure you do a review online or ask your agent to make sure the company has a good track record of paying out claims in a timely manner.


Best 5 Life Insurance Companies in 2016

Every life insurance company, despite its size or location, has its own set of underwriting specialty niches.  It’s very important to compare rates from a variety of companies to assure you a securing the lowest rate for your situation. Whether  your niche is that you are younger, older, on a particular medication or any other health or lifestyle factor you can think of.

  1.  Prudential-  This company is iconic in America.  They have been around for over 135 years and are still one of the largest life insurers in the country.  Prudential is typically the best life insurance company for smokers of cigars, pipe and chew (not cigarettes).  Most often you will receive a non-tobacco rate.
  2.  AIG-American General-  Having been in business for over 160 years with over 13 million customers, almost everyone is familiar with AIG.  But what most people are not aware of is their specialty underwriting guidelines for people with diabetes.  The majority of diabetics can now receive a non-diabetic rate if they meet certain underwriting requirements.
  3. Banner Life- This company is not as well-known as the other companies on the list.  However, they are one of the best life insurance companies in the country right now.  They have an A+ financial rating by A.M. Best and are offering some of the lowest rates and best underwriting guidelines in the country for younger and healthy people.
  4.  ING ReliaStar-  This company is famous for its investment and savings accounts.  Most people have seen their commercials on TV or seen their ads on the internet.  ING will not increase your premiums if someone in your immediate family have been diagnosed with or passed with cancer, unlike most of the other carriers.
  5. Transamerica  This company is famous for its iconic pyramid shape building in the San Francisco skyline.  They are A+ rated by A.M. Best and are great with underwriting  with seniors, and offer great rates, especially for those over the age of 60.

The life insurance industry is a competitive industry, and all the companies are vying for your business.  By comparison shopping not only rates but underwriting niches, you can rest easy at night knowing that you have a great company that will  be able pay out the claim if called upon.


Related questions on this site:

  • The best life insurance companies 2013 by assets
  • Top life insurance companies is usa
  • 2013 companies by financial ratings
  • Top rated companies by ordinary amount issued

Photo: dermatology.com

eric April 10, 2013 at 9:57 pm

Great info on top Insurance company in the US. In the Philippines we have Prudential Life which is committed to be the “supermarket of insurance.”

kimberlyjoy May 3, 2013 at 1:54 am

Prudential Life here in the Philippines is also doing its best to be the most reliable company. And I hope soon Prudential Life will be the number 1 insurance company

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