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Best Rated Life Insurance Companies in America for 2014

by Scott G on April 8, 2013 · 1 comment

Best rated life insurance companies 2013 in America

Best Rated Life Insurance Companies in America 2014

When shopping for a life insurance company in 2014, you only want purchase a policy from a trusted carrier that is financially stable and will be around for a long time in the future.  You need the surety that if you were to pass, the company will not have any trouble paying out the claim in a prompt manner.  So how can you quickly and easily determine this?  The answer is a company’s A.M Best financial rating.

 What is A.M. Best?

Founded in 1899, A.M. Best is the premier resource and gold standard for assessing the financial strength of insurance companies.  Best’s Financial Strength Rating is an independent judgment of an insurer’s economic strength and ability to meet its ongoing insurance policy and contract obligations.

 A.M. Best Rating Chart

            

 

  A++
A+

(Superior)
(Superior)

  A
A-

(Excellent)
(Excellent)

  B++
B+
B
B-

(Very Good)
(Very Good)
(Fair)
(Fair)

  C++
C+

(Marginal)
(Marginal)

  C
C-

(Weak)
(Weak)

  D

(Poor)

  E F
S

(Under Regulatory Supervision)
(In Liquidation)
(Rating Suspended)

 

Top rated life insurers in America

As you can see from the chart above, “A++” superior is the highest rating a company can receive.  This is very difficult to obtain.  Only about 3% of the life insurers have this rating.  As long as a company has an “A-” excellent rating or better by A.M. Best, then you can be assured the company is very financially strong.  With that being said, here are the only companies to receive the “A++” superior rating.

-Teachers Insurance & Annuity Association

-Northwestern Mutual Life Insurance

-New York Life Insurance Company

-New York Life Insurance & Annuity

-Knights of Columbus

-Berkshire Hathaway Life of NE

-TIAA-CREF Life Insurance Company

– Berkshire Life Insurance Company of America

– General Re Life Corporation

-Northwestern Long Term Care

What does all of this mean?

If your company is not on this list don’t worry!  This list highlights those companies that received the elusive “A++” superior rating. Again, the benchmark for financial strength you want to look for is that the company has at least an “A-” excellent financial rating or better by A.M. Best in 2014Of course a better rating is more desirable but it often comes at a price.  These companies listed above are typically much more expensive than even an “ A+” rated company, sometimes more than 70% for the same exact policy.  Most often companies like; “A+” rated- Banner Life, SBLI, Transamerica, Prudential, Genworth, “A” rated-AIG and ING and are usually the best choice because they will offer the perfect balance between having the best rates while still being VERY financially strong.  Bottom line, I tell my clients only to purchase a policy from an insurer that has received an A.M. Best financial strength rating of “A” or better, and you will have the peace of mind knowing that if the policy needed to be exercised the money will be there for you beneficiaries.  Life Insurance Company Reviews 

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John D June 17, 2013 at 7:21 am

Great post on the top rated life insurance companies. This helps me a lot!

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