Life insurance is a contract between an insurance policyholder(s) and an insurer or insurance service provider. It intends to pay out a sum of money typically on the death of the insurer or, after a certain specified period in the lifetime of a policyholder, is referred to as life insurance. A designated beneficiary is entitled to receive the money under the life insurance contract. This is a flourishing business worldwide, and many leading financial and other companies are engaged in this business. United States is one of the top countries where the life insurance business has dramatically flourished. There are many top life insurance companies in USA.
Life insurance business in the United States
The United States is a hub of life insurance companies because of the presence of the headquarters of the leading companies in this country that also collaborate with the companies of other countries to operate the life insurance business in other countries.
There is a big list of life insurance companies in the US. The number is exceedingly high. The statistics reflect that there was a total of 781 US insurance companies, but more new companies have entered into this business over sometime..
The reasons for the emergence of a large number of companies are logical because life insurance is an essential aspect in the United States, where people need to buy a life or health insurance cover mandatory or for other valid reasons.
Best US Life Insurance Companies
Among exceedingly large lists of US life insurance companies, selecting the right trusted service provider is a tricky affair because some of the insurance companies may be shady. However, 60+ life insurance providers are good life insurance companies in the US.
- Securian Financial (Minnesota Life Insurance Company)
- John Hancock
- Haven Life
- Axa Equitable Holdings
- Banner Life Insurance
- USAA Life Insurance
- American International Group (AIG)
- Prudential Financial
- Northwestern Mutual
- Brighthouse Financial
- Pacific Life
- Voya Financial
- Guardian Life
- Mutual of Omaha
and Principal Financial is 15 insurance service providers that are considered as the best life insurance companies in the US.
Why the US Population prefer Top Insurance Companies
Living without health or life insurance is not feasible in the United States, but all life insurance service providers are capable of fulfilling people’s requirements.
Most US residents, therefore, look for the top life insurance companies in the USA that can offer the best services at the best price. After all, there is a matter of protecting loved ones from the risks of an unpredictable future.
Life insurance is a crucial part of protecting against an unpredictable future, but shopping for insurance cove is a stressful aspect. It’s no easy within the limitation of the budget and marketing strategies of the insurance companies. The problem not only arises in buying a policy but also when claims occur.
The selection of the best life insurance company offers an assurance to a buyer of excellent service. The best companies provide the best plans to fulfill the demands of their customers. They offer the type of services and plans that are customary to their customers.
People in the United States have to pay a high premium on the life insurance cover, and they cannot take the risk of buying a policy from any company dealing with which can be a trouble in the future.
So, they usually prefer to buy their policies from the best or top life insurance companies in USA.
Largest US Life Insurance Companies
Here is a list of a few US life insurance companies that are in the top list because these are the largest insurance companies from a business perspective.
- MetLife is the largest company with an A+ rating and a market share of 6.53%. This company offers group life insurance through workplaces, term life, universal life, and variable universal life.
- Northwestern Mutual ranks second in the list, followed by New York Life with 6.33% and 5.63% market share. Both these companies have an A++ rating.
- Prudential and Lincoln Financial Group are A+ companies next in the ranks having 5.50% and 5.30% share.
- MassMutual ( Massachusetts Mutual Life Insurance Company) is the A++ company having 4.13% share.
- Transamerica (Aegon USA Group) is an A+ company having a 2.92% share, followed by John Hancock Group in the same rating and 2.80% share.
- State Farm is an A++ company having 2.78% share.
- Securian Financial is an A+ company with having 2.66% share.
- Guardian Life is the A++ company having a 2.43% share.
- Pacific Life Group is A+ having 2.26% share.
- Nationwide is the A++ company having a 2.02% share.
- Protective Life, Primerica, Global Life, Sammons, Mutual of Omaha, Principal Financial, and Penn Mutual are rated A+, and the market share of each of these companies is less than 2.0%.
The above 19 largest life insurance companies are deemed superior. Besides, there are four companies such as American International Group (AIG), UNUM Group, AXA, and Brighthouse that have been categorized excellent with ‘A’ rating. Voya Financial is not rated.
Largest US Companies Fulfilling their Customers’ Life Insurance Needs
Most of the above largest companies offer life insurance products such as Term Life, Whole Life, and Universal Life policies. Besides, some of them also offer Indexed Universal Life or Variable Universal Life policies.
The scenario of life insurance in the United States is quite large, with top life insurance companies in USA dominating the insurance sector.
These companies are serving a significant segment of the American population by fulfilling their health and life insurance needs because most insurance buyers repose their trust in them.
These companies also please their customers by providing the right type of services they need and deserve from their insurance provider.