Our Best Life Insurance Companies Rating
- #1 Haven Life.
- #2 Bestow.
- Third New York Life
- Northwestern Mutual is ranked third.
- #5 Lincoln Financial.
- #5 John Hancock.
- #7 AIG.
- Seventh-ranked State Farm.
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Who offers the best life insurance?
United States’ largest life insurance company – According to S&P Global Market Intelligence, these are the twenty largest life insurance firms in the United States based on market share for individual plans in 2021. The list of the top nine corporations is identical to that of 2020, with minor fluctuations in market share.
| Company | Life insurance options | Market share in 2021 |
|---|---|---|
| 1. Northwestern Mutual | Term life Whole life Universal life | 11.5% |
| 2. New York Life | Term life Whole life Universal life Variable universal life | 7.3% |
| 3. MassMutual | Term life Whole life Universal life Variable universal life | 7.1% |
| 4. Prudential | Term life Universal life Variable universal life Indexed universal life | 5.1% |
| 5. Lincoln Financial | Term life Universal life Variable universal life Indexed universal life | 4.2% |
| 6. State Farm | Term life Whole life Universal life | 3.3% |
| 7. John Hancock | Term life Universal life Variable universal life Indexed universal life | 3.2% |
| 8. Guardian | Term life Whole life Universal life Variable universal life | 3% |
| 9. Transamerica | Term life Whole life Universal life Indexed universal life | 2.8% |
| 10. Pacific Life | Term life Universal life Variable universal life Indexed universal life | 2.8% |
| 11. Sammons ( Midland National ) | Term life Indexed universal life Guaranteed universal life | 2.6% |
| 12. MetLife | Life insurance offered through workplace plans only. | 2.5% |
| 13. Protective Life | Term life Whole life Universal life Variable universal life Indexed universal life | 2.2% |
| 14. AIG | Term life Whole life Variable universal life Indexed universal life Guaranteed universal life | 2.2% |
| 15. Nationwide | Term life Whole life Universal life Variable universal life | 1.8% |
| 16. Equitable (formerly AXA) | Term life Variable universal life Indexed universal life | 1.8% |
| 17. Primerica | Term life | 1.7% |
| 18. Penn Mutual | Term life Whole life Variable universal life Indexed universal life Guaranteed universal life | 1.6% |
| 19. National Life | Term life Whole life Universal life Variable universal life Indexed universal life | 1.6% |
| 20. Globe Life | Term life Whole life | 1.5% |
| Source: S&P Global Market Intelligence, compiled April 11, 2022. Market share is based on 2021 direct ordinary premiums, from U.S. subsidiaries only. |
TAKE CARE OF WHAT IS MOST IMPORTANT Your family is unique, and so should be your life insurance.
This is the age-old question in the life insurance industry: Is Term Life Better Than Permanent Life? The answer relies upon your requirements and desires. If you just require life insurance for a limited length of time (such as when you have young children to raise), term may be preferable due to its more cheap costs.
How much life insurance should one have?
Methods of Calculating Life Insurance – According to the majority of insurance providers, a decent sum for life insurance is six to ten times yearly wage. If your annual salary is $50,000, multiplying by ten would result in a coverage amount of $500,000.
Some experts propose adding an extra $100,000 per kid to the 10x coverage amount. Multiplying your yearly pay by the number of years until retirement is a second method for determining the amount of life insurance needed. For instance, a 40-year-old earning $20,000 per year will require $500,000 (25 years $20,000) in life insurance.
The standard-of-living technique is based on the amount of money necessary for survivors to maintain their level of life in the event of the insured’s death. This quantity is multiplied by twenty. Survivors can take a 5% withdrawal from the death benefit each year, which is comparable to their quality of living, while investing the death benefit capital and generating at least 5% annually.
What does life insurance cost? – The average monthly cost of life insurance is $26. This is based on Quotacy statistics for a 40-year-old purchasing a $500,000 20-year term life insurance policy, which is the most typical term length and amount sold. However, life insurance premiums can vary significantly depending on the applicant, insurer, and policy type.
Do you receive your money back when term life insurance expires?
Yes, it is possible to extend term life insurance, although it is typically not advisable. When you extend your coverage, you pay for additional protection that you may not need. Therefore, it is often preferable to get a new insurance with a new term duration that meets your current demands.