Life insurance is a vital component of financial planning. It ensures your loved ones are protected financially in case of an unexpected tragedy.
1. Northwestern Mutual
Founded: 1857
Headquarters: Milwaukee, Wisconsin
Northwestern Mutual consistently ranks at the top due to its financial strength and exceptional customer service. Known for its whole life insurance policies, the company offers strong dividends and a wide range of customizable plans. It has the highest financial ratings from AM Best (A++), Moody’s, and Standard & Poor’s.
2. MassMutual (Massachusetts Mutual Life Insurance Company)
Founded: 1851
Headquarters: Springfield, Massachusetts
MassMutual is a mutual company, meaning policyholders may receive dividends. It’s highly rated for its customer service, financial strength, and variety of term and permanent life insurance products. The company also offers riders like chronic illness and disability waivers.
Pros:
- Offers both term and permanent policies
- Strong dividend history
- Easy-to-use online tools
Cons:
- Higher premiums than some competitors
- Medical exam often required
3. New York Life Insurance Company
Founded: 1845
Headquarters: New York, New York
As one of the oldest life insurance companies in the U.S., New York Life has a strong reputation for reliability and customer service. It offers a broad range of insurance products and is especially known for its whole life policies with consistent dividend payouts.
Pros:
- Long-standing reputation
Cons:
- No online quotes
- Requires agent interaction
4. Prudential Financial
Founded: 1875
Headquarters: Newark, New Jersey
Prudential is a global financial services leader that offers a variety of term and universal life insurance policies. What sets it apart is its flexibility in policy customization and its more lenient underwriting for certain health conditions.
5. State Farm Life Insurance
Founded: 1922
Headquarters: Bloomington, Illinois
State Farm is widely known for auto and home insurance, but it also offers excellent life insurance policies. With high customer satisfaction ratings and personalized service through local agents, State Farm is a top choice for many families.
Cons:
- Limited online features
- Fewer riders than competitors
6. Guardian Life Insurance Company of America
Founded: 1860
Headquarters: New York, New York
Guardian Life is a mutual company offering policyholders the potential to earn annual dividends. It has a solid selection of term and permanent policies and is known for including several living benefits with its life insurance plans.