Which life insurance companies would rank as “The Top 10 Life Insurance Carriers for 2016”?
This a question which concerns many people who want to buy life insurance as there are so many life insurance companies selling products these days.
With the new year just starting, many people who don’t have life insurance will realize that now is the time to buy a policy to protect their family. It’s important that they find out more information about the types of life insurance available in 2016
At Huntley Wealth we use over 40 different life insurance companies to pinpoint the most suitable policy based on your age, health and many other underwriting criteria.
All the insurers we use, have their own strengths geared towards individual needs and circumstances as each person has unique insurance needs.
To help you make a good decision for your family, we are offering our top 10 picks for life insurers with corresponding reasoning based on the following criteria so that you can target the best life insurance policy in 2016:
• Financial Rating
• Underwriting Leniency
The above listed criteria will vary, as each company has its own particular points where they shine/
A higher ranked company may provide policies which are slightly more expensive than a lower ranked company, but may excel when it comes to its underwriting guidelines for health issues for example.
But overall, these are our top 10 here at Huntley Wealth based on our 10 plus years of experience as an independent life insurance agency.
Quick Guide to the Top 10 Insurance Companies in 2016
- Banner Life Insurance
- Prudential Life
- Protective Life
- Transamerica Life
- American General
- VOYA Life
- Savings Bank Life Insurance (SBLI)
- Sagicor Life
- MetLife Insurance
- Principal Life
- Top Rated Life Insurers 2014
- Finding the Best Life Insurance Company
The Top 10 Life Insurance Carriers for 2016
Here is our selection of 2016’s Top 10 Life Insurance Carriers
Banner is a venerable company which began in the United Kingdom in 1836 and is owned by Legal and General. The company operates in 49 states under the name “William Penn” in the state of New York.
Banner is one of the best in the business when it comes to competitive pricing. Generally, when we review quotes provided, Banner frequently provides the top 5 lowest quotes.
Banner has been given an A+ financial rating by A.M. Best. This means that Banner is an exceptional and financially stable company. You can feel very confident that the company will meet all its financial obligations when it comes to paying out claims.
Banner is an remarkable company when it comes to approving individuals with health issues, that many other insurers won’t consider. Not only is the company one of the most lenient, it also provides some the most competitive rates for those with certain health issues.
This venerable and established company was founded in Newark, New Jersey in 1875 and is also known as “The Rock”, and if it weren’t for its pricing (which isn’t always the lowest), it would definitely be #1 on our top 10 life insurance company list of 2016. It is a Fortune Global 500 and Fortune 500 Company and operates in 48 states and uses the business name “Pruco” in New Jersey and New York.
Prudential is also highly renowned when it comes to competitive pricing, but its products tend to be a bit more expensive. Prudential also has one of the most detailed online quote tools in the market and can also provide quotes for Universal Life insurance, which is rarely found in quote tools provided by competitors.
Prudential also has been bestowed by A.M. Best with an A+ financial rating. As of 2014 the company has over 2 trillion dollars of life insurance in force with over $766 billion in assets and is traded on the New York Stock Exchange as a publicly traded company.
The underwriting policies of Prudential also make it one of the most lenient companies in the business. It has some of the best weight allowances in the industry and excels when it comes to those who use tobacco, but aren’t cigarette smokers such as those who smoke cigars, chew, use e-cigarettes, marijuana or those who wear patches or use nicotine gum. It is also one of the best go-to companies when it comes to those who travel outside the U.S. and for non-resident citizens, such as permanent residents, who need life insurance.
Protective Life Insurance was founded in 1907 and is based in Birmingham, Alabama. The company operates in all 50 states. Protective was featured in 2012 in the Forbes Global 2000 and Fortune 1000 lists.
Protective is exceptionally competitive when it comes to pricing and has some of the least expensive products for those who are 50 years of age or older. It also has one the best prices when it comes to Guaranteed Universal Life, and can lock in prices up to age 90.
Protective has also been granted a superior rating of A+ by A.M. Best, due to the company’s overall and solid financial strength. The company currently has over $357 billion in life insurance and has over $70 billion in assets.
Protective has some of the most lenient underwriting policies when it comes to seniors, moving violations, smokers and stay-at-home spouses. Additionally, the company is considered to be the number 1 option when it comes to individuals who have a history of heart disease, and is very liberal when it comes to cholesterol levels.
Transamerica was originally founded in 1928 and is based in Cedar Rapids in Iowa. The company has grown to become one of the top ranked life insurers in the U.S. and is part of the AEGON group of companies, which is considered to be one of the largest insurance organizations globally.
Transamerica is exceptionally competitive when it comes to pricing and has some of the least expensive products for those who are 71 years of age or older. The rates for Term insurance are also considered very competitive.
A.M. Best has also provided Transamerica with a superior rating of A+ which makes it a solid and financially stable company. Transamerica presently has as much as 3% of the total market share for life insurance, which means for every 100 policies sold, 3 people will have purchased their insurance through this established and solid company. As of 2013, they have $1.133 billion dollars of life insurance in force.
Transamerica has some of the most highly regarded underwriting policies as they apply to seniors, and has very liberal guidelines for those who are ages 71 and older. It also very lenient when it comes to those with certain health issues such as high cholesterol, hepatitis C and schizophrenia.
American General was founded in 1919 and is the life insurance division of AIG or American International Group. American General is considered to be one of the world’s largest insurance companies and has over 88 million customers.
American General has very competitive rates and is our company of choice when it comes to particular health issues, as the company is much less strict especially when it comes to approving Term life insurance policies.
American General has been rated by A.M. Best as having an A rating which means that the company is very financially secure and has the ability to honor all its claims.
American General has some of the most lenient underwriting requirements for those between the ages of 18 – 66. It is also very liberal when it comes to cigar smokers, and is flexible with those who have certain health issues, in particular those who have Type 2 diabetes. It is also one of the go-to companies when it comes to providing policies for private pilots and foreign travelers.
VOYA was formerly known as ING, but separated from its parent company ING Group and re-branded itself as VOYA in 2014 and is publicly traded on the New York Stock Exchange.
VOYA also has very competitive rates, particularly when it comes to certain Term policies. VOYA isn’t always the most competitive when it comes to pricing, but it is still so close to its competitors that we had to include the company in our top picks.
VOYA also has a very solid financial base, as the company has been given an A rating by A.M. Best, which means that it is financially sound and reliable.
VOYA is one of the very few companies that do not ask applicants if they have a family history of cancer, which can impact your rating. VOYA also has very lenient underwriting policies when it comes to those with blood pressure issues, especially for older applicants age 61 and up. It is also more liberal for those who have higher cholesterol levels.
SBLI was founded in 1907 and is presently located in Woburn, MA. The company operates in all sates, with the exclusion of New York and Montana. Although the products they offer vary from region to region, the majority of its products are available in all states in which they operate.
SBLI has some of the most affordable term rates available and provides term products for up to 30 years, with its strongest product being the guaranteed level term policy. They rank consistently in the top ten for the most affordable term products and often in the top 5.
SBLI is a very financially stable company and has been rated by A.M. Best has having a Superior A+ rating.
Although SBLI is excellent when it comes to providing lower rates, they are more stringent when it comes to certain health issues, such as for those who have diabetes. They can also be somewhat strict with their underwriting policies on many other heath issues, so it can be difficult to get their top rates, which are why they rank a little lower on our top 10 list.
SAGICOR began as SAGICOR Financial Corporation in 1840. It provides both insurance and annuity products in over 22 countries. It operates as a publicly traded company and currently has assets of over $5.78 billion and operates in 45 states including the District of Columbia.
SAGICOR has some most affordable term rates available and provides term products for up to 30 years with its strongest product being the guaranteed level term policy.
SAGICOR is a solid company, but is not rated as high as other competitors, because it was ranked A- by A.M. Best. Don’t be dismayed, this is still considered a solid rating and the company is very finically sound.
One of the main products that we prefer, and for which SAGICOR excels above the rest, are their Non-Medical Life insurance policies. This is our go to company for many clients who prefer a non-medical life insurance policy. Their underwriters are easy to work with and they excel for those with specific needs.
MetLife or Metropolitan Life Insurance Co. can trace its origins back to 1863 and is firmly established throughout the world, serving approximately 100 million clients. A review of it assets in 2014 shows that it has nearly $475 billion worth of assets and is very established and one of the most recognized names in the life insurance industry.
MetLife prices are somewhat higher than many of the other top 10 competitors on our list. This is why we ranked it lower, as their products tend to cost more.
MetLife has an especially strong financial footing and stellar position when it comes to financial ratings as it has been given a superior rating by A.M. Best of A++ so you know there are no issues with this company.
The good thing about MetLife is their underwriting is relatively lenient which is one of the main reasons we like this company. It is much more flexible than many other insurers when it comes to its underwriting policies for a variety of health issues.
Principal was founded over 135 years ago and has an established reputation in the insurance industry. The company provides their service in over 18 countries and its parent company (Principal Financial Group) is listed as a Fortune 500 company.
We especially like Principal for No-Medical exam life insurance policies as they provide some of the lowest quotes in the industry. Prices tend to be not much higher than what they charge for policies which do require an exam. That being said, they are bit pricier than other companies for policies which do require an exam.
Being part of a Fortune 500 company you can rest comfortably assured that Principal has a very solid financial footing and has been rated by A.M. Best as having an A+ or Excellent rating.
Principal provides great rates and relatively easy guidelines for healthy individuals but they can be a bit stricter than other companies when it comes to underwriting policies for those who have health issues. It is also one of the very few companies which can provide up to $1 million for a No-Medical exam policy, and has very fast turnaround period when it comes to processing an application.
Keep in mind when we’re talking about the best companies from 2016 that we’re going off of the results from 2015. We also found a list of the “top rated insurers” from the year before, which would technically be results from 2014. The top 10 life insurers for 2014 has been based on the major financial rating agencies in America including:
Combined, these ratings from various agencies provide a comdex score, and that’s how we get our ratings below. The top 10 are ranked are as follows:
1. Teachers Insurance and ANN N.Y.
2. Northwester Mutual Life
3. New York Life Insurance Co NY
4. New York Life Insurance and ANN DE
5. Knights of Columbus CT
6. Berkshire Hathway Life of Nebraska
7. TIAA – Cref Life Ins Co
8. Berkshire Life Insurance Group
9. General RE Life Corp
10. Northwestern Mutual Long Term Care
First of all, you must understand that the best price in life insurance is all about choosing the best company for your specific needs. That’s why in our top 10 companies of 2016 review, we’ve included underwriting leniency.
Just because a company might have the best price at their top tier health level, it doesn’t mean you’ll qualify for it. You generally want to apply to the company who will give you the best health rating.
You always want to use an independent agent when buying life insurance. As you can see from the reviews above “one size does not fit all” when it comes to buying life insurance. Each company offers different strengths when it comes to finding the best policy for your particular circumstances with respect to the policies offered, the cost and the underwriting requirements.
Because each company is unique, only an independent agent can properly sift through the various options to find the best policy and at the best price for you.
Life insurance is not a buy-it-and-forget-it purchase. It should evolve as your life does. Ideally, you should find an agent and company that can help protect your family over a long period of time. Choosing the Best Life Insurance Company for you, Investopedia
Here, at Huntley Wealth, our independent agents have access to over 40 life insurers, so always know you will find the policy that’s right for your particular situation and that of your family in 2016.
Let the experts at Huntley Wealth help evaluate your life insurance needs. Call me right now at 877 – 443 – 9467 . We can answer all your questions!
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