- Type of policy benefits. Make sure you read the fine-printed terms that accompany your insurance plan. Find out if your policy benefits are fixed, universal or flexible. Since each policyholder has different needs, choose a plan that allows adjustments to fit your future requirements.
- Premium fees. Payment rates vary with different insurance companies. However the common bases in determining the fees for any type of life insurance are age, occupation, health and lifestyle.
- More Perks. Most insurance plans come with perks or incentives such as retirement benefits, mutual fund benefits, estate planning and so on. Once again, more stable insurance agencies are the ones that provide additional services along with the existing policies of their clients.
- Customer Support. This is one of the most important factors to be considered when buying an insurance policy. Make sure your insurance company will not leave you in midair after you have purchased a policy from them.
- Prompt Awarding of Claims. What good is an insurance company if it cannot give the due payment to the beneficiaries at the time when they need it most? Delay in awarding of claims is a big no-no. Verify from your insurance agent if they can deliver the claims to your family at a given time frame.
Best 10 Life Insurance Companies
Every insurance company, no matter how young or old it is in the business and regardless of its size and territorial coverage, has its own merits and distinction. But for all it’s worth, an insurance company can be well classified as one of the best in the U.S. and across the globe if it consistently provides insurance coverage that serves the best interest of the clients. Listed here are the top 10 life insurance companies that continue to offer top protection to their policyholders.
- Northwestern Mutual. This company directly provides personal life insurance in the U.S. and with a trillion dollar financial backup. In 2012 alone, the company paid out more than five billion dollars in dividends and policy coverage to its claimants.
- Massachusetts Mutual Life Insurance. With its wide global reach, MassMutual has more than 12 million policyholders in the entire world. It provides insurance packages containing investment, insurance and retirement products. In 2010, this agency had over 141 billion dollars in total assets.
- Metlife. With policyholders in the United States and Mexico, Metlife is ranked as number one life insurance company in these two countries. It started business in 168 and now serves more than 100 million policyholders around the world with operations in the U.S., Asia, Latin America, Europe, and Middle East.
- New York Life Insurance. Known as the oldest insurance company in the U.S., New York Life Insurance is very stable and consistent in providing protection to its clients. It has over two trillion dollar worth of insurance policies spread among its hundreds of subsidiaries that primarily catapulted the company to an AAA rating among its competitors.
- Prudential Financial. Having an asset value of US960 billion, the current success of Prudential Financial is attributed mostly to its acquisition of AIG Star Life Insurance and AIG Edison Life Insurance Company.
- Aflac. Operating for 57 years already, Aflac insurance company is a major provider of supplemental insurance in the U.S. Its subsidiary is American Family Life Assurance Company and its agencies are present in all the 50 states of the United States as well as Guam, Puerto Rico and Virgin Islands.
- Lincoln National. This company specializes in providing multiple insurance and retirement services. You can avail of different insurance products from Lincoln National such as annuity, universal and life term with insurance, mutual funds, disability and dental insurance and more important insurance services. It has assets amounting to $153 billion as of 2011.
- Principal Financial Group or (PFG). This insurance group was founded in 1879 and the long period of its existence is enough assurance that it is one of the leading providers of life insurance policies.
- Genworth. Operating in the United States, Genworth employs more than six thousand people and operates in all the 50 states of the country with over 16 million policyholders across the world.
- Reinsurance Group of America. Having an estimate of $2.5 trillion life insurance policies, Reinsurance Group of America is no doubt the leading life reinsurance company in the world. Its capitalization has reached $3.8 billion early in 2012, which is predicted to be surpassed in 2013.
Life insurance companies are into tough competition, which is the reason why they are always on the lookout in improving their services for their clients. It is a take your pick game in the insurance company hence it is up to the clients which of the top insurance companies they will choose for their protection needs.