As you shop for life insurance, keep in mind that there is no best company for all situations. Many life insurers have strengths and weaknesses that we’ll share with you here.
Our Best Life Insurance Companies Guide Reviews:
Insurance Company Overviews
How do you choose the best life insurer, and what criteria should you consider when shopping for life insurance?
At RiskQuoter, we answer your questions in this comprehensive guide to the premier life insurance carriers available.
Something for you to keep in mind is that there is no single life insurer in the industry that will be the top for every insured and situation encountered.
Therefore it’s essential to work with independent agents who will match you with the best carriers based on your needs, rather than captive agents who only represent one company.
The life insurance insurers we review include:
AIG – American General Life Insurance
Find out why AIG-American General is worth considering when you are looking for life insurance.
Banner Life Insurance
Legal and General America is the parent of Banner, offering competitive life insurance options that are worth considering.
John Hancock Life Insurance Company
Term life insurance and universal life insurance policies are available.
In addition to that, John Hancock is the only company with a program to reward healthy lifestyle behavior.
Read More: John Hancock Life Insurance Company Review
Lincoln Financial Group
If you’re looking for excellent life insurance whether it’s term life insurance or universal life insurance, Lincoln is very competitive, especially for higher face amounts and ages.
Protective Life Insurance Company
Protective Life offers competitively priced term life insurance and universal life insurance.
Read More: Protective Life Insurance Company Review
Prudential Life Insurance Company offers competitive term and permanent coverage.
As a leader in life insurance underwriting, Prudential may be an excellent option for you.
Life Insurer Financial Strength Ratings
These rating agencies issue life insurer financial strength (IFS) ratings.
- A.M. Best
AM Best was founded in 1899 by Alfred Best.
A.M. Best analyzes companies to determine the company’s claims-paying ability. A.M. Best is the only agency that focuses exclusively on the insurance industry and seems to be the easiest for most consumers to understand.
- Balance Sheet Strength
- Operating Performance
- Business Profile
- Enterprise Risk Management
Ratings offered by A.M. Best include:
- A++ and A+ = Superior
- A and A- = Excellent
- B++ and B+ = Good
- B and B- = Fair
- C++ and C+ = Marginal
- C and C- = Weak
- D = Poor
- E = Under Regulatory Supervision
- F = In Liquidation
The main driver of Fitch’s Insurer Financial Strength (IFS) rating is the evaluation of the life insurance company’s performance under the Key Credit Factors defined by Fitch.
Some of the qualitative review factors include:
- Sovereign and country related constraints
- Business and industry profile
- Ownership and management
Some of the quantitative factors include:
- Capitalization, debt service, and financial flexibility
- Financial performance and earnings
- Risk mitigation
Fitch ratings include:
- AAA = Exceptionally Strong
- AA = Very Strong
- A = Strong
- BBB = Good
- B = Weak
- CCC = Very Weak
- CC = Extremely Weak
- C = Distressed
Additional Fitch rating information can be found on their website, although their site makes it very complicated to find life insurer ratings.
Provides forward-looking opinions of the relative credit risks of financial obligations issued by the life insurer
- Aaa = Judged to be the highest quality
- Aa = Judged to be high quality
- A = Judged to be upper-medium grade
- Baa = Judged to be medium-grade and subject to moderate credit risk
- Ba = Judged to speculative
- Caa = Judged to be speculative of poor standing
- Ca = Judged to be highly speculative
- C = Lowest rated and typically in default
The focus is to provide forward-looking opinion about the life insurance company’s ability to pay its insurance policies under the terms of those contracts.
S&P ratings include:
- AAA = Extremely strong financial characteristics
- AA = Very strong financial characteristics
- A = Strong financial characteristics
- BBB = Good financial characteristics
- BB, B, CCC, and CC = Vulnerable financial characteristics, with each of these broken down further.
You can find more information here about S&P life insurance ratings.
Comdex is a composite score developed by Ebix software company that sells life insurance quoting software to life insurance companies.
It’s hard to use this score as a means to evaluate a company, so we don’t promote this score.
Leading Life Insurers for Health Problems
Check out the following guides to help you find the perfect life insurance based on your individual health history.
If you have a health problem, the type of health issue will determine which life insurance companies are best for you.
The first step is always for us to review your medical history to see which companies will do the finest job in life insurance underwriting for your needs.
We’ll then work through how much life insurance you need to work on quotes for you.
We’ll put it all together for you, and then we can review the ratings of life insurance companies that interest you.
Please take a few minutes to submit your quote request today. Thank you.