Whether you or your customers already have life insurance or are looking to purchase one, Insure.com has tried to make purchasing a little easier for a business.
Insure.com offers a comprehensive consumer guide to insurance information. This is the 11th year that auto, home, life and health insurers are rated.
The company surveyed more than 1,500 people with auto, home, life and health insurance (540 with life insurance). The online survey was conducted in the fall by market research firm Slice MR. Respondents were asked to name their insurer and rate certain attributes such as customer satisfaction, service friendliness, policy offering and trustworthiness of the company, among others.
Using those responses, Insure.com editors then selected the top life insurance companies and analyzed them using information from the National Association of Insurance Commissioners’ complaints data, which ranks a company by the number of customer complaints it receives. A Complaint Index of more than 1.0 indicates that the company receives an above-average number of complaints. Data from AM Best, which measures financial strength, was also used for the analysis.
AM Best survey information contributed 25% to the final total score, while complaints data from the National Association of Insurance Commissioners contributed 15% of the score. Sixty percent of the total score was contributed by responses to the Insure.com/Slice MR survey. The companies were rated from one to five stars, with five stars being the best rating.
The editors hope the list of the best life insurance companies will help you narrow down your choices. However, they also caution that you may want to consult a financial advisor before making a final decision.
Here is Insure.com’s list of the best life insurance companies of 2023.
9. Globe life
Globe Life placed ninth with an overall rating of 2.1 stars out of 5. The insurer received a high score (94%) for contract renewal. It also received an “A” rating from AM Best and scored 812 out of 1,000 from JD Power, well above the industry average of 774 and the highest among the companies evaluated.
8. AIG
AIG received 2.3 stars out of 5. Loyalty was one of the top issues cited by survey respondents, with 100% saying they would renew their AIG life insurance policy. The insurer also received decent marks for policy offerings. It received an “A” rating from AM Best and a JD Power score of 744, below the industry average of 774.
7.Amica
Amica received 2.6 out of 5 stars. The multi-line company allows customers to bundle all the basics of personal insurance – auto, home and life – in one place. The insurer has the lowest number of customer complaints (an index score of 0.17 by the National Association of Insurance Commissioners) of the companies evaluated. It has an “A+” rating from AM Best.
6.AAA
AAA received 2.9 stars out of 5. The insurer has a lower rate than the industry average and nearly all policyholders (98%) said they would renew their policy. The company also received high marks for serviceability. It received an “A” rating from AM Best.
5. Regulatory
Prudential received a rating of 3.4 stars out of 5. The insurer was one of the few companies to get 100% for the contract renewal. The company received an “A+” rating from AM Best and a score of 773 from JD Power, just below JD Power’s industry average of 774.
4. Omaha Mutual Society
Mutual of Omaha received a rating of 3.5 stars out of 5. Customers gave the insurer good marks for the ease of service and policy offering. All policyholders surveyed by Insure.com said they would renew their Omaha mutual policies. The company also received an “A+” rating from AM Best and a JD Power rating of 801.
3. Northwestern Mutual
Northwestern Mutual came in third with 3.7 stars out of 5. The insurer scored with service friendliness and trustworthiness. Additionally, 95% of policyholders said they would renew their policy with the company. The company received an “A++” rating from AM Best and also received the lowest index score (0.05) from the National Association of Insurance Commissioners.
2. New York life
New York Life took second place with 4.2 stars out of 5. The insurer received high survey scores in the 80th and 90th percentiles for most categories, including customer satisfaction, ease of service and policy renewals. It received an “A++” rating from AM Best and an index score of 0.27 from the National Association of Insurance Commissioners. And based on data from Insure.com, the company was ranked as the cheapest, costing about 3% less than the industry average.
1. State Farm
State Farm Leads List of Best Life Insurance Companies of 2023. The insurer prevailed with 4.8 out of 5 stars. It ranked first in multiple categories including customer satisfaction, ease of service, policy offerings, and trustworthiness. The company received high ratings from AM Best (“A++”) and the National Association of Insurance Commissioners (an index score of 0.33). Additionally, State Farm received the highest JD Power score of any insurer evaluated, at 839 out of 1,000.
The full report can be viewed here: https://www.insure.com/best-life-insurance-companies/
