There are companies out there, such as A.M. Best and Standard & Poor’s, which rate life insurance providers on various financial strengths in order to help consumers make more informed decisions (insurance company ratings).
Each state in our great nation also has a department of insurance that monitors the financial status of life insurance companies and regulates their practices.
If you’re in the market for life insurance, you should look for an organization that’s been around a while, with a proven ability to pay claims to your beneficiaries in the event of your death.
After all, it’s a lot more likely an insurer will pay your claim if they’re still in business…
It’s also not a bad idea to determine how much life insurance you need prior to beginning your search.
That said, here are the top 10 largest writers of life insurance in the United States, along with their AM Best rating as of 2007, per the III.
Top 10 Life Insurance Companies in the United States
1. MetLife – rated A+, Superior
2. Prudential Financial – rated A+, Superior
3. New York Life Insurance – rated A++, Superior
4. TIAA-CREF – rated A++ , Superior
5. Massachusetts Mutual Life Insurance – A++, Superior
6. Northwestern Mutual – rated A++, Superior
7. AFLAC – A+, Superior
8. Genworth Financial – A+, Superior
9. Principal Financial – A+, Superior
10. Lincoln National – A+, Superior
Some of the insurance companies listed above may offer a combination of life, property, casualty, and/or health insurance coverage.
Life insurance companies, much like other large corporations, don’t always specialize in just one thing, though they tend to stick to insurance and financial services.
Keep in mind that there are thousands of insurance companies out there to choose from; some focus on only one type of insurance or one specific region of the United States, while others offer a wide array of services to customers nationwide.
But it’s not necessary to purchase a life insurance policy from one of the companies listed above to ensure you receive adequate coverage or service.