Rating life insurance companies is crucial in helping consumers with one of life’s most important purchases. Companies promise inexpensive monthly rates and hassle-free payouts but customers need more than encouraging words in a commercial. This site rates popular insurance companies based on actual client reviews, not the words of a paid spokesperson. The following list gives statistics on well-known life insurance companies.
MetLife
Founded in 1863, MetLife started as the National Union Life and Limb Insurance Company. In 1868 Metropolitan Life Insurance Company, also known as MetLife came into existence. Life insurance policies include term life policies that accrue no cash value, whole life coverage offering cash value growth, universal life with cash growth, variable universal life that offers high cash value through investment and survivorship policies that provide survivor benefits. MetLife policies cover 90 million individuals throughout the world.
Prudential
John F. Dryden founded the Windows and Friendly Orphans Society in 1875. The group evolved into Prudential Insurance during the early 20th century. Policies offered include temporary term life insurance and three types of permanent coverage: universal, variable and survivorship insurance. Exact policyholder numbers are not available but the company holds more than $2 trillion United States dollars (USD) in policies generated under several hundred subsidiary insurance companies.
New York Life
The Nautilus Insurance Company would eventually become New York Life in 1849. New York Life is one of the largest policyholder-owned or mutual companies in the world and one of the largest international life insurers. Available policies include term life, whole life, universal life and variable life. A series of corporate sponsored plans are also available to business owners looking to provide employee coverage. Estimates place annual policy revenue at approximately $287 billion USD.
Mutual of Omaha
Mutual of Omaha emerged during the early 1900s and went on to create multiple subsidiaries. Policyholders select one of three term life plans ranging in value from $50,000 USD to more than $100,000 USD. Universal and term life plans are available. The company also offers separate accidental death coverage. Estimated company revenue is approximately $4.2 billion USD.
ING
Known in 1845 as the International Netherlands Group, ING initially provided European fire insurance. Life insurance policies came along in 1863. The company experienced massive growth during the 1960s and 70s. Policies include term life, universal life, variable universal life and survivorship coverage. ING also offers indexed universal life policies that rely heavily on stock market investments. Estimates place insurance revenue at approximately 16 billion euros.
Allstate
The concept for Allstate insurance emerged from a revolutionary concept of selling policies through the mail instead of using door-to-door sales representatives. Initial efforts went into emphasizing car insurance but life insurance went on the menu in 1957. In addition to term life policies and cash value permanent policies, the company offers “goodforlife” coverage guaranteed to payout survivor benefits if policyholders die before reaching 65 years of age. Estimates place revenue for the largest publicly owned insurer at approximately $31.4 billion USD.
State Farm
Midwestern-based State Farm insurance was the brainchild of a retired farmer. The focus was on auto policies when the company started in 1922. Sometime later on life insurance became available. Policies offered include term life, whole life and universal life coverage. Estimates place company revenue at approximately $61.1 billion USD.