Archive for August 21, 2009
I won’t get all sappy about who I am. If you are really interested, you can read this blog. But needless to say, I have some experience with life insurance. I am also active in various forms in life insurance forums.
One of the most common questions I see asked is “What are the top life insurance companies?” The answer is that it depends on if you mean in absolute terms (like the life insurance company with the highest annual revenue) or if you mean something that is harder to decide (which life insurance companies are best for me).
For absolute terms, there are many resources available like your state’s department of insurance. You can search in Google for “department of insurance (your state here)” and they will almost always be in the top three results. You can also check with the American Council of Life Insurers for their most up to date fact book.
Still, I realize that most people don’t concern themselves with financial or accounting statistics when they choose a life insurance carrier. As long as it is with a stable company, you just want to know who is the best for you.
This is a much more difficult question to answer because there are over 520 life insurers in the US and Canada. Picking the top 10 is difficult because of the sheer number of companies to choose from. Moreover, each one of us is different from the next. So the top 10 for me will probably be different than the top 10 for you.
To make matters even more confusing when choosing the best life insurance companies, none of us knows the rates of all companies available. And if there was someone who claimed to know the rates for all those companies, they wouldn’t have access to qualification criteria, so they may be showing you the wrong quote from companies they are not actually licensed to represent. Whew.
If you followed all of that, you certainly understand by now why it is difficult to create a top 10 list of life insurance companies in the US and Canada. Objective measurements don’t matter to most of us and everything else is subjective. Perhaps the best thing you can do is get life insurance quotes from many agents to compare. Only then could you understand which life insurance companies are the best for you.