Insurance may be defined as the transfer of risk of loss in exchange of a payment. This is a sort of a contract in which the person receives a financial protection against the risk of losses from the insurance company. The risks may be Financial (risk must have financial measurement), Pure (should be real) and last Particular (means something like earthquake risk or risk due to any other natural disaster etc). The amount of money which policy holder has to pay to the company that is actually the insurance coverage is called as premium. The insured pay small amount of money to the insurer in exchange of the insurer’s promise to compensate in any of the insured’s big financial loss. Insurance policy is a contract that insured receives. It has complete description about the terms and conditions in which insured will be indemnified.
No body of course likes to think about his own mortality or retirement or some bad happening as accidents etc to himself, but to think about the financial stability of family is important in every case. Now a day the concept of life insurance is very common in more sophisticated and civilized societies. It is important to mention here that more you wait for purchasing the life insurance more you are at the risk of lower payout or may be you are gone without any insurance in hand. Well talking about what expertise say is that your insurance policy must have at least the amount of money to pay off all your debts but it is advised that you must go for safer side that is you must ensure the complete financial stability of your family. In order to help you out in stepping towards the insured life we have prepared the list of top 10 best insurance providers in 2020 that is based on coverage, pricing, claims support and customer service.
10. Security Benefit Life Insurance (SBLI)
The company has two joint owners State Bank of India, PNP Paribas Assurance and the largest state owner banking and finances company in India. The company headquartered in Mumbai. The company provides the facilities of Life Insurance and annuities. Though it has fewer types of life insurance policies than other insurance companies still you can go for it as it is reputable and affordable. The company has the good overall rating for this year. The company has fair premium. The payouts would be equal to the premiums you paid and that would be atleast enough to cover the typical expenses in case of sudden tragedy. The company has good supporting network of agents.
9. Prudential Life Insurance
Prudential Life Insurance Company provides you all of the basic facilities and financial coverage to your family in the case of your death. If you are focusing on the long term financial needs and goals then Universal or variable insurance policy would suit you best. Beside this company also offers lifetime and survivor ship life insurances as well. The company also helps its clients in different investment strategies. The company has offices and employees all over the world. The company has very reasonable life insurance rates. Total Revenue of the company in 2012 was $13.52 billion.
8. NorthWestern Mutual
It is a mutual organization in US that provides the financial services to its clients. The company was founded in 1857 and is providing the life, health, disability insurances, mutual funds and employees benefit services along with consultation on income protection and other property, estate planing, business needs and other investments. The company headquarters are in Milwaukee, Wisconsin and USA. The company focuses on the long term relationship with its clients.
7. American International Group
The biggest American multinational insurance company AIG was founded in 1919. The company headquartered in New York. London has British headquarters, Hong Kong has Asian headquarters and Paris has European headquarters. The company has 88 million customers in almost 130 countries. The company has employees in more than 90 countries in the world. The company is divided in two segments. AIG property Casualty segment dealing with financial services of the clients and AIG Life and Retirement segment provides the life insurance policies to the clients. In 2020 the company was Ranked 40 in Fortune 500 list of largest insurance companies in the world. It also stands at 42nd largest public company in the list of 2020 Forbes Global list. Company provides the flexible range of life insurance policies to its clients.
6. State Farm Insurance
State Farm Insurance is group of financial services and insurance company. In 1922 when company was founded, it was just an automobile insurance company but with time it expanded and became the company you know today with 72000 employees and 18000 agents. The company headquarters are in Bloomington. In 2020 the company was Ranked 44 in Fortune 500 list of largest insurance companies in the world. The company maintains the long lasting relationship with its customers. Auto Insurance, Health insurance, Life insurance and other Financial Services are facilities that company provides to its customers. If you are looking for the cheap and most supporting life insurance State Farm Insurance Company would be a perfect choice.
5. New York Life
The company was founded in 1845, since then it has been serving and protecting what’s most important for its customers. This company is largest life insurers worldwide. The company provides you will all the basic types of insurance policies to protect your family financially in any tragedy. The company not only provides you the insurance but also offer you a small business and group insurance to protect your assets. The New York Life insurance company has almost 8500 employees in overall serving many major countries of the world. The total revenue of the company in 2020 was about $34.33 billion.
4. The Hartford
The Hartford Financial Services Group is America’s largest insurance and financial investment company. Its Headquarter is in Hartford. It is the oldest and most famous company in U.S for mutual funds, property insurance, casualty insurance and other group benefits. The company has a wide network of workers, brokers and agents through which they sell their products. The company has experience of over 200 years hence it is well recognized for its integrity, trust, excellence and sustainability. The company revenue for the last year was almost $26.2 billion.
3. ING Group
ING Group is a Dutch Multinational Company that provides insurance and other financial services. The company headquartered in Amsterdam. The company deals with its customers in retail banking, commercial banking, direct banking, asset management along with the insurance facilities. Company offer many type of insurances as lifetime insurance, Universal life insurance, Variable life insurance and survivor’s life insurance. The company will provide you the best pricing and premium. So secure the legacy of your holdings and get the short-term coverage until your kids are free from the schooling with ING group. It will provide you every facility that the best insurance provider should give.
2. Metlife Insurance
Met life is globally the largest insurance provider company. It offers the annuities and many employee benefit programs with almost 90 million customers in more than 60 countries. The company is financially strong and it provides the customers with great benefits. Met life is the best life insurance company reviewed in 2020. Along with the insurance options it offers its customers other investments as well.
Met life offers two insurance policies Universal and Variable Universal. The second one is more beneficial as it offers the financial investment along with the lifetime coverage, income replacement payouts for beneficiaries and cash value. Both of these life policies are flexible in cash withdrawals and premium, but it is advisory to go for the Variable universal policy as it is not related to the market fluctuations. The company provides you long term care options and competitive premiums so you may not think of ending the contract with the company.
1. Primerica Life Insurance Co
Primerica Life Insurance Company is a multi-level marketing company. In North America, it was the largest independent financial serving organization in 2011 and had 90,000 representatives. The company sells the financial products and services through the representatives in Canada, United States, Guam and Puerto Rico.
In 2020 the company moved to its international headquarters in Georgia. Based on consumers complaints data, company support services based on unbiased rating, company specific premium data and overall financial strength of the company Primerica is the best rated company of this year.