In this fast going 21st century, though Americans are facing recession but people are more cautious for their future plans instead of their present day situation. It is so because they have a great love for their relations. They are paying more attention to their savings and retirement plans by purchasing insurance policies so that their loved ones will not have to suffer a lot in case of any grievous tragedy. Mostly, people who live alone do not fret over for planning their end of life but those who have families devote all of their assets in order to make their families secure even in their absence as “Tomorrow is a mystery”. Best life insurance companies are helping people in securing the future of their loved ones by offering best coverage to their families with lifestyle they have been accustomed to. If you want to purchase a life insurance policy you must be aware of certain features that can help you in selecting a fair, competitive insurance company.
Best life insurance companies provide you with a policy accompanying the following features:
Financial strength: Insurance is a long term investment so an insurance company must be sound financially. Financial stability of a company can be assessed by different ratings companies such as Standard’s and Poor’s, Moody’s and A.M Company.
Policy features: Policy features of a life insurance company act as milestones in earning repute. It is the most important part that you have to analyze while making your decision. It encompasses dynamic premium accounts, dividends, cash value excess, level death benefits and tax deferred growth.
Policy riders: Policy riders are extra benefits that can be availed by paying extra premiums to the company. They vary from person to person most common among them are child riders, terminal illness rider and disability income rider.
Customer support: Customer support system refers to the responsibility with which company respond to their customers e.g. Email, Phone or social media.
Coverage option: Coverage options of a policy depends upon type of coverage that policy owner wants. Common types of coverage options can be term life, universal, variable life, whole life and survivorship coverage.
Payment options: Though you are living in 21st century with all its amenities but while choosing a company to purchase an insurance policy you must be familiar with the premium payment options.
Contract provision: It includes anything that can impose a limit on insurance policy. This may be assignment clause, maximum minimum age limits, medical examination, grace period, etc.
According to a statistical analysis that had been done in 2013 there are eight hundred and fifty life insurance companies running throughout the country. But only some of them got distinction as best life insurance companies. Each of these companies has its special attributes that make them unique. According to the 2014 statistics MetLife has been regarded as largest insurance provider company. It has market capitalization amount of 62.95billion US Dollars and at second Prudential Financial with capitalization amount of 42.85 billion US dollars.
|Domain||Year of statistical analysis||Insurance company at 1st position||Insurance company at 2nd position|
|Largest company by Capitalization Amount||2014||MetLife with 62.95 billion US dollars||Prudential Financial with 42.85 billion US dollars|
|Largest company by assets||2013||MetLife with 585.39 billion US dollars||Prudential Financial with 531.95 billion US dollars|
|Largest company by net annuity considerations||2013||Jackson National with 23.29 billion US dollars||MetLife with 23.02 billion US dollars|
|Largest company by life insurance in force||2013||Prudential Financial with 2.34 trillion US dollars||_|
|Largest company by direct annuity consideration||2013||MetLife with 24.17 billion US dollars||_|
Among best life insurance companies in USA, MetLife is a leading insurance company with 100 million customers worldwide. Prudential financial a Fortune 500 company first started its operation in 1875 headquartered in New Jersey. It is prominent for helping its customers to build their wealth. Third largest Life insurance company in US is New York life established its business in 1845. It is known for its policy to help people in finding best term life insurance policy. There are two more companies, American international group (AIG) and Mass Mutual Financial Group (MMFG) that are considered as best life insurance companies in US.
There are many motor vehicle companies and among them the most popular is government employees insurance company (GEICO). Leo Goodwin founded this company in 1936 to serve the US government and Military employees. Later on it was transformed as the subsidiary domain of Warrens Buffett’s Berkshire Hathaway in 1996. Now the company is headquartered Chevy Chase, Maryland in US. It has 12 million customers with coverage of 18 million vehicles and 27000 employees. It is the second largest auto insurer company in US after State farm auto insurance company. In addition to the auto insurance GEICO provides emergency road service at very reasonable premiums. Though it deals with its customers directly via telephone or email but it has dozens of service offices in all 50 states of United States that provide their customers with twenty four hours emergency road services. It has been serving the natives at very low premium packages without any large sale force therefore its rank has been increased in throughout the country.
Government employees insurance company is also involved in motor-sports sponsorship. GEICO major competitors include State farm auto insurance company, AMICA mutual insurance and United States Automobile Association. In accordance with other insurance companies GEICO also consider education and occupation in underwriting before giving an insurance policy to policy owner.
In short secure your assets and future of your loved ones by purchasing insurance policies otherwise you will have to say:
In the end, we only regret the chances that we didn’t take.