Search: #Best Life Insurance Companies for 2020

#Best Life Insurance Companies for 2020

Insure.com’s annual analysis that identifies the best life insurance companies found that MassMutual (aka Massachusetts Mutual Life Insurance Co.), Northwestern Mutual Life Insurance Co. and Bright house Life Insurance earned the top three spots. The results are based on responses from current policyholders who rated carriers on four customer satisfaction metrics.

We identify the best life insurance companies based on what policyholders in our survey have to say about their experiences. Life insurance companies with the most market share in the nation were ranked based on the ratings from surveyed policyholders in the categories of:

  • Value for price
  • Customer service
  • Usefulness and ease-of-use of its website and mobile apps
  • If recommended

The Best Life Insurance Companies for 2020

Unlike evaluations, you might find elsewhere, Insure.com’s Best Insurance Companies is the result of a survey of over 1,700 current customers – people just like you. We believe it to be the most comprehensive assessment available and a useful guide to help you find the best life insurance company for your needs quickly and easily.

The Top 5 Life Insurance Companies

Here is how life insurance companies ranked on individual metrics:

  • The Best life insurance company for value for the price: Transamerica (Argon) – 89.40
  • The Best life insurance company for customer service: MassMutual – 90.60
  • The Best life insurance company website and apps: Bright house Life Insurance – 88.22
  • The Best life insurance company for recommendations: Northwestern Mutual Life Insurance – 95%

Price and policies are important, but we also found respondents spoke positively about customer service. We heard from people who said that their life insurer feels like part of the family. That kind of standing can lead to strong company loyalty.

You’ll see in the table below how each company scored overall, as well as on each metric, in Insure.com’s Best Life Insurance Companies ranking. To write your own review, see all the comments from survey respondents for each company, as well as detailed information on each company’s coverage and discounts, visit our company pages by clicking on the logo in the table below.

Here are what some policyholders in our survey had to say when asked to make a comment about their experience (you can see all comments for each company by clicking on the logo in the table above):

1. MassMutual (aka Massachusetts Mutual Life Insurance Co.)

  • Easy to manage. Term-based monthly payments and it is always great to understand.
  • I like that they had a basic policy within my price range that didn’t require any medical exams or anything. Their website is easy to navigate and terms are clear. The few times I have spoken with a rep they were friendly and helpful.
  • I feel that MassMutual is dedicated to the care of my plan and me and it puts in real dedication to my well being

 

Good to know:

Founded in 1851, MassMutual offers life insurance, including term life and whole life. The company also provides long-term care insurance and retirement services. Despite MassMutual being around since the 19th century, the company has changed with the times. For instance, it offers term life policies with immediate approval.

 

Bottom line: 

MassMutual ranked number one for customer service and second for price and website/app. It also ranked second for members who would recommend the life insurer. Ninety percent of members surveyed said they would recommend MassMutual. That ranked second only behind Northwestern Mutual Life Insurance Co. The Springfield, MA-based company took the top spot for the west region, second in the Midwest and third in the south. It’s also popular with Millennials — taking second place in the age group.

2. Northwestern Mutual Life Insurance Co.

  • Very personable and flexible without trying to sell you anything.
  • I would recommend them because they have excellent customer service, low rates, no surprise fees and they are very easy to do business with.
  • You will get a feeling that they are part of your family.

 

Good to know:

The Milwaukee-based company offers term and whole life insurance, disability insurance, wealth management and retirement planning. One aspect that sets Northwest Mutual from others is that it’s owned by policyholders. That means policyholders are eligible to reap in dividends.

 

Bottom line: 

Northwestern Mutual enjoyed the highest level of member recommendation. Ninety-five percent said they’d recommend the insurer to others. Despite not getting the highest rating in any subcategory, Northwestern Mutual ranked in the top three in each one. The company came in third place for two age categories: Millennials and Baby Boomers. The insurer also finished second place in two regions: South and West.

3. Bright house Life Insurance

  • Good company values, easy to understand policy and trusted people.
  • This company is worth the money. Global and trusted name.
  • They offer very affordable life insurance policies and are very helpful when you have questions.

 

Good to know:

Bright house was once part of MetLife. Bright house separated from the parent company in 2017. Bright house offers term and universal life insurance and annuities to individuals. The Charlotte-based company also provides one-year policies to help people between jobs. Meanwhile, MetLife continues to offer group life insurance.

 

Bottom line: 

Bright house ranked highest in the website/app category and came in second for customer service. Eighty-nine percent of members said they’d recommend Bright house. The life insurer was the top life insurer for both Generation Xers and Baby Boomers. It finished second in the Northeast and third in the Midwest.

Here is how insurance companies ranked when data were analyzed by age and region.

The Best life insurance companies by age

  • The Best life insurance companies for millennials:
  1. Transamerica
  2. MassMutual
  3. Northwestern Mutual Life Insurance Co.
  • The Best life insurance companies for Gen X:
  1. Bright house Life Insurance
  2. Transamerica
  3. MassMutual
  • The Best life insurance companies for Baby Boomers:
  1. Bright house Life Insurance
  2. John Hancock Life insurance
  3. Northwestern Mutual Life Insurance Co.

The Best life insurance companies by region

  • The Best life insurance companies for Northeast region:
  1. Mutual of Omaha
  2. Bright house Life Insurance
  3. John Hancock Life insurance
  • The Best life insurance companies for Midwest region:
  1. AAA Life Insurance Company
  2. MassMutual
  3. Bright house Life Insurance
  • The Best life insurance companies for South region:
  1. Transamerica
  2. Northwestern Mutual Life Insurance Co.
  3. MassMutual
  • The Best life insurance companies for West region:
  1. MassMutual
  2. Northwestern Mutual Life Insurance Co.
  3. American General (AIG) (does business in NY as US Life Insurance Co.)

Agree with our findings? Disagree? Join the conversation by sharing your own experience with your insurance provider in the commenting forum below, and by leaving your own review.

Note that this is an independent editorial analysis devoid of affiliations or partnerships of any kind– companies did not pay to be included. Finally, the A.M. Best financial ratings represent an assessment of an insurer’s ability to meet its financial obligations to policyholders, and are separate from the editorial ranking.

 


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