Here’s the latest, revised version of the best insurance company lists. These are compiled in a top 100 rating guide format. The lists are in alphabetical order to help insurance agents and brokers find an insurer. Find out how your opinion compares. How can you rate an insurance company? I’ll briefly mention the different ways, show you which method I’m using for this article, and why.
BY NUMBER OF AGENTS
This rating list method rates the insurer based on the large number of insurance agents and brokers currently licensed and under contract. with carrier. I find this review worthless for several reasons. First, there are a number of career and life insurance agencies with thousands of representatives. However, of these, up to 80% of the total number of agents are relatively new to trying to establish credibility in the industry. Four years later, only 6% of many an insurance company’s agency team will maintain enough production to remain career representatives.
In addition, my findings reveal inaccuracy of this method due to the license renewal process imposed on the insurer by state insurance departments. Most state insurance departments send renewal report forms annually. A fee must be paid by each renewed ins agent. What makes it difficult is the variation of different paperwork procedures by individual states for removing inactive INS representatives. The paperwork consists of costly, time-consuming forms and procedures for the insurance company to implement any changes. Renewing all representatives is often cheaper, and therefore the route that the insurer often takes. This also gives the insurance company bragging rights over the number of salespeople who write for them.
Personally, I was shown in the state insurance department’s records as licensed for 11 years after I wrote my last case.
INSURANCE CO FINANCIAL RANKINGS
There are four or five top independent companies that use this insurer’s rating of a company based on a variety of financial factors. A lot has to do with projecting the insurer’s financial stability. This is achieved by carefully dissecting past and present financial history. It covers how the insurer’s investments are performing and returns. An insurance evaluation also considers the amount of cash and how much is in reserves to pay current and future claims.
There is consensus among members of the life insurance association that the highest-rated insurers are the best of the bunch. Yet the members of the association make up less than 12% of the total producer base. The other insurance agents and brokers (the majority) disagree that these are always the best to use for their client’s needs. Logic tells you that a newer quality insurer has no history of starting first. In my situation, customers bought what I presented to them. Almost half the time it was NOT the highest rated company by the rating agencies. However, I sold the client what their emotional needs demanded. Many past insurance companies that were in the top 100 later went into financial bankruptcy, and still often do in today’s world.
BY RANKING OF PREMIUMS COLLECTED
This is a common form of insurance company listing and ranking to produce. Insurance companies are rated by the total number of premiums they collected that year. It seems rather unfair to mix annuity premiums with all the dollars collected. Producers know that it’s easier to sell a $20,000 annuity than a $20,000 term life insurance policy. The other mistake I find in using total premiums collected is who actually contributed a portion of the premiums collected. At some companies, a huge portion of these premiums went uncollected by the average seller. Many institutional buyers directly purchased hundreds of thousands of dollars worth of annuity premiums.
BY REVIEWS THAT ARE IMPORTANT TO HEALTH AND LIFE SELLERS
This is my way. As fair and balanced from a representative’s perspective as achievable. Premiums are collected from the 1,500,000 brokers, who try to make a living by selling insurance policies in this industry. Often these sales are made one at a time. Plus, of these 450,000 independent brokers, semi-independent agents, and a few career representatives, depending on which company, co-write 50% to 100% of those insurance policies.
This ranking method is enforced because I feel that the list of insurance companies is intended to be a useful directory. One where independent brokers, semi-independent representatives and single career representatives can go. This is a guide to other insurers you may want to write productions for.
The list and insurance company ratings for the top 100 are purposely placed in alphabetical order rather than by premium or financial data. You may not entirely agree with the list, as we have left a strong percentage of sales in annuities and investment products in some companies.
In the eyes of a typical health and life broker, this directory of health and life insurance companies is as accurate as it gets.
1. Etna 2. AIG Life Insurance Company** 3. Allianz Life Insurance Company of North America 4. American Family Life Assurance Co of Columbus 5. American Fidelity Assurance Company 6. American General Life and Accident INS Co** 7. American General Life Insurance Co** 8. American Income 9. American Memorial 10. American National Life 11. Americo Financial Life and Annuity 12. Anthem Blue Cross 13 Aurora National Assurance 14 Aviva Life and Annuity Company 15. AXA Equitable 16. Bankers Life and Casualty Company 17. Banner 18 .Beneficial Life 19. CM Life Ins 20. Colonial Life & Accident 21. Columbus Life 22. Conseco Life 23. Farmers New World 24. First-Penn Pacific 25.Forethought 26. General American 27. Genworth 28. Gerber 29. Great American 30. Great-West Life & Annuity 31. Guardian 32. Hartford Life and Accident Ins Company 33. Hartford 34. Homesteaders 35. Indianapolis Life 36. ING 37. Jackson National 38. John Hancock 39. John Hancock Life Insurance Company USA 40. Kansas City Life 41.. Lafayette 42.. Liberty Life Assurance Co of Boston 43.. Liberty National 44.. Life Ins Company of North America 45. Life Ins Company of Southwest 46. Life Investors Ins Co of America 47. Lincoln Advantage 48. Lincoln Heritage 49. Lincoln National 50. Mass chuset ts Mutual 51. Metropolitan 52. Midland National 53. Minnesota Life 54. Monumental Life 55. MONY – America 56. MONY – New York 57. National Guardian 58. National Life 59. New England Life 60. New York Life Ins and Annuity Corporation 61. New York Life 62. North American Co for Life & Health Ins. 63. Northwestern Mutual 64. Ohio National Life 65. OM Financial 66. Pacific Life 67. Penn Mutual 68. Phoenix Life Ins 69. Primerica 70. Principal 71. Protective 72. Provident Life and Accident 73. Pruco 74. Prudential – America 75 Reassure America 76. Reliance Standard 77. ReliaStar 78. Riversource 79. Security Life of Denver y 80. Standard 81. Stonebridge 82. Sun Life and Health 83. Sunset 84. Borg 85. Symetra 86. Transamerica 87. Transamerica Occidental 88. Trustmark 89. US Financial 90. Union Central 91. Union Security 92. United Healthcare 93. United Ins Company of America 94. United Investors 95. United of Omaha 96. United States Life 97. Unum 98. West Coast 99. Western and Southern Life 100. Western Reserve Life Assurance Co of Ohio Note: Sagicor Life, Foresters and Illinois Mutual should appear in the bottom 3 lists, replacing the companies listed above as #6, 2 and 7.
**AIG Life Insurance Company, American General Life, American General Life and Casualty Comments
This group of companies used to be one of the highest premium generating and highest ranked insurance companies in the United States. Still, after two massive federal bailouts, the future is uncertain. That’s why AIG Life no longer deserves to be in this top 100 list guide.
GUIDE TO COVERED LISTS OF LIFE INSURANCE COMPANIES
The following insurance company listings can often be included in different types of some top 100 Life ins company rankings IF you evaluated written premiums. Sometimes the premiums consist of significant amounts of annuity premiums. Insurers are also included where a large part of the turnover does not come from representatives and salespeople. Instead, it is written by brokerage firms and independent broker-dealers of variable investment contracts that are not managed by insurance departments. In other cases, products may be aimed directly at teachers, the military, or credit unions. In a few cases, there are companies with pending lawsuits. Below is a representation of this mix of insurers:
1. Cuna Mutual 2. Genworth Life and Annuity 3. Harford Life and Annuity y 4. John Hancock Variable Life 5. Mayflower National 6. Metlife – Connecticut 7. Metlife Investors USA 8. MML Bay State 9. Nationwide 10. Nationwide Life & Annuity 11. NYLife of AZ 12. PHL Variable 13. Sun Life Assurance Co of Canada 14. Teachers Ins and Annuity Assoc of America 15. USAA 16. Shenandoah — financial difficulties
There are a total of over 600 licensed life/health companies “operating” in every state of the United States. However, some are not writing any new cases at the moment. Plus, many operate in just one or a few states, so you’ll miss them in the top insurance company lists. Most states have an actual list of 220 to 330 life and health home offices that are currently accepting new business from licensed agents and brokers.
Advisor forecast. Choosing from the list of providers above, Foresters would be my top pick as the next rising star. The innovative niche products are starting to create a high demand. Also note Genworth, the stock value is zoomed in and the company is adapting very well to market opportunities.