Top 10 Best Life Insurance Companies In The World
Top 10 Best Life Insurance Companies In The World

Life insurance is a great way to protect your family financially in the event of your death. The best life insurance companies can help you secure enough coverage to replace your income, settle debts, or cover expenses your family will face like paying for your children's education or caring for aging parents.

The good news is that life insurance doesn’t cost as much as you might think it does. Some people even estimate that life insurance costs up to five times as much as it actually does, reports the Insurance Information Institute (III).

Buying a life insurance policy is similar to buying a home in that you are paying for something that will be part of your life for many years to come. Just as you inspect a home before you buy it, you should evaluate any insurance company before buying a policy. Follow these tips to make sure the life insurance company you are considering is a sound business that will flourish decades into the future.

  • Financial strength: Get a financial strength rating from at least one of the five independent agencies: AM
  • Best, Fitch Ratings, Kroll Bond Rating Agency, Moody’s, and Standard & Poors. This rating is based on an assessment of a life insurance company's financial stability. We base a portion of our Best Life Insurance Companies ratings on the AM Best financial strength rating, and every company on our list earned AM Best's highest rating of Superior.
  • Customer service: Working with your life insurer shouldn't be a hassle. The best companies have easy-to-use websites, short hold times when you call, and agents who give you advice based on your needs and not their commission. Reading professional and consumer reviews can shed some light on what to expect when it comes to a life insurance company's customer service.
  • Policy types: Not all life insurance companies offer every type of policy. Rather than choosing the wrong type of policy because you like the company, start with a company that sells the kind of insurance that best fits your needs. We break down the differences between the types of life insurance and give a brief definition of other terms in our section below on Types of Life Insurance Policies.
  • Policy options and add-ons: Other important considerations when buying a policy include the amount of the premium, choices of premium payment arrangements, selections for term periods (for a term life policy), and the rate of return on the cash value (for a universal or whole life policy). Start off on the right foot by getting a firm understanding of what each of these terms means. See our Types of Life Insurance Policies section below for more information.
  • Company size: All else being equal, companies that hold the most assets are likely to be the most solvent, and therefore are less likely to run into financial trouble and possibly leave you or your loved ones holding a worthless policy. In addition, if you need a jumbo policy with a high payout, a large insurance company will probably be more willing to back it. Potential advantages of using a smaller life insurance company include more personalized customer service and a more congenial atmosphere.

List of the top 10 best life insurance companies in the world: Cheapest Quotes and Good Services

1. UnitedHealth Group Incorporated - United States

2. Ping An Ins (Group) Co of China Ltd. - China

3. AXA S.A. - France

4. China Life Insurance (Group) Company - China

5. Kaiser Foundation Group of Health Plans - United States

6. Anthem, Inc. - United States

7. Allianz SE - Germany

8. People's Ins Co (Group) of China Ltd. - China

9. Assicurazioni Generali S.p.A. - Italy

10. Centene Corporation - United States

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What Are The Best Life Insurance Companies In The World?

(Cheapest Quotes and Good Services)

1. UnitedHealth Group Incorporated - United States

Photo: tommytuduylamgiau
Photo: tommytuduylamgiau

Country of domicile: United States of America

Net premiums written: $158.5 billion

UnitedHealthcare is dedicated to improving the value health care consumers receive by reducing the total cost of care, enhancing the quality of care received, improving health and wellness, and simplifying the health care experience. UnitedHealthcare serves customers through four businesses.

UnitedHealthcare Employer & Individual serves more than 26 million Americans by offering a comprehensive array of consumer-oriented health benefit plans and services nationwide for large national employers, public sector employers, mid-sized employers, small businesses, and individuals.

UnitedHealthcare Medicare & Retirement is dedicated to serving the health and well-being of 13 million seniors and other individuals eligible for Medicare.

UnitedHealthcare Community & State is dedicated to providing diversified health care benefits products and services to 7.1 million Americans in programs that care for the economically disadvantaged, the medically underserved, and those without the benefit of employer-funded health care coverage.

UnitedHealthcare Global delivers medical and dental benefits to 7.6 million people living, working and traveling in more than 150 countries worldwide. This business serves multinational and local businesses, governments, insurers and re-insurers, and individuals and their families.

2. Ping An Ins (Group) Co of China Ltd. - China

Photo: yicaiglobal
Photo: yicaiglobal

Country of domicile: China

Net premiums written: $110 billion

Ping An Insurance (Group) Company of China, Ltd. is a personal financial services provider. The Company provides insurance, banking, investment, and Internet finance products and services. The Company operates its businesses through four segments. The Insurance segment provides life insurance and property insurance, including term, whole-life, endowment, annuity, automobile, and health insurance. The Banking segment is engaged in loan and intermediary businesses with corporate customers and retail business. The Assets management segment is engaged in security, trust, and other assets management businesses, including investment, brokerage, trading, and asset management services. The Internet Financing segment is engaged in the provision of Internet finance products and services.

Ping An Insurance is one of China's largest insurance companies. It specializes in life and health coverage but offers a variety of other products, including auto insurance, corporate property and casualty insurance, engineering insurance, cargo insurance, liability insurance, guarantee insurance, credit insurance, home contents insurance, accident, and health insurance, as well as international reinsurance business. The company also provides stock trading, equity investment funds and bonds, property leasing, and asset management services through Ping An Trust; its Shenzhen Ping An Bank subsidiary offers retail banking and other consumer services, such as credit card and mortgage lending. The group also includes Ping An Health Insurance. The company's name Ping An translates to "safe and well".

3. AXA S.A. - France

Photo: axaxl
Photo: axaxl

Country of domicile: France

Net premiums written: $104.5 billion

AXA is the leading French insurance company providing life, accident, and fire insurance, pension products, and selected financial services. Established in 1852, the Company's name changed from Compagnie du Midi to AXA in January of 1991. After its merger with UAP, the company's name changed to AXA-UAP SA in February of 1997. The company is now known as AXA.

AXA is the world's largest insurance company. The company operates through more than 50 subsidiaries worldwide, with over half of its foreign income coming from U.S.-based The Equitable Companies.

Choose AXA if you:

  • are living or working abroad for less than a year
  • don’t know if you’ll need 12 months of cover
  • need cover while you apply to your new local healthcare system.

4. China Life Insurance (Group) Company - China

Photo: bds-cn
Photo: bds-cn

Country of domicile: China

Net premiums written: $97.7 billion

China Life Insurance (Group) Company, headquartered in Beijing, is a large state-owned financial and insurance company. Its predecessor, PICC was founded in 1949, and the PICC (Life) Co., Ltd was set up in 1996 after its separation from the former PICC. In 1999, it was renamed China Life Insurance Company.

With the approval of the State Council and the China Insurance Regulatory Commission, the former China Life Insurance Company was restructured as China Life Insurance (Group) Company in 2003. It has China Life Insurance Company Limited, China Life Asset Management Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Pension Company Limited, China Life Ecommerce Company Limited, China Life Insurance (Overseas) Company Limited, China Life Investment Holding Company Limited and Insurance Professional College as its subsidiaries. Its business covers life insurance, property & casualty insurance, pension plans (corporate annuity), asset management, alternative investment, overseas operations, and e-commerce. Through capital links, it has invested in several banks, security firms, and other non-financial institutions.

5. Kaiser Foundation Group of Health Plans - United States

Photo: archive
Photo: archive

Country of domicile: United States of America

Net premiums written: $97.2 billion

The Organization offers allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy services. Kaiser Foundation Health Plan serves patients in the United States. The Kaiser Foundation Health Plan in California, the Health Insurance Plan of Greater New York, and the Group Health Cooperative of Puget Sound are generally regarded as innovators of this type of HMO. The MCF usually involves a number of insurance companies.

With more than 12 million members in eight states and the District of Columbia, it is one of the largest not-for-profits managed health care companies in the US. Kaiser has an integrated care model, offering both hospital and physician care through a network of hospitals and physician practices operating under the Kaiser Permanente name. Members of Kaiser health plans have access to hospitals and hundreds of other health care facilities operated by Kaiser Foundation Hospitals and Permanente Medical Groups. With the 2017 acquisition of Group Health Cooperative, Kaiser gained more than 650,000 members.

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6. Anthem, Inc. - United States

Photo: inlanddetox
Photo: inlanddetox

Country of domicile: United States of America

Net premiums written: $94.7 billion

Anthem Life sells group term life, accidental death and dismemberment, dependent life, short-term disability income, and long-term disability income. Anthem's mission is to provide the people we serve with financial protection and security. They help people get to a better place by providing resources to help them improve physical and emotional well-being.

Anthem Life's products often complement our affiliated companies' health coverage, providing our customers with a variety of administrative and service efficiencies. They also offer access to other specialty products through our affiliates – dental, vision, prescription, and EAP coverage – to bring a comprehensive employee benefits program, all from one point of contact. They serve a wide variety of customers and their accounts range from individuals to small companies to groups with thousands of members across many states.

7. Allianz SE - Germany

Photo: vnexpress
Photo: vnexpress

Country of domicile: Germany

Net premiums written: $86.7 billion

Allianz Life Insurance Company of North America (Allianz Life®) has been keeping its promises since 1896. As a leading provider of annuities and life insurance, today we carry on that tradition by helping Americans achieve their retirement income goals.

It's also part of Allianz SE, a global leader in the financial services industry with a presence in more than 70 countries and more than 150,000 employees worldwide. Allianz annuities provide dependable retirement income. They can also give you accumulation potential, plus the opportunity for tax-deferred growth.

Allianz life insurance offers a death benefit for your loved ones that are generally income-tax-free. You also get flexible premium options, the opportunity to earn indexed interest, and access to your cash value.

8. People's Ins Co (Group) of China Ltd. - China

Photo: vechain
Photo: vechain

Country of domicile: China

Net premiums written: $74.4 billion

Founded in October 1949 and headquartered in Beijing, The People’s Insurance Company (Group) of China Limited (abbreviated as PICC Group or PICC) is the first national insurance company in China and has developed into a leading large-scale integrated insurance financial group in the People’s Republic of China, ranking the 114th on the Global 500 (2017) published by the Fortune magazine. On December 7th, 2012, PICC Group successfully completed its IPO on the Hong Kong Stock Exchange (stock code 01339), which was China’s first group listing of a state-owned financial insurance conglomerate.

The property insurance business mainly includes the provision of property insurance products for companies and individuals, including motor vehicle insurance, agricultural insurance, property insurance, and liability insurance. The health insurance business mainly includes health and medical insurance products. The life insurance business mainly includes life insurance products, including participating, endowments, annuity, and universal life insurance products. Hong Kong insurance business includes property insurance business in Hong Kong, China. The pension insurance business includes business annuities and occupational annuities.

9. Assicurazioni Generali S.p.A. - Italy

Photo: freepressjournal
Photo: freepressjournal

Country of domicile: Italy

Net premiums written: $74.2 billion

Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world, with a total premium income of € 70.7 billion in 2020. With more than 72 thousand employees serving 65.9 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Generali’s ambition is to be the Lifetime Partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network.

Assicurazioni Generali SpA is an Italy-based company engaged in the insurance and financial businesses. The Group operates through three segments: Life, Non-Life (property and casualty), and Holding and other business. The Life segment includes saving and protection products, both individual and for families, as well as products with investments purposes for companies. The Non-life segment provides various insurance products related to casualty, accident, health, and company plans. The Holding and other business segments include noninsurance assets, mostly banking and asset management activities. The Company is active globally.

10. Centene Corporation - United States

Photo: hhmglobal
Photo: hhmglobal

Country of domicile: United States of America

Net premiums written: $71.7 billion

Centene Corporation is a multinational company that provides high-quality healthcare services to members in all 50 states and around the world. Since its founding in 1984, Centene has worked to transform the health of communities, one person at a time. Centene is the largest Medicaid managed care organization in the country and provides a portfolio of services to government-sponsored healthcare programs.

Centene is committed to helping people live healthier lives. They provide access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well.

Centene believes that healthcare is best delivered locally. Their local health plans offer a range of health insurance solutions with a focus on providing accessible care to uninsured and under-insured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long Term Care (LTC), in addition to other state-sponsored/hybrid programs, and Medicare (Special Needs Plans). Centene also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, in-home health services, life and health management, managed vision, pharmacy benefits management, specialty pharmacy, and telehealth services.

Who Needs Life Insurance?

Life insurance is designed to protect your assets and pay your obligations should you pass away. A few reasons you may need life insurance include:

  • You are married
  • You own a house with a mortgage
  • You are the sole provider for your family
  • You want to cover funeral and burial expenses
  • You want to build tax-deferred cash value
  • You want to supplement your retirement income
  • You own a business
  • You have large debts

This is not an exhaustive list of reasons for life insurance, and most everyone benefits from having some type of life insurance coverage.

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