Life Insurance: Purposes, Types, Benefits and Cost Life Insurance: Purposes, Types, Benefits and Cost
The Best Ways to Select the Right Life Insurance Plan and Company The Best Ways to Select the Right Life Insurance Plan and Company
Top 10 Best Life Insurance Companies In The World - Cheapest Quotes
Best Life Insurance Companies In The World

Having life insurance can ease the financial burden on your loved ones in the event of your untimely passing. The best life insurance providers will assist you in securing a policy with a death benefit that will replace your income, pay off your debts, and provide for your family's future needs, such as college tuition for your kids and nursing home care for your parents.

The good news is that the price of life insurance is much lower than most people expect. The Insurance Information Institute notes that some people may put the price of life insurance at five times what it actually is.

Similar to the investment in a home, a life insurance policy is something you pay for with money you can't get back for many years. Comparable to how you'd thoroughly check out a house before making an offer, you should investigate an insurance provider thoroughly before signing on the dotted line.

By following these guidelines, you can ensure that the life insurance company you choose is a stable enterprise with a bright future.

• Get a rating from one of the five independent agencies (AM Best, Fitch Ratings, Kroll Bond Rating Agency, Moody's, and Standard & Poor's) on your company's financial strength. The financial security of a life insurance provider is taken into account when assigning this grade. Each company on our list of the best life insurers has been given AM Best's top rating of Superior for their financial stability, which is one of the criteria we use to determine our rankings.

• Helping out the customer: You shouldn't have to go through unnecessary hoops to deal with your life insurance company. The best businesses will have user-friendly websites, minimal waiting times when you call, and helpful staff who are motivated by more than just a paycheck. You can learn a lot about a life insurance provider's customer service by reading reviews written by experts and regular people.

• Forms of Insurance: Unfortunately, not all life insurance providers provide coverage for every imaginable scenario. Choose an insurance provider that offers the coverage you need, rather than one simply because you like the company. In the following section, "Types of Life Insurance Policies," we explain the variations between these policies and define some related terms.

• Modifications and extras that can be added to a policy: The premium, premium payment options, term length (if purchasing a term life policy), and cash value growth rate are also major factors to think about before purchasing a policy (for a universal or whole life policy). Learn the meaning of these terms before proceeding. If you'd like to learn more about the various life insurance policies available, please refer to the section that follows.

• Industry/company scope: Companies with more assets are more likely to be solvent, meaning they won't go bankrupt and leave you or your loved ones with a worthless policy if other factors remain constant. In addition, a major insurer is more likely to support a jumbo policy with a high payout. One potential benefit of going with a more compact life insurance provider is receiving more individual attention from agents and a friendlier work environment.

What Are The Best Life Insurance Companies In The World?

(Cheapest Quotes and Good Services)

1. UnitedHealth Group Incorporated - United States

Photo: tommytuduylamgiau
UnitedHealth Group Incorporated

Country of domicile: United States of America

Net premiums written: $158.5 billion

UnitedHealthcare's mission is to improve the value consumers receive from health care by lowering the overall cost of care, raising the standard of care, fostering better health and wellness, and streamlining the process for consumers. UnitedHealthcare has four divisions to better serve its clients.

More than 26 million people in the United States are covered by UnitedHealthcare Employer & Individual's wide variety of health benefit plans and services. UnitedHealthcare serves large national employers, public sector employers, mid-sized employers, small businesses, and individuals.

UnitedHealthcare Medicare & Retirement is committed to improving the health and retirement security of the nation's 13 million Medicare beneficiaries, primarily older adults.

UnitedHealthcare Community & State's mission is to serve 7.1 million low-income, uninsured, and medically underserved Americans through a wide range of health care benefits products and services.

Around 7.6 million people are covered by UnitedHealthcare Global's medical and dental insurance plans while they are abroad in any one of more than 150 countries. This company caters to a wide range of customers, including both large and small enterprises, government agencies, insurance companies, re-insurance brokers, and private households.

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

Photo: yicaiglobal

Ping An Ins

Country of domicile: China

Net premiums written: $110 billion

Personal financial services are offered by Ping An Insurance (Group) Company of China, Ltd. Insurance, banking, investment, and web-based financial services are all offered by the firm. There are four divisions under the Company's umbrella. Term, whole-life, endowment, annuity, auto, and health insurance are all part of the breadth of offerings from the Insurance division. The Banking division handles loan and intermediary transactions for institutional and retail clients. Investment, brokerage, trading, and asset management services, among other things, are all part of the Assets management division's security, trust, and other assets management businesses. For its part, the Internet Financing division offers various financial services and products via the World Wide Web.

Ping An is a major insurance provider in China. In addition to its focus on life and health insurance, the company also provides commercial and personal property and casualty insurance, engineering and cargo insurance, liability and guarantee insurance, credit and homeowner's insurance, and even international reinsurance. Financial services such as retail banking, credit card and mortgage lending, and asset management are provided by the company's Shenzhen Ping An Bank subsidiary, while Ping An Trust facilitates stock trading, equity investment funds and bonds, property leasing, and asset management. Ping An Health Insurance is also a part of this team. Ping An, the name of the company, signifies "safe and well" in Chinese.

3. AXA S.A. - France

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

The Beijing-based China Life Insurance (Group) Company is a massive government-backed financial services provider. The original PICC was established in 1949, and the PICC (Life) Co., Ltd. was subsequently established in 1996. They changed their name to China Life Insurance in 1999.

China Life Insurance Company was reorganized in 2003 as China Life Insurance (Group) Company with the blessing of the State Council and the China Insurance Regulatory Commission. Some of its affiliates include 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. Its services extend to the areas of asset management, alternative investment, international trade, and e-commerce in addition to life insurance, property and casualty insurance, and pension plans (corporate annuity). It has financial ties to a number of other businesses, including banks, security companies, and others.

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

Allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy are just some of the specialties catered to by the organization. Patients in the United States can sign up for coverage through Kaiser Foundation Health Plan. Many people credit the Kaiser Foundation Health Plan in California, the Health Insurance Plan of Greater New York, and the Group Health Cooperative of Puget Sound with establishing this model for HMOs. A number of insurance providers are typically involved in the MCF.

It is one of the largest not-for-profit managed health care companies in the United States, serving over 12 million members across eight states and the District of Columbia. Kaiser's model of care is integrated; the organization's hospitals and physician offices all work together to provide comprehensive medical attention to its members. Kaiser Foundation Hospitals and Permanente Medical Groups provide hundreds of medical facilities to people with Kaiser health plans. More than 650,000 people joined Kaiser in 2017 after the company acquired Group Health Cooperative.

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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

Group term life, accidental death and dismemberment, dependent life, temporary disability income, and permanent disability income are all products that Anthem Life offers to its customers. Our goal at Anthem is to make sure our customers are always safe from financial harm. Provided with tools to enhance both physical and mental health, they aid in the process of betterment.

When combined with the health insurance plans offered by our other affiliated businesses, Anthem Life's offerings help our customers save time and effort in a number of ways. They provide a comprehensive employee benefits program with access to specialized products such as dental, vision, prescription, and EAP coverage through our affiliates. In terms of clientele, they handle everything from single individuals to large national organizations with thousands of members spread across many states.

7. Allianz SE - Germany

Photo: vnexpress

Allianz SE

Country of domicile: Germany

Net premiums written: $86.7 billion

Insuring reliably since 1896, policyholders know they can trust Allianz Life Insurance Company of North America (Allianz Life®). Today, we continue that legacy by serving as a trusted source of annuities and life insurance for American families.

Allianz SE, of which it is a subsidiary, is a market leader in the provision of financial services across more than 70 countries and employs more than 150,000 people. You can count on the income you receive from your Allianz annuity in your golden years. The potential for accumulation and tax-deferred growth are two additional benefits.

The death benefit provided by Allianz life insurance is typically not subject to federal income tax. Aside from the ability to choose your own premium amount, you can also access your cash value and earn indexed interest.

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

Country of domicile: China

Net premiums written: $74.4 billion

The People's Insurance Company (Group) of China Limited (abbreviated PICC Group or PICC) was established in Beijing in October 1949 and is the first national insurance company in China. It has since grown to become a leading large-scale integrated insurance financial group in the People's Republic of China and is currently ranked 114th on Fortune's Global 500 (2017) list. IPOing on the Hong Kong Stock Exchange under the stock code 01339 on December 7th, 2012, PICC Group became the first state-owned financial insurance conglomerate in China to go public.

Vehicle insurance, farm insurance, homeowner's insurance, and liability insurance are just some of the property insurance products offered to businesses and individuals. To put it simply, health and medical insurance are the bread and butter of the health insurance industry. Products such as universal life insurance, annuities, and endowments are the mainstay of the life insurance industry. Insurance in Hong Kong, China, covers both personal and commercial property. Business and occupational annuities are two types of pension insurance.

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

Photo: freepressjournal
Photo: freepressjournal

Country of domicile: Italy

Net premiums written: $74.2 billion

Among the world's largest insurance and asset management companies is Generali. It was founded in 1831 and now has offices in 50 countries, bringing in €70.7 billion in premiums in 2020. The Group is a market leader in Europe and is expanding its footprint in Asia and Latin America, with over 72,000 employees serving 65.9 million customers. Generali strives to become a Lifetime Partner with its customers by providing them with cutting-edge, individualized solutions and an unparalleled distribution network.

Assicurazioni Generali SpA operates in the insurance and financial sectors from its headquarters in Italy. Life, Non-Life (property and casualty), and Holding and other business are the Group's three main areas of operation. Products with investment goals for businesses are included in the Life division alongside products for personal savings and protection. Products for casualty, accident, health, and group plans are all part of the Non-life division's offerings. Noninsurance assets, primarily banking and asset management activities, are part of the Holding and other business segments. The corporation operates on a global scale.

10. Centene Corporation - United States

Photo: hhmglobal
Photo: hhmglobal

Country of domicile: United States of America

Net premiums written: $71.7 billion

The Centene Corporation is a global healthcare provider that serves customers in all 50 states and more than 100 countries. The mission of Centene, which was established in 1984, is to improve the health of communities by focusing on individual members. Centene offers a variety of services to government healthcare programs and is the largest Medicaid managed care organization in the country.

As a company, Centene is dedicated to promoting healthy lifestyles. Helping individuals and families achieve and maintain optimal health, they offer a wide variety of services and programs to those in need.

Centene is committed to supporting community-based healthcare providers. Care for the uninsured and underinsured is a priority for the local health plans, so they offer a variety of options. People from all walks of life rely on the safety net provided by Medicaid and its many offshoots, such as the Children's Health Insurance Program (CHIP), the Adult and Blind Assistance Program (ABAP), foster care, and long-term care (Special Needs Plans). Among the many services Centene offers through third-party contracts are those of behavioral health management, care management software, correctional healthcare services, dental benefits management, in-home healthcare, life and health management, managed vision, pharmacy benefits management, specialty pharmacy, and telehealth.

Who Needs Life Insurance?

It is the purpose of life insurance to replace lost income and cover final expenses in the event of the insured's death. Here are some scenarios in which you might want to consider purchasing life insurance:

  • 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 by no means an all-inclusive list of the benefits of life insurance, and virtually everyone can stand to have at least some coverage.

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