Insure.com, a comprehensive resource for insurance information, released a survey Dec. 3 showcasing the best-rated life insurance companies, as picked by the policyholders who are covered by them.
The survey asked over 1,700 current customers to rank the companies by customer service, value for the price, ease of website and mobile apps, and whether they’d recommend the company to others.
The five highest-ranking life insurance companies for 2020, along with their overall satisfaction ratings, are:
- MassMutual: 89.43%
- Northwestern Mutual Life Insurance Co.: 88.79%
- Brighthouse Life Insurance: 88.62%
- Transamerica: 88.33%
- John Hancock Life Insurance: 87.47%
MassMutual secured the top spot by having high percentages in the categories for “who would recommend to a friend” (90%), “value for the price” (88.8%) and by giving “great customer service” (90.6%) to those polled. Analysts also liked that it’s a company that has existed since 1851 and has a strong financial base, since customers are counting on it to serve them for many years to come.
While Northwestern Mutual came in second overall, it is the most beloved insurer in this study for customer recommendations, with a 95% percent positive referral ranking. It came in second for price and ease of use.
Brighthouse was a hit with people who prioritize customer service, coming in second overall in that category.
“Polling actual policyholders tends to uncover more information than what experts might find,” said Les Masterson, managing editor for Insure.com. “Our aim is for this survey to help consumers who might have previously felt intimidated when researching a life insurance plan. It’s not a chore anyone looks forward to, but protecting your family’s financial future is always a wise decision.”
In addition to using this survey to find a policy, Insure recommends checking a company’s financial strength and complaint record as part of due diligence. For example, the top-ranked company, MassMutual, has a complaint ratio of .12 for individual life insurance policies. That’s quite low if you compare it to the median complaint ratio of 1.00, which can be found on the National Association of Insurance Commissioners (NAIC) site.
Insure.com commissioned Op4G to survey more than 4,600 insurance customers nationwide in 2019; the life insurance portion reached more than 1,700 people. Companies did not pay to be included, and all analysis is independent and editorial.
To read an overview of the survey, including all data points and more about its methodology, visit Insure.com: https://www.insure.com/best-life-insurance-companies/
About Insure.com: For more than 20 years, Foster City, Calif.-based Insure.com has served as a comprehensive consumer resource for insurance information. Insure.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. Insure.com is a member of the company’s expert research and publishing division.
Now ask the agents who offer them how they rate.
Follow up: A quick check informed me that there are over 850 life companies, how can only 1700 people survived be considered adequate sampling?
The Insurance Company represented to the prospect/client is only as good as the agent representing the product, and what it will do for the prospect/client! Why not rank the agent(s)?