Life is full of risk and most times there are some of these risks that are unavoidable. One of such is risk of unforeseen accident, death, etc.
As we grow old, get our selves exposed to life threatening activities and jobs, the need to insure our lives become more paramount.
In this post I will be showing you top best life insurance companies in US.
TOP BEST 20 LIFE INSURANCE COMPANIES IN US:
I know that as you are looking forward to getting your life insured, you will be searching for the best, reliable, tested and trusted life insurance compnay to work with.
The 20 best life insurance companies in the United state that made our list are as follows:
1. STATE FARM LIFE INSURANCE COMPANY
State Farm made our first list of life insurance companies in the US as reviews shows that they are accurate and very timing in indemnification of their policy holders.
Established on June 7, 1922, in Bloomington, Illinois, with an initial goal of offering affordable motor insurance to farmers in the state of Illinois before their expansions of policies.
If you are interested in reading breif history of State Farm then read without skipping else feel free to skip
CHRONOLOGY OF STATE FARM FROM INCEPTION
• In 1928, State Farm began formally issuing policies to non-farmers and clients who resided in cities and towns. The company's customer base and geographic reach were instantly expanded, which had a substantial impact on mail operations.
• 1929 - The State Farm Home Office Building in Downtown Bloomington was finished, consolidating all functions, including mail operations, in one place.
• 1929 - State Farm began offering life insurance once the Home Office Building was finished. G.J. Mecherle, our founder, bought the first Life Policy from State Farm. The inclusion of this product line raised the number of customer accounts and the volume of incoming and outgoing mail.
In 1930, State Farm opened its first mailroom on the home office's first floor.
• The Fire Company, which sold homeowner's insurance, was established in 1935. Another spike in mail traffic resulted from the mailing of homeowner's insurance-related applications, policies, marketing materials, and claim payouts.
In 1940, State Farm turned to a well-liked pastime, roller skating, to boost the effectiveness of its mail operations. For the purpose of helping them distribute mail throughout the office, the clerical staff was given roller skates.
1941 - Opportunities for college students from the Bloomington area arose from the need to manually sort the mail. In order to sort mail for the following business day, students from Illinois State Normal University and Illinois Wesleyan University were employed to perform the night shift in the mailroom.
In 1942, State Farm surpassed all other auto insurance providers in the country.
In 1947, State Farm established regional offices across North America.
Due to the close proximity of business operations, regional offices that integrated postal operations developed new partnerships with nearby post offices and decreased the time it took to mail packages to clients.
In 1952, State Farm installed a "Six-Handed Mail Clerk" to the mail office in Bloomington. The first mechanical inserting machine could fill up to six inserts at once and 4,000 envelopes per hour.
In 1963, State Farm endorsed the postal service's decision to implement ZIP codes and urged staff members to include them in mailings.
In 1964, State Farm surpassed all other home insurance providers in the nation.
1978 saw the introduction of automated mail mobiles for the collection and delivery of internal mail. These machines, which were put in place for efficiency, caused a stir among the workers and initially reduced output. The postal mobiles were given names by their owners around the nation, and local news outlets highlighted them on the evening news.
1979 - State Farm teamed up with the USPS to presort its mail by ZIP code in an effort to save postage costs and speed up delivery times.
State Farm and the USPS teamed up to boost the effectiveness of its mail operations once more in the following ways:
- Using the ZIP+4 coding system when the USPS adopted it
- Phone-reset its meters rather than going to the post office in person
- Persisted in refining the machine inserting procedure to increase precision and effectiveness.
State Farm Bank announcement, 2001; John ("Jack") North and Stan Ommen, from left to right
State Farm reduced the number of mail facilities from 27 to 3, which produced numerous efficiencies:
Centralized mail operations made it possible for State Farm to adopt new printing and insertion technology faster and more consistently.
All mail is printed and inserted quickly at all three sites.
· To accommodate the massive volume, equipment ran for three shifts each day.
• State Farm became involved in a number of national mailer associations, allowing the company to collaborate directly with business leaders and USPS to identify solutions that benefited all parties and enhanced productivity.
State Farm Bank® was established in 1999. The amount of mail that State Farm Bank sends out has increased since it first started.
2001 saw the launch of State Farm Mutual Funds®, which resulted in an increase in mail volume.
IMb (Intelligent Mail Barcode) full service was introduced by State Farm not long after the USPS revealed this new symbology.
State Farm was able to: thanks to increased print-on-demand usage and new color printing technology
Use blank paper instead of a lot of preprinted forms.
Take part in USPS programs to increase the value of mail
Speed up machine setup for insertion, increasing output
Permitted for more individualized direct mail advertising
Using cutting-edge printing and insertion technology, State Farm continues to integrate cutting-edge technology into its mail operations. All facilities added modern technology, which improved productivity and brought about process efficiency.
State Farm took part in the test program for USPS Secured Destruction.
2015 see State Farm utilize the intelligent mail barcode (IMb), which enables receiving an electronic date stamp with a USPS address correction and receiving our mail.
USA TODAY - One of State Farm's biggest expenses is still postage. At every stage of our mail operations, employees continue to uncover and create efficiencies so that we can pass on the cost savings to our consumers.
Business Overview
The aim of State Farm® is to assist people in minimizing the risks associated with daily living, recouping from the unexpected, and achieving their goals.
"Our daily acts are guided by our desire to assist others. We provide people the tools they need to be good neighbors and guard what really matters", says Chairman, President, and CEO Michael Tipsord.
MISSION OF STATE FARM
"We want to be the customers' first option for the goods and services we offer in the future. We'll keep dominating the insurance market, and we'll rise to the top of the financial services sector. Our course will be decided by our clients' needs. Our principles will direct us." Says the website of State Farm.
THE VALUE OF STATE FARM LIFE INSURANCE COMPANY
According to them, "We are people who make it their business to be good neighbors. We have built a premier company through our marketing partnership by selling and keeping our promises. We also bring a variety of skills and experiences to our work of providing customer service for State Farm"
"Our success is built on a foundation of shared values, including high-quality relationships and services, reciprocal trust, honesty, and financial stability." They further stated.
Reviews/ratings of State Farm Life Insurance services
This is what a site have to say about state farm insurance company, "Yes, State Farm is a reputable provider of insurance. Because of its frequently swift claims inspection and payout procedure, considerable discounts, extensive selection of insurance kinds and coverage options, and attentive customer care, WalletHub's editors give State Farm a grade of 3.4/5."
Another site, valuepenguin have this to say in their 2022 review of State Farm:
"State Farm has a solid reputation across the country; it is the biggest provider of homeowners insurance and vehicle insurance in 39 states, respectively.
Customers can choose from a wide selection of products from State Farm, such as bank accounts, personal loans, investments, and various insurance policies for motorcycles, boats, small businesses, life, and health.
Given that State Farm offers a network of more than 19,000 agents, customers searching for a personalized experience with a local insurance agent are likely to find exactly that with this company. This stands in sharp contrast to a few other big insurers, namely Geico and Progressive, which have less devoted agents to assist you in making the best policy options.
For individuals who favor the ease of managing their insurance policy online, State Farm is a wonderful option. Its smartphone app, which enables users to make payments, submit claims, and get roadside assistance, has gotten good reviews."
2. NORTHWESTERN MUTUAL.
The US based Life insurance company that is making our second list of TOP BEST LIFE INSURANCE COMPANIES IN UNITED STATES is Northwestern Mutual.
Milwaukee, Wisconsin-based Northwestern Mutual is an American mutual financial services company. The financial security organization offers advice on estate planning, business planning, education planning, retirement planning, financial planning trust and private client services, wealth and asset income protection, and investment advisory services. Its offerings include annuities, investments, life insurance, permanent life insurance, disability income insurance, long-term care insurance, and products and services for investment advising services. According to overall revenue, Northwestern Mutual was placed No. 90 on the 2021 Fortune 500 list of the biggest American firms, and it is among the top 30 in terms of assets owned. Each year, the company pays qualified policyholders a share of its earnings in dividends.
CHRONOLOGY OF NORTHWESTERN MUTUAL
On March 2, 1857, Northwestern Mutual was established as the Mutual Life Insurance Company of the State of Wisconsin. The young business, which had been based in Janesville, Wisconsin, moved to Milwaukee in 1859. When an excursion train from Fond du Lac, Wisconsin, to Chicago wrecked, killing 14 persons, including two policy holders, the company soon encountered its first two death claims. Since the company had only $2,000 in funds and losses were $3,500, company president Samuel Daggett and treasurer Charles Nash personally lent the money to settle the claims right away.
The business distributed its first dividends to policyholders in 1864.
It did it once more in 1867 and 1870 and has done so every year since 1872.
The board of trustees changed the company's name to The Northwestern Mutual Life Insurance Company in 1865 after the business had expanded into the East Coast market and the Midwest.
Northwestern Mutual Life Insurance Company specialized in life insurance in the early decades of the 20th century. The business also made an effort to be more accountable. Company executives invited policy owners who were not trustees to investigate the company's accounts in 1907 to ensure transparency. Members of the Policy Owners' Examining Committee are still given full access to Northwestern Mutual's operations, management, and strategic plans today as a result of this tradition.
Northwestern Mutual Life Insurance Company made significant investments in the iron and mining industries in the middle of the 20th century, including the building of a freighter, the first such venture by an American life insurance company.
The iron ore ship SS Edmund Fitzgerald, named for longstanding executive and recently elected company chairman Edmund Fitzgerald, was introduced by the business in 1958. Until 1971, the vessel was the largest ship on the Great Lakes, measuring 729 feet in length and 13,632 gross tons. All 29 personnel on board were killed when the Fitzgerald drowned in Lake Superior on November 10, 1975. The following year, Gordon Lightfoot's song "The Wreck of the Edmund Fitzgerald" made the catastrophe legendary. As a result of the sinking, required survival jackets, depth finders, positioning devices, increased freeboard, and more frequent vessel inspections were added to national and Great Lakes shipping regulations and practices.
The business started providing disability insurance in 1969. A number of retirement annuities were established for the employee benefits market less than ten years later. The company experienced additional growth in the 1990s as a result of the introduction of its long-term care insurance. As a result of this expansion of its product line, the company changed its name once more in 2000, shortening it to Northwestern Mutual.
The corporation launched a wholly owned subsidiary in 2001 that is now known as Northwestern Mutual Wealth Management Company (NMWMC), a federal savings bank, as part of its ongoing efforts to diversify its product and service offerings. Investment management, fee-based financial planning, business retirement plans, trust and private client services are just a few of the financial planning products and services the company provides through NMWMC.
Northwestern Mutual started building Northwestern Mutual Tower and Commons in downtown Milwaukee in 2015. The building was completed in 2017.
Additionally in 2015, Northwestern Mutual paid over $250 million to acquire the financial planning firm LearnVest. Northwestern Mutual sped up the underwriting process in 2018 and launched a client-facing online digital platform. The business acquired the.northwesternmutual top-level domain, one of the longest TLDs at the moment with 18 characters. Northwestern Mutual served as the Rose Bowl Game's presenting sponsor from 2015 to 2020. The Rose Bowl Game is an NCAA Division I college football bowl game that is played every New Year's Day.
The company's assets, sales, and active life insurance protection totaled $308.8 billion, $31.1 billion, and $2 trillion, respectively, as of 2021. The corporation administers $200 billion in investments for its 4.75 million clients through its wealth management and investment services subsidiaries.
Subsidiaries Of Northwestern Mutual
A number of subsidiaries offer the company's services and goods:
1. An SEC-registered investment advisor for Northwestern Mutual Series Funding variable annuity and variable life products is Mason Street Advisors.
2. The long-term care insurance provided by Northwestern Mutual is provided by Northwestern Long Term Care Insurance Company.
3. The interests in real estate, private equity, and public and private debt held by Northwestern Mutual are managed by the Northwestern Mutual Investment Management Company.
4. The firm's broker-dealer, Northwestern Mutual Investment Services, is also a registered investment advisor and a member of FINRA and SIPC.
5. A federal savings bank, Northwestern Mutual Wealth Management Company offers trust, investment advising, and financial planning services.
Financial Ratings Of Northwestern Mutual
All of the main rating agencies presently give Northwestern Mutual the highest financial strength ratings among American life insurance providers.
What are the investments and innovations of Northwestern Mutual?
Northwestern Mutual Future Ventures, the venture capital division of Northwestern Mutual, began operations in 2017. Since then, it has invested more than $50 million in 18 tech startups.
In an effort to draw and keep tech talent in the Milwaukee area, the company joined forces with Accenture, Advocate Aurora Health, Johnson Controls, Kohl's, and Rockwell Automation in 2019. This coalition is known as the MKE Tech Hub Coalition.
Through its Foundation and in partnership with the Diversity and Inclusion department, Northwestern Mutual also announced in June 2020 that it had pledged $1.6 million to All-In Milwaukee to support the organization's most recent Talent of the Future initiative over the course of the following four years.
Ranking of Northwestern Mutual
In terms of America's Best Employers 2021, Northwestern Mutual was ranked No. 368.
3. Mutual Of Omaha
The life insurance company that make our number 3rd here is Mutual of Omaha.
First of all, you will need to read the company's profile in Forbes which says: "Mutual of Omaha, which was founded in 1909, is one of the top providers of insurance and financial services to individuals, families, and businesses in the country. Due to our commitment to assisting our clients in safeguarding their most prized possessions and achieving their financial objectives, we have maintained our strength, stability, and security throughout our history.
Currently, we provide Medicare supplement, disability income insurance, critical illness coverage, prescription medication plans, annuities, retirement services (401(k)), and other high-quality goods to approximately 5.3 million individual product consumers and 48,000 employer groups. Mutual of Omaha provided benefits of around $6.4 billion in 2021, or over 6.3 million active policies.
Customers are at the core of all we do because our employees take great delight in upholding our promise to them. At Mutual of Omaha, we consider each employee to be a distinctive contributor to fostering an inclusive, diverse, and vibrant workplace.
While we work hard to build diverse teams, we are aware that this is insufficient. To establish a culture where everyone can flourish, we must keep a laser-like focus on equality and mindful inclusion. We act in this manner not only because it is the proper thing to do but also because we have found that our consumers benefit from it."
Mutual of Omaha is a financial company that provides a range of insurance and financial products for individuals, businesses, and groups across the United States. It was first established in 1909 under the name Mutual Benefit Health & Accident Association.
The business offers a range of financial services, such as Medicare Supplement, life insurance, long-term care insurance, and annuities, in addition to group coverage such as life, disability, and 401(k) plans.
Subsidiaries Of Mutual Of Omaha
There are numerous subsidiaries of Mutual of Omaha, including:
1. Company for United of Omaha Life Insurance
This business, which was founded in 1909, offers both groups and individuals life insurance, pension, and annuity products.
2. Company for United World Life Insurance
Since 1983, this company has provided speciality life products, health and accident insurance, and direct marketing via independent agent networks.
3. Investor Services by Mutual of Omaha
Individuals can purchase mutual funds through the company's representatives and Retirement Plans brokers.
4. LLC East Campus Realty
Midtown Crossing at Turner Park, which is just east of the headquarters of Mutual of Omaha, is being developed by E East Campus Realty, LLC.
History/Chronology Of Mutual Of Omaha
A medical student at Creighton University in Omaha and his wife, Dr. C.C. Criss and Mabel Criss, formed Mutual of Omaha in 1909. It has developed into a Fortune 500 corporation that provides insurance and financial solutions for people, companies, and organizations across the country.
V. J. Skutt joined their group in 1927 and was elected president in 1949. The company rose to national prominence in the 1950s thanks to its abbreviated name, distinctive Native American insignia, and permission to offer insurance in all 48 states.
The business started supporting Mutual of Omaha's Wild Kingdom in 1963. Marlin Perkins and Jim Fowler hosted the wildlife program for more than 20 years. In addition to being among the first businesses to offer supplemental Medicare coverage in 1966, the company was one of the first businesses to offer disability insurance to non-professional staff.
Articles of incorporation for the Mutual Benefit Health and Accident Association were submitted to the Nebraska Insurance Department on March 5, 1909.
1920 had a premium income of more than $1 million.
1924 saw Mutual of Omaha place eighth among other insurance providers.
United Benefit Life Insurance Company, a subsidiary, was established in 1926.
The business established its group insurance division in 1941.
The Mutual of Omaha Insurance Company was founded in 1950 after the Mutual Benefit Health & Accident Association changed its name.
The Wild Kingdom by Mutual of Omaha had its network television debut on January 6, 1963. Marlin Perkins, Jim Fowler, and Peter Gros hosted the original show, which ran until 1988. [6]
United Benefit Life Insurance Company changed its name to United of Omaha in 1981.
In 2001, the business refreshed its image and started supporting USA Swimming.
Animal Planet debuted a new Wild Kingdom series in 2002.
Daniel P. Neary is appointed chairman and CEO in the year 2005.
The parent company for Mutual of Omaha's banking operations was established in 2007 and is called Omaha Financial Holdings, Inc.
2009 marks the 100th birthday of Mutual of Omaha.
James T. Blackledge is appointed CEO and elected to the board in 2015.
The company's policyholder excess hits $3 billion in 2016.
2018: Dan Neary is succeeded as board chairman by James T. Blackledge.
2019 - Mutual of Omaha Bank will be sold to CIT Bank, N.A., a banking subsidiary of CIT, for a purchase price of $1 billion.
In 2020, a lion replaced the Indian as the emblem.
Mutual of Omaha announced in 2022 that they would erect their new corporate headquarters on the site of the W. Dale Clark Library in the heart of Omaha. With a proposed height of 40–50 stories, it could replace the city's tallest structure.
Mutual of Omaha is now ranked 300th out of the top 500 firms on the Fortune 500. James T. Blackledge is the CEO in the present. More than 5,000 people work for the business and its affiliates in addition to a network of sales consultants. With satellite or sales offices in most states, the Home Office is still located in Omaha, Nebraska. The company has ratings of AA- from Standard & Poor's and A+ from A.M. Best.
Recognition and Awards of Mutual of Omaha.
A.M. Best Company, Inc. awarded Mutual of Omaha an A+ rating in 2016 for its overall financial strength and capacity to fulfill obligations owed to policyholders. [9]
2017 - NerdWallet placed Mutual of Omaha fifth out of 18 major life insurance providers.
4. New York Life.
Though the 3rd largest Life insurance company in the United States but making our number fourth list. The largest mutual life insurance company in the US is New York Life Insurance Company (NYLIC), which is ranked #67 on the 2021 Fortune 500 list of the biggest US corporations by total revenue. NYLIC is the third-largest life insurance company in the US. The total assets managed by NYLIC are around $593 billion, plus more than $25 billion in surplus and AVR. In 2019, the four independent rating agencies (Standard & Poor's, AM Best, Moody's, and Fitch) gave NYLIC their highest possible ratings. Institutional and retail mutual funds, as well as a variety of securities products and services, are offered by other New York Life affiliates.
History/chronology of New York Life
Ten years after the United States' first life insurance charter was given, in 1841, the New York Life Insurance Company initially opened its doors in Manhattan's Financial District under the name Nautilus Mutual Life. The business, which was initially chartered in 1841, also offered fire and marine insurance. James De Peyster Ogden was chosen to serve as the company's first president in 1845. To focus on its life insurance business, Nautilus changed its name to New York Life Insurance Company in 1845.
The company, along with other insurers of the era like Aetna and US Life, guaranteed the lives of slaves for their owners during its formative years (1846–1848). These made up one-third of New York Life's insurance by 1847. In 1848, the board of trustees decided to ban the sale of policies covering slaves. During the American Civil War, the business also offered policies to troops and citizens engaged in conflict and paid claims while a flag of truce was flying. The business started hiring female agents in the late 1800s.
As the population of the country and the market for life insurance grew during the course of its first 100 years, New York Life continued to expand.
New York Life's creation of a structure where the company hired agents to attract new business helped to propel the company's expansion. Company president John A. McCall developed the branch office structure in 1892, which consisted of locations that acted as a conduit between field agents and New York.
As the first US-based insurer to offer life insurance to women at the same price as men in 1894, the company's first female policyholder was social reformer Susan B. Anthony.
New York Life was the first company to offer insurance to those with impairments or who work in dangerous industries in 1896. [18]
The 20th century
American architect Cass Gilbert's New York Life Building, located at 51 Madison Avenue in Manhattan, debuted in December 1928.
In 1929, the business shifted into the 34-story skyscraper. The assets of New York Life survived the stock market crisis later that year because the business invested in real estate and government bonds rather than common stocks due to state legislation and corporate investing policy.
After the war, New York Life expanded its diversification; in the late 1940s, it made investments in real estate development, and in 1946, it started a mortgage-loan program for veterans.
Cirilo McSween, one of the first black agents in the business, was employed by New York Life in 1957. New York Life started offering annuities and mutual funds for sale in the 1970s. New York Life remained a mutual firm in the late 1990s and early 2000s as other mutual life insurance companies became publicly traded corporations. When it bought Seguros Monterrey from Aetna in 1999, New York Life joined the Mexican market.
Recent past
In the wake of the September 11 attacks, New York Life and other insurance companies streamlined the claims procedure for missing persons.
In the two years before the financial crisis of 2007–2008, New York Life transferred its funds into other investments including treasury bonds out of concern for the market's stability. New York Life Insurance Company turned out help from the US Treasury Department during the subsequent financial crisis.
New York Life Investments became one of the biggest asset managers in the world after acquiring Dexia Asset Management in 2013, which was later renamed Candriam Investors Group. This acquisition gave New York Life Investments access to markets in Europe, Asia, and Australia in addition to those in the United States.
Ted Mathas was to be replaced as CEO by company president Craig DeSanto, the company announced in November 2021. The transition was completed in April 2022, and Mathas remained on as a non-executive chairman.
Awards/ratings and recognition of New York Life .
On the Fortune 500 in June 2018, New York Life is ranked 69th. 2017 saw Fortune list New York Life as one of the top companies in the life insurance sector. New York Life was named #364 by Forbes as one of the nation's best employers in 2017. On the Fortune 500, New York Life is ranked 71st as of 2019.
The top financial strength ratings from the big four rating agencies—A++ from A.M.Best, AAA from Fitch Ratings, Aaa from Moody's, and AA+ from Standard & Poor's—had been awarded to New York Life by the end of 2019.
5. Prudential Financial
Its subsidiaries offer insurance, retirement planning, investment management, and other products and services to both retail and institutional customers across the United States and in more than 40 other countries. Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company. With total assets of $815.1 billion in 2019, Prudential was the biggest insurer in the US.
History/chronology of Prudential Financial
The Widows and Orphans Friendly Society, subsequently the Prudential Friendly Society, was the original name of the company when it was founded in Newark, New Jersey, in 1875. John F. Dryden, who later rose to the position of U.S. Senator, founded it. The business initially exclusively offered burial insurance as a product. Up until 1912, Dryden presided over Prudential. His son, Forrest F. Dryden, who held the office of president until 1922, replaced him.
Old Prudential Insurance Co. of America advertisement (1909)
The book Three Cents A Week, referring to the premium paid by early policyholders, covers a history of The Prudential Insurance Company of America up to around 1975.
Prudential and other sizable insurers made the most of their money from industrial life insurance, or insurance that was sold door-to-door by solicitors in underdeveloped metropolitan areas, during the start of the 20th century.
Industrial employees paid twice as much for their insurance as the average person did for standard life insurance, and only 1 in 12 policies matured as a result of high lapse rates.
A 1907 Massachusetts law to protect workers by allowing savings banks to sell life insurance at lower rates was made possible thanks to the assistance of prominent attorney and future U.S. Supreme Court Justice Louis Brandeis.
In August 2004, Homeland Security took control of the Prudential Headquarters.
As a joint stock corporation, Prudential has changed from being a mutual insurance company (owned by its policyholders) (as it was prior to 1915[16]). The New York Stock Exchange now trades it under the PRU ticker. On December 13, 2001, the Prudential Stock was released and commenced trading on the New York Stock Exchange.
In response to the discovery of terrorist threats against the Prudential Headquarters in Newark, New Jersey, on August 1, 2004, the U.S. Department of Homeland Security implemented extensive security measures, including internal X-ray machines and external concrete barriers.
The same year, Prudential and China Everbright Limited established a joint venture. [18]
On November 28, 2007, the Prudential board of directors chose John R. Strangfeld as the new CEO to succeed Arthur F. Ryan, who was stepping down.
Rankings, honors, and Foundation of Prudential financial
Since 2003, the second year of the assessment, Prudential has consistently scored 100% on the Human Rights Campaign's Corporate Equality Index. The business is also listed in the "Hall of Fame" of Working Mothers magazine along with other businesses that have consistently made their list of the "100 Best Companies for Working Mothers" for 15 years or longer. As of 2013, it is still accomplishing that list. Prudential Insurance was listed as the 59th best place to start a career out of 119 firms in Business Week's 2008 list of the Best Places to Launch a Career. Prudential CARES Volunteer Grants totaling over $450,000 were awarded to 444 charitable groups globally by The Prudential Foundation in 2007. The Prudential CARES Volunteer Grants Program rewards individuals and groups of volunteers who have contributed a minimum of 40 hours of service each. Grants for the nonprofit organization of each award winner range from $250 to $5,000. On the list of the world's largest publicly traded companies published by Forbes in 2017, Prudential was ranked #69, citing its $45.6 billion market value. According to total revenue, Prudential was rated No. 52 on the 2018 Fortune 500 ranking of the biggest American firms. With total assets of $815.1 billion as of 2019, Prudential is the largest insurer in the United States.
6. MASSMUTUAL
To assist you in achieving your financial objectives, MassMutual provides retirement and investing services, as well as life insurance and protection products.
The Massachusetts Mutual Life Insurance Company, usually known as MassMutual, is a life insurance provider with its headquarters in Springfield, Massachusetts.
Financial services from MassMutual include annuities, long-term care insurance, disability income insurance, life insurance, and services for 401(k) and retirement plans. Barings LLC and Haven Life Insurance Agency are two of the more significant affiliates.
According to total revenue, MassMutual is ranked 100 on the 2022 Fortune 500 list of the biggest American firms.
$10.7 billion in revenues and $312 billion in assets are managed by the company (as of 2022). The corporation has 10,614 employees worldwide, including over 7,000 in the United States.
History/chronology of Massmutual .
On May 15, 1851, the Massachusetts Mutual Life Insurance Company (MassMutual) was founded in Springfield, Massachusetts. George W. Rice contributed a guarantee capital of $100,000 and formed the company. Rice decided to start his own business in Massachusetts after working as an insurance agent for Connecticut Mutual Life Insurance Company in Hartford, Connecticut. It developed into a mutual corporation, much like Connecticut Mutual.
Between 1843 and the founding of MassMutual, mutual businesses had experienced substantial growth in the insurance sector. Because little working capital was needed for operation, a dozen rival mutual businesses, including Mutual Life Insurance Company of New York (1842), Mutual Life Insurance Company of New Jersey (1845), and Connecticut Mutual Life Insurance (1846), saw promise success.
When a Massachusetts state legislation passed in 1851 mandated that all insurance businesses accept an initial equity subscription of $100,000, MassMutual's career took a different turn.
In order to satisfy the necessary subscription, Rice attracted 31 investors to buy equity in his business. The 31 stockholders were paid back in 1867, the stock was retired, and MassMutual operated as a mutual corporation when the business started up and established enough reserves to satisfy regulatory requirements.
Caleb Rice, who was chosen in 1851, served as Colonel Martin Van Buren Edgerly MassMutual's first president.
Caleb Rice, a relative of the company's founder George W. Rice, held the position of president of MassMutual for 22 years, making him the position's record holder. [14] Rice, a former attorney who had also served as the sheriff of Hampden County in Massachusetts, was elected to the Massachusetts House of Representatives for five years before becoming the city's first mayor from 1852 to 1853.
MassMutual started offering insurance to workers and homeowners in New England. MassMutual agents started to market high-premium insurance policies to railroad and steamship workers, gold-rush adventurers, and those moving south of the Mason-Dixon line as westward expansion grew, propelled by enthusiasm by the California Gold Rush (1848–1855) and railroad development. For several decades after that, MassMutual's growth mirrored that of the United States. 9,000 miles (14,000 km) of operational railroad lines existed when MassMutual was founded, allowing the company to set up offices in New York City, Cleveland, Chicago, and Detroit by 1855. Before the Transcontinental Railroad was finished in 1869, MassMutual arrived on the West Coast in 1868 and opened an office there.
By the late 1850s, sales of life insurance contracts had started to rise significantly across the board. By 1862, sales had reached $200 million, and by the end of the Civil War, they had more than tripled to just under $600 million. This growth was largely attributed to the insurance industry's enhanced marketing initiatives and westward expansion.
The passage of a non-forfeiture law by the Massachusetts legislature in 1861 was another initiative that helped promote the sale of life insurance contracts.
The law stated that insurance would be converted to term-life policies and that businesses were required to pay any death claims that occurred during this term period, prohibiting firms from canceling policies even if premium payments were not received from policyholders. MassMutual expanded alongside the business, and by 1873—just over 20 years after the company's first $1,000 policy was issued on August 2, 1851—it had $4,501,909 in assets.
In 1873, Caleb Rice's tenure as president of MassMutual came to an end. E.W. Bond, who held the position for 13 years, took over. Colonel Martin Van Buren Edgerly, who began his career with MassMutual in 1859, succeeded Bond in 1886. He was the first significant illustration of MassMutual's propensity to encourage and enforce internal leadership from within.
Late 1800s to early 1900s: A period of controlled growth
Edgerly led MassMutual's expansion for almost ten years. In March 1895, John Hall took over for Mr. Edgerly, and he pushed MassMutual's assets surpass $50,000,000. As opposed to policies that were only payable in lump amounts at death or maturity, MassMutual started offering policies whose proceeds would be paid over a defined length of time or for life in 1901. Mr. Hall led MassMutual through the late 19th century, particularly through the numerous corporate scandals of the early 20th century, before his death on September 3, 1908, at the age of 59. Several New York life insurance businesses were found to have dubious financial practices by the Armstrong Committee investigation in 1906. Although MassMutual was not a target, the probe forced insurance companies to distribute dividends on an annual basis, cap the size of agent commissions, and control the types of investments they might make. The requirement had to be stated in policies as soon as they were created as well.
All MassMutual policies issued after October 1, 1907 earned value in accordance with the American Experience Table of Mortality and 3% interest as the Armstrong Investigation was resolved.
In an effort to draw clients, MassMutual also started to provide new services and policies. The corporation implemented a premium waiver in the case of disability in 1914, and in 1918, plans were created with provisions for income in the event of disability.
Despite the negative impacts of the 1918 flu pandemic, MassMutual continued to develop steadily. As the total amount of insurance in force surpassed $1 billion in 1924, the corporation hired 400 home office staff.
However, MassMutual started to experience the immediate consequences of the 1929 stock market crash. Due to an unusually high number of suicides and general economic distress, death claims and policy failures significantly surged as the economy fell 22% in a couple of days and 30% of the workers found themselves unemployed. As the United States - and the rest of the globe - were gripped by The Great Depression from 1929 to 1932, MassMutual came to be the final resort for anyone in need of financial assistance. Although the United States' economy suffered during the Great Depression, MassMutual was able to create new goods and services. In 1930, MassMutual unveiled its first family-income policy. In 1938, eight years later, the company released its first pension trust scheme.
Post-World War II
In 1939, as the United States began to emerge from the Great Depression, the advent of World War II accelerated the nation's industrial and economic development, worker requirements, and insurance demands. Alexander MacLean, a former actuary, became leadership of MassMutual in 1945.
After the United States significantly reduced its unemployment rate and got heavily involved in World War II, MacLean oversaw the creation of worker-specific insurance products and services. The nation's industrial workforce was subjected to intense production demands during the war. MassMutual began issuing plans and overseeing pensions in the group market in 1946 as jobs were swiftly created and unions were reinforced. A pension and insurance plan for Brown-Forman Distillers, the Kentucky-based business that made Jack Daniel's whiskey, was the first group product.
MassMutual decentralized operations through field agents to preserve internal development as the postwar economy grew. More than 700,000 consumers were served by the 1,350 workers working in the company's home office. The general and district agencies of MassMutual contributed to the company's expansion; by 1951, there were $1.4 billion in assets and $3 billion in active insurance. Additionally, MassMutual established a field agent training program and urged staff members to earn the American College Chartered Life Underwriter qualification. Between 1948 and 1957, the total amount of life insurance in force doubled, from $2.7 billion to $5.4 billion.
The 1970s and thereafter saw development when Edit James R. Martin was elected president in 1968.
Martin oversaw MassMutual's investments in a number of projects, including a $75 million investment in a Springfield, Massachusetts office to support the city's efforts to revitalize its urban growth.
Flextime was first made available to employees by MassMutual in 1968.
Policyholders started putting money into money market funds while MassMutual concentrated on life insurance. In response, MassMutual established its own money market in the late 1970s.
Restructuring of MassMutual: 1980s through 1990s
The company was reorganized by Edit William Clark, who had been appointed president of MassMutual in 1980. He changed the company's investment policies and introduced several new products, including universal life insurance policies in 1981.
Founded in 1981, MML Investors Services provides mutual funds and other non-insurance products.
Then, in 1983, MassMutual underwent a reorganization into four divisions: investments, group pensions, individual products, and group life and health. After the Employee Retirement Income Security Act was established in September 1974, the federal government started to regulate employee pensions, and group pensions became especially significant in the 1980s.
In 1981, MassMutual also launched universal life insurance and promoted its group pension section to a division.
The US economy recovered by early 1984, and the nation entered one of the longest stretches of continuous economic expansion since World War II. MassMutual is one of the largest managers in the United States as a result of the $5 billion in assets in the group pension business.
The highest commercial loan to date was a $693 million commercial mortgage pass-through certificate issued by the investment management group in 1985. By 1989, assets had increased from $15.7 billion to $25.1 billion. In 1989, $81.5 billion in individual life insurance was in place, up from $54.1 billion in 1985. Despite the significant expansion of its group pension and financial products businesses, MassMutual was primarily recognized as an insurance provider.
Growth and diversification in the 1990s and the new millennium
New chances for corporate growth, branding, and acquisition emerged during the 1990s. Based on total assets, MassMutual was currently ranked as the 12th largest insurance provider in the country.
1990s new company purchase
As part of its plan to diversify into managing mutual funds, MassMutual purchased Oppenheimer Management Corporation from British and Commonwealth Holdings PLC in 1990 for $150 million.
For the purpose of managing retirement funds and endowment assets, MassMutual established Concert Capital Management as a subsidiary in 1993.
In 1995, MassMutual acquired the investment management company David L. Babson & Co., bringing its total assets under administration to more than $78 billion.
As independent MassMutual organizations, Babson & Co. and Concert Capital Management were united.
In February 1995, MassMutual and Connecticut Mutual Life Insurance Company reached an agreement to merge with the goal of reducing operational expenses.
By the end of 1996, the firm was expecting to save $82 million, but instead saved $108 million.
Through the creation of Antares Leveraged Capital Corporation, a commercial finance division offering loan services, MassMutual maintained its diversification initiatives.
At this point, MassMutual's assets were over $100 billion.
The new millennium's expansion
MassMutual reported a record net income in 1998 of $359.2 million, a 37% increase from the year before. Through 1999, as earnings rose, the business revealed a new marketing name: MassMutual Financial Group. This was an effort to enhance the company's reputation as a diverse provider of financial services. Robert Connell, the company's chairman and CEO, recognized the value of introducing fresh goods and services. 40 new products were introduced by MassMutual and its domestic insurance subsidiaries between 1999 and 2001. By 2001, these products accounted for about 70% of total sales.
The financial success of MassMutual persisted in 2000 as total sales jumped by 31% and assets under management increased from $206.6 billion in 1999 to $213.1 billion.
Worldwide developments
MassMutual boosted its international reach along with monetary growth. CRC Protective Life of Hong Kong was acquired by MassMutual International and changed its name to MassMutual Asia. In the homeland, Hartford, Connecticut-based MassMutual Trust Company was established in 2000 and provides estate planning and investment services.
Current expansion
Despite losing its New York offices on September 11, 2001, OppenheimerFunds, a subsidiary of MassMutual, rebounded successfully and shared solid profits for the year with its parent firm.
The assets managed by MassMutual Financial Group were $234 billion in 2001. [70] The earnings of MassMutual increased from $753 million to $810 million in 2005.
Sales of whole life insurance at MassMutual increased by 28% in the first half of 2010 under CEO and President Roger Crandall.
The Hartford's Retirement Plans business was subsequently acquired by MassMutual on January 1, 2013, following their 2012 agreement to buy it. With the addition of additional markets and distribution capabilities as well as a nearly twofold increase in the number of retirement plan participants MassMutual handled, this purchase built on the company's record-breaking success in the retirement industry.
In 2015, MassMutual established the subsidiary Haven Life Insurance Agency, LLC, which has operations in New York.
Term life insurance is all that Haven Life sells.
The retirement plan division of MassMutual will be acquired by Canadian-owned Denver-based Empower Retirement for $4.4 billion plus a contingency payout, according to a July 2020 announcement.
Massachusetts-based Fidelity Investments announced in April 2022 that it will handle the corporate 401K plan record keeping for MassMutual.
The corporation employs a total of 11,593 people worldwide.
MassMutual Life Insurance is ranked 76th on the 2016 Fortune 500, up from 94th in 2015. MassMutual Life Insurance is ranked 100th on the Fortune 500 as of 2022.
Participation in the Madoff investment fraud
Tremont Capital Management, owned by MassMutual, was a feeder fund for Bernard Madoff's Ponzi scheme that lost $3.3 billion as a result of the scandal.
Tremont agreed to a settlement with Irving Picard, the receiver who is recovering funds from the Ponzi scam, that was worth more than $1 billion.
Massmutual Awards/honours.
Massmutual has gained several awards and honours and among which is in its 2022 Best Places To Work Awards, Massachusetts Mutual Life Insurance Company (MassMutual) received recognition. MassMutual specifically received a spot on the lists for "Best Large Companies to Work For in Boston" and "Best Benefits in Boston." The yearly awards program celebrates businesses in the eight biggest IT areas in the United States as well as businesses of all sizes, from startups to established businesses.
7. AMERICAN INTERNATIONAL GROUP (AIG) INSURANCE.
With operations in more than 80 nations and jurisdictions, American International Group, Inc. (AIG) is an American global financial and insurance firm. 49,600 persons were employed by AIG firms as of January 1st, 2019. General Insurance, Life & Retirement, and a stand-alone subsidiary that specializes in technology are the three main divisions through which the corporation conducts business. Commercial, personal, as well as domestic and international field operations are all included in general insurance. Group retirement, individual retirement, life insurance, and institutional markets are all included in life & retirement. The AIG Women's Open golf tournament is sponsored by AIG.
AIG has offices all around the world in addition to its corporate office in New York City. 87% of the Fortune Global 500 and 83% of the Forbes 2000 are served by AIG. On the Fortune 500 list for 2018, AIG came in at number 60. AIG is ranked as the 87th largest public business in the world on the 2016 Forbes Global 2000 ranking. AIG has $65.2 billion in shareholder equity as of December 31, 2017.
AIG was saved by the Federal Reserve for $180 billion during the 2007–2008 financial crisis, and the Financial Crisis Inquiry Commission linked AIG's failure to the widespread sale of unhedged insurance.
In 2012, AIG paid the US government $205 billion back.
HISTORY/CHRONOLOGY OF AIG
1919–1945: The beginning Edit American Cornelius Vander Starr (1892–1968) formed American Asiatic Underwriters (AAU), a general insurance company, in Shanghai, China, on December 19, 1919. The company expanded quickly, and two years later, Starr established a life insurance company. AAU had branches in China and Southeast Asia, including the Philippines, Indonesia, and Malaysia, by the late 1920s. Starr established American International Underwriters Corporation as his first office in the country in 1926. (AIU). In the late 1930s, AIU arrived in Havana, Cuba, and he also concentrated on the potential in Latin America. The Latin American agencies' consistent development turned out to be important because it would counterbalance the drop in business from Asia brought on by the impending Second World War. Starr relocated his corporate headquarters from Shanghai, China, to New York City in 1939.
1945–1959: Domestic and international growth
American International Underwriters (AIU) entered Germany and Japan following World War II to provide insurance for American military personnel. AIU kept growing in Europe in the late 1940s and early 1950s, creating branches in France, Italy, and the United Kingdom. By acquiring Globe & Rutgers Fire Insurance Company and its affiliate, American Home Fire Assurance Company, in 1952, Starr started to concentrate on the American market. The general and life insurance division of C.V. Starr had offices and a wide network of agents in more than 75 nations by the end of the decade.
Reorganization and specialization between 1959 and 1979
Hank, also known as Maurice R. Greenberg, was hired by C.V. Starr in 1960 to establish a global accident and health company.
Two years later, Greenberg successfully transformed a C.V. Starr U.S. holding into a multiple-line carrier. To reduce agent commissions, Greenberg concentrated on selling insurance through independent brokers rather than through agents. With very little additional cost, AIU could use brokers to price insurance in accordance with its potential return even if it had prolonged periods of declining sales of some products. AIG was established in 1967 to serve as a unifying umbrella company for the majority of C.V. Starr's general and life insurance businesses. Starr named Greenberg his successor in 1968. In 1969, the business went public.
The New York headquarters of AIG
AIG faced numerous difficulties in the 1970s as a result of activities being scaled back or discontinued throughout the Middle East and Southeast Asia due to shifting political conditions. To meet the needs of specialized industries, AIG nevertheless kept growing its market share by launching specialized energy, transportation, and shipping products.
New opportunities and directions from 1979 to 2000
AIG proceeded to broaden its market distribution and global network throughout the 1980s by providing a variety of specialist products, including as political risk and pollution liability.
AIG debuted its shares on the New York Stock Exchange in 1984. (NYSE). [29] AIG created new revenue streams throughout the 1990s through a variety of ventures, which included the purchase of International Lease Finance Corporation (ILFC), a supplier of leased aircraft to the airline sector. The Chinese government issued AIG the first international insurance license in more than 40 years in 1992. In the US, SunAmerica Inc., a retirement savings firm run by Eli Broad, was purchased by AIG in 1999.
Growth
As AIG bought American General Corporation, a major domestic life insurance and annuities provider, and expanded into foreign markets, like India, the early 2000s saw a notable period of development.
The Blackstone Group, Kissinger Associates, and AIG formed a strategic advisory venture team in February 2000 "to provide financial consulting services to firms seeking high level independent strategic assistance." From 1998 until March 2012, when it sold all of its stock in the company, AIG invested in Blackstone. AIG received advice from Blackstone throughout the financial crisis of 2007–2008.
American General and Old Line Life Insurance Company combined in March 2003.
AIG made large investments in Russia in the early 2000s while the nation was emerging from its financial crisis. In order to prepare for Putin's meeting with American President George W. Bush later that year, Maurice Greenberg and Putin met in July 2003 to talk about AIG's investments and strengthening economic links between the two countries.
AIG and the U.S. Securities and Exchange Commission and the Justice Department reached a $126 million settlement in November 2004 that partially resolved a number of regulatory issues. However, the company was required to continue working with investigators as they looked into the sale of non-traditional insurance products.
Accounting controversy of AIG
The Securities and Exchange Commission, the U.S. Justice Department, and the New York State Attorney General's Office all launched fraud investigations into AIG in 2005. In February 2005, Greenberg was fired as a result of an accounting controversy. Following an investigation by the New York Attorney General, AIG was fined $1.6 billion and some of its executives were put on trial.
AIG decided to restate its financial statements for the years ended December 31, 2003, 2002, 2001, and 2000, the quarters ended March 31, June 30, and September 30, 2004, and 2003, as well as the quarter ended December 31, 2003, on May 1, 2005, as a result of investigations carried out by outside counsel at the request of AIG's Audit Committee and consultation with AIG's independent auditors, PricewaterhouseCoopers LLP.
According to reports, the corporation had to restate past financial figures in order to fix accounting problems, which is why its third-quarter earnings announcement was delayed until November 9, 2005.
Market expansion for credit default insurance
In 2005, Martin J. Sullivan was appointed the company's CEO. At 1970, he started working for AIG as a clerk in the company's London headquarters. Then, AIG took on tens of billions of dollars' worth of mortgage-related risk. It protected the default of derivatives worth tens of billions of dollars by insuring them, but it didn't buy reinsurance to cover the risk. Second, it purchased mortgage-backed securities using deposit collateral. When the mortgage market experienced losses in 2007–2008, AIG was forced to cover insurance claims as well as make up the losses in its collateral accounts.
In 2007, AIG paid $749 million to acquire the remaining 39% of online auto insurance specialist 21st Century Insurance.
AIG changed the name of its insurance division to 21st Century Insurance in late 2008 due to the parent company's bankruptcy and the ongoing recession.
A letter to the AIG Board of Directors asking for the resignation of CEO Martin Sullivan and other management and Board of Directors changes was delivered on June 11, 2008, by three stockholders who jointly owned 4% of the outstanding shares of AIG. The Wall Street Journal described this letter as the latest shot in a "public battle" between the company's board and management and its major owners, including former CEO Maurice Greenberg, on the one hand.
Robert B. Willumstad, the AIG Board of Directors Chairman since 2006, took over for Sullivan on June 15, 2008, following the disclosure of financial losses and a decline in the stock price. When the US government ordered Willumstad to resign, Ed Liddy took his place on September 17, 2008. On August 3, 2009, the board of directors of AIG named Bob Benmosche CEO to succeed Liddy, who had earlier in the year announced his retirement.
Government bailout and the 2008 liquidity crisis Edit Additional information: The subprime mortgage crisis and the 2007–2008 financial crisis
Because many people believed that AIG's failure would jeopardize the financial stability of other significant companies that were its trading partners, including Goldman Sachs, Morgan Stanley, Bank of America, and Merrill Lynch, as well as dozens of European banks, the federal government bailed out AIG for $180 billion and technically assumed control in late 2008.
According to one analyst, AIG's massive sales of credit default swaps were made without putting up the initial collateral, setting aside capital reserves, or hedging its exposure. This was one of many critical government reports that the Financial Crisis Inquiry Commission issued in January 2011, concluding that this was the main reason why AIG failed and had to be saved by the government. The widespread deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have decreased the likelihood of AIG's failure, led some analysts to believe that AIG's failure was possible.
In a story published on September 17, 2008 by CNN Money, it was noted that "But in AIG's case, the situation is considerably more catastrophic. Its assets will undoubtedly cause global upheaval and send prices plunging because the corporation is significantly bigger and more sophisticated than Lehman Brothers. Experts ponder whether there are even sufficient potential purchasers to swallow the corporation and its subsidiaries.
Through its London division, AIG had offered credit insurance in the form of credit default swaps (CDSs) on collateralized debt obligations (CDOs), but by 2008, its value had dropped.
AIG's Financial Products division had used credit default swaps to insure $441 billion worth of securities with an initial AAA rating. This division was led by Joseph Cassano in London. Of such assets, structured debt securities backed by subprime loans totaled $57.8 billion. As a result, AIG's credit rating was reduced and it had to provide more collateral to its trading counterparties. This forced a liquidity crisis that started on September 16, 2008, and ultimately led to AIG's complete bankruptcy. In order to stop the company's collapse, the New York Federal Reserve Bank intervened, announcing the establishment of a secured credit facility, initially of up to $85 billion. This allowed AIG to provide additional collateral to its credit default swap trading partners. The warrants representing a 79.9% equity stake in the company and the power to halt dividend payments to previously issued common and preferred stock used as collateral for the credit arrangement. The Federal Reserve's rescue package was adopted by the AIG board the next day, making it the biggest government bailout of a private corporation in American history.
By revealing that it would give its executives over $165 million in executive bonuses in March 2009, AIG added to the public's skepticism over the bailout of the "too big to fail" company.
Bonuses for the entire firm could total $1.2 billion and total $450 million for the banking division. In response to the scheduled payments, newly-elected President Barack Obama, who had supported TARP as a senator, said, "[I]t's difficult to comprehend how derivative traders at AIG warranted any bonuses, much less $165 million in additional pay. How do they defend this injustice before the taxpayers who fund the business? Politicians from both the Democratic and Republican parties, as well as political analysts and media, expressed comparable concern about the planned bonuses in the AIG bonus payments issue.
In September 2008, AIG started selling some assets to repay its government loans despite a global decrease in the value of insurance companies and the deteriorating financial standing of prospective buyers.
To lower its debt by $25 billion, AIG established American International Assurance Company, Limited (AIA) and American Life Insurance Company (ALICO), international life insurance companies that were handed to the Federal Reserve Bank of New York. On March 31, 2009, AIG sold its Hartford Steam Boiler division to Munich Re for $742 million. AIG announced intentions to sell its subsidiary 21st Century Insurance to Farmers Insurance Group for $1.9 billion on April 16, 2009. AIG sold its majority stake in the reinsurer Transatlantic Re in June 2009. On September 7, 2009, The Wall Street Journal reported that Pacific Century Group had reached an agreement to pay $500 million for a portion of AIG's asset management business and that they also anticipated paying AIG an additional $200 million in carried interest and other payments based on the future success of the company.
Then, in March 2010, AIG offered MetLife Inc. its American Life Insurance Co. (ALICO) in exchange for $15.5 billion in cash and MetLife stock.
On March 29, 2010, Bloomberg L.P. reported that AIG had finally finished the $500 million sale of a portion of its asset management business, known as PineBridge Investments, to the Asia-based Pacific Century Group, after almost three months of delays. In August 2010, Fortress Investment Group acquired 80% of the stock in financing firm American General Finance. AIG sold AIG Starr and AIG Edison, two of its Japan-based businesses, to Prudential Financial in September 2010 for a total of $4.2 billion in cash and $600 million in third party AIG debt that Prudential assumed. AIG raised $36.71 billion on November 1st from the sale of ALICO and its IPO of AIA. The money was used to pay back some of the government aid it had received during the financial crisis.
In January 2011, AIG transferred ownership of Nan Shan Life, a Taiwanese life insurance company, to a group of buyers for $2.16 billion.
On November 3, 2011, AIG shares fell 49 percent year to date as a result of the Q3 2011 net loss expanding. The board of the insurance gave its approval to a $1 billion share repurchase.
The United States Financial Stability Oversight Council delisted AIG from its list of too-big-to-fail institutions in 2017, nine years after the initial bailout.
On January 1, 2013, AIG launched an ad campaign called "Thank You America," in which a number of company representatives, including AIG President and CEO Robert Benmosche, spoke directly to the camera and expressed gratitude for the support received from the government. In September 2014, Peter Hancock succeeded Benmosche as president and CEO of AIG. Benmosche passed away in February of the following year, but he continued to serve as an advisor.
For a sum of $158 million, Taiwan's Nan Shan Life Insurance purchased a stake in AIG's Taiwanese business in June 2015.
AIG was later labeled "too big to succeed" by activist investor Carl Icahn, who demanded its dissolution. In January 2016, AIG made plans to sell 19.9% of United Guaranty Corp., a mortgage insurance company based in Greensboro, North Carolina, to the public. Later that year, Icahn was elected to the board of directors and kept pushing the business to divide its key segments. To meet the insurance requirements of small and medium-sized businesses, AIG also started a joint venture with Hamilton Insurance Group and Two Sigma Investments. Veteran of the sector Brian Duperreault was named chairman, while AIG executive vice president of U.S. casualty lines Richard Friesenhahn was named CEO. AIG sold United Guaranty, its mortgage-guarantee division, to Bermuda-based insurer Arch Capital Group in August 2016 for $3.4 billion.
2017 Edit On May 15, 2017, Brian Duperreault was named CEO of AIG. Following Hancock's announcement in March 2017 that he would resign as AIG CEO under pressure after a stretch of unsatisfactory financial results, Hamilton Insurance Group hired Duperreault, who had previously worked at AIG from 1973 until 1994. Duperreault announced his intention to grow AIG and maintain its multiline structure[99] as a provider of life and retirement solutions and non-life insurance, in response to prior calls in 2015 and 2016 to shrink or break up AIG. He also outlined a strategy to focus on technology, "underwriting discipline," and diversification.
AIG hired a number of new upper level executives from 2017 through early 2019, including 125 senior underwriters and the majority of Duperreault's direct reports.
In 2017, Duperreault appointed Peter Zaffino as AIG's COO and Lucy Fato, a former Marsh & McLennan Companies colleague, as general counsel. Later, Zaffino was named CEO of AIG's General Insurance division.
In January 2020, Zaffino took over as president of AIG; Duperreault remained AIG's CEO. General Insurance and Life & Retirement would replace the Commercial and Consumer sectors, respectively, according to plans made public by the corporation in 2017. AIG was no longer regarded as a nonbank systemically important financial entity in September 2017, according to the Financial Stability Oversight Council (SIFI). In response, Duperreault said that the change demonstrated "the effort done since 2008 to de-risk the enterprise."
2018–2021
In 2018, AIG acquired a number of businesses.
In July of that year, AIG purchased Bermuda-based reinsurance firm Validus Holdings Ltd. The business was a syndicate under Lloyd's of London, engaged in insurance-linked securities, specialized in US small commercial excess and surplus underwriting, and offered crop insurance. With regard to property risk and catastrophe risk in particular, the transaction "bring in fresh underwriting talent." AIG also purchased Ellipse, a UK life insurance company, from Munich Re in 2018. AIG launched Fortitude Re in 2018 to keep the majority of its run-off portfolios and sold a minority ownership to The Carlyle Group in the latter half of the year. Fortitude Re's majority ownership was acquired in November 2019 by a Carlyle-managed firm and T&D Holdings, leaving AIG with a 3.5% holding "subject to requisite regulatory clearances and other normal closing conditions."
In 2017, Duperreault and Zaffino devised a recovery plan for the General Insurance company and started implementing it. According to Duperreault in 2019,the new leadership team "overhauled its reinsurance buying strategy," established new risk and underwriting rules, and restructured the company. AIG committed to a five-year arrangement to be the Women's British Open's title sponsor in 2019, marking the company's entry into the golf industry. The contract was extended to 2025 in 2020, and the tournament was renamed the AIG Women's Open. In 2021, it had the largest LPGA major women's prize fund ever ($US5.8 million).
In August 2019, Duperreault and Zaffino unveiled "AIG 200," a multi-year program to streamline operations, modernize and digitize procedures, and eliminate redundant manual interventions in order to optimize operations.
AIG recorded its second consecutive quarter of underwriting profits during the same month, and under the direction of CEO Kevin Hogan, the company's Life and Retirement division produced "strong growth" and returns amid a turbulent credit and equities market. AIG announced in January 2020 that it would stop supporting the All Blacks in 2021 after a ten-year run. Peter Zaffino took over as CEO of AIG on March 1, 2021, and Brian Duperreault was promoted to executive chairman of the board. AIG stated in July 2021 that Blackstone Group would buy 9.9% of the new subsidiary for $2.2 billion in cash as part of its 2020 plan to separate its life and retirement insurance business into an independent company with a 2022 IPO. A long-term asset management deal was also made between Blackstone and AIG for the management of about one-fourth of AIG's life and retirement portfolio, which is expected to grow in coming years.
Business of AIG
AIG is recognized as a significant financial institution and supplier of financial services, such as credit security mechanisms, in Australia and China.
AIG is the biggest commercial and industrial insurance insurer in the US.
AIG provides a variety of financial services, including life insurance, mortgage insurance, retirement plans, and property and casualty insurance.
The global property and casualty insurance company Chartis was rebranded AIG Property Casualty in the third quarter of 2012. AIG Life and Retirement is the new name for SunAmerica's life insurance and retirement services division; other current brands are still used in some markets and regions.
8. TRANSAMERICA CORPORATION.
Offering life and additional health insurance, investments, and retirement services, the Transamerica Corporation is an American holding corporation for numerous life insurance businesses and investment organizations that operate largely in the United States. Baltimore, Maryland; Cedar Rapids, Iowa; Denver, Colorado; Norwood, Massachusetts; Exton, Pennsylvania; Harrison, New York; Johns Creek, Georgia; Plano, Texas; and St. Petersburg, Florida are the locations of the company's principal offices. There are further linked offices spread across the country. It joined Aegon, a European financial services firm with its headquarters in The Hague, the Netherlands, in 1999.
The nonprofit Transamerica Institute, which includes the Transamerica Center for Retirement Studies and the Transamerica Center for Health Studies, is supported by Transamerica.
History/Chronology of Transamerica Corporation
A.P. Giannini established the Bank of Italy in San Francisco in October 1904. Giannini established the Trans-America Corporation, a holding company, in October 1928. Its assets exceeded $1.5 billion (roughly $24 billion in 2021) and included the Bank of America, Bank of Italy, Bancitaly Corporation, National Bankitaly Company, California Joint Stock Land Bank, and Banca d'America e d'Italia [it]. Ultimately, in 1928, the Bank of Italy amalgamated with the Los Angeles branch of Bank of America, which was later renamed Bank of America in 1930.
Transamerica purchased the 1906-founded Occidental Life Insurance Company in March 1930.
At the time, Occidental had assets worth over $25 million and active life insurance policies worth over $150 million.
Giannini claimed that Transamerica's strategy to dominate all financial services included the acquisition of the life insurance company situated on the West Coast. Transamerica Occidental Life Insurance Company was the new name given to Occidental after the acquisition.
With time, the business expanded into a more diverse conglomerate that included Budget Rent a Car, Transamerica Airlines, and the movie distributor United Artists.
The corporation finished building the Transamerica Pyramid skyscraper in San Francisco in 1972, and it was used as its headquarters for many years after that. The company's logo and marketing materials still feature the pyramid, even though it only has a few offices in the building at the moment.
Transamerica started to sell in the 1980s and began to concentrate only on financial services.
In the end, it was boiled down to three key product categories: retirement planning, investments, and insurance. Frank C. Herringer, the CEO of Transamerica, stated in July 1999 that the insurance Aegon, based in the Netherlands, would buy the business. On October 1st, 2008, Transamerica Occidental and Transamerica Life Insurance Company amalgamated.
Services and goods by Transamerica Corporation
Transamerica specializes in providing financial and insurance services. Offerings for life and health insurance include term, entire, universal, variable, accidental death, Medicare supplement, and long-term care policies. Various mutual funds and annuities are also available from Transamerican firms. Just in the state of California, Transamerica has approximately 15,000 certified insurance agents.
In addition to 401(k) and 403(b), 457, profit sharing, money purchase, cash balance, Taft-Hartley, multiple employer plans, nonqualified deferred compensation, and rollover individual retirement accounts, Transamerica's retirement division also offers defined benefit pension plans and defined contribution retirement plans. Other services include participant communications and education, fiduciary risk reduction, open investment architecture, plan-level record keeping and administration, compliance advice, and regulatory support.
Transamerica said in December 2020 that it would stop offering fixed index annuities, variable annuities with benefit riders, and the stand-alone long-term care market.
9. United States National Mutual Insurance company (Nationwide)
With an emphasis on domestic property and casualty insurance, life insurance and retirement savings, asset management, and strategic investments, Nationwide is one of the biggest insurance and financial services firms in the world.
Large American insurance and financial services firms with their headquarters in Columbus, Ohio, make up the Nationwide Mutual Insurance Company and linked companies, or simply Nationwide. Regional offices for the business are also located in Scottsdale, Arizona; Des Moines, Iowa; and San Antonio, Texas. Currently employing over 25,391 people, Nationwide is placed No. 80 on the 2022 Fortune 500 list. The "100 Best Companies to Work For" list by Fortune currently has Nationwide at No. 21.
United States Nationwide Insurance Company
A member of the group called Nationwide Financial Services (NFS) was briefly listed on the New York Stock Exchange before Nationwide Mutual repurchased it in 2009. Since NFS went public in 1997, it had owned the majority of the company's common shares.
History/chronology of Nationwide insurance company
Known as Farm Bureau Mutual at its inception, farmers in the 1920s paid the same rates for car insurance as city drivers, despite the fact that they were involved in fewer collisions and insurance claims. The Ohio Farm Bureau made the decision to launch their own insurance firm in order to provide rates that truly reflected farmers' driving styles. The Farm Bureau Mutual Automobile Insurance Company received its license to operate in Ohio on April 10, 1926. Two days later, it also received its financing in the form of a $10,000 loan taken out against the membership fees of the Ohio Farm Bureau Federation.
Ohio law at the time stipulated that 100 persons had to promise to get insurance. Ten times as many people were attracted by the initial agents, and on April 14, 1926, Farm Bureau Mutual officially opened for operation with more than 1,000 policyholders. As suggested by the company's name, auto insurance was its first offering. Only Ohio farmers who were Ohio Farm Bureau members were allowed to purchase the company's insurance.
Expansion
West Virginia was added to Farm Bureau Mutual in 1928, and then Maryland, Delaware, Vermont, and North Carolina. In 1931, Farm Bureau Mutual started insuring residents of small towns, and in 1934, it started insuring residents of larger cities. Farm Bureau Mutual also started providing fire insurance in 1934. The following year, this product expanded after a struggling fire insurance company was bought.
The Life Insurance Company of America was purchased by Farm Bureau Mutual in 1935 from the defunct fraternal insurer American Insurance Union. In 1938, the business changed its name to Farm Bureau Life Insurance Company.
The demand for office space expansion came with growth. The business relocated to the 246 Building at 246 N. High Street in Columbus in 1936.
Farm Bureau Mutual was active in 12 states and the District of Columbia by the year 1943. Farm Bureau Mutual lacked insufficient office space even after the 246 Building's size was tripled (and finally dedicated on the 25th anniversary of the business); as a result, regional offices were first opened in 1951.
Farm Bureau Mutual changed its name to Nationwide Insurance in 1955, and that is still how people today refer to the company. Oregon was added to Nationwide's service area in the ensuing ten years, making it truly "nationwide". By 1965, it had also grown to include the District of Columbia and 32 additional states.
By the 1970s, Nationwide had outgrown the 246 Building, and construction on a new skyscraper headquarters had begun. At the southwest corner of N. High Street and Nationwide Boulevard, on the outskirts of Columbus, Ohio's downtown, One Nationwide Plaza was finished in 1978. Since 1988, Nationwide has increased its presence in Downtown Columbus by opening the following locations: Plaza Two, which is on the northeast corner of High Street and Chestnut, Plaza Three, which is just west of High Street and Chestnut, Plaza Four, which is on Front Street, 275 Marconi, which is located behind Plazas One and Three on Marconi Blvd, and 10 West Nationwide, which, along with Plaza One, makes up the main downtown complex. Nationwide has a major presence in Dublin, Grandview Heights, and Grove City, three suburbs of Columbus, Ohio, in addition to the city center.
The earliest version of the Nationwide tagline, "The Man from Nationwide is on your Side," was first presented to the public in 1965[10] and was written by renowned jingle writer Steve Karmen. In 1969, it was put to music.
The phrase "the Man from" was dropped in 1972 and replaced with the phrase "Nationwide is on your side after the first female agent Diana M Krapf was hired and requested that it be changed so she could properly represent the company as an insurance agent. However, by 1971, being an insurance agent was no longer exclusively a male occupation. Nationwide did make these changes—including to signage, letterheads, TV and print advertisements, and even business cards—to reflect the shifting sentiments of the time, and other significant businesses adopted them years later.
BUSINESS DIVERSITY OF NATIONWIDE INSURANCE COMPANY
The Human Rights Campaign, an organization that advocates for gay rights, has been publishing the Corporate Equality Index since 2004. Since then, Nationwide has consistently received a 100% rating each year. In addition to offering its employees diversity training on sexual orientation, Nationwide includes "sexual orientation" and "gender identity" in its equal employment opportunity policy.
In order to promote its property and casualty insurance services, Nationwide entered into an exclusive partnership with Tavis Smiley in 2008. This partnership included sponsorship of Smiley's PBS television program. The partnership still exists for future events and projects, even though the television program's sponsorship ceased in 2011.
Additionally, Nationwide served as the event's national sponsor in 2009.
One of the first blind computer programmers in the US, Vernon Blatz, was employed by Nationwide in 1964. He participated in the nation's first training program for blind people to prepare them for computer-related occupations, which was being tested at the University of Cincinnati Medical Center.
10. Lincoln financial insurance company
The marketing name for Lincoln National Corporation and its affiliated insurance companies, such as The Lincoln National Life Insurance, is Lincoln Financial Group.
Numerous alternatives for term and universal life insurance are available from Lincoln Financial. We've covered the policy options, pricing, and other crucial details of their life products so you can decide if it's the best option for you.
Lincoln In 1905, the National Life Insurance Company was established in Fort Wayne, Indiana. Lincoln's son Robert Todd Lincoln granted the company permission to use the name and Lincoln's likeness, which is still featured in the company logo. The company is named after Abraham Lincoln. Today, Lincoln Financial Group provides both people and businesses with insurance and financial planning options.
U.S. News Rating for Lincoln Financial Insurance Review: 4.0
ranked fifth among the Best Life Insurance Providers in 2022. (tie)
ranked fifth among the best term life insurance providers in 2022. (tie)
Third-placed among the Best Universal Life Insurance Providers in 2022. (tie)
Pros
- Available are term and general policies.
- It's not always necessary to have a physical
- Term insurance policies can be changed into permanent ones.
Cons
- no whole life insurance
- Some policies prohibit online application.
To qualifying candidates, Lincoln Financial provides universal insurance that accrue cash value, term policies with terms of 10 to 30 years, and policies with shorter terms. If you're under 70, you can also convert term policies to universal ones. Additionally, there are choices for coverage of $1 million or more, depending on the insurance you choose. People who are between the ages of 18 and 60, in good health, and seeking coverage for $1 million or less are also eligible for coverage without having to undergo a medical exam.
According to the information we have gathered, Lincoln Financial's term life insurance policy costs are generally comparable to those of other businesses in our evaluations.
Whole life insurance is not offered by Lincoln Financial. These are yet another type of permanent life insurance that accrues cash value tax-deferred. Only term life and universal life insurance are offered by Lincoln, and not all of them are accessible online. For instance, you must phone in your application if you want a LifeElements term policy.
Conclusion: The life insurance plans offered by Lincoln Financial are reasonably versatile, providing high coverage limits and the opportunity to forgo a medical exam. Its products aren't particularly inexpensive, and some of the application methods are less practical than others. However, they do often give access to a variety of coverage options.
How much does life insurance via Lincoln Financial cost?
Lincoln Financial's premiums are typical when compared to the best life insurance companies we rated. For instance, a 35-year-old non-monthly smoker's premium for a 20-year, $1 million term coverage is $66.90. The monthly premium for a comparable AIG coverage would be $54.56. MassMutual, though, would demand $92.55.
You will pay a different sum for life insurance depending on your age, the quantity of coverage, your gender, and the kind of coverage (term or permanent). Your charges will also change if you decide to acquire riders or add-ons.
But keep in mind that these numbers are based on a particular type of person, so they might not be an accurate representation of what you'll pay for coverage. For instance, a smoker may have to pay more for permanent life insurance than a nonsmoker. In contrast, you might pay less if you were 25 rather than 35 and in good health.
How Much Does Lincoln Financial Life Insurance Cost for Seniors?
Although a medical test isn't usually necessary to qualify for Lincoln Financial, it is if you're over 60. Lincoln Financial does offer term coverage choices for people in the 75- and 80-year-old age categories, although not offering prices for these people.
How Much Does Lincoln Financial Life Insurance Cost for Smokers?
Because smoking is a risk factor that insurers take into account when determining policy prices, you will often pay more for life insurance coverage than a non-smoker. Female smokers frequently pay significantly less than male smokes, as is the case with seniors. And as you get older, that margin gets bigger.
Life Insurance Policies Available from Lincoln Financial
Term and universal life are two of the many life insurance products offered by Lincoln Financial Group.
Obtainable policy varieties
Options For Term Life Insurance From Lincoln Financial
Lincoln Financial offers two options for term life insurance: Lincoln TermAccel Level Term and Lincoln LifeElements Level Term.
The term life insurance plans offered by Lincoln Financial are:
offered for lengths of 10, 15, 20, or 30 years
Guaranteed flat monthly rates; however, after the period expires, premiums rise yearly until age 95.
Available with coverage amounts ranging from $250,000 to $1 million for the LifeElements Level Term insurance and from $100,000 to $1 million for the TermAccel Level Term policy.
TermAccel policies are offered to applicants between the ages of 18 and 60.
All applicants between the ages of 18 and 80 are eligible for Basic LifeElements, a 10-year term.
Both insurance have to be obtained via agents.
In addition
Prior to the term's expiration or when the policyholder becomes 70, either plan can be changed to a permanent universal life insurance policy.
In accordance with the beneficiary's needs, death benefits may be paid as a lump payment, as a SecureLine interest-bearing account with check-writing capabilities, or as a Settlement Option. Additionally, Lincoln Financial gives customers the choice to put the money toward a fresh annuity or life insurance coverage.
The following riders are available on both policies: remission of premium, children's level term insurance, and expedited benefits.
A coverage estimator, price estimates, customer assistance, and document processing are all available online.
A phone interview application and electronic processing for approvals, assuming no medical exam is required, are further features.
Lincoln Financial Offers Various Options for Life Insurance
Numerous universal life insurance options are available from Lincoln Financial. Keep in mind that not all states might offer all types of policies.
LifeGuarantee by Lincoln UL (2019)
SUL for Lincoln LifeGuarantee (2019)
One Lincoln VUL (2021)
VUL for Lincoln AssetEdge (2015 NY, 2020)
Exec VUL for Lincoln AssetEdge (2020)
SVUL Lincoln One (2021)
Accumulate Lincoln Wealth IUL (2020)
IUL for Lincoln WealthPreserve (2020)
The IUL Lincoln WealthAdvantage NY
IUL for Lincoln WealthPreserve (2017 NY, 2019)
MoneyGuard Market AdvantageSM by Lincoln
III Lincoln MoneyGuard
The universal life insurance products offered by Lincoln Financial are:
offered with maturity dates for coverage lengths of 100 or 121 years, with the option to continue coverage after maturity as long as certain requirements are met, up until the policy is surrendered or death benefit payments are made.
provided with adjustable premiums.
Available with coverage starting at $100,000, with maximums based on personal circumstances and underwriter clearance.
Available for customers between the ages of 20 and 85 for universal life, with some products providing coverage for those under the age of 20 depending on the underwriting rating; and for indexed universal life and variable universal life, available for customers up to the age of 85 depending on the product and underwriting rating.
Only accessible from Lincoln Financial representatives.
In addition
The range of universal life insurance products offered by Lincoln Financial includes a wide selection of investment choices.
Some policies give you the option to customize the monthly premium payment amount, frequency, and death benefit amount.
A few of the universal life insurance products offered by Lincoln Financial are simplified and guaranteed.
These insurance contracts offer a cash value that can be accessed tax-deferred for as long as the insured is alive.
The cash surrender value is often accessible through withdrawals or policy borrowing (partial surrenders). The use of the money received from these policies is not subject to any limitations.
An owner of the policy has the option to entirely surrender it for its cash surrender value.
These universal life insurance policies have a lifetime period for premium payments.
In accordance with the beneficiary's needs, death benefits may be paid as a lump payment, as a SecureLine interest-bearing account with check-writing capabilities, or as a Settlement Option. Additionally, Lincoln Financial gives customers the choice to put the money toward a fresh annuity or life insurance coverage.
There are several different riders available, such as waiver of monthly deduction benefits, accelerated benefits (no critical illness), and accelerated benefits with critical sickness. However, not all riders are offered in all areas, nor are all riders offered under all rules.
A coverage estimator, price estimates, customer assistance, and document processing are all available online.
The death benefit and cash value of each universal life insurance policy offered by Lincoln Financial are tax-free. Added financial advantages differ depending on the policy.
Numerous additional financial advantages, such as investment choices, are available with universal life insurance policies, but they differ based on the policy.
How to Purchase Life Insurance from Lincoln Financial
Financial experts at Lincoln Financial can help you purchase life insurance coverage. You can use the website of Lincoln Financial to contact an agent by filling out a form there, or you can use it to locate a list of agents in your area.
In order to choose the optimum type and amount of life insurance for them, applicants will be prompted to think about their priorities. These variables include the length of coverage you desire, whether temporary or permanent, the cost of life insurance you are willing to pay, and the financial goals you and your beneficiaries have.
Lincoln Financial life insurance documentation can be sent electronically to a customer's Lincoln Financial account, even though you cannot apply for a life insurance policy online.
Question and answers for Lincoln Financial
Do you offer Lincoln Financial in my state?
The majority of states provide Lincoln Financial life insurance products, but some universal life policies are either unavailable in New York state or are only offered there.
What is covered by Lincoln Financial's life insurance?
Life insurance from Lincoln Financial is offered in a range of term or universal plans that offer either temporary or permanent coverage. These life insurance policies provide a death benefit to chosen beneficiaries, and some policies also include investing options that can raise your death benefit or build cash worth that you can use for necessities like chronic or terminal illness care while you're still alive.
What types of riders are offered by Lincoln Financial?
You may have the choice to add riders, sometimes known as add-ons, to your insurance policy, depending on the type. There are many options available from Lincoln Financial, including a children's term insurance rider that allows you to include your child in your policy's coverage. Additionally, there is an expedited benefits rider that pays a portion of your death benefit in the event that you develop a terminal illness or need long-term nursing facility care. If you were to become disabled, the waiver of premium rider would allow you to cease paying premiums yet keep your coverage in place.
How long do you have to file a claim with Lincoln Financial for insurance benefits?
In general, state laws governing how long you have to file a claim for insurance benefits bind life insurance providers. For further information, speak with an insurance representative or Lincoln Financial directly.
Can you borrow against your life insurance coverage with Lincoln Financial?
Typically, policy loans or withdrawals can be used to access the cash surrender value (policy value less debt and any relevant surrender charges) (partial surrenders).
Do Lincoln Financial life insurance policies offer dividends?
Policyholders of Lincoln Financial are not entitled to dividends because the company is not a mutual one.
What is the greatest amount of life insurance Lincoln Financial offers?
Maximum life insurance coverage amounts are determined by the individual and approved by underwriting.
Does the life insurance offered by Lincoln Financial cover suicide deaths?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. Lincoln Financial's policy, nevertheless, can differ depending on the type of coverage and the state, so you should speak with the business or an insurance agent directly for additional details.
Help is available if you or someone you love is thinking about taking their own life. Call 800-273-8255 at any time of day for free, private support from the National Suicide Prevention Line. Additionally, the group runs more than 150 crisis centers that provide support and local resources. In case of a crisis, please get in touch with them.
Do Lincoln Financial life insurance policies cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. Lincoln Financial's policy, nevertheless, can differ depending on the type of coverage and the state, so you should speak with the business or an insurance agent directly for additional details.
If you have cancer, can you still get life insurance from Lincoln Financial?
Lincoln Financial offers life insurance to individuals who have undergone successful treatment for a variety of cancers, with many of these individuals qualifying for ordinary rates, so clients with cancer may be eligible.
11. JOHN HANCOCK FINANCIAL
A diversified financial services company, John Hancock Financial Services, Inc. offers a wide selection of insurance and investment products as well as investment management and consulting services. Retail and institutional consumers are served by the company's goods and services.
A Boston-based insurer, John Hancock Life Insurance Company, U.S.A. It was founded on April 21, 1862, and was given the name John Hancock in honor of a well-known American patriot.
Manulife Financial, a global provider of life insurance, purchased John Hancock in 2004. It functions as a separate subsidiary. The business and most of Manulife's U.S. assets are still run under the John Hancock brand.
History/Chronology of John Hancock financial
Governor of Massachusetts John A. Andrew signed off on the John Hancock Mutual Life Insurance Company's charter on April 21, 1862.
The way the firm name has been referred to hasn't always been standard. Several John Hancock advertising and newspaper articles from the 1930s refer to the company as the "John Hancock Life Insurance Company," although a John Hancock commercial from 1912 refers to it as the "John Hancock Mutual Life Insurance Company." The company is yet still referred to as the "John Hancock Mutual Life Insurance Company" in publications from the 1940s.
Dr. Mary Ella Robertson was the first black woman and female to be appointed to the John Hancock Board in 1972.
Under the direction of David F. D'Alessandro, the business "demutualized" in 2000, officially ceasing to be the "John Hancock Mutual Life Insurance Company" and establishing the "John Hancock Financial Services, Inc." In exchange for giving up ownership of the previous company, policyholders received shares in the new one. The "John Hancock Variable Life Insurance Company," a division of John Hancock Financial Services Inc., kept on selling life insurance. Shares of Hancock stock began trading on the New York Stock Exchange on January 27, 2000, under the ticker JHF.
Manulife Financial of Canada declared its intention to purchase John Hancock for $10.4 billion on September 29, 2003. D'Alessandro would serve as the organization's leader, although he would leave in June 2004. Maritime Life, a Canadian subsidiary of John Hancock, was also included in the deal and became a part of Manulife's Canadian business.
HEAD OFFICES OF JOHN HANCOCK FINANCIAL
The headquarters and its 1,100 employees are located at 197 Clarendon Street and 200 Berkeley Street, also referred to as the "Old John Hancock Building." The Back Bay tower at 200 Clarendon Street, still referred to by many Bostonians as the Hancock Tower, is no longer home to John Hancock. From 2005 until 2018, the business had its headquarters at 601 Congress Street in the Seaport District. In 2018, it consolidated with offices it had kept in the Back Bay.
Index of Investor Sentiment
In 2011, John Hancock established the "John Hancock Investor Sentiment Index." The index is a "quarterly gauge of investors' perspectives on a range of financial choices, life aspirations, and economic outlook," according to the index provider.
12. PACIFIC LIFE INSURANCE COMPANY
Through a variety of life insurance products, Pacific Life has assisted millions of people and families with their financial needs for more than 150 years.
The Pacific Life Insurance Company is an American insurer that offers pension plans, individuals, and corporations a range of financial services and products, including life insurance, annuities, and mutual funds.
HISTORY/CHRONOLOGY OF PACIFIC LIFE INSURANCE COMPANY
Leland Stanford, a former governor of California, started Pacific Mutual Life in Sacramento, California, in 1868. Stanford was also the company's initial policyholder. His widow utilized the money from the policy to pay for lecturers after Stanford passed away and his university (Stanford University) ran out of money. An unprecedented move for a life insurance firm at the time, Pacific Mutual Life started issuing accident insurance in 1885. Pacific Mutual Life and Conservative Life, a life insurance provider established in Los Angeles, amalgamated in 1906. The board of directors of Pacific Mutual Life relocated the business to Los Angeles after the 1906 San Francisco earthquake. The corporation has its registered office in Nebraska since 2005.
One of Parkinson and Bergstrom's earlier designs, the Pacific Mutual Life Insurance Building is located at Olive Street and Sixth Street in Los Angeles and dates to around 1909.
The company experienced financial difficulties during the Great Depression, and in 1936, insurance commissioner Samuel L. Carpenter pushed the policyholders to participate in the company's ownership through mutualization in an effort to save both the policyholders and the business.
Ronald Reagan delivered the keynote address at Pacific Mutual Life's 100th anniversary celebration. The business established Pacific Investment Management Company in 1971. (PIMCO). In 1972, the management of the corporation believed that moving its headquarters to Newport Beach, California would provide for a greater standard of life for their families.
The corporation changed its name to Pacific Life Insurance Company in 1997 after dropping the word "mutual" from it. This represents the transition of the firm structure from mutual ownership to mutual holding company. Due to the humpback whale's tenacity, performance, and strength, the corporation also selected it as its logo in 1997.
Pacific Life acquired a majority stake in Aviation Capital Group (ACG), which owns, operates, and leases commercial jet aircraft internationally as well as providing services for managing aviation assets, in 2001.
ACG said that its equity worth was $3.6 billion in August 2019. It was announced in September 2019 that Pacific Life Insurance would sell its aviation division to minority shareholder Tokyo Century Group, which owns 24.5% of Aviation Capital Group, for an estimated $3 billion. On December 5, 2019, the transaction was finalized.
Pacific Asset Management was established on May 30, 2007. Pacific Asset Management provides institutional fixed income management and advisory services. Pacific Asset Management specializes on fixed income with a focus on credit. Bank loans, investment grade bonds, high yield corporate bonds, and money market securities are all managed by Pacific Asset Management's investment team. Customers of Pacific Asset Management have the option to invest with a dynamic, boutique investment firm that specializes in fundamental credit analysis and is backed by the resources and infrastructure of Pacific Life. Currently, Pacific Asset Management oversees both separate accounts and investment firms that are registered under the Investment Company Act of 1940.
The Pacific Life Foundation's headquarters are in Newport Beach, California, and it was founded in 1984. The Foundation has given more than $133 million to local and national charity groups in partnership with Pacific Life. Organizations that address a variety of social problems receive grants. The Pacific Life Foundation has stated that it will donate $8 million to charity in 2022.
A company dedicated solely to impact investment, Swell Investing, was established by Pacific Life in 2017.
Swell was unable to reach the necessary scale for its operations to be independent of outside financing. As a result, Swell was shut down on August 30, 2019.
Louise Pentland, executive vice president and chief business and legal officer of PayPal, Inc., will join the board of Pacific Mutual Holding Company, the ultimate parent company of Pacific Life Insurance Company, in 2020, according to a confirmation from Pacific Life. She began serving as of August 1, 2020.
After Jim Morris' anticipated retirement on April 1, 2022, Darryl Button took over as president and CEO, becoming the 15th CEO in Pacific Life's 154-year history.
12. Guardian Life Insurance Company
One of the biggest mutual life insurance firms in the world is The Guardian Life Insurance Company of America. With its headquarters in Manhattan, it employs around 8,000 people in the US and has a network of more than 3,000 financial agents spread among more than 70 agencies across the country. On the Fortune 500 list of the largest American corporations by revenue as of 2018, it is ranked 239th. With $7.3 billion in capital and $1.5 billion in operational expenses, Guardian recorded its best profits in its 155-year existence in 2015. The business, which was established in Manhattan in 1860, provides a variety of insurance services and products, such as life insurance, annuities, investments, disability income insurance, and dental and vision insurance.
History/Chronology of Guardian life Insurance company
German civil rights attorney Hugo Wesendonck, who founded Guardian, took part in the 1848–1849 uprising and contributed to the constitution-writing process for a unified Germany. He escaped post-revolutionary Europe after being charged with treason and arrived in the US. He founded Germania Life Insurance Company in 1860 on Wall Street in Manhattan with seed money from other German exiles in order to provide insurance for the increasing number of German immigrants reaching American soil. Two years later, he established a branch in San Francisco. Subsequently, he expanded his business across the nation, taking it to states like Colorado, New Mexico, North Dakota, and South Dakota.
Germania opened its first office in Europe in 1868, making it the first American insurance business to do so. Up until the strains of World War I compelled it to quit doing business in Europe, about half of its commerce at the turn of the 20th century was conducted outside of North America.
As business grew, the organization relocated in 1911 to the Germania Life Insurance Company Building at Union Square, where it remained for more than 85 years. Satellite offices can now be found in Bethlehem, Pennsylvania; Appleton, Wisconsin; Spokane, Washington; and Norwell, Massachusetts. Guardian started regionalizing many Home Office tasks in 1979. Guardian changed locations in 1999, moving to 7 Hanover Square in the Financial District. The corporation revealed plans to relocate several hundred employees to Bell Labs in Holmdel, New Jersey, in April 2017.
PRODUCTS AND SERVICES OF THE GUARDIAN LIFE INSURANCE COMPANY
.Dental
With 6.4 million participants as of February 2015, Guardian is the sixth-largest dental provider in the US.
First Commonwealth was acquired by Guardian in 1999, Premier Access in 2014, and Avesis in 2016.
.Insurance against disability
Guardian and Berkshire Life Insurance Company amalgamated in July 2001. As of February 2015, all disability products for Guardian are administered by the recently established Berkshire Life Insurance Company of America subsidiary.
.Personnel resources
In 2012, Guardian purchased Reed Group, and through it, it offers human resources to businesses dealing with workers who are absent due to a handicap. It offers "LeavePro," a program to manage absences, as well as "MDGuidelines," a web-based tool to manage employees' return to work. It also assists in managing and administering claims relating to employee absences. They expanded this company in 2015 by purchasing Aon Hewitt's absence management division.
.Services for investments
Guardian bought 65% of RS Investments in 2006.
Pensions, investment firms, high net worth people, businesses, and banks are among the clients of RS. Additionally, it offers consumers a variety of mutual products. With 2,486,866 shares, RS Investments was one of the biggest shareholders in Corrections Corporation of America in 2007. Victory Capital bought RS Investments in 2016.
Guardian sold their 401(k) business to Ameritas Life in September 2016.
Additionally, Guardian owns Park Avenue Securities, a full-service broker-dealer (PAS).
PAS was created by Guardian in 1999.
13. Banner Life Insurance Company
Life insurance gives people the peace of mind that their loved ones will be financially supported when they pass away and their final expenses will be covered. According to our rankings, Banner Life is one of the best life insurance providers and firms in 2022.
Regarding Banner Life
Term and universal life are the two life insurance policies that Banner Life, which is owned by Legal & General America, offers. This might be appealing to those who want to make the life insurance purchasing process as straightforward as possible, but it suggests that Banner Life might not be the greatest option for those looking for customised life insurance options.
Pros
- inexpensive insurance rates
- Older Americans can purchase term life insurance up to age 75.
- Older Americans can purchase universal life up until age 85.
- No upper limit on coverage
Cons
- Universal life insurance has affordable coverage levels available.
- There are few riders and few customizing possibilities.
Term life and universal life are the two primary types of life insurance offered by Banner Life. Ten to forty years, in five-year intervals, make up the terms. American citizens between the ages of 20 and 80 can get life insurance via Banner, with term life coverage starting at $100,000. The option to renew and change to a permanent insurance is available to policyholders. Although policyholders are able to add riders, there aren't many options available.
The benefit of Banner Life's universal life insurance lasts until age 121 and can be purchased by policyholders between the ages of 50 and 80. Flexibility in monthly payments and the option to reduce the death benefit should your requirements or circumstances change are also appealing features. Our ratings indicate that Banner Life provides reasonable premiums for its basic term insurance.
Conclusion: According to our analysis, among the insurers we looked at, Banner Life insurance provides the most affordable term life insurance premiums. There are term and universal life options, but the number of available riders is constrained, which may make it challenging to tailor a policy. There aren't many digital features or a mobile app, although you can request a quote and submit a claim online.
How Much Does Banner Life Life Insurance Cost?
For a 20-year, $1 million standard term coverage, a 35-year-old female nonsmoker would pay $46.63, while a male would pay $61.85. Smokers pay much more for policies, with female 35-year-old clients spending $124.94 and male customers paying $161.49 each month.
Prices for policies can rise by as much as $700 as you age. Age-related price ranges for 10-year term insurance for seniors range from $225.42 to $1,157.25. There is no cost or medical examination required to convert term life insurance plans to permanent ones.
The following variables affect how much life insurance costs:
- Species of policy
- Age\sGender\sLocation
- medical background
- Health issues
- Lifestyle and interests
Of the firms in our rating, Banner Life offers the term life insurance policies with the lowest premiums.
Any prices stated are just intended to serve as examples. For accurate quotations, get in touch with the insurance provider or broker directly. Visit our Life Insurance Quotes guide for additional details on term life policy quotes.
How Much Does Banner Life Life Insurance Cost for Seniors?
Across all age groups, Banner Life provides some of the most affordable term life insurance. In turn, its rates are below average when compared to those of its rivals.
For a policy with $500,000 in coverage and a 10-year term, the monthly base expenses for term life insurance from Banner Life for a policyholder in a typical risk class (1-2 chronic conditions) are as follows:
How Much Does Banner Life Life Insurance Cost for Smokers?
Smokers are typically viewed as higher-risk policyholders. Consequently, rates for smokers are often greater than for non-smokers.
For a policyholder who smokes cigarettes, is in the Preferred Smoker risk class, wants $1,000,000 in coverage, and the policy has a 20-year term, some examples of the monthly base expenses for term life insurance from Banner Life are:
What Kinds of Life Insurance Policies Are Available From Banner Life?
Banner Life offers both term and universal life insurance policies.
Available Policy Types
Banner Life »\sTERM LIFE\sWHOLE LIFE\sUNIVERSAL LIFE\sSURVIVORSHIP\sNO MEDICAL EXAM
Haven Life »\sTERM LIFE\sWHOLE LIFE\sUNIVERSAL LIFE\sSURVIVORSHIP\sNO MEDICAL EXAM\sBestow »
TERM LIFE\sWHOLE LIFE\sUNIVERSAL LIFE\sSURVIVORSHIP\sNO MEDICAL EXAM
New York Life »\sTERM LIFE\sWHOLE LIFE\sUNIVERSAL LIFE\sSURVIVORSHIP\sNO MEDICAL EXAM
Northwestern Mutual
TERM LIFE\sWHOLE LIFE\sUNIVERSAL LIFE\sSURVIVORSHIP\sNO MEDICAL EXAM
Expand List Term Life Insurance Options From Banner Life
For term policies, Banner Life offers OPTerm. This policy has the following features and characteristics:
- Available term periods are 10 to 40 years
- Level premiums are guaranteed
- Coverage amounts start at $100,000
- The age range for candidates seeking coverage is 20 to 75.
- There are estimates available online.
- can be changed to a permanent coverage without paying a fee or having a physical test
- Except for people who are eligible for an accelerated death benefit due to a terminal illness, death payments are paid in a lump amount.
- Waiver of premium, accelerated death benefit, children's, and term riders are available. Tax-free death benefits are also available.
Options for Universal Life Insurance By way of Banner Life
Banner Life provides Life Step UL for universal life insurance. The following qualities and traits apply to this policy:
- Age requirements range from 20 to 85.
- Plans begin at $50,000.
- There are lifetime term options available.
- The insurance policy allows for variable premium payments that can be adjusted annually.
- The growth of cash value is tax-deferred.
- Depending on the individual's policy, cash value may be removed for loans.
- It is possible to establish premiums for different payment terms.
- Benefits for death are given in one lump sum.
- Offering an accelerated death benefit rider
- A tax-free death benefit and a tax-deferred cash value are two aspects of the Life Step UL plan.
- This coverage must be obtained from a Banner Life representative.
- Online bill payment alternatives come in a variety.
- Visit our What Is Universal Life Insurance? guide for more details.
- The greatest life insurance for you can be found
- Without disclosing your contact information, compare life insurance products and obtain free quotations.
- Verify Quotations
How can Banner Life help me purchase life insurance?
You can visit the website of Banner Life to acquire a price quote if you're interested in term life insurance, but you'll need to speak with an agent to apply. The plans offered by Banner Life cannot presently be applied for online.
Banner Life analyzes your age and financial requirements to determine your coverage requirements and to whittle down the available plans. Typical financial factors include:
- funeral costs
- mortgage or other debts being paid off
- For dependents, the expense of college
- to replace lost income
The option to have one of Banner Life's agents contact you is available when requesting a quote. Additionally, you can use their website to locate a local agent. You can get in touch with an agent directly if you know their identity and would like to work with them.
FAQ for Banner Life
Can I purchase Banner Life in my state?
In 49 states, the OPTerm term life insurance policy from Banner Life is accessible. However, New York does not offer the 25-, 35-, or 40-year term lengths. Under the name William Penn Life Insurance Company, Legal & General America, the parent company of Banner, provides coverage in the state of New York.
What is covered by Banner Life's life insurance?
The two types of life insurance policies offered by Banner Life are term and universal. To satisfy the requirements of various consumers, these plans offer various levels of coverage.
A term policy from Banner Life offers moderately priced protection for a predetermined time frame, ranging from 10 to 40 years. Although universal policies are more expensive, they offer more customization options and lifelong coverage that is more thorough.
Which riders are offered by Banner Life?
Four add-ons are available from Banner Life for its term life insurance contracts. The first is term riders, which allow you to extend the policy's term by 10, 15, or 20 years. For instance, you spend $500,000 on a base policy with a 40-year term and $250,000 on a policy with a 20-year term. The 20-year term policy will expire after 20 years, but the $500,000 policy will still be in effect. The waiver of premium is another rider offered by Banner Life. Your premium will be waived if the policyholder experiences a critical illness or becomes handicapped.
Additionally, there is a Children's Life Insurance Rider that covers your kids up to the age of 25. Accelerated Death Riders are automatically incorporated into each term life insurance policy. If the policyholder is identified as having a terminal disease, they are eligible to receive a portion of their death benefit prior to passing away.
How long do you have to file a claim with Banner Life for insurance benefits?
In general, state regulations governing how long you have to file a claim for insurance benefits bind life insurance companies to follow them. For further information, speak with Banner Life or an insurance representative directly.
Can you borrow against your Banner Life life insurance policy?
Only universal life insurance policies from Banner Life are qualified for a loan against the cash value of the policy. The loan's maximum amount is determined by the policy's value.
Do Banner Life life insurance policies offer dividends?
Only mutually owned insurance businesses are permitted to distribute dividends on life insurance plans. Customers of Banner Life are not entitled to dividends because the company is not a mutual one.
What is the highest level of life insurance protection offered by Banner Life?
The life insurance coverage offered by Banner Life has no upper limit.
Does Banner Life's life insurance cover suicide deaths?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the Banner Life policy may differ depending on the type of coverage and the state, so you should speak with the business or an insurance agent directly for more details.
Help is available if you are thinking of taking your own life. Call 800-273-8255 at any time of day for free, private support from the National Suicide Prevention Line. Additionally, the group runs more than 150 crisis centers that provide support and local resources. In case of a crisis, please get in touch with them.
Do Banner Life life insurance policies cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the Banner Life policy may differ depending on the type of coverage and the state, so you should speak with the business or an insurance agent directly for more details.
Can a person with cancer purchase life insurance through Banner Life?
Applicants with specific types of cancer are eligible for Banner Life's term and universal life insurance policies.
14. HAVEN LIFE INSURANCE COMPANY
Customers can apply for and manage their life insurance policies online with Haven Life. Thanks to its internet-first strategy, which makes it a great choice for term life insurance. This Haven Life review covers costs, plans, and other frequently asked issues to assist you in choosing the best life insurance company.
What Haven Life is all about
A relatively recent entry into the insurance industry is Haven Life, which was established in 2014 and has its corporate office in New York City. Without the typical difficulties of insurance purchasing, Haven Life strives to provide affordable, simple-to-manage term life insurance coverage online. Policies from Haven Life, a digital insurance provider, are issued by MassMutual or one of its affiliates.
Haven Life Insurance is rated at 4.4 out of 5 stars and ranked the best life insurance company of 2022.
ranked first among the best term life insurance providers in 2022.
Best No Medical Exam Life Insurance Companies of 2022, ranked first
Pros
increased coverage limits
- may not need a medical examination
- advantages like a digital will and a fitness app are also present.
Cons
- No choices for permanent life insurance
- age 64 and younger only
With coverage amounts up to $3 million and terms ranging from five to thirty years, Haven Life offers two separate term life insurance. For most uses, the usual term calls for a medical examination. The exam-free policy is its short form.
The Life Plus add-on for these insurance is a part of the premium. With this supplement, policyholders can receive Aaptiv, a single-person or joint trust, and a 15% discount on CVS MinuteClinic services.
Haven Life's lack of permanent life insurance is its biggest drawback. This implies that the term policy cannot be converted to permanent insurance. In order to be eligible for new plans, the corporation additionally stipulates that applicants must be 64 years old or younger.
Although Haven isn't the most costly life insurance option available, its costs can be more expensive than those from other firms in our review. Throughout the duration of the policy, premiums are fixed.
The term life insurance policies offered by Haven Life can be customized for length and coverage levels. Depending on your demands, its policies could be pricey and restrictive. However, its coverage does provide a plethora of advantages for people who are eligible and desire a term life policy.
How Much Does Haven Life's Life Insurance Cost?
A 20-year, $1 million term policy with Haven Life would cost an average of $85.90 per month for a 35-year-old nonsmoker. The older you are, the higher this rate is. Rates for smokers start at $149.19 a month for a 35-year-old, and they pay significantly more.
The following variables affect how much life insurance costs:
- Age, Gender, Location
- Assurance Amount
- health status and past illnesses
- If you choose optional coverage or riders
- If you use tobacco,
- If you participate in dangerous pastimes
These plans are more expensive than the 20-year term policy from rival Banner Life, which for a 35-year-old nonsmoker typically costs $54.24 per month. With Haven Life, customers have the option of purchasing $3 million in coverage for up to 30 years, with guaranteed stable rates.
Credit cards cannot be used to purchase Haven Life, and it's crucial to be aware that your premium may go up if your policy is renewed.
The costs are broken down below for people in average health, of various ages and genders.
Any prices stated are just intended to serve as examples. For accurate quotations, get in touch with the insurance provider or broker directly.
There are no multipolicy or bundle discounts available from Haven Life. Visit our guide on the Cheapest Life Insurance Companies of 2022 for more details on affordable life insurance coverage.
How Much Does Haven Life Life Insurance Cost for Seniors?
Due to the basic policy's age limit of 65 and the simple term policy's cutoff age of 55, Haven Life's policies are fairly limited for senior folks. However, Haven Life's premiums for 65+ term policies are comparable to those of some of the other top-rated life insurance providers in our ranking.
How Much Does Haven Life Life Insurance for Smokers Cost?
Smokers pay substantially more for a term life insurance policy from Haven than nonsmokers do. Our data shows that for a 35-year-old female with a 20-year term policy and $1 million in coverage, the cost increases from slightly over $80 per month to nearly $150 per month.
What Sorts of Life Insurance Policies Does Haven Life Offer?
Only term life insurance and term simplified life insurance are provided by Haven Life.
Obtainable policy varieties
Heaven life insurance
- Term Life
- Whole Life
- Universal Life
- Survival without a Medical Exam
Bestow
- Term Life
- Whole Life
- Universal Life
- Survival without a Medical Exam
New York Life «
- NO MEDICAL EXAM
- TERM LIFE
- WHOLE LIFE
- UNIVERSAL LIFE
- SURVIVORSHIP
Northwestern Mutual »
- NO MEDICAL EXAM
- TERM LIFE
- WHOLE LIFE
- UNIVERSAL LIFE
- SURVIVALSHIP
Lincoln Financial
- TERM LIFE
- WHOLE LIFE
- UNIVERSAL LIFE
- SURVIVORSHIP
- NO MEDICAL EXAM
Term Life Insurance Options From Haven Life Expanded. The following are the standard term life insurance policies offered by Haven Life:
- offered in periods of 10, 15, 20, 25, and 30 years.
- Monthly premium levels are assured.
- with coverage options ranging from $100,000 to $3 million.
- available to clients up to the age of 64.
- available only online.
In addition
--Term insurance policies cannot be changed into total or permanent insurance.
---Benefits upon death are paid in one flat sum.
The following policy riders are available:
the waiver of premium rider, the expedited death benefit rider, and the Haven Life Plus rider (included with a policy) (in eligible states at an extra monthly fee).
A coverage estimator, price estimate, customer support, and document processing are all available online.
Have Easy (Easy Life Insurance) Options Source:
Haven Life
- offered in terms of 5, 10, 15, and 20 years.
- Monthly premium levels are assured.
- with coverage options ranging from $25,000 to $500,000.
- available to clients aged 20 to 55.
- doesn't need a medical checkup.
- available only online.
In addition
---Term insurance policies cannot be changed into total or permanent insurance.
---Benefits upon death are paid in one flat sum.
---A coverage estimator, price estimate, customer support, and document processing are all available online.
The greatest life insurance for you can be found without disclosing your contact information, compare life insurance products and obtain free quotations.
Purchasing Life Insurance Through Haven Life
_Get a quote from the website's online quote calculator to get started. This is intended to provide you with a selection of coverage options and prices.
_Get your real rate by clicking. You click "Get your real rate" to begin the application process if any of the quoted rates and coverage options are acceptable to you.
_If necessary, schedule a medical exam. Within five business days after signing your online application, Haven Life's partner ExamOne ought to be in touch with you to organize your medical exam, if necessary. After you have signed the application, you have 30 days to finish the exam. (A medical exam is not necessary for applications for term simplified life insurance.) You can choose the time and location of the examination. You should be ready to submit blood and urine samples as well as to fast beforehand. The results of your medical examination will be evaluated by Haven Life in roughly a week.
_Accept or decline the offer of the policy. If you accept the offer, you must fill out and upload the necessary paperwork online.
_There are no agents at Haven Life. Instead, customers handle all aspects of their own life insurance policies online. The online application procedure for Haven Life was made to be simple and quick to complete.
_The application procedure is finished online, and paperwork necessary for the policy purchase are signed online because Haven Life does the majority of its business online. In addition, Haven Life customers have access to alternatives for online document storage, making it simple for beneficiaries and family members to view and share information about their policies.
FREQUENTLY ASKED QUESTIONS ABOUT HAVEN LIFE INSURANCE COMPANY
Can I purchase Haven Life in my state?
The District of Columbia and all 50 states provide Haven Life insurance plans. You may also apply for an insurance even if you are not a citizen of the United States but possess a specific visa.
Residents of Florida, New York, North Dakota, South Dakota, and Washington cannot purchase the Haven Life Plus rider. Additionally, citizens of California are not eligible for it, though some may still be qualified for some of the benefits the rider provides.
What is covered by Haven Life's life insurance?
Offering coverage for a set amount of time, term life insurance policies are available from Haven Life. The terms and limits of these policies differ.
Beneficiaries designated on the policy will receive a benefit in the form of a lump sum payment if the insured passes away during the stipulated term. This benefit can be used to cover expenses such as:
- final costs of living
- regular costs of living
- mortgage or additional debt
- expenditures related to children or other dependents
- You can use this benefit to save aside money for your loved ones.
- Whole life and universal life insurance are not available from Haven Life.
Which riders are offered by Haven Life?
The following riders are provided by Haven Life:
_A rider that is included of the insurance allows patients who have been diagnosed with a terminal illness to choose to receive up to 75% of their death benefit or $250,000 (whichever is less).
_Waiver of Premium: This rider keeps your policy in effect if an illness or injury prevents you from making payments. You can choose to join this ride, which has an additional monthly fee, if you reside in an eligible state after completing your application.
_the Haven Life Plus All Haven Term insurance come with Haven Life Plus, which allows policyholders access to free or reduced services from Trust & Will, Lantern, MinuteClinic, and other suppliers, with the exception of those written in five states.
How long do you have to file a claim with Haven Life for insurance benefits?
When it comes to how long you have to file a claim for insurance coverage, life insurance firms are often required to abide with state legislation. For further information, get in touch with Haven Life or an insurance representative directly.
Can Haven Life give you a loan against your life insurance policy?
Customers of Haven Life cannot borrow against a Haven Life policy. This is due to the fact that Haven Life only provides term life insurance plans, which have a fixed period and no cash value. Only permanent or entire life insurance plans may be used as collateral.
Do Haven Life life insurance products offer dividends?
Policies from Haven Life do not accrue dividends. Haven Life only offers term life insurance policies, and only a few whole life insurance policies pay payouts.
What is the highest life insurance coverage amount offered by Haven Life?
Although applicants between the ages of 60 and 64 and qualified non-U.S. citizens are limited to $1 million, Haven Life has a maximum policy amount of $3 million. In order to assist potential clients in determining how much life insurance they require, Haven Life also provides calculators.
Does Haven Life's life insurance cover suicide deaths?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the policy of Haven Life may differ depending on the type of policy and the state, so you should speak with the business or an insurance agent directly for additional details.
Help is available if you are thinking of taking your own life. Call 800-273-8255 at any time of day for free, private support from the National Suicide Prevention Line. Additionally, the group runs more than 150 crisis centers that provide support and local resources. In case of a crisis, please get in touch with them.
Do Haven Life life insurance policies cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. However, the policy of Haven Life may differ depending on the type of policy and the state, so you should speak with the business or an insurance agent directly for additional details.
Can a person with cancer purchase life insurance from Haven Life?
Despite not addressing the topic of cancer specifically, Haven Life notes on its website that "Haven Term may not be suited for consumers with major health concerns." Haven does, however, still urge potential policyholders to apply.
15. PRINCIPAL FINANCIAL INSURANCE COMPANY
With its headquarters in Des Moines, Iowa, the United States, Principal Financial Group is an American global financial investment management and insurance corporation.
KEY NOTES ABOUT PRINCIPAL FINANCIAL INSURANCE COMPANY
Type of comapny --Public
Traded as Nasdaq: PFG S&P 500
component Sector---- Financial Services Insurance
founded in 1879 by founder Edward Temple, with headquarters in Des Moines, Iowa, serving
Global Key figures----Bryan Houston (CEO)
Products asset management---' retirement planning insurance
A drop in revenue of US$14.741 billion (Fiscal Year Ended 31 December 2020)
_An increase in operating profits of US$1.693 billion (Fiscal Year Ended 31 December 2020)
_A US$1.428 billion decrease in net income (Fiscal Year Ended 31 December 2020)
_AUM Growth of $806,6 billion (Fiscal Year Ended 31 December 2020)
_ An increase in total assets of US$296.627 billion (Fiscal Year Ended 31 December 2020)
_An increase in total equity of US$16.617 billion (Fiscal Year Ended 31 December 2020)
Employed personnel: 17,600 (2020)
Commercial activities Of principal financial insurance company
The company is divided into four segments: Principal Global Investors, Principal International, Retirement and Income Solutions, and U.S. Insurance Solutions.
In Des Moines, Iowa, where it has 9,000 employees, the business owns and manages a number of structures. The tallest, known as 801 Grand, is 45 stories high (192 m/630 ft)[3] and in addition to Principal, it also houses many other businesses.
Principal had 14,600 employees as of March 2014, and its Global Delivery Center, Principal Global Services, is located in Pune, Maharashtra, India.
Since December 2016, Principal has a lobbyist registered with the Iowa Legislature. He is assigned to lobby the Iowan government's executive branch.
The institutional retirement and trust business (including 401(k), pension, executive deferred pay, employee stock ownership plans, and asset advice division) of Wells Fargo was acquired by Principal for $1.2 billion in 2019. Cash and senior debt financing were used to finance the transaction.
Elliott Investment Management, an activist investment group, purchased a stake in Principal in 2021 and declared it would work to reform the business.
Following discussions with Elliott, its Board of Directors announced the addition of two additional independent directors in February 2021.
2022 Review of Principal Financial Life Insurance
Conclusion: Principal Financial still offers life insurance to businesses, but no longer sells it to individuals.
Principal Financial, which was established in 1879, no longer provides personal life insurance products. The business is still selling insurance to them.
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Life insurance from Principal Financial
In addition to group life insurance products, Principal also offers critical sickness, dental, disability, and vision insurance through businesses.
More information on Principal Financial
Along with individual disability insurance, annuities, mutual funds, and retirement plans, Principal Financial Group also provides these products.
Guide to buying life insurance from principal financial insurance company.
Choose the sort of life insurance you want, such as term or whole life, before you start comparing firms. Choose the life insurance riders you wish the policy to have, if any. Determine the amount of life insurance you require and the duration of the policy. Verify if the insurance companies you are thinking about give the coverage you require.
Make sure the quotations you receive for the same amount of coverage during the same time period while comparing prices. Additionally, it's crucial to confirm that the medical standards of the policy correspond to your demands. For instance, be sure the application procedure for each policy you're considering is compatible with your desire to forego the life insurance medical examination while being okay with answering health-related questions.
Price may not be the primary factor in your purchase decision. Look at the volume of customer complaints each business receives; a high volume can be a warning sign for poor service.
16. PROTECTIVE LIFE INSURANCE COMPANY
Consider buying life insurance for the assurance that your loved ones will be cared for after your passing. Customers have access to a range of term life, whole life, and universal life insurance products through Protective Life Insurance Company. U.S. News produced this thorough evaluation of Protective Life's coverage to assist you in learning more.
Concerning Protective Life insurance company
The 1907-founded Protective Life Insurance Company specializes in offering life insurance and retirement services. The headquarters of Protective Life are in Birmingham, Alabama.
Overview of Protective Life Quick Facts:
_There are term life and permanent life insurance policies.
_Many riders are available for all sorts of policies.
_Permanent life insurance policies start at $50,000 and term life insurance policies start at $100,000 in coverage.
_All term life insurance rates are guaranteed to be level, while permanent life insurance premiums are either guaranteed to be level or flexible.
_Protective offers both term and permanent life insurance. Whole life, universal life, indexed variable life, and variable universal life plans are all examples of permanent life insurance. Protective's term life insurance plans offer coverage for a certain time period and just a death payment, but its permanent life insurance products offer lifetime coverage and accumulate capital value that can be withdrawn or lent against. Protective accepts online applications for term life insurance but only through an insurance agent for permanent life insurance.
_The terms on protective term life insurance range from 10 to 40 years, in five-year increments. Based on term lengths, the insurer sets age restrictions. For instance, those between the ages of 18 and 40 are eligible to apply for a 40-year term policy, while Protective won't provide 10-year coverage to those above the age of 80. Depending on the insurance product, perpetual life policies can be issued to people as young as 90 years old.
_Protective offers a wide variety of riders for all of its life insurance policies, from terminal illness accelerated death benefit riders to children's term life riders, which bring extra protection at different periods of life.
How much does Protective Life's life insurance cost?
The subsequent example Protective monthly prices are calculated based on applicants who do not smoke, have average health, and fall into the standard-plus risk category.
*All indicated rates are given merely as examples. For accurate quotations, get in touch with the insurance provider or broker directly.
The price of life insurance depends on a variety of variables, including:
- Age
- hazardous pastimes
- Driver's license
- Use of drugs or tobacco Location
- existing conditions before
- general wellbeing
The price of life insurance is typically not determined by a single aspect. You might be in good health but like to go rock climbing or skydiving on the weekends, which puts you in a higher risk category. For some types of coverage, insurers need medical examinations as part of the underwriting procedure, and they typically ask to see your medical records. Health conditions like cancer, diabetes, or heart problems sometimes exclude candidates for life insurance or force them to pay higher premiums.
Your insurance prices typically rise when you engage in behaviors like smoking or using illegal drugs. Five years after quitting smoking, former smokers may be eligible for better rates.
The most reasonable rate for life insurance can be obtained by purchasing it when you are still reasonably young and healthy. When it comes time to renew your term life insurance policy, your premium will go up, and as you become older, it may go up by a bit. Though their premiums do not rise over time, permanent life insurance policies often cost more than term life insurance.
Visit our guide to Life Insurance Quotes for details on the price of term insurance products. Discounts for multiple life insurance policies are not available from Protective Life Insurance Company. Visit our website on the cheapest life insurance companies of 2022 for additional details on how to get low-cost life insurance coverage.
How Much Does Protective Life Life Insurance Cost for Seniors?
10 year term life insurance coverage that last until age 80. The illustrative monthly rates listed below are based on applicants who satisfy the requirements for the standard risk class, meaning they may have a few health issues but still have a typical life expectancy and don't smoke. All term life candidates must have a medical examination, according to Protective.
How Much Does Protective Life's Life Insurance for Smokers Cost?
Smokers typically pay a higher premium for life insurance than non-smokers do. The prices listed below apply to Protective's preferred smoker risk class, which is open to non-smokers. However, a female smoker 35 years old may pay roughly $152 more per month for a $1 million coverage than a nonsmoker of the same age. For Protective's term insurance, 35-year-old male smokers pay even higher rates — almost $190 more per month than their non-smoking peers.
What types of policies for life insurance does Protective Life provide?
The three main types of life insurance provided by Protective Life are term, whole life, and universal life.
Options for Protection Life Term Insurance
The terms of Protective Life's Protective Classic Choice term life insurance policy are as follows:
Available through representatives or an internet application, with protection options ranging from $100,000 to $50,000,000, and with a promise of steady monthly premiums for terms of 10 to 40 years.
Then again
-The process of converting a term insurance policy to a permanent one is free of charge and without a medical exam.
-There are age restrictions on everything from phrases to products, with an 80-year-old maximum.
-Death benefits are frequently paid as a lump sum, even though the money can be left in an account and accessible by the beneficiary like a bank account. Protective Life also allows the benefit to be paid out in installments, albeit the client must choose this option when the policy is first set up.
-A rider is available for fatal illnesses.
-Examples of online resources include a coverage estimator, an application, customer support, and document processing.
-The financial benefit is a tax-free death benefit.
-Other features may also include a renewal option, depending on the specifics of your contract.
Options for Whole Life Insurance Protection Life
The whole life insurance plan offered by Protective Life is:
- obtainable in lifespan coverage epochs
- a promise of constant monthly premiums
- available with a $5 million maximum coverage
- accessible from agents
In addition
-Cash value growth is certain and happens at a set interest rate.
-Age restrictions range from terms to products, with an upper age limit of 85.
-The terms of premiums are rigid.
-The payout from a whole life insurance policy depends on its current cash value if it is canceled or surrendered.
-Following the attainment of a minimum policy value, cash value may be acquired by loan.
-A lifetime payment term period applies to premiums.
-Although the money can be left in an account and accessed by the beneficiary like a checking account, death benefits are often paid as a lump amount. Although the client must select this option when the insurance policy is originally set up, Protective Life also offers the option for the benefit to be paid out in installments.
-There are premium waiver and endorsement riders for an accelerated death benefit in cases of terminal illness available.
-A coverage calculator, estimates, customer support, and document processing are all available online.
-A tax-free death benefit, a cash value that can be accessed tax deferred during the insured's lifetime, and a fixed interest rate for cash value accumulation are all financial advantages.
Options for Whole Life Insurance Protection Life
The whole life insurance plan offered by Protective Life is:
- obtainable in lifespan coverage epochs
- a promise of constant monthly premiums
- available with a $5 million maximum coverage
- accessible from agents
In addition
-Cash value growth is certain and happens at a set interest rate.
-Age restrictions range from terms to products, with an upper age limit of 85.
-The terms of premiums are rigid.
-The payout from a whole life insurance policy depends on its current cash value if it is canceled or surrendered.
-Following the attainment of a minimum policy value, cash value may be acquired by loan.
-A lifetime payment term period applies to premiums.
-Although the money can be left in an account and accessed by the beneficiary like a checking account, death benefits are often paid as a lump amount. Although the client must select this option when the insurance policy is originally set up, Protective Life also offers the option for the benefit to be paid out in installments.
-There are premium waiver and endorsement riders for an accelerated death benefit in cases of terminal illness available.
-A coverage calculator, estimates, customer support, and document processing are all available online.
-A tax-free death benefit, a cash value that can be accessed tax deferred during the insured's lifetime, and a fixed interest rate for cash value accumulation are all financial advantages.
Options for Protective Universal Life Insurance
These universal life insurance choices are offered by Life Protective Life:
-Indexed Universal Life Insurance with a Custom Option for Permanent Universal Life Variable Variable Life Permanent Universal Life Permanent at Universal The following are the universal life insurance policies that Universal Life Protective Life offers:
-Lifetime coverage durations are offered for Indexed Universal Life and Variable Universal Life insurance.
-The Custom Choice UL policy offers ten to thirty years of coverage, in five-year increments.
-There are guaranteed monthly level premiums for the Custom Choice UL policy. The Indexed Universal Life and Variable Universal Life insurance both offer flexible premium options.
More about the insurance company, universal life insurance.
-Variable universal life is one type of variable insurance available.
-There are age restrictions on everything from phrases to products, with an 80-year-old maximum.
-The Indexed Universal Life plan offers a variety of interest crediting options.
-The Variable Universal Life plan offers a variety of investment options.
-All permanent universal life insurance policies provided by Protective Life are guaranteed, with the exception of the Variable Universal Life policy.
-The Indexed Universal Life policy provides death benefits and flexible premium payments.
-At any time during the insured's lifetime, the tax-deferred cash value that accumulates in the Indexed Universal Life and Variable Universal Life policies can be accessed.
-The reimbursement in the case of a policy cancellation or surrender is based on the policy's current cash value.
-The Indexed Universal Life and Variable Universal Life policies offer a lifelong premium payment term, but the Custom Choice policy includes customized premium payment periods.
-Death benefits are frequently paid as a lump sum, even though the money can be left in an account and accessible by the beneficiary like a bank account. Additionally, Protective Life gives the customer the choice of having the benefit paid out in installments; however, the customer must make this choice when the insurance is initially set up.
-Financial advantages include a tax-free death benefit, a cash value that can be accessed tax-deferred while the insured is still alive, a variety of interest crediting choices, a variety of investment options, and inheritance tax protection, albeit not all benefits are available with every policy.
There are the ensuing extra features available:
-The following extra features are available with the Custom Choice UL policy: After the initial benefit period, premium payments remain the same while the coverage amount starts to adjust down, giving time to maintain some coverage while evaluating needs. The term policy can be converted to permanent coverage within the first 20 years up to age 70 without undergoing another medical exam.
-The following additional benefits are available with the Indexed Universal Life Insurance policy: Flexible death benefits and premium payments, the potential for market-linked cash value growth based on the performance of one or more market indices, subject to ceilings and floors, and the option between a fixed account where any premium allocated to the account earns interest at a set rate and an indexed account where interest is credited based on the positive performance of a specific index, subject to ceilings and floors, are all features.
-As long as the necessary premium payments are made and any outstanding loan balances are repaid, the Variable Universal Life insurance gives a minimum guaranteed death benefit that won't diminish.
Purchase Life Insurance from Protective Life: How to?
-Through an online application, you can buy the Classic Choice term life insurance policy from Protective Life. However, Protective Life Insurance Company agents are the sole way to purchase the company's remaining life insurance plans.
-Customers are able to select any agent they want. Instead of agents who only work for Protective Life Insurance Company, general life insurance agents sell the majority of Protective Life's products.
-Many factors are taken into account when determining your coverage needs with an agent. The applicant's health and way of life are some of these.
-Protective Life offers the option for policyholders to get their paperwork electronically for clients wishing to reduce paper clutter.
FAQ about Protective Life
What categories of life insurance policies and riders are offered by Protective Life in my state?
The life insurance policies offered by Protective Life are legal in all 50 states. There are five different types of insurance policies, as indicated in this overview. Your options for riders will depend on the life insurance policy you select.
What is covered by Protective Life's life insurance?
The various life insurance plans offered by Protective Life include options for coverage for either a lifetime or a predetermined term of up to 40 years. These insurance plans offer benefits upon the policyholder's passing to pay for different financial commitments and demands.
What Protective Life riders are offered?
By life insurance product, different riders are available. For the majority of its term life and permanent life policies, Protective offers riders for accidental death, children's term life, income provider option, terminal illness, and waiver-of-premium. Some Protective permanent life insurance policies additionally allow you to add ExtendCare chronic sickness, overloan (lapse) protection, and premium refund options.
A maximum age may apply to some riders. For instance, only policyholders between the ages of 18 and 60 are eligible for Protective's accidental death benefit rider for universal life insurance.
Protective offers coverage to New York residents through two reinsurance firms and four subsidiary companies that write life insurance policies. By state, insurance policies and riders could differ.
How long do you have until Protective Life will accept your life insurance claim?
In general, state regulations governing how long you have to file a claim for insurance benefits bind life insurance companies to follow them. For further information, get in touch with Protective Life or an insurance representative directly.
How much may you borrow against your Protective Life life insurance policy?
95 percent of the value of the cash surrender is the maximum loan amount.
Do all Protective Life life insurance policies offer dividends?
Policyholders of Protective Life Insurance Company are not entitled to dividends because it is not a mutual company.
How much life insurance can I now apply for through Protective Life, up to what amount?
There is no cap on the amount of life insurance coverage offered by Protective Life. Depending on underwriting approval, the sum fluctuates.
Is suicide covered by Protective Life's life insurance?
Generally speaking, state regulations governing payout for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. To learn more about Protective Life's policy, which may vary depending on the type of coverage and the state, get in touch with the organization or an insurance agent directly.
Help is available if you are thinking of taking your own life. Call 800-273-8255 at any time of day for free, private support from the National Suicide Prevention Line. Additionally, the group runs more than 150 crisis centers that provide support and local resources. In case of a crisis, please get in touch with them.
Can someone with cancer purchase life insurance through Protective Life?
Protective Life's underwriting procedure takes into account a number of variables, so it's doubtful that any one of them, including a history of cancer, will have an impact on a customer's ability to obtain coverage.
Does Protective Life's life insurance cover a drug overdose?
In general, state laws governing payment for a drug overdose bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years. To learn more about Protective Life's policy, which may vary depending on the type of coverage and the state, get in touch with the organization or an insurance agent directly.
17. METLIFE INSURANCE COMPANY
The Metropolitan Life Insurance Company (MLIC),also known as MetLife, and its affiliates are held by MetLife, Inc. With 90 million customers in more than 60 countries, MetLife is one of the major international providers of insurance, annuities, and employee benefit programs. On March 24, 1868, the company was established. On the 2018 Fortune 500 list of the biggest American companies by total revenue, MetLife came in at number 43.
By completing the mutualization process on January 6, 1915, MetLife transitioned from a privately held stock life insurance company to a mutual organization that operated only for the benefit of its policyholders. After 85 years as a mutual company, MetLife demutualized in 2000 through an IPO to become a publicly listed company. MetLife enjoys dominant market positions in the US, Japan, Latin America, Asia Pacific, Europe, and the Middle East through its subsidiaries and affiliates. 90 of the major Fortune 500 firms are served by MetLife.
The corporate framework
The company's headquarters and boardroom are situated in the MetLife Building, which MetLife owned from 1981 to 2005, at 200 Park Avenue in Midtown Manhattan, New York City. Despite the sale, MetLife increased its leased footprint.
The business was "structured into five segments as of 2010: Insurance Products, Retirement Products, US Business (including Auto & Home and Corporate Benefit Funding), and International." 53% of 2009 income came from the segment for insurance products, making it the largest division. 2015 saw the emergence of the "Americas" division.
Corporate responsibility
Michel A. Khalaf served as MetLife's chief executive officer as of May 2019, and Glenn Hubbard served as the board's non-executive chairman.
Hugh Dineen was appointed by MetLife in 2015 to take on the newly created position of chief marketing officer for the US Business Unit.
The MetLife compensation emphasizes "variable performance-based compensation over fixed or guaranteed pay," as do many large, public corporations. The MetLife compensation committee sets the compensation levels for the company's senior executives.
Companies that fall under the category of subsidiaries and affiliates Edit MetLife's subsidiaries and affiliates include MetLife Investors, MetLife Bank, MetLife Securities, Metropolitan Property and Casualty Insurance
Company and its subsidiaries, General American, MetLife Legal Plans, MetLife Resources, New England Financial, Walnut Street Securities, Inc., Safeguard Health Enterprises, Inc., and Tower Square Securities, Inc., as well as Cigna.
MetLife Insurance Company of Connecticut and Travelers Insurance Company were the previous names of the subsidiary MetLife Insurance Company USA, which as of 2015 had its main office in Charlotte, North Carolina.
In 2013, MetLife sold MetLife Bank to GE Capital, ending its involvement in the banking industry.
The Walt Disney World Swan and Dolphin resort is shared ownership by Metlife and Tishman Realty & Construction near Lake Buena Vista, Florida. The Walt Disney Company owns the land where the hotels are situated, which is leased to Metlife and Tishman (who owns the structures), and is run as a Westin hotel by Marriott International.
History/chronology of MetLife insurance company.
A group of businesspeople from New York City gathered $100,000 to launch the National Union Life and Limb Insurance Company in 1863, which served as the forerunner to MetLife. The business provided protection for Civil War sailors and soldiers against disabling injuries, mishaps, and illnesses. It changed its name to Metropolitan Life Insurance Company on March 24, 1868, and concentrated on the life insurance industry.
The company was forced to shrink as a result of a severe business crisis that started with the Panic of 1873 and continued until the late 1870s, when it hit its lowest point. [Reference needed] MetLife President Joseph F. Knapp introduced "industrial" or "workingmen's" insurance programs to the United States in 1879 after studying the insurance market in Great Britain. These programs offered small-dollar insurance on which premiums were collected weekly or monthly at the home of the policyholder. More than a quarter million of these policies had been sold by 1880, generating approximately $1 million in premium income. According to the amount of active life insurance in the United States in 1909, MetLife had overtaken all other national life insurers (the total value of life insurance policies issued).
The Metropolitan Life Insurance Company Building on 23rd Street in Manhattan was contracted to house MetLife's headquarters in 1890. Through 1905, the building's construction was phased in. A clock tower was ordered next to the main office in 1907, and when it was finished two years later, the structure held the record for tallest building until 1913. The Metropolitan Life North Building became a part of the home office complex, which served as the business's headquarters until 2005. For many years, the Metropolitan Life Tower was depicted prominently in MetLife's advertising, with light shining from the top of its spire and the tagline "The Light That Never Fails."
Pavesich v. New England Life Insurance Company, a case where MetLife attempted to use another person's image for promotion but were found to have violated that person's privacy and committed libel, resulted in MetLife losing; this case has since become a frequently cited example of privacy law in the US.
One in five men, women, and children in the US and Canada were covered by MetLife by the year 1930.
It also started diversifying its holdings throughout the 1930s by lowering the proportion of individual mortgages in favor of investments in public utility bonds, government securities, and loans for commercial real estate. The firm contributed funding for the building of Rockefeller Center in 1931 as well as the Empire State Building in 1929. In World War II, MetLife was the greatest single private donor to the Allies, investing more than 51% of its entire assets in war bonds.
The business increased its suburban presence in the post-war period, decentralized its operations, and refocused its career agency network to service all market sectors. Additionally, it started to promote group insurance plans to businesses and organizations. Group insurance, personal insurance, pensions, and investments were the four main business segments into which operations were divided by 1979. [40] For $400 million, a partnership that included Pan American World Airways sold the Pan Am Building to MetLife in 1981. Subsequently, the structure's name was changed, and the Pan Am emblem that had been prominently displayed was swapped out for the MetLife brand.
IPOs and demutualization
As a mutual insurance business run for the benefit of its policyholders, MetLife changed its operating structure in 2000 to become a public for-profit corporation.
Demutualization enabled MetLife to expand into unrelated insurance sectors and boost executive pay.
In this process, some shares in the new business was distributed to policyholders.
After years of litigation that culminated in a $50 million settlement in 2009, MetLife was accused of violating federal securities laws by misleading and omitting facts in papers provided to policyholders during this process.
Products and services
The "diverse product mix" of MetLife as of 2010 comprised securities backed by commercial mortgages, sovereign debt, variable life annuities, structured settlements, house, auto, and life insurance.
Term life insurance
Term life insurance and a number of permanent life insurance options, such as whole life, universal life, and final expense whole life insurance, are included in MetLife's individual life insurance products and services.
The length and extent of the coverage that is offered for certain services, as well as whether a medical evaluation is necessary to qualify for coverage, differ. The business also provides group life insurance through employers, which includes coverage for accidental death and dismemberment as well as term and permanent life insurance. Based on the amount of life insurance that is currently in place, MetLife is the biggest life insurer in the US.
Dental
For individuals, workers, retirees, and their families, MetLife offers group dental benefit plans. It also administers dental plans for more than 20 million people.
Plans include the SafeGuard DHMO and MetLife's Preferred Dentist Program (PPO) (available for both individuals and employees in CA, FL, TX, NJ and NY.). The dental HMO network had more than 13,000 participating dentist sites in California, Florida, and Texas as of May 2010, while the dental PPO network included over 135,000 participating dentist locations nationally. [99] The American Dental Association (ADA) and the Academy of General Dentistry both recognize the MetLife-run dental continuing education programs for dentists and related health care professionals (AGD).
Disability
Individuals, as well as employee and association groups that receive them through their employer, can purchase disability products from MetLife.
If an individual is unable to work due to illness or injury, the company's individual disability income insurance may be able to replace some of the lost income.
In addition to MetLife Income Guard, OMNI Advantage, OMNI Essential, Business Overhead Expense, and Buy-Sell, MetLife also offers a number of individual disability income products. The company offers a variety of insurance alternatives, each with a different eligibility requirement and scope of coverage. MetLife provides both short-term and long-term disability insurance for groups. Short-term disability insurance is designed to replace a portion of a person's income in the first few weeks following a sickness or accident that renders them disabled. Long-term disability insurance replaces a portion of a person's income during a prolonged illness or accident that renders them disabled. The business also maintains an absence management tool that enables businesses to monitor and control staff absences, both planned and unplanned. The MetLife Total Absence Management system is designed for organizations with 1,000 or more employees.
Annuities
Having generated sales of $22.4 billion in annuities in 2009, MetLife is one of the largest annuity providers in the world.
Fixed annuities, variable annuities, delayed annuities, and instant annuities are among the annuities offered by MetLife. The first business to issue a group annuity contract was MetLife in 1921. It was the first insurer to release a longevity insurance product more recently, in 2004. At the end of 2009, MetLife controlled $60 billion in group annuity assets, $34 billion in transferred pension obligations, and paid benefits to more than 600,000 annuitants each month.
Home & Auto
The nine associate personal lines insurance firms of MetLife go by the moniker MetLife Auto & Home.
All 50 states and the District of Columbia are covered by personal lines property and casualty insurance policies provided by this group of providers. Metropolitan Property and Casualty Insurance Business, the parent company of the MetLife Auto & Home division, was established in 1972. 58 of the Fortune 100 firms are served by MetLife Auto & Home companies, who currently have over 2.7 million active policies.
Homeowners insurance, condo insurance, renter's insurance, landlord's insurance, and mobile home insurance are all offered by MetLife.
The house insurance plans offered by MetLife cover belongings, theft-related losses, natural catastrophe damage, and a variety of other legal costs associated with accidents that occur on a person's property. [120] Along with selling policies for motorcycles, collectible cars, boats, RVs, ATVs, and mobile homes, the firms also provide flood insurance as a participant in the National Flood Insurance Program (NFIP), which is run by the federal government. Liability protection, collision and comprehensive coverage, personal injury protection, rental car coverage, and uninsured and underinsured motorists coverage are just a few of the several auto insurance coverage options offered by MetLife. MetLife Auto & Home underwrites group legal plans in numerous states through to an agreement with Hyatt Legal Plans, a MetLife affiliate.
It was the first national insurance in the US to provide identity theft resolution services without charging an additional premium, and as of 2012, it still does so in the majority of US states.
The GrandProtect plan from MetLife Auto & Home started being offered in the majority of states in 2010. This GrandProtect policy unifies a client's home, valuables, cars, RVs, and boats into one all-inclusive policy package, simplifying complex insurance needs. Having a single bill, a single deductible, comprehensive coverage, and often lower rates than trying to purchase each policy separately are the main advantages for the consumer.
On December 11, 2020, Farmers Insurance Group, a subsidiary of Zurich Insurance, reached an agreement to pay $3.94 billion for MetLife's auto and home insurance operations. With operations in all 50 states and an estimated $2.4 billion in auto premiums written in 2019, MetLife Auto and Home was the 18th-largest auto insurer in the United States at the time of the announcement. On April 8, 2021, Farmers Insurance Group finalized the acquisition of the car and home insurance books of MetLife. Farmers and MetLife agreed to a 10-year marketing agreement as part of the purchase, allowing Farmers to promote its products on MetLife's group benefits platform, which is presently used by over 3,800 employers and 37 million employees. With no imminent plans to modify the terms of the existing MetLife customers' policies to conform to those of the present Farmers policies, Farmers bought the policies of MetLife as-is.
Various products
Critical illness insurance is one of the products offered by MetLife.
Fee-based financial planning, retirement planning, wealth management, 529 plans, banking, and commercial and residential mortgages are some examples of financial services. The business also offers retirement plans and other financial services to non-profit organizations in the healthcare, education, and other sectors. A team of planners called the MetLife Center for Special Needs Planning works with families and people who have special needs. MetLife introduced MetLife Defender in 2014 as a digital identity theft defense tool.
REFERENCE :
Forbes.com
USNews.com
Wikipedia.com
Bloomberg.com
Nerdwallet.com
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