Life insurance provides peace of mind and security for you and your loved ones, but choosing an appropriate policy requires considering several aspects such as coverage options and premium rates.
New York Life offers a selection of life insurance plans, including term life, whole life and universal life with living benefits riders. Additionally, New York Life stands out for its financial strength ratings and wide customer service network.
1. Pacific Life
Pacific Life provides many benefits and coverages, including term life insurance that lasts up to 75 years with no medical exam necessary. This type of policy can provide financial security for you and your loved ones as well as covering funeral costs if needed. Furthermore, they have an expansive reach nationwide which means their policies follow you if you move states (but bear in mind some states limit the types of coverage available to them).
The company also provides both indexed universal life and variable universal life policies to meet customer needs. Indexed universal life allows investors to build cash value via investment options that track major stock indexes while variable universal life offers flexible premiums and death benefit protection.
Pacific Life enjoys an excellent standing with customers, but still has room for improvement when it comes to customer service. Pacific Life was ranked below average in JD Power’s 2024 Individual Life Insurance Study and received more complaints than anticipated from NAIC; nevertheless it does offer an array of life insurance policies with an easy application process.
2. New York Life
New York Life is a premier insurance provider that offers an expansive suite of benefits and coverage, such as its employee life insurance plan that features an initial death benefit ranging from $10,000 up to a maximum of $100,000 with no medical exams or health questions, convenient payments via payroll deduction, premium guarantee coverage for family members, ability to build cash value through policy loans and permanent death benefit coverage.
New York Life offers not only life insurance plans, but also accident and critical illness protection through voluntary programs that help employees cover unexpected expenses. HSA-compatible health savings accounts may also be combined with these coverage programs for maximum efficiency.
At NYLGBS, they also offer other benefits such as disability insurance, long-term care coverage and retirement funds. Their customer service representatives are available 24-7 to assist customers with any inquiries or concerns they have. Their user-friendly online portal myNYLGBS allows employees to view payment and claim status information, submit documents for processing and obtain personalized support – this platform is also free for employees.
3. Prudential
Prudential is one of the leading insurers, known for providing robust financial solutions. They offer products and services including retirement planning, investment management, life insurance and more.
Prudential’s comprehensive benefits and coverage options make it a suitable option for many. Their three different plans offer whole life coverage with its accumulation of cash value* over time as a death benefit; universal life offers similar coverage with additional cost and coverage options; while variable life allows users to adjust premiums as their needs change.
Prudential Financial, Inc. owns several trademarks related to Prudential products and services including the logo and motto “Bring Your Challenges,” registered worldwide. LPL Financial’s Prudential Advisors LLC provides securities and investment advisory services while insurance is issued through The Prudential Insurance Company of America located in Newark NJ. 2018 Prudential Financial Inc
4. Northwestern Mutual
Northwestern Mutual offers term, whole, universal and variable universal life insurance policies through their website, along with educational content and a helpful financial calculator. Customers can select their financial goals before inputting age, location, household income and phone number so a Northwestern Mutual advisor can be assigned.
The firm provides some of the highest death benefits available for its whole life insurance policyholders, paying an estimated total dividend payout of an estimated $7.13 billion by 2024. In addition, its generous living benefit riders allow policyholders to tap some of their death benefits while still alive for expenses like long-term care events or related to qualifying expenses.
Northwestern Mutual’s prices tend to be higher than many competitors for term life insurance policies, as well as medical exams for all applicants – there’s no no-exam option – although their financial strength ratings remain strong, and they receive far fewer complaints than other large insurers according to data from National Association of Insurance Commissioners and J.D. Power.
5. State Farm
State Farm was established in 1922 and quickly rose to become one of the country’s premier auto and home insurers, distinguished by a customer-focused mutual insurance model that balances policyholder interests with those of the company. Through this customer-first strategy, State Farm set itself apart from competitors.
State Farm has earned high customer praise for its personalized service, swift claims processing and competitive prices. However, some customers have complained about expensive coverage and rising premiums as well as claims being denied or being declined by State Farm.
State Farm offers comprehensive auto insurance policies, from accident forgiveness and roadside assistance, to multiple driver safety programs, as well as homeowners and renters insurance policies. Homeowners policies cover contents like furniture, clothing and family heirlooms while renters insurance protects additional living expenses such as personal liability from pets or natural disasters; in addition, State Farm also offers add-on policies such as personal umbrella and flood coverage.
