10 Best Life Insurance Companies of October 2023

Life insurance is a crucial financial product that provides a safety net for your loved ones in case of unforeseen events. With numerous options available, it’s essential to choose a reliable and reputable insurance company. Here are the top 10 life insurance companies for October 2023, along with a brief overview of each and an estimate of their pricing.

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10 Best Life Insurance Companies of October 2023

1. Prudential

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. Wikipedia

Stock pricePRU (NYSE) $92.89 +1.05 (+1.14%)
6 Oct, 4:00 pm GMT-4 – Disclaimer
Assets under management1.35 lakh crores USD (03/2022)
Total assets93,758.2 crores USD (2021)
Number of employees40,916 (2021)
CEOCharles F. Lowrey (1 Dec 2018–)

Price Range: Premiums for Prudential policies can vary widely depending on factors like age, health, and coverage amount. On average, term life insurance policies start at around $30 per month.

2. New York Life

New York Life Insurance Company is the third-largest life insurance company and the largest mutual life insurance company in the United States, and is ranked #71 on the 2023 Fortune 500 list of the largest U.S. corporations by total revenue. 

Assets under management67,000 crores USD (2023)
Founded12 April 1845
CEOCraig Desanto (16 Apr 2022–)
Number of employees15,050 (2022)

Price Range: New York Life’s premiums are competitive, with term life policies starting at approximately $25 per month.

3. Northwestern Mutual

Northwestern Mutual is an American financial services mutual organization based in Milwaukee, Wisconsin. Wikipedia

CEOJohn E. Schlifske (1 Jul 2010–)
Founded1857

Price Range: Premiums for Northwestern Mutual policies can be on the higher side, but they often come with additional benefits. Term life policies start at around $35 per month.

4. MassMutual

The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a Springfield, Massachusetts-based life insurance company. MassMutual provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401 plan services, and annuities. Wikipedia

CEORoger W. Crandall (1 Jan 2010–)
Assets under management46,000 crores USD (31 December 2021)
Revenue1,070 crores USD (2022)

Price Range: MassMutual’s premiums are competitive, with term life policies starting at approximately $30 per month.

5. State Farm

State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty, and auto insurance provider in the United States.

CEOMichael L. Tipsord (Sept 2015–)
DivisionsInsurance; mutual funds; State Farm Bank

Price Range: State Farm offers affordable premiums, with term life policies starting at around $20 per month.

Also Read This: Accidental Death Insurance: FAQs and Essential Information

6. Guardian Life

The Guardian Life Insurance Company of America is one of the largest mutual life insurance companies in the world. Based in Manhattan, it has approximately 8,000 employees in the United States and a network of over 3,000 financial representatives in more than 70 agencies nationwide.

CEOAndrew J. McMahon (1 Oct 2020–)
Founded1860

Price Range: Guardian Life’s premiums can be higher, particularly for whole life policies. Term life policies start at approximately $35 per month.

7. AIG (American International Group)

American International Group, Inc. is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of January 1, 2019, AIG companies employed 49,600 people.

Stock priceAIG (NYSE) $60.87 +0.72 (+1.20%)
6 Oct, 4:00 pm GMT-4 – Disclaimer
CEOPeter Zaffino (1 Mar 2021–)
Revenue5,644 crores USD (2022)

Price Range: AIG offers competitive premiums, with term life policies starting at around $25 per month.

8. Transamerica

The Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services.

CEOWill Fuller (31 Mar 2021–)

Price Range: Transamerica offers affordable premiums, with term life policies starting at approximately $20 per month.

9. Principal Financial Group

Principal Financial Group is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, U.S.

Stock pricePFG (NASDAQ) $69.89 +0.83 (+1.20%)
6 Oct, 4:00 pm GMT-4 – Disclaimer
FounderEdward Temple
Number of employees~18,600 (As of December 31, 2022)

Price Range: Principal Financial Group offers competitive premiums, with term life policies starting at around $25 per month.

10. Lincoln Financial Group

Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies. Wikipedia

Stock priceLNC (NYSE) $23.10 +0.30 (+1.32%)
6 Oct, 4:00 pm GMT-4 – Disclaimer
CEOEllen Cooper (27 May 2022–)
Founded1905

Price Range: Lincoln Financial Group’s premiums are competitive, with term life policies starting at approximately $30 per month.

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