The Most Trusted Life Insurance Rating Companies
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Mar 2, 2022
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Here’s the Scoop
The best life insurance rating companies provide unbiased information about an insurer’s financial strength or customer service
A.M. Best is the most reputable and available life insurance financial strength rating company
The National Association of Insurance Commissioners (NAIC) and Better Business Bureau (BBB) can help consumers learn about company complaint frequency and resolution
No matter what type of life insurance you’re shopping for, it’s important to use the information provided by life insurance rating companies to avoid investing in bad products. Buying life insurance requires a long-term commitment, and the process shouldn’t be rushed.
There are countless life insurance reviews and ratings out there, but how do you know which ones to trust? This article will highlight some of the most authoritative life insurance rating companies so you can feel confident in your research.
What are the best life insurance rating companies?
There are quite a few life insurance rating companies out there, but not all of them provide accurate or current information. As with any research, it’s important to get accurate information from a reliable source, or you might be misled into making an ill-informed decision.
Some of the top organizations for life insurance ratings include:
A.M. Best
Standard & Poor (S&P)
Fitch
Moody’s
If you’re looking to compare a life insurance company’s financial strength ratings, the four sources above each provide detailed ratings that are regularly updated. These ratings help determine whether or not a life insurance provider will be safe to invest in from a financial standpoint.
What is the difference between the top life insurance rating companies?
Life insurance financial strength ratings can occasionally differ between rating companies based on viewpoints. While the A.M. Best life insurance ratings should be similar to S&P and Fitch, this won’t always be the case. Not to mention, the scaling notation isn’t exactly the same for each rating company.
For example, the A.M. Best rating for Liberty National Life Insurance Company is an “A,” but its ranking with Moody’s is “A1.” Both of these are considered strong scores, but they’re written differently.
Moody’s ratings for life insurance companies may also be harder to come by when compared to A.M. Best. In fact, A.M. Best has more ratings than Moody’s, Fitch, and S&P for life insurance company financial strength.
How do I find life insurance companies with the highest ratings?
There are different ways to approach finding highly rated life insurance companies. For starters, most popular life insurance providers are rated highly for financial strength. There may be subtle differences from one company to the next, but those that are heavily advertised tend to have great ratings.
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There are other ways to make your quest for ratings go even faster. You can find a life insurance companies ratings list through COMDEX ratings. You can use the list of COMDEX ratings for life insurance companies to compare all four of the major rating companies for most major insurers.
It appears that the COMDEX ratings are updated every couple of weeks, so they should be fairly accurate. The biggest limitation is that these ratings only address a company’s financial strength. Just because a company is financially stable doesn’t mean it offers strong products.
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Other Life Insurance Ratings Companies
While it’s certainly important to review life insurance financial strength ratings, customer service is another major consideration. Unfortunately, there are some serious limits when it comes to reputable customer service ratings for life insurance companies.
In reality, it’s difficult to review a life insurance company for customer service since the policyholder doesn’t handle the claim. In any case, there are a few companies to look into if you’re looking for any red flags related to a life insurance company’s customer service. These companies include:
The Better Business Bureau (BBB)
The National Association of Insurance Commissioners (NAIC)
J.D. Power
Again, each of the companies above has limits. For example, the Better Business Bureau rates companies based on how proactive they are in resolving complaints. An “A+” rating with the BBB doesn’t mean that the company doesn’t get complaints, just that they respond to them.
On the contrary, the BBB does have reviews for each respective company on its company website, but these are almost always negative. Not many people are going out of their way to leave positive reviews with the BBB for a company.
The NAIC offers quite a bit of information to consumers, but most importantly, they offer the NAIC Complaint Index. This shows how frequently customers complain about products. You can even sort the complaints by product type to ensure that you aren’t investing in a troublesome product.
Lastly, J.D. Power offers ratings based on customer satisfaction each year. The life insurance ratings are still a bit limited, but you can see how companies rank compared to one another and the industry average. If you find quotes from two companies that are somewhat similar, this could help you make a final choice.
There are other ratings available in other countries, but these would be the most popular in the United States. For example, you can find Insurance Regulatory and Development Authority of India (IRDAI) ratings for life insurance companies in India, but that won’t offer you much help in the states.
Life Insurance Ratings Companies: The Bottom Line
Getting accurate company ratings could help you make an informed decision so that you can choose the best life insurance policy available. Choosing the right policy could save you hundreds of dollars and ensure that your beneficiaries don’t go without your death benefit.
We hope you enjoyed learning more about life insurance rating companies. Be sure to review the best life insurance companies when you’re ready to start shopping for life insurance.
