Life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
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Life-based contracts tend to fall into two major categories: Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form of a protection policy design is term insurance. Investment policies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
Types of Life Insurance[edit | edit source]
There are several types of life insurance, each with their own benefits and drawbacks. These include:
- Term life insurance: This is the simplest and often the cheapest way to get life insurance. You pay a premium every month and if you die during that term, your beneficiaries receive the death benefit. The policy has no other value.
- Whole life insurance: This is a type of permanent life insurance that offers a death benefit and a cash value component that grows over time. Premiums are typically much higher than term life insurance.
- Universal life insurance: This is another type of permanent life insurance with a cash value component. However, it offers more flexibility than whole life insurance. You can adjust your premiums and death benefit over time, within certain limits.
- Variable life insurance: This is a type of permanent life insurance with a cash value component that you can invest in a variety of different accounts. This gives you more potential for growth, but also more risk.
- Variable universal life insurance: This combines the features of variable and universal life insurance. You have the investment options of variable life insurance and the ability to adjust your premiums and death benefit that you have with universal life insurance.
The following is a list of notable life insurance and annuity providers in the United States, along with a brief description of each:
Aflac[edit | edit source]
Known for its supplemental insurance coverage, Aflac operates in the U.S. providing a range of insurance policies including life insurance and annuities.
Allianz Life[edit | edit source]
Part of the global Allianz Group, Allianz Life provides annuities and life insurance products aimed at long-term financial security.
Allstate[edit | edit source]
Allstate, widely recognized for its personal insurance products, offers life insurance aimed at family protection and financial security.
American Family Insurance[edit | edit source]
Offers life insurance policies that include term, whole, and universal life insurance options catering to diverse needs.
American Fidelity Assurance[edit | edit source]
Specializes in supplemental health insurance and financial services products including life insurance policies.
American Income Life Insurance Company[edit | edit source]
Provides life insurance products and services targeting working families in the United States.
Ameritas Life Insurance Company[edit | edit source]
Known for its dental, vision, and hearing insurance, Ameritas also provides life insurance and financial services.
Amica Mutual Insurance[edit | edit source]
Offers a range of insurance products, including life insurance policies focused on long-term security.
Assurity Life Insurance Company[edit | edit source]
Assurity focuses on providing life insurance and disability income insurance to help secure clients' financial futures.
AXA Equitable Life Insurance Company[edit | edit source]
Provides life insurance, annuity products, and financial services to help customers build and protect their financial security.
Bankers Life and Casualty[edit | edit source]
Specializes in insurance products for the retirement market, including life insurance and annuities.
Banner Life Insurance Company[edit | edit source]
Offers life insurance products including term life and universal life policies designed for family and business protection.
Colonial Life & Accident Insurance Company[edit | edit source]
Provides supplemental insurance products, including life insurance, to help protect against unforeseen expenses.
Colonial Penn[edit | edit source]
Known for offering life insurance with no medical exam, focusing on the senior market.
Conseco[edit | edit source]
Now part of the CNO Financial Group, Conseco offers life and health insurance policies.
Farmers Insurance Group[edit | edit source]
Offers a variety of insurance products including term life, whole life, and universal life insurance.
Garden State Life[edit | edit source]
A part of the American National family, providing various life insurance options tailored to customer needs.
Genworth Financial[edit | edit source]
Offers long-term care insurance, life insurance, and annuity products.
The Great-West Life Assurance Company[edit | edit source]
Provides life insurance and financial services aimed at helping customers achieve security.
Gerber Life Insurance Company[edit | edit source]
Specializes in life insurance for children and adults, including term and whole life policies.
Globe Life And Accident Insurance Company[edit | edit source]
Offers life insurance and accidental death insurance, with a focus on simplified applications.
The Guardian Life Insurance Company of America[edit | edit source]
Provides a wide range of insurance and financial products, including life insurance.
Horace Mann Educators Corporation[edit | edit source]
Offers insurance and financial services tailored specifically for educators, including life insurance.
ING Group[edit | edit source]
A global financial institution providing a broad spectrum of life insurance products.
Jackson National Life[edit | edit source]
Specializes in retirement solutions including annuities and life insurance products.
John Hancock Life Insurance[edit | edit source]
Offers a variety of life insurance products to help manage financial risks and plan for the future.
Kansas City Life Insurance Company[edit | edit source]
Provides a broad range of life and annuity products across the United States.
Lincoln National Corporation[edit | edit source]
Offers life insurance and retirement services to help customers plan for their future.
Manhattan Life Insurance Company[edit | edit source]
Provides a variety of insurance products including life insurance aimed at securing clients' futures.
MEGA Life and Health Insurance[edit | edit source]
Focuses on health and life insurance products for individuals, families, and businesses.
MetLife[edit | edit source]
One of the world's leading financial services companies, providing life insurance, annuities, and employee benefits.
Mutual of Omaha[edit | edit source]
Offers a range of insurance and financial products, including life insurance designed to meet various customer needs.
National Life Group[edit | edit source]
Provides life insurance, annuities, and investment products to help individuals, families, and businesses pursue their financial goals.
National Western Life Insurance Company[edit | edit source]
Offers a variety of life insurance products and annuities in the United States and internationally.
Nationwide Mutual Insurance Company[edit | edit source]
Provides a wide range of insurance and financial services including life insurance and retirement planning.
New York Life Insurance Company[edit | edit source]
One of the largest life insurers in the world, offering a variety of life insurance products and services.
Ohio National Financial Services Company[edit | edit source]
Offers a broad array of life insurance and financial products designed for wealth accumulation and protection.
Pacific Life[edit | edit source]
Provides life insurance products, annuities, and mutual funds to individuals and businesses.
Physicians Mutual[edit | edit source]
Offers insurance and financial products including life insurance tailored to individual and family needs.
Primerica[edit | edit source]
Provides term life insurance and financial services to middle-income households in North America.
Protective Life[edit | edit source]
Offers life insurance and financial services aimed at providing security and protection for clients' futures.
Prudential Financial[edit | edit source]
A global financial services giant offering life insurance, annuities, mutual funds, and investment management services.
Securian Financial Group[edit | edit source]
Provides insurance, investment, and retirement solutions, including life insurance products designed for long-term financial security.
Standard Insurance Company[edit | edit source]
Offers a variety of insurance and financial products including life insurance for individuals and groups.
State Farm Insurance[edit | edit source]
One of the largest providers of insurance products, including life insurance, in the United States.
Thrivent[edit | edit source]
A not-for-profit financial services organization providing insurance, investments, and financial planning services, including life insurance.
TIAA-CREF[edit | edit source]
Offers a wide range of financial services to individuals in the academic, research, medical, cultural, and governmental fields, including life insurance.
Transamerica Corporation[edit | edit source]
Provides life insurance, retirement, and investment solutions to help customers build a better future.
UNIFI Companies[edit | edit source]
Delivers a broad portfolio of financial services products including life insurance.
United of Omaha[edit | edit source]
Offers a diverse range of insurance and financial products including life insurance.
Western & Southern Financial Group[edit | edit source]
A diversified family of financial services companies offering life insurance and investment products.
See Also[edit | edit source]
- Insurance
- Health insurance
- Vehicle insurance
- Property insurance
- Casualty insurance
- Liability insurance
- Insurance in the United States
- Economic history of the United States
- Healthcare in the United States
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