New York Life, MassMutual, and Lincoln Financial Life Insurance Companies: Review
Here is a continuation of my comparison of some of the largest life insurance companies in the United States!
Source: https://www.newyorklife.com/
New York Life
Total Revenue: $32.1 billion
Number of Employees: 11,388
Products: Term, whole, and universal, and variable universal life insurance
Headquarters: 51 Madison Ave, New York, NY 10010
New York Life is currently ranked the second best life insurance company for the year 2021. The company offers numerous policy options which are suitable for anyone. They focus on their geographical benefit of being located in the heart of New York City, and thrive off of their diverse work environment. Therefore, this attracts customers of all demographics. New York Life defines themselves as an extremely successful company through their high customer satisfaction ratings and comments from Forbes, while emphasizing the importance of preparing for the future and putting their clients first. Whoever it may be, New York Life will be there at their client’s side in order to help them prosper.
Source: https://www.massmutual.com/
MassMutual
Total Revenue: $23.2 billion
Number of Employees: 11,535
Products: Term, whole, and universal, and variable universal life insurance
Headquarters: 1295 State Street, Springfield, MA 01111
MassMutual is currently ranked the third best life insurance company for the year 2021. They offer numerous different policy options for life insurance, which all require a life insurance medical exam. They pride themselves as being a mutual company, which means they do not have shareholders but rather share their ownership with their members and participating policy owners. They differentiate themselves from other insurance companies by being ethical. On their website, they have published their recognition from the Ethisphere Institute’s article of 2020’s most ethical companies in the world. They try to promote strong relationships between clients and advisors to ensure the security of their client’s funds. Overall, their branding promotes the morals of the long standing company while targeting all locations, specifically New England.
Source: https://www.lfg.com/public/individual
Lincoln Financial Group
Total Revenue: $17.4 billion
Number of Employees: 9,000
Products: Term, universal, variable universal, and indexed universal life insurance
Headquarters: 150 N Radnor Chester Rd, Radnor, PA 19087
Lincoln Financial Group is rated the fifth best insurance company in the United States. Similarly to most insurance companies, they sell a wide variety of insurance policies that meet the needs of different people. Their feasibility when it comes to selling their products sets them apart, and customers can purchase term policies over the phone. The company writes on their website, “Lincoln Financial Group is the first and only company in the world that freely carries Abraham Lincoln's name, image and ideals at the heart of our brand.” They also have a field in their name where the Philadelphia Eagles NFL team plays, as well as Temple University’s Division 1 football team. This is great branding on their part, because it will make the company’s name synonymous with an American classic- football. Therefore, the company will be well known by locals and thought to be a company that upholds American values.
In conclusion…
The top insurance companies in the United States may sell similar policies, but the way they shape their mission is personalized to each company. Based on what they promote, and who they target, each company is successful in their own way.
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