Life Insurance for Pennsylvania Residents
Mozdex Insurance Agency started in Bensalem, PA, and though we now serve and help life insurance buyers across the nation, we have learned some special characteristics about the Pennsylvania market thanks to our experience. To be clear, unlike auto insurance, life insurance rates do not vary significantly by state, as these are more dependent on your age, current condition of your health, and overall lifestyle habits. Having said that, there are some things that are particular to the state, and we will discuss those in this article
Life Insurance Buying Process
All insurance products are regulated at the state level, and as a result, there is often large variability in terms of what companies are available or have a dominant market position in one state as compared to the next one.
Best Life Insurance Companies in Pennsylvania
The term best can be subjective, so we seek here to provide an objective evaluation of the main life insurance companies in Pennsylvania. In our experience, what determines the quality of a life insurance company are the following things:
- Financial Stability – This is by far the most important characteristic when selecting a life insurance company
- Underwriting and policy writing process – This mostly affects the initial interaction with the company when an individual is first acquiring their policy
- Claims process – This is another very important factor to consider – when the time comes to make a claim you want your beneficiaries to be able to access their benefits as quickly as possible
The underwriting process is somewhat subjective, but we can use the volume of premiums written to estimate which are the most efficient companies in the state. The Pennsylvania Insurance Commissioner publishes an annual report with the premium volume written by all companies, and below we list the top five. One can assume that the companies that write the most policies have an efficient process for getting customers their policies in a reasonable amount of time. In 2018, there were a total of $688 billions in written life insurance premiums in the entire country.
|Life Insurance Company||Premiums Written|
|Prudential Financial||$4.7 billion|
|Lincoln Financial||$1.6 billion|
An aspect that can be objectively measured with reasonable certainty is the financial stability of the companies. All insurance companies are rated by the traditional credit rating agencies with regards to their financial stability. Below we list the financial strength ratings from A.M. Best for the life insurance companies mentioned above.
In summary, the life insurance buying process is similar in Pennsylvania to any other state, but there are some specific companies which have a stronger presence here. We recommend you use our free quoting tool to get an idea of what your monthly or yearly premium would be if you were to purchase a policy.