In this article, we will take a look at the 15 best senior life insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Best Senior Life Insurance Companies Heading into 2024.
An Innovative Insurance Technology Startup
The insurance industry, like all other industries, is at the cusp of a digital revolution. Emerging companies are constantly innovating to drive digital transformation in the industry. Shift Technology is a notable insurance technology startup that is working on innovative solutions for the insurance industry. The company was founded in 2013 and is headquartered in Paris, France, and is focused on providing top-notch artificial intelligence solutions to enhance operations for insurers. The company offers a range of tech products to insurers to help them automate decision-making and claims to underwrite. Notable tools include fraud detection software and generative artificial intelligence capabilities. You can also take a look at the easiest smartphones to use for seniors.
On December 19, Shift Technology announced the launch of a case management solution for claims fraud detection. Insurers often deal with fraudulent claims worth $300 billion every year. The management solution allows users to not only detect fraud but also enables insurers to manage, report, and understand the effect of such investigations on the total claim cost. The end-to-end workflow system spreads across suspicious claim management from referral to closure. The tool is also capable of assessing and dealing with every claim differently based on its complexity with its tailored investigation and workflow designs. The tool also provides strategic insights and the possible compliance and security outcomes of each fraudulent or suspicious claim.
Prominent Names in Senior Life Insurance
Some of the most prominent senior life insurance companies include New York Life Insurance Company, Mutual of Omaha, and Sumitomo Life Insurance Company. Let's discuss some recent updates from these companies.
New York Life Insurance Company is one of the leading life insurance companies in the US. The company is based in New York, United States, and reported revenue worth $25.88 billion in 2022. The company has a diverse life insurance portfolio providing coverage for senior life insurance, term life insurance, universal life insurance, long-term care insurance, and individual disability insurance. The company also holds a strong presence in the investment industry. On October 27, New York Life Insurance Company announced the launch of a hybrid digital investment tool for middle-market investment solutions. Eagle Strategies Prosper Portfolios, the new hybrid investment tool, is focused on improving access to professional investment guidance to middle market clients. Prominent features include cost-effective pricing and simple fund offerings.
Mutual of Omaha is a prominent name in the mutual insurance and financial services industry. The company is based in Nebraska, United States, and reported $4.12 billion in total income for the fiscal year 2022. The company is highly popular for its life insurance and medicare supplement insurance coverage. On October 30, Mutual of Omaha announced a partnership with Wellcare to offer co-branded medicare plans ahead of 2024. The strategic alliance will be focused on providing no-premium and low-premium options in a limited number of markets. These markets include Georgia, Missouri, South Carolina, Washington State, and the Dallas/Fort Worth and Houston markets in Texas.
Sumitomo Life Insurance Company is a mutual life insurance company based in Japan. The company is actively engaged in maximizing its footprint across the globe. On September 13, Sumitomo Life Insurance Company signed an agreement with Aviva plc's (OTC:AVVIY) to acquire its 25.94% stake in Singapore Life Holdings Pte. Ltd. (Singlife) for SGD 0.9 billion. As of now, Sumitomo has a 23.22% stake in Singlife which is expected to increase once the transaction takes off. The agreement will aid Sumitomo's strategic plan to expand to Southeast Asia.
While the companies we discussed are popular names in the senior life insurance market, other major players in this industry include Allianz SE (OTC:ALIZF), The Progressive Corporation (NYSE:PGR), and Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY). With that, let's take a look at the 15 best senior life insurance companies heading into 2024. You can take a look at the states with the most seniors per capita.
15 Best Senior Life Insurance Companies Heading into 2024
15 Best Senior Life Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best senior life insurance companies heading into 2024. We sifted through 6 reports on the internet compiled by Verified Market Research, Verified Market Reports, Market Research Reports, Global Market Vision, Forbes, and CNBC. This thorough process enabled us to compile a list of the 25 best senior life insurance companies heading into 2024. We then sourced the market cap for publicly listed companies and the latest annual revenue for private companies. We sourced market caps from Yahoo Finance, and annual revenue from official company reports. The list of the 15 best senior life insurance companies heading into 2024 is in ascending order of the market capitalization as of December 20, 2023, or annual revenue for the latest available year.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Senior Life Insurance Companies Heading into 2024
15. The Massachusetts Mutual Life Insurance Company
Annual Revenue (2022): 34.34 Billion
The Massachusetts Mutual Life Insurance Company, also known as MassMutual, ranks among the best senior life insurance companies heading into 2024. The company is based in Massachusetts and provides coverage across life, disability, and long-term care insurance lines. Under its senior life insurance policy, the company covers mortgage, debt, college expenses, and funds for retirement goals for the spouse. MassMutual also provides death benefits and allows users to build cash value over time under its whole life insurance policy. The company reported revenue worth $34.34 billion and sales worth $39.3 billion in 2022.
Allianz SE (OTC:ALIZF), The Progressive Corporation (NYSE:PGR), and Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) are some of the top companies operating in the life and senior life insurance space.
14. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF)
Market Capitalization as of December 20, 2023: $35.47 Billion
With a market cap of $35.47 billion, as of December 20, China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) ranks as one of the best senior life insurance companies heading into 2024. The company provides coverage for life insurance, accident and disability insurance, property insurance, motor vehicle insurance, aircraft insurance, and ship insurance. Not only does China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) provide extensive elderly health care benefits, but it also provides comprehensive whole life insurance coverage. Key features include death benefits and guaranteed cash value.
13. The United Services Automobile Association
Annual Revenue (2022): $36.00 Billion
The United Services Automobile Association, also known as USAA, ranks among the best senior life insurance companies heading into 2024. The company provides a range of insurance coverage including car insurance, homeowners insurance, motorcycle insurance, and senior life insurance. Under its permanent life insurance policy, the company provides coverage for funeral and final expenses, builds cash value, and provides care for family members with special needs. The company offers permanent life insurance with three packages including Simplified Whole Life, Universal Life, and Guaranteed Whole Life. The United Services Automobile Association reported revenue worth $36 billion in 2022.
Market Capitalization as of December 20, 2023: $37.68 Billion
Prudential Financial, Inc. (NYSE:PRU) ranks among the best senior life insurance companies heading into 2024, with a market cap of $37.68 billion, as of December 20. The company is based in New Jersey, United States, and provides a range of insurance, retirement planning, and investment management services. Prudential Financial, Inc. (NYSE:PRU) offers a range of benefits under its senior life insurance policy. Prominent features include death benefits to beneficiaries, a universal life policy, and a minuscule whole life policy to pay for final expenses.
Market Capitalization as of December 20, 2023: $47.35 Billion
American International Group, Inc. (NYSE:AIG) is one of the best senior life insurance companies heading into 2024. The company was founded in 1919 and provides insurance coverage across 80 countries. Under its senior life insurance policy, the company provides term life insurance, quality of life insurance, whole life insurance, and universal life insurance. The company provides coverage for death benefits to beneficiaries and compensates for chronic illnesses. American International Group, Inc. (NYSE:AIG) has a market cap of $47.35 billion, as of December 20.
Market Capitalization as of December 20, 2023: $47.98 Billion
Aflac Incorporated (NYSE:AFL) is a leading senior life insurance company heading into 2024. The company is based in Georgia, United States. Under its senior life insurance policy, the company provides term life insurance and whole life insurance. Prominent features include death benefits to beneficiaries and cash value accumulation as long as the user is alive. Aflac Incorporated (NYSE:AFL) has a market cap of $47.98 billion, as of December 20.
Market Capitalization as of December 20, 2023: $49.15 Billion
With a market cap of $49.15 billion, MetLife, Inc. (NYSE:MET) ranks among the best senior life insurance companies heading into 2024. The company is based in New York and provides health insurance, life insurance, dental insurance, disability insurance, and vision insurance. With MetLife, Inc.'s (NYSE:MET) permanent life insurance policy, users can build cash value while they are alive and avail death benefits.
8. Nationwide Mutual Insurance
Market Capitalization as of December 20, 2023: $56.80 Billion
Nationwide Mutual Insurance is a large group of insurers and financial service providers. The company is based in the United States and was founded in 1926. The company provides insurance coverage across car, motorcycle, homeowners, pet, farms, and life insurance lines. The company offers term life insurance and permanent life insurance. Under its permanent life insurance policy the company offers whole, variable, and universal life insurance. Universal life insurance covers death benefits with flexible payment options. Whole life insurance ensures that something is left behind for the beneficiaries of the deceased. Nationwide Mutual Insurance posted annual revenue worth $56.8 billion in 2022.
Market Capitalization as of December 20, 2023: $72.49 Billion
AXA SA (OTC:AXAHY) is a leading senior life insurance company heading into 2024. The company provides insurance coverage across 51 countries. Under its senior life insurance policy, the company offers savings and retirement products that spread across family and group insurance lines. Additionally, it also provides health products well suited for seniors. AXA SA (OTC:AXAHY) boasts a market cap of $72.49 billion, as of December 20.
6. Zurich Insurance Group AG (OTC:ZURVY)
Market Capitalization as of December 20, 2023: $75.42 Billion
Zurich Insurance Group AG (OTC:ZURVY) ranks among the best senior life insurance companies heading into 2024. The Swiss company provides general insurance, life insurance, disability insurance, and senior life insurance services. The company provides whole-of-life coverage with no upper age limit. The company provides death benefits and covers terminal illnesses. Zurich Insurance Group AG (OTC:ZURVY) has a market cap of $75.42 billion, as of December 20.
Other than senior life insurance, Allianz SE (OTC:ALIZF), The Progressive Corporation (NYSE:PGR), and Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) provide coverage across health, property, and casualty insurance lines.
