Life Insurance Company Review: Northwestern Mutual vs State Farm vs Prudential!
The life insurance industry is dominated by many large companies. Here’s my review of three of the most well-known!
Source: The Fiduciary Institute
Northwestern Mutual
Total Revenue: $31.1 billion
Number of Employees: 7,500
Products: Term, whole, and universal life insurance
Headquarters: 720 E Wisconsin Ave, Milwaukee, WI 53202
Northwestern Mutual is currently ranked the number one insurance company for the year 2021. Despite the pandemic, they created a $1.2 billion increase in total revenues. They advertise this statistic as proof of their strength, and that their longstanding operations can continue to flourish regardless of tumultuous times. Northwestern Mutual promotes their client and financial advisor’s relationships, and attempts to make the customer feel safe and secure regarding their finances. Overall, they focus on the reputation of their company as top tier in the insurance industry in order to gain business and trust amongst their customers.
Source: statefarm.com
State Farm
Total Revenue: $78.9 billion
Number of Employees: 58,000
Products: Term, whole, and universal life insurance
Headquarters: 1 State Farm Plaza Bloomington, IL 61710 United States
State Farm is currently ranked number six in the top insurance companies for the year 2021. Their whopping revenue for the year 2020 is due to their wide array of products, which are not limited to life insurance. Their advertising efforts are well known across the United States population, including the collaboration with media stars such as Drake, or professional sports players. They pride themselves on their customer satisfaction rate, and include their award of “‘The Highest in Customer Satisfaction among Life Insurance Providers and #1 for Product Offerings’-J.D. Power.” This credential, inserted on their website, is proof of the motto they strive to achieve: “Like a good neighbor, State Farm is there.”
Source: LinkedIn
Prudential Financial
Total Revenue: $57 billion
Number of Employees: 41,671
Products: Term, universal, indexed universal, and variable universal life insurance
Headquarters: 751 Broad Street Prudential Plaza Newark, NJ 07102 United States
Prudential Financial is ranked number four in the top insurance companies for the year 2021. The company offers additional policies than the average insurance company, which allows for the cash growth potential for policyholders, which, in turn, create investment possibilities. Their unique term life policy offers coverage with premiums only paid one year at a time, which could be useful for small business owners. Their company can be differentiated between other insurance companies due to their distinctive products. They pride themselves as a company who aides people of all backgrounds and financial statuses.
In conclusion…
There are numerous insurance companies in the United States that assist customers with their financial needs. With that being said, each insurance company defines themselves differently. Northwestern Mutual cherishes the strength of their client to advisor relationships, and flaunts their status as one of the oldest and strongest companies that the insurance industry has to offer. State Farm’s advertising presence provides reasoning behind the popularity of the company, and never fails to satisfy their customers’ needs. Prudential Financial offers insurance policies that will meet the needs of any customer, and encourage people from all backgrounds to purchase their products and services.
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