Best Life Insurance In Washington

Life insurance is an essential investment for anyone who wants to secure their family’s financial future. However, with so many life insurance companies in Washington, it can be challenging to choose the right one. That’s why we’ve compiled a list of the best life insurance companies in Washington to help you make an informed decision. In this blog post, we’ll take a closer look at each company’s offerings, customer service, and financial stability to help you find the perfect life insurance policy for your needs. So, let’s dive in and explore the top life insurance companies in Washington.

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Washington Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Washington

Condition Deaths in 2021
Heart Diseases 17,692
Cancer 13,888
External Causes 6,967
Nervous System Diseases 6,610
Lung Diseases 4,526

Life Insurance Laws In Washington

Washington’s life insurance laws are governed by Title 48 of the Revised Code of Washington.

  • 10-day free look period (WA ST 48.23.380)
  • 30-day grace period (WA 48.23.030)
  • The company is required to add interest payments to the total benefit, beginning from the day of death (WA 48.23.300)
  • Guarantees up to $500,000 per person for lost death benefits and $500,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, West Virginia’s life insurance laws and Wisconsin’s life insurance laws are nearly identical to those of Washington).

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So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Washington

In Washington state, the insurance industry is thriving, with numerous companies competing to provide the best life insurance policies. The table outlines the top 50 companies in the state, ranked by their 2022 premiums and market share percentage.

Leading the pack is New York Life Group, ranking first in Washington with $288,835,815 in premiums, representing an impressive 8.7% market share. Following closely behind is Northwestern Mutual Group with $258,815,930 in premiums and a 7.8% market share. These two companies demonstrate their strength and dominance in the life insurance market in Washington.

Prudential of America Group takes the third spot, generating $200,135,803 in premiums and capturing a 6.0% market share. Metropolitan Group and Mass Mutual Life Insurance Group hold the fourth and fifth positions, respectively, contributing $184,461,787 (5.5%) and $138,258,545 (4.2%) in premiums.

The sixth to tenth ranking companies include Lincoln National Group ($133,726,857 and 4.0% market share), Pacific Life Group ($123,884,567 and 3.7% market share), State Farm Group ($112,662,121 and 3.4% market share), Minnesota Mutual Group ($101,550,683 and 3.1% market share), and John Hancock Group ($90,229,393 and 2.7% market share). Each of these companies has a significant presence in the Washington state life insurance market.

The table continues with the remaining top-ranked companies, each offering competitive premiums and holding a notable market share in the state. These companies aim to safeguard the financial well-being of Washington residents through their reliable life insurance products. Washingtonians can choose from an extensive range of providers who offer policies tailored to their individual needs and objectives.

Overall, the top 50 companies in Washington prove the thriving nature and diversity of the life insurance industry. It is crucial for individuals considering life insurance policies to carefully assess the offerings of these established companies to secure optimal coverage and financial protection for themselves and their loved ones.

Rank Company 2022 Washington Premiums Washington Market Share %
1New York Life Group$288,835,8158.7%
2Northwestern Mutual Group$258,815,9307.8%
3Prudential Of America Group$200,135,8036.0%
4Metropolitan Group$184,461,7875.5%
5Mass Mutual Life Insurance Group$138,258,5454.2%
6Lincoln National Group$133,726,8574.0%
7Pacific Life Group$123,884,5673.7%
8State Farm Group$112,662,1213.4%
9Minnesota Mutual Group$101,550,6833.1%
10John Hancock Group$90,229,3932.7%
11Nationwide Corporation Group$87,736,8372.6%
12Sammons Enterprises Group$87,491,3002.6%
13Penn Mutual Group$73,610,5822.2%
14Aegon US Holding Group$71,945,2862.2%
15Dai‐Ichi Life Holdings Group$52,588,0011.6%
16Thrivent Financial For Lutherans$51,896,8821.6%
17Equitable Holdings Group$48,945,1701.5%
18American International Group$48,618,1211.5%
19Unum Group$47,921,0491.4%
20Mutual Of Omaha Group$45,284,7641.4%
21Zurich Insurance Group$43,959,7651.3%
22Globe Life Group$42,631,6221.3%
23Ameriprise Financial Group$40,665,0541.2%
24Hartford Fire Cas Group$40,560,3741.2%
25United Services Automobile Association Group$35,425,1771.1%
26Oneamerica Financial Partners Group$35,385,2501.1%
27Primerica Group$34,324,7451.0%
28Global Atlantic Group$34,262,2571.0%
29Guardian Life Group$33,869,3701.0%
30Sumitomo Life Insurance Group$33,588,6101.0%
31Brighthouse Holdings Group$33,087,2281.0%
32National Life Group$32,372,0271.0%
33Principal Financial Group$31,271,7010.9%
34Kuvare Group$31,210,8030.9%
35Banner Life Group$29,552,6950.9%
36Genworth Financial Group$29,541,4230.9%
37Allianz Insurance Group$28,492,5770.9%
38West Southern Group$24,297,0320.7%
39Country Insurance Financial Services Group$23,010,0850.7%
40Meiji Yasuda Life Insurance Group$22,739,1070.7%
41Cuna Mutual Group$22,448,9770.7%
42Trustmark Mutual Holding Company Group$22,326,4030.7%
43Sun Life Assurance Company Of Canada Group$22,082,9090.7%
44Resolution Life US Holdings Group$21,620,1660.7%
45Voya Financial Group$20,400,1070.6%
46Everlake Holdings Group$19,369,8020.6%
47AAA Life Group$17,826,5150.5%
48Ohio National Life Group$14,376,4210.4%
49Ameritas Mutual Holding Group$13,584,2940.4%
50Fidelity National Financial Group$12,337,4330.4%