Best Life Insurance Company That Is BBB Accredited (2023)
The best life insurance company that is accredited by the BBB will offer trustworthy services and superior customer satisfaction.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
UPDATED: Dec 16, 2022
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 16, 2022
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Life insurance companies accredited by the BBB have met stringent requirements
- Accredited life insurance companies likely have better customer satisfaction rates
- The best life insurance company that is BBB accredited in Nationwide Life Insurance
If you’re shopping around for life insurance, you’re probably using numerous online resources. Likely, rates and coverage will weigh heavily in your final choice. After all, finding a deal can make it worth the search. But savvy shoppers also use online reviews and other forms of feedback to get an idea of which companies other consumers are happy with.
Many third-party organizations provide shoppers with reviews and ratings that can guide their buying decisions. One of the best-known organizations to do this is the Better Business Bureau (BBB). Besides providing ratings and reviews, the BBB also offers companies accreditation. This means that the business has taken steps to prove its trustworthiness and can therefore market its products as an “accredited” company.
Typically, the best life insurance company that is BBB accredited will have a high rating from the organization and the policyholders. Here’s a look at what that accreditation means and what to look for.
Best BBB-Accredited Life Insurance Companies
The table below shows which life insurance companies are BBB accredited, and we’ve included each company’s A.M. Best and NAIC ratings for comparison.
Financial and Consumer Ratings of Life Insurance Companies That Are BBB Accredited
Life Insurance Company BBB Rating A.M. Best Rating NAIC Complaint Ratio
Globe Life A+ A 3.52
John Hancock A A+ 0.14
Mutual of Omaha A+ A+ 1.06
Nationwide Life Insurance A+ A+ 0.07
Primerica A+ A+ 0.28
Principal Financial A+ A+ 0.32
Securian B A+ 3.66
As you can see, Nationwide Life Insurance is the best life insurance company that is BBB accredited due to its financial strength, high customer satisfaction, and low complaint score with NAIC.
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How do life insurance companies get accredited by the BBB?
An accredited insurance company can use the BBB’s accreditation logo as a seal of trustworthiness. This gives consumers shopping for life insurance more confidence in the product or service. But how does a life insurance company become accredited?
BBB Ratings for Life Insurance Companies
Before understanding accreditation, we need to understand how the BBB hands out ratings.
Ratings are based on numerous factors, such as:
- The type of business and how long it’s been in operation
- Transparency and trustworthiness
- Compliance and marketing methods
- Commitment to BBB standards
The final score is expressed on a scale of 100 points. Based on the total score, the BBB assigns a letter rating from A+ to F.
How an Insurance Company Is Accredited
After receiving its rating, an insurance company can become accredited if it qualifies. The BBB requires the following for a business to become accredited:
- You need to have been in business for six months or longer.
- You have the required bonding and licenses for the jurisdictions in which you operate.
- You don’t have any unresolved customer complaints.
- You don’t have any governmental ethics violations.
- You fulfill all of your contracts and promises made in business and advertising.
- You adhere to governmental and BBB advertising laws and codes.
- Your website provides and adheres to a privacy policy and uses secure financial transactions, where applicable.
Even though businesses pay an annual fee for accreditation, it cannot be purchased outright. All businesses must meet and maintain the requirements. Companies that receive it can display the BBB accreditation logo in advertising campaigns.
Shopping for a Life Insurance Company Accredited by the BBB
If you’re shopping for life insurance, whether you’re looking for a standard or instant life insurance policy, don’t immediately conclude that accredited companies have more expensive rates. If rates seem higher, it’s likely because the insurance company is selling a higher-quality product with a more trustworthy service. This means that affordable rates are not necessarily the same as cheaper rates.
Consumers will need to weigh the benefits of accreditation against the cost of insurance to decide what is truly affordable. Accredited companies offer:
- Better claim handling. Accredited companies must prove to be responsive and honor commitments to policyholders. This translates into improved claim processing for insurance companies.
- Honest advertising. Each accredited company is required to be transparent, honest, and ethical in how it markets products and services. You can trust that you’ll get what you pay for with a life insurance company that has been accredited.
- Improved customer service. The rating system on which accreditation is based requires a business to have excellent customer service, so an insurance company that has been accredited likely has high rates of customer satisfaction.
Keep in mind that term life insurance tends to be cheaper than whole life insurance. So if price is very important to you, looking into the best term life insurance companies might be the way to go.
Affordable insurance is not just about the rates but about the trust, service, and long-term relationship you should expect. Accredited life insurance companies are more likely to make your purchase worthwhile.
The Bottom Line on Life Insurance Companies With BBB Accreditation
The BBB insurance accreditation process is exhaustive and promotes consumer confidence. Accredited life insurance companies have demonstrated that they can meet and maintain the standards set by the bureau.
The best life insurance company that is BBB accredited is Nationwide because it offers competitive rates with superior customer service ratings from both the BBB and NAIC. However, you may prefer to shop with regional insurers. Use our comparison tool below to shop and compare rates from affordable life insurance companies near you.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.