In 2022, Prudential Financial was the largest life insurance company in the United States with assets amounting to approximately 515.2 billion U.S. dollars.
Life insurance - additional information
Life insurance is an important component of basic financial planning and acts as a form of protection against the loss of income resulting from the death of an insured individual. The person named as the beneficiary of the deceased receives the proceeds and is therefore protected against any financial impact that may result from the death.
There are different forms of life insurance offered by life insurance companies. Some life insurance policies provide coverage at fixed payments for a length of time that it defined when the policy is initially taken out. After expiration of the fixed period, the previous rate of premiums can be no longer guaranteed to the insured and they are required to either forgo their coverage or accept different terms or conditions. This form of insurance is known as term insurance. Permanent or whole life insurance, on the other hand, is a form which provides the insured with life-long coverage. Term insurance is cheaper than whole life insurance as it is not designed to pay out in all cases. Many people decide to take out fixed-term policies due to their low cost nature.
