We have broken down the statistics and crunched the numbers to create our own Life Insurance scoring system to help you determine the best life insurance company to buy from in Maryland. There are many factors at play in determining who the best Life Insurance Company in Maryland might be, so below are the factors we took into consideration to calculate our score so that you can discover what might be more important to you.

Maryland Life Insurance Market

Market share shows the relative popularity and staying power a company has in that area. The more market share, the more predictable revenue for that life insurance company’s market. When revenue is predictable, we can assume two things. The company will not be pulling out of that market any time soon, and there are plenty of dollars in the shared risk pool to cover many claims. In Maryland, Lincoln Financial has the largest book of business at 7.2% of the market. We used these top 5 life insurance companies in Maryland to score for the best.

Number of Maryland Locations of the Top Life Insurance Companies

The number of locations in a given region gives a clue to just how valuable a company considers that region to be for their business. The more locations the more access to both customer and professional service. All too often companies rely on 1-800 numbers to handle client needs, but field offices give clients a physical location they could visit to sit with a professional face to face. In this digital world we are seeing fewer companies investing in physical locations, leaving in-person service at a premium. The top life insurance company that has invested or franchised the most physical locations in Maryland is North West Mutual with 11 total offices. *Although North West Mutual had the most locations, they were very concentrated in the 95 corridor region. Transamerica and Lincoln actually covered the greatest geographical area with locations from Cumberland,MD to Pocomoke City, MD.

Reviews of the Top Maryland Life Insurance Companies

Reviews are of course the consumers chance to make their voice heard on the performance of the vendor. These rankings are straight from the Better Business Bureau and seem very biased toward the negative. Most likely because consumers usually do not take the time to file positive reviews, it is the negative experiences that really compels action. The insurance industry is also notorious for mishandled payments, un-ethical selling, and claim denial. Due to this, there may be a disproportionate number of customers who have experienced a negative interaction compared to other industries. Even with this bias understood, these scores represent the corresponding companies share of these negative experiences and how they were handled. In the same industry, with relatively the same product, this is still a pretty good barometer of the top life insurance companies in Maryland’s customer service skills. With a top possible score of 5, North West Mutual is the most positively reviewed of the top life insurance companies in Maryland with a score of 1.63.

Financial Strength of the Top Maryland Life Insurance Companies

All 5 of these companies generate billions of dollars a year in revenue from their insurance and investment operations annually. How they spend or save that revenue reflects on how likely they could default on paying claims and liabilities. A.M. Best rates life insurance companies based on this ability to pay claims and liabilities to generate a score for the financial strength of the corresponding firm. A++ is the highest rating a company can get and of the top life insurance companies in Maryland, we have a 3 way tie in that category. New York Life, North West Mutual and Mass Mutual all claim the top ranking with the strongest financial A.M. Best rating of the top life insurance companies in Maryland.

The Best Life Insurance Company in Maryland!

Based on the factors above we calculated a score to be administered. On a ranking scale of 0-5, we saw North West Mutual take the reigns as the Best Life Insurance Company in Maryland to be a client of with a score just below 5. They offered the strongest customer service, financial strength, and largest number of Maryland locations based on 2023’ statistics. 1st Runner-up was New York Life with just over 4 and second runner-up was Transamerica with 3.5. Congratulations North West Mutual!