Types of Insurance Companies

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Insurance companies tend to have very clear purposes based on what types of insurance they specialize in. Learn about the types of insurance companies with help from a professional financial planner in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, my name's Michael Hardy with Mallett and Hardy out of New York, and today we're gonna talk about the different types of life insurance companies. There are many different types of life insurance companies out there. In fact, life insurance companies are typically the largest companies in the world. You've probably seen the commercials on television. It's very complicated to be able to understand the difference between one company and another. That's why you should have a broker or an agent help navigate that process. But generally, there are two types of life insurance companies. There's either a participating company, or a mutual company. A mutual company allows you to have an ownership type share into the organization. If you buy a participating, or a whole life type contract. Whether one company is better than another is something that you should determine with your agent or broker, as it can be very complicated to understand. But there are many companies with different strengths and weaknesses and advantages and disadvantages. We talked about the different types of life insurance companies available. My name is Michael Hardy with Mallett and Hardy. Thank you.

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