Lebensversicherungsgesellschaft
could be faster for the brain to separate as : LebensVersicherungsGesellschaft
Is it used / permitted ?
Way too many people nowadays would write it as „Lebens Versicherungs Gesellschaft“, which is orthographically wrong, but will soon be considered correct.
Just look at names like „Techniker Krankenkasse“, „Alnatura Kicher Erbsen“ or „Eberhard Karls Universität Tübingen“.
That ship has sailed.
In my outsider opinion, "Leben Versicherung Gesellschaft", as English would do it, is the best one as visually the fastest and sparing the genitive.