Life insurance is a great way to protect your family or leave a legacy.
It can replace lost income, cover funeral expenses and medical bills, or pay ongoing costs like a mortgage while your estate is sorted out. In some cases, it can also provide supplemental retirement funds and pay for end-of-life expenses. But life insurance is a highly-customizable product. Costs and benefits vary widely, depending on the type of policy you get, the riders that you add or are included, and the company you go with.
To choose the best life insurance companies, we evaluated 91 life insurance providers based on 55 criteria in the following categories: policy types and features (21%), financial stability (17%), application process (16%), customer satisfaction (15%), customer service (14%), riders and living benefits (9%), and cost (8%). We then determined which companies stood out in the aforementioned categories, as well as which had the best product types (e.g., term and whole life), and which were best for specific consumers (e.g., military and seniors).
BEST OVERALLNationwide
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards: Yes
For the most personalized quote experience, call Nationwide directly at 844-457-7984.
Three living benefits included with most policies, generous no-exam requirements, strong financials, and satisfied customers make Nationwide our top pick.
No-exam life insurance available to very healthy applicants
Few customer complaints
Living benefits included on most policies
Allows credit card payments
No live chat is available
Nationwide is a financially stable life insurance company that's been in business for nearly a century. It offers a wide range of policies that may be available without a medical exam and with fast approval. It's also our top pick for the best whole life insurance companies, the best no-medical-exam life insurance companies, and the best life insurance companies for people over 50.
The company garnered an A+ (Superior) financial stability rating from AM Best and received very few customer complaints over the past three years. It also boasts a wide range of policy types and riders, no-exam life insurance for healthy applicants, and most policies include three accelerated death benefit riders at no upfront cost for chronic, critical, and terminal illnesses. This was a rare offering among the insurance companies we considered. Its host of exceptional features puts it squarely at the top of our best life insurance companies list.
Nationwide offers term policies as well as traditional whole life insurance, universal life insurance (UL), variable universal life insurance (VUL), and indexed universal life insurance (IUL).
- Guaranteed Level Term
- Whole Life 100 and 20Pay Whole Life
- No-Lapse Guarantee UL II (universal life insurance)
- VUL Accumulator (variable life insurance)
- VUL Protector
- Advisory VUL
- IUL Accumulator II 2020 (indexed universal life insurance)
- IUL Protector II 2020
- Survivorship IUL 2020
Nationwide's indexed policies let you participate in stock market gains but without direct market exposure. Cash value growth is tied to the S&P 500, NASDAQ-100, and/or the Dow Jones Industrial Average. Though not as risky as variable life insurance, these policies are complex and can still lose value when market gains aren’t enough to offset policy expenses.
Term pricing
We found that a healthy 40-year-old female would pay $26.25 per month for a $250,000 30-year term policy.
- Chronic illness accelerated death benefit rider
- Critical illness accelerated death benefit rider
- Terminal illness accelerated death benefit rider
- Long-term care accelerated death benefit rider
- Accidental death benefit rider
- Children's term insurance rider
- Guaranteed insurability benefits the rider
- Waiver of premium rider
BEST CONVERTIBLE TERM LIFE INSURANCEMassMutual
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: No
MassMutual is top-ranked for financial strength, has paid dividends every year since 1869, has few complaints, and has a wide selection of policies.
BEST BUYING EXPERIENCEHaven Life
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: Yes
Haven Life offers a seamless and nearly effortless online quote, application, and buying experience. Plus, it's backed by the A++ (Superior) financial standing of MassMutual.
BEST TERM LIFE INSURANCEProtective
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards: Yes
Protective's term policies are the most affordable of all insurers we reviewed (tied with two others), and it offers terms of up to 40 years, which is uncommon.
Tied for least-expensive term policies
Offers term coverage for up to 40 years
Allows credit card payments
Offers no-medical-exam coverage
Ranked 15th out of 22 companies for customer satisfaction
Protective has the cheapest term life insurance of all the companies we reviewed (along with Banner and Haven Life). Its excellent pricing and policy options make it our pick for best term life insurance company, most affordable life insurance company, and best life insurance company for young adults.
Protective offers 40-year term policies, which is uncommon in the industry—most companies cap terms at 30 years—and it received fewer complaints than expected for a company of its size over the past three years. The company also offers generous child riders on its policies, which makes it a good life insurance company for children.
However, Protective ranked lower than the industry average in J.D. Power’s 2022 U.S. Individual Life Insurance Study, coming in at #15 out of 22 companies.Plans & Pricing
Protective offers term, whole life, universal life, variable universal life, and indexed universal life insurance policies.
- Protective Classic Choice Term
- Non-Participating Whole Life
- Custom Choice Universal Life (UL)
- Advantage Choice UL
- Lifetime Assurance UL
- Survivor UL
- Executive UL
- Strategic Objectives II VUL (variable universal life insurance)
- Indexed Choice UL
Term Pricing
We found that a healthy 40-year-old female would pay $22.88 per month for a $250,000 30-year term policy.
According to Protective, its premiums are usually among the three across all issue ages and face amounts—and our research supports this for term policies.
- Protected insurability rider (guaranteed insurability rider)
- Children’s term rider
- Waiver of premium
- Terminal illness accelerated death benefit rider
- ExtendCare rider (terminal illness accelerated death benefit rider)
BEST LIFE INSURANCE WITH LIVING BENEFITSMutual of Omaha
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards: Yes
Mutual of Omaha offers a wide range of riders, and most include at least two living benefits. Plus, the company has an express-issue indexed life insurance policy and offers a return-of-premium (ROP) term life insurance plan.
Many plans with living benefits
A wide range of riders is available
Guaranteed issue options
Return of premium term available
Online applications unavailable for term policies
At no upfront cost, Mutual of Omaha includes three accelerated benefit riders on its Term Life Express and IUL Express policies (for critical, chronic, and terminal illnesses), and most other policies include two of these benefits. These attributes make it our choice for the best life insurance company for living benefits. Accelerated benefit riders add flexibility to a life insurance policy by letting you tap the death benefit early if you have a qualifying illness.
Plus the company offers at least two uncommon features: a disability income rider and a return of premium benefit on select term policies (both for an extra cost). With return of premium (ROP) term life insurance, you can receive up to 100% of premiums back if you outlive the term. Only 11 of the 91 life insurance companies we reviewed make this type of coverage available. Mutual of Omaha is also our top pick for the best burial insurance companies.
- Term Life Answers
- Term Life Express
- AccumUL Answers (universal life insurance)
- Income Advantage IUL (index universal life insurance)
- Life Protection Advantage IUL
- IUL Express
- Children’s Whole Life Insurance
- Guaranteed Whole Life Insurance
Most permanent policies have a surrender period, during which time you’ll pay a surrender charge for withdrawing from the cash value or canceling the policy. Ask how long the surrender period is on any permanent life insurance you might buy.
Term Pricing
We found that a healthy 40-year-old female would pay $28.38 per month for a $250,000 30-year term policy.
Chronic, critical, and terminal illness riders are included free of charge on Mutual of Omaha’s Term Life Express and IUL Express policies. Most other policies include chronic and terminal illness riders at no additional cost.
- Critical illness accelerated death benefit rider
- Terminal illness accelerated death benefit rider
- Chronic illness accelerated death benefit rider
- Accidental death benefit rider
- Dependent children's rider
- Guaranteed insurability benefits the rider
- Waiver of premium rider
- Disability income rider
FEWEST COMPLAINTSGuardian
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: No
Guardian received an exceptionally low number of customer complaints, has an A++ (Superior) financial strength rating, and pays dividends to eligible policyholders.
BEST FOR MILITARY MEMBERSUSAA
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: No
USAA offers military-specific benefits that pay out if you become injured in the line of duty and cover you during the war.
Severe injury benefits
Add to your term coverage without taking another exam
Included term conversion rider
A++ AM Best rating
Doesn’t take credit card payments
No-exam coverage options are limited
What makes USAA a solid choice for military families are its military-specific riders. Level Term V policies include a severe injury rider that pays out $25,000 for specific injuries incurred during military service. USAA also offers guaranteed insurability riders at no additional cost that give you the option to increase coverage after leaving the military (and without having to prove insurability) or if you experience certain life events, like having a child. Level Term V policies also include a conversion option that allows you to convert to permanent coverage without a medical exam or questions after you've had your term policy for at least one year.
The drawbacks are that USAA life insurance does not accept credit card payments and has limited no-medical-exam options. USAA sells Mutual of Omaha's guaranteed issue whole-life policies that have a minimum age of 45 and a coverage maximum of just $25,000.
- Level Term V
- Essential Term
- Simplified Whole Life
- Guaranteed Issue Whole Life (via Mutual of Omaha)
- Universal Life Insurance (via John Hancock)
Term Pricing
We found that a healthy 40-year-old female would pay $26.86 per month for a $250,000 30-year term policy.
- Guaranteed insurability rider
- Term Life Event Option Rider
- Life Event Option Rider
- Child rider
- Waiver of premium rider
- Terminal illness accelerated death benefit rider
GREAT FOR DIVIDENDS AND NO-MEDICAL EXAM LIFE INSURANCEPenn Mutual
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards: Yes
Penn Mutual has paid dividends for nearly 175 years and offers up to $7.5 million in coverage for no-medical-exam life insurance to eligible applicants—the highest limit we've seen.
Strong dividend-paying history
High coverage no-medical-exam life insurance
Well-priced term policies
Very few customer complaints
Limited website information
Quotes not available on the website
Penn Mutual is a well-established insurer with superior financial strength and an impressive track record of customer satisfaction. It has the longest dividend-paying history of companies on this list and announced that it plans to pay eligible policyholders $1.63 million in dividends in 2023, which is a record payout.
Penn Mutual is also an excellent choice for those with high-coverage needs. The company offers $7.5 million in coverage to very healthy applicants up to age 65 without a medical exam. This is the highest no-exam limit we've seen, and the highest age limit we've seen for no-exam policies, which is why it's a top pick for:
But Penn Mutual doesn't just cater to those looking for high coverage or permanent policies. Its quotes for term coverage were the fourth most affordable of the 32 companies we collected quotes for. That said, the company does not make term quotes available on its website. For details and to apply for any type of coverage, you'll need to get in touch with an agent.
- Guaranteed Convertible Term
- Protection Non-Convertible Term
- One-Year Term
- Guaranteed Whole Life II
- Survivorship Whole Life
- Guaranteed Protection UL (universal life insurance)
- Protection UL
- Diversified Advantage Variable Universal Life (VUL)
- Protection VUL
- Accumulation Builder Flex Indexed Universal Life (IUL)
- Survivorship Plus Select IUL
Term Pricing
We found that a healthy 40-year-old female would pay $23.92 per month for a $250,000 30-year term policy.
- Guaranteed Increase Option (guaranteed insurability rider)
- Children's term rider
- Disability waiver of premium rider
- Terminal illness accelerated death benefit rider
- Chronic illness accelerated death benefit rider
- Accidental death benefit rider
TIED FOR CHEAPEST TERMBanner
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards: No
Term premiums were the lowest of all insurers we reviewed (tied with two other companies), and Banner offers terms of up to 40 years.
Term coverage is very affordable
40-year terms available
The generous term conversion period
Online application available
Very few customer complaints
Few policy types are available
Limited riders
Banner, along with Protective and Haven, is an excellent choice if you're looking for the cheapest term life insurance. Banner is also one of only two companies that offer 40-year term policies (Protective is the other). Additionally, Banner boasts generous term conversion options—you can convert your term policy through the end of the level-premium period or until you turn 70, whichever happens first. This is important because some companies limit the conversion period to the first 10 years of the policy.
While there's a lot to like about Banner, it doesn't offer many policy options—just term and universal life policies. It also doesn't offer as many riders to customize policies as some of its competitors.
- OPTerm
- Life Step UL (universal life insurance)
Term Pricing
We found that a healthy 40-year-old female would pay $22.89 per month for a $250,000 30-year term policy.
- Child term rider
- Waiver of premium rider
- Terminal illness accelerated death benefit rider
BEST FOR CUSTOMER SATISFACTIONState Farm Life Insurance
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: Yes
State Farm has earned the #1 spot in J.D. Power's customer satisfaction rankings for life insurance for the past three years.
Superior financial stability
#1 for customer satisfaction by J.D. Power
Whole-life policies can earn dividends
Bundling discounts may be available
Relatively expensive term coverage
Limited coverage for no-medical-exam life insurance
State Farm is our pick for the best life insurance company for customer satisfaction because it ranked #1 in J.D. Power's U.S. Individual Life Insurance studies for 2022, 2021, and 2020.7 The studies measured consumer experiences with the largest life insurance companies nationwide. Plus, State Farm boasts an A++ (Superior) rating for financial strength from AM Best, which is the highest rating possible.
The company is also one of our:
If you're looking for a whole-life policy that pays dividends, State Farm offers one. Plus, you may be able to save on your premium by bundling life insurance coverage with another State Farm coverage, such as auto. However, the company's term policies are priced high compared to our review of 32 life insurance companies offering term quotes online. And if you're in the market for life insurance without a medical exam, you may want to look elsewhere. At present, the most coverage you can get with State Farm without a medical exam is $50,000.
- Select Term Life
- Return of Premium Life
- Instant Answer Term
- Limited Pay Whole Life
- Single Premium Whole Life
- Universal Life
- Survivorship Universal Life
- Joint Universal Life
- Final Expense (called $10,000 Whole Life in New York State)
Term Pricing
We found that a healthy 40-year-old female would pay $35.24 per month for a $250,000 30-year term policy, which is one of the highest rates we've seen.
- Guaranteed insurability rider
- Child rider
- Waiver of premium rider
- Accelerated death benefit: Flexible Care Benefit Rider (long-term care rider)
- Select term rider
- Level term rider
BEST WHOLE LIFE INSURANCENew York Life
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: No
New York Life is the second-largest life insurance company, according to the latest available NAIC data, and has been paying dividends to eligible policyholders every year for the past 169 years.
A++ (Superior) AM Best rating
A long history of paying dividends
Some policies are available to applicants up to 90 years old
A broad selection of riders
Very limited policy details on the website
Can’t get much information without contacting an agent
Online quotes and applications are not available
New York Life, founded in 1845, is the oldest company on this list and has paid dividends for 169 consecutive years. In 2023, it plans to pay $2 billion in dividends, which is the largest payout in company history.
New York Life earns an A++ (Superior) AM Best rating and receives very few customer complaints. It also issues whole-life policies to eligible 90-year-old applicants. Its stellar reputation and financial stability are two reasons it's a top-ranked company for best life insurance for seniors and best whole life insurance companies.
The company offers term, whole life, and universal life policies, including variable universal life (VUL) insurance, plus a diverse mix of riders and options for plan customization. Among these are living benefits riders and a Spouse’s Paid-Up Purchase Option (SPPO). The SPPO is an uncommon offering that lets the spouse of the insured person use the death benefit to purchase a fully paid-up life insurance policy on their own life (without medical underwriting) upon their spouse's passing.
Unfortunately, it’s difficult to locate policy-specific information on the website. If you have questions or want a quote, you’ll need to provide your name and number and wait for an agent to contact you.
- Level Premium Convertible Term
- 10-20 Yearly Convertible Term
- Million Plus Level Term 10
- Whole Life Insurance
- Custom Whole Life Insurance
- Basic Universal Life Insurance
- Custom Universal Life Guarantee
- Protection Up to Age 90
- Variable Universal Life Accumulator II
- Spouse’s Paid-Up Insurance Purchase Option (SPPO)
- Guaranteed insurability rider
- Child term rider
- Disability waiver of premium rider
- Disability income rider
- Accidental death benefit rider
- Terminal illness accelerated death benefit rider
- Long-term care accelerated death benefit rider
- Chronic illness accelerated death benefit rider
- Critical illness accelerated death benefit rider
- Paid-up additions (PUA) rider
- Money-back option rider
BEST FOR FINANCIAL STABILITYNorthwestern Mutual
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- AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards: No
Northwestern Mutual is the largest life insurance company in the country with a 7.49% market share, according to the National Association of Insurance Commissioners (NAIC). It has stellar financial ratings across multiple rating agencies and offers a wide selection of policies.
Highest financial strength ratings
Long dividend-paying history
Exceptionally few customer complaints
Largest insurance company, nationwide
Must work with a financial advisor to buy a policy
Digital experience lacking
The company website lacks policy details
Northwestern Mutual ticks all the boxes for financial stability: it boasts the highest financial strength ratings from AM Best (A++), Moody's (Aaa), and Fitch (AAA), and it's stood the test of time. The company has been in business since 1857, weathering numerous financial storms, and has paid eligible policyholders dividends for over 150 years.
The company is on track to $6.8 billion in dividends to eligible policyholders in 2023. Not only is this its largest payout ever, it's also the largest overall dividend payment of all companies on this list. Dividends are a key feature of some of the best whole life insurance companies.
Plus, Northwestern Mutual received the fewest complaints (relative to its size) of all companies in this list according to the NAIC complaint index. (It received the second-fewest complaints of the 91 insurance companies we reviewed.) Unfortunately, there's not much you can do without an agent at Northwestern Mutual. Policy details are lacking online so you'll need to contact the company for specifics. It's primarily because of the company's lack of transparency and self-serve options that it didn't score higher in our review.
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