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Meredith Mangan is a senior insurance editor for Investopedia; she was a licensed insurance agent for six years and has been writing and editing insurance content for almost a decade.
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Updated April 12, 2024
Reviewed byEric Estevez
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Fact checked byMichael Rosenston
Michael Rosenston is a fact-checker and researcher with expertise in business, finance, and insurance.
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We found that the best life insurance company overall is Nationwide because of its generous no-exam policies, solid financial strength and customer satisfaction ratings, and three living benefit riders included with most plans at no extra cost. For our life insurance ratings, we evaluated 88 life insurance carriers on 55 criteria that cover policy types and features, financial stability, ease of application, customer satisfaction, and costs. In the company information below, we mention NAIC complaint index scores. The NAIC complaint index is a tool in which the National Association of Insurance Commissioners (NAIC) shows whether a company has received more or fewer complaints than other insurers, after adjusting for market share. Why Trust Us 91 Companies reviewed 55 Features considered 5,005 Data points analyzed We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews. Compare life insurance quotes with our partner Covr Financial from multiple providers before buying. 11 Best Term, Whole, and No-Exam Life Insurance Companies for April 2024 11 Best Term, Whole, and No-Exam Life Insurance Companies for April 2024 The Bottom Line Types of Life Insurance Which Type Is Right for You? How to Choose Cost of Life Insurance Life Insurance News FAQ For the most personalized quote experience, call Nationwide directly at 844-457-7984. And if you're over 50 or in poor health, it's best to work with a licensed agent. Why We Chose It Three living benefits included with most policies, generous no-exam requirements, strong financials, and satisfied customers make Nationwide our top pick. Pros & Cons Pros No-exam life insurance available to very healthy applicants Low NAIC complaint index Living benefits included on most policies Allows credit card payments Cons No live chat available Overview 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 best whole life insurance companies, best no-medical-exam life insurance companies, and best life insurance companies for people over 50. The company garnered an A+ (Superior) financial stability rating from AM Best and had the number of complaints you'd expect for a company of its size in 2022 (the most recent year for which data is available), though the two prior years saw fewer complaints. It 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 list of best companies for life insurance. Nationwide's life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity InsuranceCompany, Columbus, Ohio. The company known today as Nationwide was founded in 1926 as Farm Bureau Mutual Automobile Insurance Company. Plans & Pricing 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). Nationwide's indexed policieslet 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 Although plan prices and coverage differ depending on your ZIP code, we found on average that a healthy 40-year-old female would pay $26.25 per month for a $250,000 30-year term policy, which is in the middle of the pack compared to other insurers we researched. Available Riders Depending on your policy, you may have access to the following: Read the FullNationwide Life Insurance Review Why We Chose It Protective is our choice for top term life insurance because its term life insurance policies are the most affordable of all insurers we reviewed (tied with Banner), and it offers terms of up to 40 years, which is uncommon. Pros & Cons Pros Lowest pricing along with Banner among 91 companies Offers term coverage for up to 40 years Allows credit card payments Offers no-medical-exam coverage Cons Ranked 18th out of 22 companies for customer satisfaction in J.D. Power's life insurance study Overview Protective has the cheapest term life coverage of all the companies we reviewed (along with Banner). 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 companies for young adults. Protective offers longer-than-average term policies 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 did not rank well in J.D. Power’s 2023 U.S. Individual Life Insurance Study, coming in at #18 out of 22 companies. This is an indication that you may have issues with Protective's customer service, as J.D. Power rankings are based on five factors: communication; interaction; price; product offerings; and statements. Founded in 1907, Protective Life is headquartered in Birmingham, Alabama, and has offices in the Greater Cincinnati, Ohio area and St. Louis, Missouri. Plans & Pricing Protective offers term, whole life, universal life, variable universal life, and indexed universal life insurance policies. Term Pricing A healthy 40-year-old female would pay $22.88 per month for a $250,000 30-year term policy. Your pricing and coverage will vary depending on your state, age, and the coverage you choose. Available Riders Why We Chose It MassMutual stands out because unlike some competitors, many of its term policies can be converted to any type of permanent policy. The company is top-ranked for financial strength, has paid dividends every year since 1869, has few complaints, and has a wide selection of policies. Pros & Cons Pros Rated A++ for financial stability Long history of paying dividends Low NAIC complaint index Liberal term conversion options Cons Few accelerated benefit riders included at no cost Doesn’t accept credit card payments Overview It’s worth noting that many MassMutual term policies can convert to any of MassMutual’s permanent life policies. This is important because some companies limit the types of policies you can convert your term policy into. (Convertible term life insurance allows you to exchange some or all of your term coverage for permanent without having to re-qualify for life insurance.) MassMutual was founded in 1851 in Springfield, Massachusetts and has offices in Boston and New York City. In October 2023, it announced a pilot program in which new term life policyholders could earn cash incentives of up to 5% of their annual policy premiums by using an app to track their physical activity and sleep data. Plans & Pricing MassMutual offers term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. MassMutual’s whole-life policyholders are eligible to receive annual dividends based on the company’s financial performance. Dividends can be used to increase the death benefit or cash value, or pay premiums. Some universal life insurance policies can be structured like term coverage, where the coverage is designed to remain in effect for a fixed period of time. Term pricing Our research shows on average across several ZIP codes, a healthy 40-year-old female would pay $27.26 per month for a $250,000 30-year MassMutual term policy. Available Riders Read the FullMassMutual Life Insurance Review Why We Chose It Mutual of Omaha is the top company we reviewed that offers return-of-premium (ROP) term life insurance. We like that it has a wide range of riders, and most policies include at least two living benefits. Pros & Cons Pros Many plans with living benefits Wide range of riders available Guaranteed issue options Return of premium term available Cons Online applications unavailable for term policies Overview 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. 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. The aptly named Mutual of Omaha is based in Omaha, Nebraska, and was founded in 1909. It has locations in 42 states. In the News Mutual of Omaha and two other members of its group entered a settlement with the Labor Department in September 2023 after an investigation into claim denials for employee-sponsored life insurance plans. The probe found that subsidiary United of Omaha, and that company's subsidiary, Companion Life Insurance, had accepted premiums for five years without getting proof that applicants were insurable. When participants died, United would often deny claims on the grounds that it had never received the insurability evidence. The company has reprocessed such claims dating back to February 2018 and changed this practice. Plans & Pricing Term Pricing A healthy 40-year-old female would pay $28.38 per month for a $250,000 30-year term policy. Available Riders 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. Read the FullMutual of Omaha Life Insurance Review Why We Chose It Guardian received an exceptionally low number of customer complaints, has an A++ (Superior) financial strength rating, and pays dividends to eligible policyholders. Pros & Cons Pros Low NAIC complaint index Receives an A++ for financial stability Whole life policies are eligible for dividends Cons Online application and claim filing not available Credit card payments not accepted Overview Along with MassMutual and New York Life, Guardian is one of only nine companies we reviewed to earn a top financial strength rating of A++ from AM Best, reflecting superior financial stability. Also like MassMutual and New York Life, Guardian offers dividends to eligible whole-life policyholders and announced its largest dividend payment ever for 2024. The payout totals $2.2 billion. For these reasons, it ranked highly among the best whole life insurance companies, best life insurance companies for people over 50, and best senior life insurance companies. Guardian Life received an excellent NAIC index over the past three years, indicating it has fewer complaints with the NAIC than expected for a company of its size. Additionally, the company offers no-exam policies to eligible applicants. But if you’re seeking a streamlined online experience, Guardian falls short. It doesn’t offer an online application process (without an agent), online claim filing, or credit card payments, and information on its individual product offerings is hard to find, making it difficult when comparing life insurance plans. Guardian was founded in 1860 in New York City, and its headquarters are still there. It has four main business hubs in Bethlehem, Pennsylvania; Holmdel, New Jersey; Hudson Yards in New York City, and Pittsfield, Massachusetts. Plans & Pricing Term Pricing A healthy 40-year-old female would pay $27.47 per month for a $250,000 30-year term policy. Your pricing will depend on your ZIP code, age, and coverage, among other things. Available Riders Read the FullGuardian Life Insurance Review Why We Chose It USAA offers military-specific benefits that pay out if you become injured in the line of duty and cover you during war. Pros & Cons Pros Severe injury benefits Add to your term coverage without taking another exam Included term conversion rider A++ AM Best rating Cons Doesn’t take credit card payments No-exam coverage options are limited Overview 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 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. USAA's life insurance and annuities products are provided by USAA Life Insurance Company in San Antonio, Texas and in New York by USAA Life Insurance Company of New York, which is in Highland Falls, New York. USAA was started in 1922 by 25 Army officers who began insuring each other's cars. Plans & Pricing Term Pricing A healthy 40-year-old female would pay $26.86 per month for a $250,000 30-year term policy. Available Riders Read the FullUSAA Life Insurance Review Why We Chose It 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. Pros & Cons Pros Strong dividend-paying history High coverage no-medical-exam life insurance 5th-lowest pricing among 91 companies Excellent NAIC customer complaint index Cons Limited website information Quotes not available on the website Overview 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 $200 million in dividends in 2024, 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. Penn Mutual was founded in 1847 in Philadelphia. Today, the Penn Mutual Life Insurance Company is based in Horsham, Pennsylvania. Plans & Pricing Term Pricing A healthy 40-year-old female would pay $23.92 per month for a $250,000 30-year term policy. Available Riders Read the FullPenn Mutual Life Insurance Review 2023 Why We Chose It Banner's term premiums were tied for the lowest with Protective, and Banner offers terms up to 40 years. Pros & Cons Pros Tied with Protective for lowest pricing 40-year terms available Generous term conversion period Online application available Excellent NAIC customer complaint index Cons Few policy types available Limited riders Overview Banner, along with Protective, 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. Banner was founded as GELICO in1949and has been part of Legal & General Group since 1981. Banner Life Insurance Company is located in Frederick, Maryland. Legal & General was founded in 1836 in London, where it is still headquartered. Plans & Pricing Term Pricing While your pricing will depend on factors such as your age, state, and coverage amount, our research showed a healthy 40-year-old female would pay $22.89 per month for a $250,000 30-year term policy. Available Riders Read the FullBanner Life Insurance Company Life Insurance Review Investopedia's Rating 3.7 Why We Chose It Pros & Cons Pros Superior financial stability Scored first for customer service by J. D. Power Whole life policies can earn dividends Bundling discounts may be available Cons Fourth-worst for pricing Limited coverage for no-medical-exam life insurance Overview State Farm is our pick for the best life insurance provider for customer satisfaction because it ranked #1 in J.D. Power's U.S. Individual Life Insurance studies for 2023, as well as 2022, 2021, and 2020. 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. If you don't have the best medical history and are 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. State Farm is based in Bloomington, Illinois. The first State Farm Life policy was sold in 1929 to the company founder, George J. Mercherle, for $2,000. Note In November 2023, State Farm agreed to a $325 million settlement for a class action suit in which the plaintiffs said the company deducted too much for cost-of-insurance charges for flexible premium adjustable whole life and universal policies. This followed an August 2023 $65 million settlement of a different class action lawsuit making similar allegations related to universal life insurance policies. Plans & Pricing Term Pricing 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. Your coverage will depend on your ZIP code, age, health, gender, and coverage. Available Riders Read the FullState Farm Life Insurance Review Why We Chose It New York Life is the second-largest life insurance company, according to the latest available NAIC data, and has been paying dividends to eligible whole life policyholders every year for the past 169 years. Pros & Cons Pros A++ (Superior) AM Best rating Long history of paying dividends Some policies available to applicants up to 90 years old Broad selection of riders Cons Can’t get too many policy details online without contacting an agent Online quotes and applications not available Overview 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 top-ranked in our best life insurance companies for seniors and best whole life insurance companies reviews. We also like that New York Life has paid dividends for 169 consecutive years. In 2024, it plans to pay $2.2 billion in dividends, which is the largest payout in company history. 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 life insurance 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. New York Life was founded in New York City and is still headquartered there. Founded in 1845, it is the oldest company on this list Plans & Pricing No pricing information is available online. To get a quote, you'll need to request a call from an agent. Available Riders Read the FullNew York Life Insurance Review Why We Chose It Northwestern Mutual is the largest life insurance company in the country with 7.20% market share, according to the National Association of Insurance Commissioners (NAIC). Established in 1857, it has stellar financial ratings across multiple rating agencies and offers a wide selection of life insurance plans. Pros & Cons Pros Highest financial strength ratings Long dividend-paying history One of the best NAIC complaint indexes Largest insurance company, nationwide Cons Must work with a financial advisor to buy a policy Poor digital experience that lacks details about policies Overview 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. Northwestern Mutual is on track to pay $7.3 billion in dividends to eligible policyholders in 2024. 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 had the second-lowest NAIC complaint index among the 91 companies we analyzed, meaning the company has an incredibly low rate of complaints relative to its size. 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. Northwestern Mutual is headquartered in Milwaukee, Wisconsin. Read the full Northwestern Mutual life insurance review. Plans & Pricing Few details about plans or pricing are available online. To get more information or request a quote, you'll need to call the company. Available Riders Read the FullNorthwestern Mutual Life Insurance Review 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. Term Life Sample Cost Policy Types Accepts Credit Cards Reset All Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me Hide, not for me You can't go wrong with Nationwide, which is a financially strong company with a wide range of policies that you may not need a medical exam for (though you'll score a better rate if you're healthy and get a medical exam). Most policies include three living benefit riders—a rare benefit—so if they appeal to you, Nationwide may be your best bet. If you're set on getting a term life insurance policy from one of the top-rated life insurance companies, check out Protective. It rises above most competitors—just be aware that its customer satisfaction ratings are low. Also consider MassMutual for convertible term policies and Mutual of Omaha for return-of-premium policies. Banner is another favorite, and its term pricing is on par with Protective's, but it comes with limited rider options. Shoppers for whole life insurance should pay attention to New York Life, our all-around favorite for that kind of policy, and Penn Mutual, which excels when it comes to dividends. Life insurance can be divided into two main types: term and permanent, or cash value life insurance. Term life insurance policies only provide coverage for a certain period of time, such as 30 years.Permanent insurance is designed to offer coverage for your entire life. Two common types of permanent life insurance include whole life and universal life. Term life insurance is often the easiest to buy: If you're healthy and under 50, you could get a 20-year term policy online in minutes. But if you need a permanent policy that will cover you for your entire life, you're 50 or older, or are in poor health, be prepared to speak to an agent and for a longer application process (which may include a medical exam). "After getting engaged in 2019, I decided to get life insurance so that my partner would be covered if anything ever happened to me. I chose a whole life policy after reviewing all of the types because I liked the idea of being fully covered until death and not just until a certain age (like you get with a term policy). The ability to access the cash value in the future, if I ever needed or wanted it, also appealed to me. Now, years later, I simply pay my premium every January and can live my life knowing my partner will be financially secure if something ever happens to me." —Hilarey Gould, Editorial Director for Financial Products and Services at Investopedia UL is more affordable than whole life, but you may need to increase your premium payment in the future if the cash value doesn't perform as expected and/or you don't make sufficient premium payments. Most permanent policies have a surrender period, during which time you’ll pay asurrender charge for withdrawing from the cash value or canceling the policy. Ask how long the surrender period is on any cash value life insurance you might buy. IUL policies can be attractive if you want the potential for stock market gains but want to avoid losses. Just be aware that if the index doesn’t perform well enough, interest credited could be insufficient to keep up with policy expenses and your premium could increase. While variable life products can be a tax-advantaged way to invest in the stock market, the cash value is not protected from market losses. This means if your investments underperform, you could be required to increase premium payments or the policy could lapse. What's more, variable policies that lapse may result in severe tax consequences. With so many kinds of life insurance, it can be hard to figure out which one to choose. It helps to start by thinking about what you want the policy for and who you want to benefit. For example, do you want life insurance mainly to help replace your income for your family if you die? Is it so you can create an inheritance for your heirs? Or do you just want to cover your funeral expenses? Other factors to consider: If you get group life insurance through your employer, you usually don't have a choice of providers. But if you want more coverage, or you don't have an employer-provided plan, you'll need to buy it on your own. To choose the right life insurance company for you, consider financial strength, customer complaints, customer satisfaction, available policy types, available and included riders, and ease of application. Then, collect quotes among your top picks and compare life insurance rates. Doing this homework will ensure that when you buy life insurance, you've chosen a company that offers the life insurance options that suit your needs and will be there when your family needs it. If you’re healthy, choose a company that requires a medical exam or offers an accelerated underwriting process (meaning, the company will examine your medical history but won't require an exam). This means the insurance company will take your health conditions into consideration, which could significantly reduce your life insurance cost. Term life insurance can cost as little as $13 per month, on average, for a $250,000 30-year policy for a healthy 25-year-old. Or, the same policy could cost around $400 for a 65-year-old smoker. The monthly cost of whole life insurance for the same amount of coverage is over $100 per month for a healthy 25-year-old, and almost $1,000 for a 65-year-old smoker. Life insurance companies determine how much you'll pay through the application process, during which they consider factors such as your age, health, occupation, and location. Older applicants and those in poor health pay the most for life insurance, which is why it often makes sense to apply while you're younger and healthier. *Life insurance quotes above are examples only and were collected for 30-year $250,000 term life insurance policies for non-smoking males and females ages 25, 40, and 55 in excellent health. Haven Life has stopped selling policies: As of Jan. 12, 2024, you can no longer buy a new policy from Haven. The company's parent, MassMutual, has always issued and managed Haven's policies, and that will continue once the Haven brand is discontinued this spring. Only one-third of millennials have life insurance: Some members of this generation are turning 40, and have families and debts such as mortgages, student loans, and credit cards. Yet only 34% have bought life insurance, according to a Mutual of Omaha survey. The same study found that only 41% of baby boomers are insured. Many Americans don't think they have enough life insurance: Nearly half of Americans are either without life insurance or don't carry enough coverage, according to the 2023 Insurance Barometer Study by LIMRA, which stands for the Life Insurance Marketing and Research Association. According to the study, nearly 70% of Americans who have a life insurance policy feel confident in their financial security, while the number drops to less than half for people without life insurance. The largest groups saying they don't have enough coverage include Gen Z and Millenials, women, and Black and Hispanic people. Life insurance is a contract in which you agree to make payments to the insurance company while you are alive. In return the insurance company guarantees it will pay a sum of money to your beneficiaries when you die. Term life insurance only lasts for a certain amount of time—for example, 20 years. If you don't die during that time, your beneficiaries get nothing. Permanent life insurance, such as whole life or universal life, lasts your whole life—but the premiums are much higher than for term life. Permanent life insurance also has a cash value component, which is kind of like a savings account that you can withdraw from or take loans against while you're alive. Life insurance covers death from natural causes, illness, accidents, suicide, and hom*ocide if you pass away while the policy is in force. The money is paid out tax-free, and beneficiaries can use it for whatever purpose they choose. Insurers may deny a claim in certain circ*mstances—for instance, if a beneficiary is involved in the homicide of the insured. They also often exclude coverage for death by suicide if it happens within a certain period, such within the first two years of a policy. Some providers deny claims for deaths caused by risky activities such as skydiving as well. Finally, beneficiaries may not get a payout if you lie or omit information on your application, or if you don't keep up with payments for the policy. Not everyone needs life insurance. If you have enough money to pay for your final expenses and you don't have dependents, you don't really need it. But certain other groups of people can benefit from having life insurance. If you have a spouse or children, you may want life insurance so that they can continue to have the same quality of life once they no longer have your income stream. You may want it to ensure your children have money for college, too. Homeowners should have enough insurance to pay off the mortgage. And business owners are advised to get life insurance to clear business debts and help any remaining owners ensure business continuity. The main downside of life insurance is the cost. Your policy will charge you monthly premiums, which are another expense for your budget. The price depends on your age, health, lifestyle, and the amount of coverage you buy. If you stop paying, you lose your coverage. Another downside of life insurance is that you might pay these costs without getting anything back. Temporary term life insurance policies have a set expiration date. If you live past the expiration date, your coverage ends. In other words, you’ve paid for life insurance without getting any payout for your heirs. Finally, you must qualify to buy life insurance. You will owe a larger premium if you have health issues or risky hobbies. If the insurance company decides these risks are too high, you might be denied the chance to buy a policy. Life insurance costs are largely influenced by the type of coverage you get, and your age and health when you buy the policy. You can get a more affordable life insurance policy if you choose term life insurance over permanent. You'll only get coverage for a set amount of years, but that may be all you need. Buy the policy as soon as you need it instead of waiting, because rates are better for younger applicants. If you're healthy, you're better off getting a policy that requires a life insurance medical exam, as those policies offer better rates for healthy applicants. And finally, skip add-on benefits known as riders that you don't need. If you outlive your term life insurance policy, your coverage ends. Term life insurance is temporary life insurance. It only lasts a set period, such as five or 20 years. If you live past this point, you lose your coverage. However, you may have some options to stay covered past the end of the term. First, some insurers allow you to renew and extend your term life insurance without a medical exam. The price will be higher when you renew than when you first bought the term life insurance because you will be older. You may also be able to convert your temporary term life insurance into a permanent policy with no expiration date. Finally, you could try applying for a brand-new policy. If you don’t use one of these three options, you will no longer have life insurance after outliving your term policy. We researched and reviewed 88 companies to find the best 12 companies you see above on this list. Below are the companies we researched, along with links to individual company reviews to help you learn more before making a decision. Those that didn't make our list may have had fewer policy types and features, worse financial stability ratings, lower customer experience ratings, fewer riders and living benefits, or higher rates. AAA Life Insurance, AARP Life Insurance, Aflac Life Insurance, AIG Life Insurance, Allianz Life Insurance, Allstate Life Insurance, American Amicable Life Insurance, American Fidelity Life Insurance, American Heritage Life Insurance, American Income Life Insurance, American National Life Insurance,Americo Life Insurance, Ameritas Life Insurance, Assurity Life Insurance, Bankers Life Insurance, Banner Life Insurance, Bestow Life Insurance, Boston Mutual Life Insurance, Brighthouse Life Insurance, Cincinnati Life Insurance, TruStage Life Insurance, Colonial Life Insurance, Colonial Penn Life Insurance, Columbian Financial Group Life Insurance, Columbus Life Insurance, Combined Life Insurance, Companion Life Insurance, Equitable Life Insurance, Erie Life Insurance, Ethos Life Insurance, Farm Bureau Life Insurance, Farmers Life Insurance, Fidelity Life Insurance, Foresters Life Insurance, Forethought Life Insurance, Freedom Life Insurance, Gerber Life Insurance, Globe Life Insurance, Guardian Life Insurance, Haven Life Insurance, John Hanco*ck Life Insurance, Kansas City Life Insurance, Kemper Life Insurance, Ladder Life Insurance, Lafayette Life Insurance, Liberty National Life Insurance, Lincoln Financial Life Insurance, Lincoln Heritage Life Insurance, Lumico Life Insurance, ManhattanLife Insurance, MassMutual Life Insurance, MetLife Insurance, Midland National Life Insurance, Minnesota Life Insurance, Mutual of Omaha Life Insurance, National Life Insurance, Nationwide Life Insurance, New Era Life Insurance, New York Life Insurance, North American Life Insurance, Northwestern Mutual Life Insurance, Ohio National Life Insurance, Pacific Life Insurance, Pan American Life Insurance, Penn Mutual Life Insurance, Physicians Mutual Life Insurance, Primerica Life Insurance, Principal Life Insurance, Protective Life Insurance, Prudential Life Insurance, Reliance Standard Life Insurance, Sagicor Life Insurance, SBLI Life Insurance, Securian Life Insurance, Senior Life Insurance, Southern Farm Bureau Life Insurance, The Standard Life Insurance, State Farm Life Insurance, Sun Life Insurance, Symetra Life Insurance, Texas Life Insurance, The Hartford Life Insurance, Thrivent Life Insurance, Transamerica Life Insurance, United Life Insurance, Unum Life Insurance, USAA Life Insurance, Voya Life Insurance, Western & Southern Life Insurance Investopedia launched in 1999, and has been helping readers find the best life insurance companies since 2020. We are dedicated to helping you find the right life insurance provider for your needs. In order to compile our list of the best life insurance companies, we developed a comprehensive life insurance methodology. We started off by researching what consumers want from life insurance companies, and for that, we looked to third-party consumer studies, including J.D. Power’s 2022 Individual Life Insurance and Annuities studies and the 2022 Insurance Barometer Study, by Life Happens and LIMRA. With those findings in mind, we spent three months digging up information about more than 55 features on 88 life insurance companies, including ratings for financial strength by AM Best, customer satisfaction, and individual customer complaints reported to insurance state commissioners and recorded by the NAIC (National Association of Insurance Commissioners). We also considered years in business, cost, online tools, no-medical-exam options, policy types and features, and available riders. NAIC Methodology: We considered each company's NAIC complaint index for its life insurance business by averaging those NAIC complaint index values over the three years (2021, 2020, and 2019). Our review process gave preference to companies with superior financial stability, few customer complaints, and a robust suite of products and resources. In particular, we valued online quoting and application tools, transparent pricing, and no-exam policy options. Companies received ratings boosts if customer service was accessible via features like live chat. We ranked each company according to the following categories and weights: Costs were evaluated by collecting term life insurance quotes for 25-, 40-, and 55-year-old male and female non-smokers in excellent health for 30-year $250,000 term life policies. We used Compulife data available through Term4sale.com. We compared individual offerings between companies by delving deeper into product specifics, including maximum coverage amounts, maximum issue ages, included riders (in particular, the number and type of living benefits available at no upfront cost) , and product-specific application processes. We used this research to determine the best companies for different products, consumer groups, and use cases. Of the companies we considered, those with the greatest financial stability, fewest complaints, lowest cost, most generous benefits, easiest application process, most generous no-medical-exam options, and widest available features scored the highest across categories. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. NAIC. "Nationwide Life Ins Co National Complaint Index Report." NAIC. "Protective Life Ins Co National Complaint Index Report." J.D. Power. “Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds.” NAIC. "Massachusetts Mut Life Ins Co National Complaint Index Report." U.S. Department of Labor. "US Department of Labor Reaches Settlement With United of Omaha Life Insurance Co. to Reform Its Evidence of Insurability Practices." NAIC. "Guardian Life Ins Co Of Amer National Complaint Index Report." J.D. Power. "Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds." Rogowski v. State Farm. "Welcome to the Rogowski v. State Farm Settlement Website." Niewinski v. State Farm. "Welcome to the Website for the Niewinski v. State Farm Litigation." NAIC. "New York Life Ins Co National Complaint Index Report." NAIC. "Life Insurance Market Share." Mutual of Omaha. "Many Millennials Hitting 40 Without Life Insurance." LIMRA. "Life Insurance Awareness Month 2023."11 Best Term, Whole, and No-Exam Life Insurance Companies for April 2024
Best Overall :Nationwide
Best Term Life Insurance :Protective
Best Convertible Term Life Insurance :MassMutual
MassMutual stands out for a number of reasons. It has an A++ (Superior) financial rating from AM Best. This is the highest rating a company can receive and indicates a “superior” ability to pay claims. MassMutual’s dividend-paying history also adds to its clout: Every year since 1869, eligible policyholders have received life insurance dividends. In 2024, MassMutual plans to pay $2.2 billion in dividends, which is its largest payout ever. Plus, the company has received far fewer complaints than expected for a company of its size, according to the NAIC, and offers a wide range of policy types.Best Return-of-Premium Term :Mutual of Omaha
Great Traditional Insurer :Guardian
Best for Military :USAA
Great for Dividends and No-Medical Exam Life Insurance :Penn Mutual
Cheapest Term Premiums :Banner by Legal & General
Best for Customer Satisfaction :State Farm Life Insurance
State Farm has earned the #1 spot in J.D. Power's customer satisfaction rankings for life insurance for the past four years.Best Whole Life Insurance :New York Life
Largest Life Insurance Company :Northwestern Mutual
Compare the 11 Best Term, Whole, and No-Exam Life Insurance Companies for April 2024
Best For Nationwide Best Overall A+ $26.25/month Final Expense, Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote Protective Best Term Life Insurance A $22.92/month Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote MassMutual Best Convertible Term Life Insurance A++ $26.97/month Term, Universal (UL), Variable Universal (VUL), Whole No Get A Quote Mutual of Omaha Best Return-of-Premium Term A+ $28.38/month Final Expense, Indexed Universal (IUL), Term, Universal (UL) Yes Get A Quote Guardian Great Traditional Insurer A++ $27.47/month Term, Universal (UL), Whole Yes Get A Quote USAA Best for Military A++ $26.86/month Term, Universal (UL), Whole No Get A Quote Penn Mutual Great for Dividends and No-Medical Exam Life Insurance A+ $23.92/month Term, Universal (UL), Variable Universal (VUL), Whole Yes Get A Quote Banner by Legal & General Cheapest Term Premiums A+ $22.92/month Term, Universal (UL) No Get A Quote State Farm Life Insurance Best for Customer Satisfaction A++ $35.24/month Final Expense, Term, Universal (UL), Whole Yes Get A Quote New York Life Best Whole Life Insurance A++ N/A Term, Universal (UL), Variable Universal (VUL), Whole No Get A Quote Northwestern Mutual Largest Life Insurance Company A++ N/A Term, Universal (UL), Variable Universal (VUL), Whole No Get A Quote The Bottom Line
What Are the Types of Life Insurance?
Best Term Life Insurance Companies Protective Best Overall Banner by Legal & General Best for Cheap Insurance Mutual of Omaha Best for Living Benefits MassMutual Best for Financial Stability Best Whole Life Insurance Companies New York Life Best Overall Nationwide Best for Living Benefits Guardian Best for High Issue Age MassMutual Best Traditional Insurer Mutual of Omaha Best for Burial Insurance Penn Mutual Best for Dividends State Farm Best for Customer Satisfaction Northwestern Mutual Best for Financial Stability Best No-Medical-Exam Life Insurance Companies Nationwide Best Overall Guardian Best for Financial Stability Penn Mutual Best for High Coverage Pacific Life Insurance Fewest Complaints Which Type of Life Insurance Is Right for You?
How to Choose the Best Life Insurance Company
How Much Does Life Insurance Cost on Average?
Average Life Insurance Cost Per Month ($250,000, 30-year term policy) Company 25 years old (average) 40 years old (average) 55 years old (average) Nationwide $20.89 $28.88 $99.97 MassMutual $18.15 $29.58 $122.46 Protective $16.06 $25.66 $107.12 Banner $16.07 $25.71 $107.91 Mutual of Omaha $19.68 $31.39 $137.39 Guardian $19.53 $31.65 $110.49 USAA $20.82 $30.09 N/A Lincoln Financial $17.25 $26.36 $114.05 Penn Mutual $16.78 $26.48 $110.38 Transamerica $16.99 $35.70 $128.68 Life Insurance News
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Companies We Reviewed
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Guide to Life Insurance