The best life insurance company for you depends on a number of factors, including your age, gender, overall health profile, and financial needs. Our evidence-based ratings and recommendations will get you started, but a Policygenius agent can help you find the right life insurance coverage for you.
Best overall life insurance: Banner Life
Banner Life offers affordable premiums for people with one or two mild and well-controlled health conditions, as well as people who may have a pre-existing condition, or even those who use tobacco. It also offers an affordable no-medical-exam life insurance option to people who qualify.
Cheapest life insurance: Banner Life
Banner Life also offers some of the cheapest life insurance rates on the market across many health classifications, which makes it an affordable option for people with a wide array of health profiles.
Best term life insurance: Banner Life
Term life insurance is the most popular coverage choice for most people; it’s affordable, easy to maintain and understand, and only lasts for as long as you need it. Banner Life offers competitive term rates and a variety of term lengths — including options up to 35 and 40 years, which are relatively uncommon in the life insurance industry.
Best life insurance for smokers: Banner Life
If you consume tobacco, life insurance costs two to three times more than it does for other people because nicotine has known negative health effects. But every insurer weighs the risk of smoking differently. Banner Life offers the cheapest rates to smokers — and you’ll be able to apply for lower premiums after a year if you quit smoking, whereas other insurers won't offer non-smoker rates for two years or more after you quit.
Best whole life insurance: MassMutual
Whole life insurance is a type of permanent life insurance that lasts for your entire life and has a cash value component in addition to the traditional death benefit that can be used for savings and investment — but it is considerably more expensive than term life.
MassMutual pays higher dividends to its whole life policyholders than many competitors. It offers several additional permanent life insurance products as well, including universal and variable universal life insurance policies.
MassMutual has high customer experience ratings compared to other carriers and consistently receives high third-party financial stability ratings, which is especially important when purchasing a lifelong policy.
Best no-medical-exam life insurance: Brighthouse Financial
No-exam life insurance policies let you skip the standard life insurance health test and use past health records instead to set your rates. Brighthouse Financial’s SimplySelect Term is a Policygenius-exclusive product that has been selected by Forbes as one of the best no-exam options on the market. You’ll complete a health interview over the phone, and your policy can go into effect in as little as a few days.
Best life insurance for young adults: Brighthouse Financial
Buying life insurance when you’re younger could save you money, since premiums typically increase by 4.5% to 9% every year you age. For people in their 20s, 30s, and 40s, Brighthouse Financial offers some of the most affordable and convenient policies on the market. The company also features one of the best overall policies for young adults age 25 and up, including quick approvals, no-medical-exam options, and affordable premiums.
Best life insurance for seniors: Prudential
Our top pick for life insurance for seniors is Prudential. The older you are, the higher your premiums for life insurance coverage are likely to be. But some insurers, like Prudential, offer more competitive rates to people age 60 and above than others.
Prudential offers the most flexibility for people with health conditions associated with older age. Individuals with osteoporosis or other aging-related health issues, for example, can qualify for lower premiums with Prudential than with other insurers.
The company also offers more flexible income requirements than other insurers, making it easier for retirees to get the amount of coverage they need.
Best life insurance for families: Corebridge Financial
From covering children to applying while pregnant, families have specific life insurance needs. Corebridge Financial (formerly AIG Life & Retirement) offers a customizable child rider, which is an optional add-on that pays a small death benefit if any of your children die while your policy is active. You can add anywhere between $500 and $25,000 of coverage in addition to your policy to cover any children.
Corebridge is also good for people who are applying while pregnant. It will consider your application at any stage of pregnancy as long as there are no complications, while other companies might postpone applications during the second or third trimester until after delivery.
Best life insurance for people with pre-existing conditions: Lincoln Financial
While several factors including your age, gender, lifestyle, and health will determine your rates and options, having a pre-existing medical condition shouldn’t disqualify you from getting life insurance. Further, some companies might offer you better coverage than others depending on your specific condition.
Lincoln Financial offers better rates than other insurers to people with pre-existing conditions. Across the board, Lincoln Financial’s rates are consistently lower than the industry standard for people in their 40s and 50s — ages where pre-existing conditions are more common.
Best life insurance for visa and green card holders: Transamerica
Visa and green card holders in the United States are eligible for life insurance, but some insurers might be a better fit for them depending on their status and personal situation.
Transamerica is also one of the only companies that does not necessarily require a Social Security number to apply for coverage — although it does require a visa and any visa-related forms specific to your specific status.
It offers affordable policies and the potential to bypass the medical exam based on the contents of your online health questionnaire.
Comparing the best life insurance companies of 2023
How to choose the best life insurance company
The best insurer for you might not be the best insurer for someone else. Your age, health, and ultimate needs for coverage are some factors to consider when shopping for life insurance to make sure your policy is the best fit for you.
How to choose the right type of life insurance
Term and permanent are the two main types of life insurance. Below are some of the most popular types of life insurance policies and their features.
What is the difference between term, whole, and universal life insurance?
Term life insurance only lasts for a set period of time — usually between 10 and 30 years — while whole life and universal life never expire. Term life offers basic financial protection to your loved ones if you die, while permanent policies like whole or universal can also be used as savings and investment tools while you’re alive thanks to their cash value component.
When shopping for life insurance, consider your coverage needs and choose the policy that works best for you. Then, look for a company the offers that policy at the best rates for your personal situation.
But you don’t have to go through that process alone! We’re here to help. At Policygenius, our agents can help you compare quotes from different insurance companies and apply with the insurer that offers you the right coverage at a price that works for you.
Does the company you choose impact the cost of life insurance?
The cost of life insurance is determined by the type of policy you choose, the coverage amount you apply for, and your own circumstances, like your health, age, family background, and lifestyle choices.
Life insurance is federally regulated, so no insurer can offer you any discounts on any policy — but each insurance company considers the different factors that will ultimately determine your premiums differently. So, yes — the company you choose will largely define how much you pay for your policy.
Banner Life, for example, is more lenient when it comes to considering tobacco use, while Pacific Life is particularly flexible for people with sleep apnea.
Below you’ll find average monthly estimated cost ranges from some of the best life insurance companies on the market. Cost estimates are for a 35-year-old female non-smoker with an average health shopping for a 20-year term life insurance policy with a $1 million payout. Working with an independent broker is the best way to get the most competitive premiums for your unique needs and personal circumstances.
$1 million coverage amount
Methodology: How we chose the best life insurance companies of 2023
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.