The 9 best life insurance companies of June 2023

9 Best life insurance companies of June 2023

Choosing a life insurance company might feel daunting, but you’re not alone — our comprehensive guide is here to help you in the process. We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.

• Best overall: Banner Life

• Cheapest: Banner Life

• Best term life insurance: Banner Life

• Best whole life insurance: MassMutual

• Best no-medical-exam life insurance: Brighthouse Financial

• Best for seniors: Prudential

• Best for families: Corebridge Financial

• Best for young adults: Brighthouse Financial

• Best for visa and green card holders: Transamerica

• Best for estate planning: MassMutual

• Best for people with pre-existing conditions: Lincoln Financial

• Best for smokers: Banner Life

• Best for marijuana users: Lincoln Financial

• Best for depression: Prudential

• Best for anxiety: Corebridge Financial

• Best for people with a history of cancer: Symetra

• Best for people with diabetes: Banner Life

• Best for people with sleep apnea: Corebridge Financial

• Best for customer satisfaction: Pacific Life

• Best for AM Best ratings: MassMutual

Methodology: How we chose the best life insurance companies of 2023

We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.

Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.

→ Read more about our reviews methodology here

Best overall life insurance: Banner Life

2023 Policygenius award winner

Banner Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.

Pros and cons

Pros

• Competitive rates for a variety of health conditions

• Fast instant-decision option for qualifying applicants

• Variety of term lengths up to 40 years

Cons

• Application underwriting can take longer than average

• Does not have the most competitive rates for older applicants

Read our full Banner Life review

Cheapest life insurance: Banner Life

2023 Policygenius award winner

Banner Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.

Pros and cons

Pros

• Competitive rates for a variety of health conditions

• Fast instant-decision option for qualifying applicants

• Variety of term lengths up to 40 years

Cons

• Application underwriting can take longer than average

• Does not have the most competitive rates for older applicants

Read our full Banner Life review

Best term life insurance: Banner Life

2023 Policygenius award winner

Banner Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.

Pros and cons

Pros

• Competitive rates for a variety of health conditions

• Fast instant-decision option for qualifying applicants

• Variety of term lengths up to 40 years

Cons

• Application underwriting can take longer than average

• Does not have the most competitive rates for older applicants

Read our full Banner Life review

Best whole life insurance: MassMutual

2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Get quotes

Why we chose it

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and cons

Pros

• Strong financial stability ratings

• Higher potential for dividends for whole life policyholders than many competitors

• Good customer experience ratings

Cons

• High term life premiums

• Term life not available through Policygenius

Read our full MassMutual review

Best no-medical-exam life insurance: Brighthouse Financial

2023 Policygenius award winner

Brighthouse Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Get quotes

Why we chose it

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and cons

Pros

• Extremely affordable

• Instant-decision applications

• Best-in-class no-med option

Cons

• Traditional term life not available in CA, IL, LA, ME, or NY

• Term life applicants limited to ages 25-50

Read our full Brighthouse Financial review

Best life insurance for seniors: Prudential

2023 Policygenius award winner

Prudential

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Get quotes

Why we chose it

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and cons

Pros

• Good for people over 60

• More flexible income requirements than some other insurers

• Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

• Younger applicants will likely find better prices elsewhere

• No-med option can end up requiring a medical exam most of the time

Read our full Prudential review

Best life insurance for families: Corebridge Financial

2023 Policygenius award winner

Corebridge Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

Get quotes

Why we chose it

With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating..

Pros and cons

Pros

• Competitive pricing for all ages

• Favorable underwriting for people with heart conditions and diabetes

• Good for current and recently pregnant people, including people with gestational diabetes

Cons

• Not the best for people with mental health conditions, including anxiety and depression

• No no-medical-exam term option

Read our full Corebridge review

Best life insurance for young adults: Brighthouse Financial

2023 Policygenius award winner

Brighthouse Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Get quotes

Why we chose it

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and cons

Pros

• Extremely affordable

• Instant-decision applications

• Best-in-class no-med option

Cons

• Traditional term life not available in CA, IL, LA, ME, or NY

• Term life applicants limited to ages 25-50

Read our full Brighthouse Financial review

Best life insurance for visa and green card holders: Transamerica

Transamerica

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Get quotes

Why we chose it

Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.

Pros and cons

Pros

• Competitive rates for term life insurance

• No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare

• One of the fastest turnaround times in the industry for traditionally underwritten term policies

Cons

• Term life not available in New York

• Not a good option for people with a history of cancer, alcohol abuse, or asthma

Read our full Transamerica review

Best life insurance for estate planning: MassMutual

2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Get quotes

Why we chose it

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and cons

Pros

• Strong financial stability ratings

• Higher potential for dividends for whole life policyholders than many competitors

• Good customer experience ratings

Cons

• High term life premiums

• Term life not available through Policygenius

Read our full MassMutual review

Best life insurance for people with pre-existing conditions: Lincoln Financial

2023 Policygenius award winner

Lincoln Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Get quotes

Why we chose it

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and cons

Pros

• Affordable rates

• Good for many existing health conditions, including depression, stroke, and heart conditions

• Good for marijuana users, including daily users

Cons

• Term life not available in New York

Read our full Lincoln Financial review

Best life insurance for smokers: Banner Life

2023 Policygenius award winner

Banner Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.

Pros and cons

Pros

• Competitive rates for a variety of health conditions

• Fast instant-decision option for qualifying applicants

• Variety of term lengths up to 40 years

Cons

• Application underwriting can take longer than average

• Does not have the most competitive rates for older applicants

Read our full Banner Life review

Best life insurance for marijuana users: Lincoln Financial

2023 Policygenius award winner

Lincoln Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Get quotes

Why we chose it

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and cons

Pros

• Affordable rates

• Good for many existing health conditions, including depression, stroke, and heart conditions

• Good for marijuana users, including daily users

Cons

• Term life not available in New York

Read our full Lincoln Financial review

Best life insurance for depression: Prudential

2023 Policygenius award winner

Prudential

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Get quotes

Why we chose it

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and cons

Pros

• Good for people over 60

• More flexible income requirements than some other insurers

• Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

• Younger applicants will likely find better prices elsewhere

• No-med option can end up requiring a medical exam most of the time

Read our full Prudential review

Best life insurance for anxiety: Corebridge Financial

2023 Policygenius award winner

Corebridge Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

Get quotes

Why we chose it

With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating..

Pros and cons

Pros

• Competitive pricing for all ages

• Favorable underwriting for people with heart conditions and diabetes

• Good for current and recently pregnant people, including people with gestational diabetes

Cons

• Not the best for people with mental health conditions, including anxiety and depression

• No no-medical-exam term option

Read our full Corebridge review

Best life insurance for people with a history of cancer: Symetra

2023 Policygenius award winner

Symetra

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.3

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Get quotes

Why we chose it

Symetra offers high coverage amounts, the option to reconsider rates after a year, and term life policies for people with a history of health conditions like cancer.

Pros and cons

Pros

• High coverage amounts based on income

• Best choice for people with a history of cancer

• Good term life option for people over 70

Cons

• Term rates are average for the industry, and many people will find their best rates elsewhere

• Not available in some states, including CA, FL, DC, DE, ND, and SD

Read our full Symetra review

Best life insurance for people with diabetes: Banner Life

2023 Policygenius award winner

Banner Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.

Pros and cons

Pros

• Competitive rates for a variety of health conditions

• Fast instant-decision option for qualifying applicants

• Variety of term lengths up to 40 years

Cons

• Application underwriting can take longer than average

• Does not have the most competitive rates for older applicants

Read our full Banner Life review

Best life insurance for people with sleep apnea: Corebridge Financial

2023 Policygenius award winner

Corebridge Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

30+ year terms

All 50 states

Get quotes

Why we chose it

With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating..

Pros and cons

Pros

• Competitive pricing for all ages

• Favorable underwriting for people with heart conditions and diabetes

• Good for current and recently pregnant people, including people with gestational diabetes

Cons

• Not the best for people with mental health conditions, including anxiety and depression

• No no-medical-exam term option

Read our full Corebridge review

Best life insurance for customer satisfaction: Pacific Life

2023 Policygenius award winner

Pacific Life

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Get quotes

Why we chose it

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.

Pros and cons

Pros

• Extremely affordable across age brackets

• Affordable guaranteed universal life insurance option for people who need lifetime coverage

• Favorable underwriting for many health conditions

Cons

• Traditional term life not available in NY

• There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy

Read our full Pacific Life review

Best life insurance for AM ratings: MassMutual

2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Get quotes

Why we chose it

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and cons

Pros

• Strong financial stability ratings

• Higher potential for dividends for whole life policyholders than many competitors

• Good customer experience ratings

Cons

• High term life premiums

• Term life not available through Policygenius

Read our full MassMutual review

Compare the best life insurance companies of 2023

Best overall: Banner Life

Banner Life scored a mention in three of the top 10 categories we include on our list of best life insurance companies. Banner Life offers affordable premiums for people who qualify for best rates, as well as people who may have a pre-existing condition such as diabetes or tobacco use.

The company offers a competitive no-medical-exam life insurance option to people who qualify, as well as a fully underwritten option with a medical exam. Banner Life also has high levels of financial security. The insurer is rated A+ according to AM Best, a rating agency that analyzes insurers based on their financial strength.

Cheapest life insurance: Banner Life

Life insurance is not a one-size-fits-all financial product, but in some cases, some insurance companies stand out for offering competitive rates across multiple types of policies and for a wide array of people. Our top pick for cheapest life insurance is Banner Life.

Banner Life has some of the most competitive rates on the market across many health classifications. This means that it can be an affordable option for people both with and without pre-existing health conditions.

Best term life insurance: Banner Life

Term life insurance is the most popular coverage option for most people — it’s affordable, comes with few tax limitations or restrictions, and only lasts for as long as you need it. Our top pick for the best term life insurance companies is Banner Life.

Coming in at the top overall, Banner Life makes our pick for best term life insurance due to competitive rates and a variety of term lengths — including term lengths up to 35 and 40 years.

→ Learn more about the best term life insurance companies of 2023

Best whole life insurance: MassMutual

Whole life insurance is a type of permanent life insurance that lasts for your entire life, has a cash value component in addition to the traditional death benefit that can be used for savings and investment. This type of life insurance is usually five to 15 times more expensive than term life.

Whole life is usually a good fit for people looking to use life insurance to diversify their investment portfolio or those with long-term financial obligations or coverage needs, like dependents who require lifelong care. Our top pick for the best whole life insurance company is MassMutual.

MassMutual pays higher dividends to its cash value policyholders than many competitors. The company offers several different 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.

→ Learn more about the best whole life insurance companies of 2023

Best no-medical-exam life insurance: Brighthouse Financial

No-medical-exam life insurance uses past health records instead of a physical exam to assess your health so you can get affordable life insurance faster. Our pick for no-med coverage is Brighthouse Financial.

Brighthouse Financial’s prices are comparable to other companies (and sometimes cheaper), and death benefits are available up to $3 million. With Brighthouse Financial, you’ll complete a health interview over the phone, and your policy can go in force in as little as a few days.

Best life insurance for seniors: Prudential

The older you are, the more you’ll likely pay for life insurance coverage, but some insurers offer more competitive rates to people age 60 and above than others. Our top pick for life insurance for seniors is Prudential.

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. Our top pick for life insurance for families is Corebridge Financial (formerly AIG Life & Retirement).

Corebridge Financial is highly competitive when it comes to price. It also offers a customizable child rider, which is an optional add-on that pays a small death benefit if any of your children dies 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, making sure your whole family is covered.

Corebridge is also favorable 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.

→ Read more about family life insurance

Best life insurance for young adults: Brighthouse Financial

The younger you are when purchasing life insurance, the cheaper your rates will be — each year you delay buying a life insurance policy, your premiums increase by 4.5% to 9% on average.

Young adults can find the most affordable rates — especially if they have few health conditions — but some insurers are more competitive than others. Our top pick for life insurance for young adults is Brighthouse Financial.

For people in their 20s, 30s, and 40s, Brighthouse Financial offers some of the most affordable and convenient coverage options on the market. The company features one of the best overall life insurance products for young adults age 25 and up — it offers quick approvals, no-medical-exam options, and affordable premiums.

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. Our top pick for life insurance for non-US citizens is Transamerica.

Transamerica offers coverage for people with a variety of different types of visas, as well as green card and conditional green card holders.

Transamerica is one of the only companies that does not necessarily require a Social Security number to apply for coverage, either — although they do require a visa and any visa-related forms specific to your specific status.

They offer competitively priced policies and the potential to bypass the medical exam based on the contents of your online health questionnaire. 

Best life insurance for estate planning: MassMutual

Depending on your needs and personal situation, a life insurance policy can be part of your estate planning strategy. If that’s your case, our insurer pick is MassMutual. 

MassMutual is an AM Best A++ rated insurer that pays higher dividends to its cash value policyholders than many competitors, making it a good pick for tax-deferred wealth strategies like planning for retirement. 

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 won’t disqualify you from getting life insurance.

Further, some companies might offer you better coverage than others depending on your specific condition. Our top pick for life insurance for people with pre-existing conditions is Lincoln Financial. 

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 industry standard for people in their 40s and 50s — ages where pre-existing conditions are more commonplace.

Best life insurance for smokers: Banner Life

If you smoke cigarettes, chew tobacco, or use e-cigarettes, life insurance costs two to three times more than it would otherwise. That’s because life insurance companies set your premiums based on medical history and lifestyle risks, and nicotine has known negative health effects.

But not every insurance company weighs the risk of smoking the same way. Our top pick for life insurance for smokers is Banner Life.

Smokers will always pay more for life insurance than non-smokers for comparable policies, but Banner Life offers the most competitive rates to smokers among Policygenius’ partners. You’ll also be able to apply for lower premiums after a year if you quit smoking, whereas some other insurers do not offer non-smoker rates for two years or more.

Best life insurance for marijuana users: Lincoln Financial

Recreational and medical marijuana users can get life insurance, but frequent users may pay more for coverage.

Your specific needs and circumstances will determine the kind of policy and rate you can get, but some companies consider marijuana use more favorably when setting premiums than others. Our top pick for life insurance for marijuana users is Lincoln Financial.

Lincoln Financial can offer some of the best rates to people who occasionally use marijuana. They can even offer non-smoker rates for daily users, provided they have a clean motor vehicle report and no history of drug use concerns.

Best life insurance for depression: Prudential

If you have a mental health condition, you might be worried you’ll be denied coverage. However, while your mental health condition might determine the kind of policy you can qualify for, it won’t automatically disqualify you from getting life insurance.

Some companies even offer more competitive options than others for specific mental health conditions like depression and anxiety. Our top pick for life insurance for people with depression is Prudential.

For mental health conditions that are moderate to severe, Prudential is more likely to offer a more favorable health rating than other insurers, including depression. It also tends to offer more affordable rates even if you have more than one mental health condition.

And if your condition is mild and well-controlled, Prudential may offer you even the best rates — as long as you otherwise qualify for coverage.

Best life insurance for anxiety: Corebridge Financial 

Corebridge Financial is one of the most accommodating insurers for people with anxiety. The company can offer you some of the best rates even if you are on up to two different medications to treat your condition, assuming you otherwise qualify for coverage.

Best life insurance for people with a history of cancer: Symetra

While a cancer diagnosis might make it more challenging to get approved for life insurance, you have coverage options. The type of coverage and policy you’ll be eligible for will depend on several factors, including the type of cancer and how it has reacted to treatment. Our top pick for life insurance for people with a history of cancer is Symetra.

Symetra offers comparatively low rates to people who have had early-stage breast, cervical, colon, prostate, skin, testicular, or thyroid cancer. To be eligible for rates usually reserved for people in very good health or minor health conditions (which means getting some of the best possible premiums), you cannot have had any recurrences.

Best life insurance for people with diabetes: Banner Life

Because most insurers see a diabetes diagnosis as a health risk, life insurance is often pricier for people with diabetes than it would be for someone of the same background who doesn’t have this condition.

Not only does having diabetes not disqualify you from getting life insurance, but people with diabetes have many coverage options. Our top pick for life insurance for people with diabetes is Banner Life.

Banner Life is a good option if you have either type 1 or type 2 diabetes. It has competitive pricing across all health classifications when compared to other companies.

For type 2 diabetes, Banner can offer rates usually reserved for people in otherwise good health if your condition was diagnosed at or after age 50, and your blood sugar levels are well-controlled. 

Best life insurance for people with sleep apnea: Corebridge Financial

You may pay more for life insurance if you have a sleep apnea diagnosis because it’s associated with health risks like heart disease. However, if you have a long history of steady treatment and a mild diagnosis, you can still find the coverage you need at an affordable price — if you work with the right insurance company.

Our top pick for life insurance for people with sleep apnea is Corebridge Financial. Corebridge Financial offers competitive life insurance coverage to people with sleep apnea. People with mild sleep apnea can even qualify for best rates.

Corebridge also has a quicker average turnaround compared to other insurers, which can result in a more seamless application process.

Best life insurance for customer satisfaction: Pacific Life

Customer satisfaction plays a key role in choosing an insurer — buying life insurance can be a long-term commitment, so you’ll want to pick a life insurance company with the best possible customer service.

To select the best life insurance companies for customer satisfaction, we used a combination of J.D. Power’s 2022 U.S. Individual Life Insurance Study and the National Association of Insurance Commissioners (NAIC) complaint index. Our top pick for customer satisfaction is Pacific Life.

Pacific Life has an industry-low level of customer complaints in the NAIC complaint index, and it also scored a high 793 on a 1,000-point scale in J.D. Power’s 2022 U.S. Individual Life Insurance Study, which analyzed insurers by their communication, interaction with customers, price of their policies, product offerings, and statements. 

Best life insurance for AM Best ratings: MassMutual

AM Best is a credit rating agency that rates insurance companies’ ability to meet their financial commitments to customers. Any insurance company rated A or higher by AM Best is a good option when it comes to financial strength.

Policygenius only offers policies from insurers that have an AM Best rating of A- (Excellent) or better. Our top pick for AM Best ratings is MassMutual. 

MassMutual is rated A++ (Superior) according to AM Best. The company offers a variety of whole life and term life options.

Summary of the 9 best life insurance companies of June 2023

Company	Policygenius rating	Best for
Banner Life	4.9/5	Overall, term life, cheapest, smokers	Get quotes
Brighthouse Financial	5/5	No-medical-exam, young adults	Get quotes
Corebridge Financial	4.6/5	Families, anxiety, sleep apnea	Get quotes
Lincoln Financial	4.8/5	Pre-existing conditions, marijuana users, depression	Get quotes
MassMutual	4.9/5	Whole life, AM Best ratings	Get quotes
Pacific Life	4.8/5	Customer satisfaction	Get quotes
Prudential	4.1/5	Seniors	Get quotes
Transamerica	4.6/5	Visa & green card holders	Get quotes
Symetra	4.3/5	Cancer	Get quotes

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Our methodology

We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars.

Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Life Insurance Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.

What is life insurance?

Life insurance is a type of insurance that provides financial protection to your beneficiary (in many cases, your family or loved ones) in the event of your death.

If you have people who depend on you financially or outstanding debts that would fall on your loved ones if you died, then you likely need life insurance.

How does life insurance work?

Life insurance is an agreement between you — the policyholder — and the insurance company, providing that as long as you make regular payments for your policy, the insurance company will pay out the death benefit to your beneficiary if you die while your policy is active.

→ Read more about how life insurance works

Do I need life insurance?

If you have people who depend on you financially or outstanding debts that would fall on your loved ones if you died, then you likely need life insurance.

→ Read more about who needs life insurance

What does life insurance cover?

Life insurance covers nearly every kind of death, including death by illness or accidents.

→ Read more about what is covered by life insurance 

What does life insurance not cover?

Life insurance generally does not cover suicide during the first two years a policy is active. In cases of insurance fraud — if you lie or misrepresent yourself on your application with the goal of getting a cheaper rate, for example — the life insurance company may not pay out the death benefit.

→ Read more about what kind of deaths are not covered by life insurance

Is life insurance worth it?

If you have people who are dependent on your income, life insurance is worth it in most cases. 

The best way to find out if a life insurance policy meets your coverage and financial needs is to work with an independent broker. At Policygenius, our brokers are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice tailored to your personal situation.

→ Read more about why life insurance is worth it

Five common types of life insurance policies

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.

Term life insurance

Term life insurance is one of the most popular types of life insurance because it’s affordable, lasts only as long as you need it, and comes with few tax restrictions and limitations. It provides protection during the years where you have the most financial responsibility and earning potential — most people choose terms that last between 10 and 40 years.

Permanent life insurance

Permanent life insurance is a type of life insurance that doesn’t expire. Most permanent policies have a savings-like cash value that earns interest over time.

Whole life insurance

Whole life insurance is a type of permanent life insurance. It lasts as long as the premiums are paid and has a cash value component that grows at a low interest rate set by your insurer.

No-medical-exam life insurance

No-medical-exam life insurance usually refers to term policies that don’t require you to take a medical exam for approval. Typically, they require a health interview instead, which is completed online or over the phone. The insurer takes a look at past health records in order to determine your rates.

Universal life insurance

Universal life insurance is a type of permanent life insurance that allows you to increase or decrease how much you pay toward premiums once you’ve accumulated a cash value. If you elect to decrease how much you spend on premiums, the difference is instead withdrawn from the cash value

What is the difference between term, whole, and universal life insurance?

Term life insurance is set for a designated amount of time (usually between 10 and 30 years), while whole and universal life insurance are types of permanent policies. They don’t expire and last your whole life as long as you pay the premiums.

Universal life insurance allows you to adjust how much you pay toward premiums after you accumulate a cash value, whereas whole life insurance has a fixed premium.

→ Learn more about the five most common types of life insurance

How much does life insurance cost?

Your life insurance policy’s premiums are determined by your policy details, including the type of policy and coverage amount, and your own circumstances, like your health, age, family background, and lifestyle choices.

Below you’ll find average monthly estimated rates for some of the most common life insurance policies. Working with an independent broker is the best way to get the most competitive premiums for your unique needs and personal circumstances.

Term life insurance rates by age

Methodology: Average estimated monthly cost range is based on internal actuarial rate tables for 11 life insurance carriers that offer policies through the Policygenius marketplace (Banner Life, Brighthouse Financial, Corebridge Financial, Foresters, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra and Transamerica). Prices represent the average monthly life insurance premium for male non-smokers in a Preferred health classification, buying a 20-year, $250,000, $500,000 and $1,000,000 term life policy. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. Rate illustration valid as of 06/01/2023.

Whole life insurance rates by age

Methodology: Average estimated monthly rates are calculated for non-smokers in a Standard health classification, obtaining a whole life insurance policy from MassMutual. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 06/01/2023.

No-medical-exam life insurance rates by age

Methodology: Average estimated monthly rates are calculated for male non-smokers at a Preferred health classification, obtaining a 20-year, $250,000, 500,000, and $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Foresters Financial, Transamerica, and Lincoln Financial. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2023.

→ Read more about life insurance rates

How to choose the best life insurance company

The best life insurance company for you might not be the best life insurance company 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.

Consider any health conditions

Not all life insurance companies treat all health conditions the same way when it comes to setting rates. It’s important to consider your unique health profile when shopping for a policy because you could end up paying much cheaper premiums with one insurance company than another.

Consider your age

Age is one of the biggest factors that influence your life insurance rates. Age can also impact what types of life insurance options are available to you because we all become riskier to insure as we get older. For example, no-medical-exam options for seniors can be limited because insurance companies want to minimize risk.

→ Learn more about finding the right life insurance for your age or life situation

Explore policy options & riders

It’s crucial that your life insurance coverage fits comfortably into your budget. This way, you’ll be able to continue paying premiums to make sure your coverage remains active and your policy does not lapse.

Not all riders are cost-efficient, so working with a non-commissioned agent or independent broker can be helpful if you’re considering which riders might be useful for you, if any. For example, some people look for add-ons like a child rider to cover their children. In this case, the best life insurance company for you will offer you options to add this feature.

It's also important to know that not every type of policy (and not every life insurance company) is available in every state. So while where you live won’t affect the rates you pay, it can affect your life insurance options.

Consider the company’s financial strength

Arguably the most important piece of choosing your life insurance company is knowing that they’ll be around and able to pay the death benefit to your beneficiary if you should pass away. Applying with a company that has strong financial ratings will help ensure this.

That doesn't necessarily mean choosing the biggest life insurance company, though larger insurers tend to have bigger cash reserves.

Consider customer satisfaction

Over the lifetime of your policy, you might need to change payment frequency, a beneficiary, or a number of other details on your paperwork. It’s important to have resources for customer service to make sure you’re up-to-date with your policy.

A company with strong customer satisfaction ratings can benefit you in this way. This is another reason why working with an independent broker like Policygenius can help you get access to support for the entire duration of your policy — not just when you apply.

Work with an independent broker

Working with an independent broker is a great way to compare your options and see which insurance company is the best for your personal situation. At Policygenius, our experts can take into account your goals for coverage as well as your health and your budget to provide a personalized recommendation.

Frequently asked questions

Who is the number one life insurance company in the United States?

The biggest life insurance company in the United States by market share is Northwestern Mutual, followed by New York Life, MetLife, and Prudential.

What is the best choice of life insurance?

Term life insurance is likely the best choice if your primary goal is to provide a financial safety net for your family in case they had to live without your income. 

If you’re looking to use life insurance to supplement your investment strategy and you’re already maximizing contributions to traditional investment accounts, or you have a need for permanent coverage like lifelong dependents, whole life insurance may be best for you. You can connect with a Policygenius expert or a financial advisor to learn more.

Which life insurance company has the highest customer satisfaction?

Based on J.D. Power’s 2022 U.S. Individual Life Insurance Study, top picks for customer satisfaction include State Farm, Globe Life, Mutual of Omaha, Northwestern Mutual, and Pacific Life.