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We’ve reviewed the top life insurance companies and created a guide to help you find the best one for your circumstances.
When you’re shopping for life insurance, you might be concerned about the policy more than the insurer. But finding the best life insurance company for your needs is just as important as choosing the right policy.
Our guide makes it easy for you to choose the best company and policy for your needs by laying out the best companies overall, the best term and best whole insurance companies, and the best companies for specific circumstances.
Choosing a life insurance plan to protect your loved ones after you’re gone is a big decision. Part of selecting the right plan is finding the right life insurance company. The choice depends on your individual circumstances and coverage needs. Each of these companies is reviewed based on their cost, consumer satisfaction, financial strength ratings, policy options, and ease of application.
Policygenius ranks each insurer using our own internal data, but every life insurance application is one of a kind — talking to a life insurance agent is the best way to find the best life insurance company and most competitive policy for you.
The best life insurance companies are competitively priced, offer robust coverage, and suit your life insurance needs. We’ve done the heavy lifting to figure out the best life insurance companies out there.
Term life insurance lasts for a set number of years, known as the term. If you die during the term, your beneficiaries will receive the policy’s death benefit. Term life insurance is usually the best option for most people.
For most people, the best term life insurance company is the one that provides the most affordable coverage. At Policygenius, we use your age and health profile to get your best possible life insurance quotes in real time. When you’re applying for life insurance, there shouldn’t be any surprises — our life insurance agents will show you quotes from the top insurance companies so that you can compare pricing and never pay more than you have to.
Below are sample quotes for healthy individuals applying for a 20-year, $750,000 term life insurance policy at ages 25, 35, and 45 years old. Quotes are from policies offered by Policygenius as of January 2021.
|LIFE INSURANCE COMPANY||GENDER||25 YEARS OLD||35 YEARS OLD||45 YEARS OLD|
|Banner (Legal & General America)||Female||$25.73||$31.08||$62.14|
|Mutual of Omaha||Female||$34.40||$39.56||$78.90|
How we got these rates: Sample premiums are for non-smokers with a Preferred health rating based in Columbus, Ohio; Life insurance averages are based on a composite of policies offered by Policygenius from AIG, Banner, Brighthouse, Lincoln, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI, and Transamerica and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 1/4/2021.
A term life insurance company you can rely on is financially stable, positively reviewed by its customers, and offers competitive coverage across the board. When you're shopping around for life insurance, you'll want to choose a term life insurance company with varied policy options — like temporary coverage and life insurance riders.
The best term life insurance companies offer a high enough coverage amount for your needs, which is the size of the death benefit, and a long enough term length, which is how long the policy lasts before it expires. Some insurance companies even offer an expedient underwriting process so you can get life insurance coverage before the typical four-to-six-week timeline.
Ultimately, a good term life insurance company is one you can rely on to protect your loved ones if you're no longer around to do so. Looking at the solvency, reliability, and breadth of offerings of each company before choosing one is the best way to ensure your family's financial protection.
Whole life insurance is a type of permanent life insurance. It doesn’t expire, and it has an investment-style cash value, which is a tax-deferred savings component that grows over time at a rate specified by your policy and insurer. Whole life can be a good option for people with complex financial situations, but because it’s catered toward people with particular circumstances, it also requires a policy that is designed to meet your needs.
Each life insurance company will offer you a different premium based on your age, health, and life insurance needs. Check out the graph below to get a sense of your whole life insurance options with Policygenius as of January 2021:
|LIFE INSURANCE COMPANY||TYPE OF POLICY||POLICYGENIUS RATING (OUT OF 10)||J.D. POWER RATING||BBB RATING||A.M. BEST RATING|
|AIG||Final expense insurance||8||742||A-||A|
|Mutual of Omaha||Final expense insurance||7||789||A+||A+|
|MassMutual||Traditional whole life insurance||6.7||769||B-||A++|
|Guardian Insurance||Traditional whole life insurance||6||743||A+||A++|
Costs for whole life insurance coverage are varied. Whole life insurance policies are highly individualized and are made to cover each person's specific needs.
A whole life policy is five to 15 times as expensive as a comparable term life policy, so most people choose whole life insurance for a specific reason — and you want to ensure those reasons are attended to. Like term life insurance, the best whole life companies are in good financial health, have positive customer ratings and have life insurance riders that offer supplemental protection. But the best whole life insurance companies also offer dividends, build cash value over time, and are highly customizable policies.
To get the right whole life insurance policy for your situation, opt for a company that offers coverage that fits into your budget, a strong cash value component, and safeguards against policy lapses.
The strongest whole life policies are usually from mutual companies (like MassMutual, Guardian or Northwestern Mutual) that pay dividends which increase the cash value, pay for the policy, or pay for retirement.
Methodology: The above quotes are based on life insurance policies offered by Policygenius in October 2020.
Every life insurance company approaches every situation differently, so the best life insurance company for one person may not be the right insurer for another. To simplify the buying process, we researched the best life insurance companies out there for each situation:
When it comes to affordability, Protective takes the cake. For individuals in good health, Protective is one of the best options for cost-effective coverage. Generally low premiums for most age groups and the opportunity to lower your premiums if your health improves make Protective one of the most affordable insurers out there.
Brighthouse’s SimplySelect term life insurance offering comes in a close second. With the most competitive pricing for its instant decision policy, SimplySelect, eligible applicants can end up paying some of the lowest premiums available. The low prices don’t take away from the policy’s offerings: robust coverage of up to $2 million, supplemental riders, and the option to convert your policy into permanent coverage at the end of its term are all a part of the SimplySelect plan.
Brighthouse ranks the highest amongst the no medical exam life insurance policies we surveyed. Not only does it have the lowest prices for eligible applicants, but it also offers some of the most robust coverage for a no medical exam life insurance policy. Coverage amounts can go up to $2 million and you can get supplemental riders to enhance your policy. Another plus: most applicants receive an application decision within 24 hours of applying.
“No med insurance is the least intrusive way to get coverage. No physical interaction with a medical examiner is required, which is especially important during the COVID-19 pandemic but could also be useful in other situations,” says Jake Herskovits, a Senior Sales Associate at Policygenius.
With generally low rates, SBLI offers comprehensive coverage for people aged 18-60. Unlike many other no medical life insurance offerings, smokers aren’t totally disqualified from getting insured and individuals with minor health conditions may be able to qualify for coverage.
“Underwriters will often seek out medical records on diabetic applicants to document continued control over time. Control will typically be defined by A1C levels and consistent use of medication if needed. Also important to note, Type 1 and Type 2 diabetes may be underwritten differently (with some carriers viewing Type 2 more favorably),” says Eloise Spinello, Senior Manager of Life Operations at Policygenius.
A diabetes diagnosis generally means higher than usual premiums, but diabetics can still get affordable rates from AIG. The insurer offers the lowest rates for individuals with moderate diabetes and can save policyholders over $40 a month in premiums.
Prudential offers competitive coverage for a range of medical conditions — diabetes included. Individuals with moderate diabetes who may not be able to get coverage elsewhere will likely still be able to get a favorable health classification from a Prudential life insurance policy.
People with mild diabetes and a working treatment plan can also get competitively priced coverage from Principal. Depending on the diagnosis and applicant’s age, it’s even possible to get a Preferred health classification and some of the best possible life insurance premiums, which are usually reserved for individuals with only minor health conditions.
Prudential is the top-rated insurer for seniors. It provides the most leniency for health conditions associated with older age — people aged 60 and above have the best chance of getting a competitive policy from Prudential’s term life insurance plan. Individuals with osteoporosis, for example, can get a Preferred health rating — which provides some of the most competitive premiums. And with comparatively flexible income requirements, people who are retired have a better chance of getting the amount of coverage they actually need.
Other options include policies from Protective and Mutual of Omaha. Mutual of Omaha is advantageous for seniors with health conditions such as arthritis, and offers competitive pricing for a range of illnesses associated with age. For seniors in generally good health, Protective offers the lowest rates.
Smokers pay higher life insurance prices than non-smokers, but you can still avoid paying more than you have to. Some insurers offer lower rates than others, with Banner ranking at the top for the most competitive pricing for smokers. And if you quit smoking, you have the option to apply for even lower premiums after a year of having the policy.
“It’s always best to be fully transparent when it comes to smoking details. If disclosed up-front and even with positive nicotine found in labs, some carriers can still offer non-tobacco rates depending on full details of use," says Pat Hanzel, Advanced Planning Specialist and Certified Financial Planner at Policygenius.
Celebratory smokers aren’t doomed to typical smoker rates either. Casual cigar smokers can get some of the best life insurance prices from AIG and Prudential. AIG allows the most cigar usage to get a Preferred Plus non-smoker rating, meaning life insurance prices that are reserved for individuals in excellent health.
If you’re smoking more than two cigars a month, you’ll get the most affordable premiums from Prudential — they give a Standard Plus Non-smoker health classification for any amount of cigar usage, whereas most other life insurance companies will classify you as a smoker. Prudential also offers non-smoker rates for chewing tobacco, pipe usage, and nicotine gum and patches.
Lincoln Financial is a solid runner up, offering non-smoker rates for cigar smokers and the most comprehensive coverage for people who smoke marijuana. As one of the only life insurance companies to offer non-smoker rates to regular marijuana users, marijuana smokers can get competitive rates comparable to their non-smoker counterparts and up to $1 million in coverage.
When selecting a life insurance policy, you want to make sure you’re getting coverage that is competitively priced and offered by a life insurance company with a strong financial standing and reputable customer service and claims handling.
To make things easier for you, we’ve reviewed the best life insurance companies out there, taking into account each insurer’s financial stability, customer service and claims ratings, and cost of coverage.
|LIFE INSURANCE COMPANY||POLICYGENIUS RATING (OUT OF 10)||J.D. POWER RATING||BBB RATING||A.M. BEST RATING|
|Banner Life (Legal & General America)||8.4||n/a||A+||A+|
|Mutual of Omaha||7||789||A+||A+|
How we got these ratings: Policygenius composite ratings are established through our rating and review methodology and third party rating agencies including J.D. Power, A.M. Best, and BBB. Ratings are valid as of 1/4/2021.
Though these rankings are important when choosing a life insurance company to trust with your family's protection, the coverage you'll actually get will vary depending on your individual circumstances.
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When selecting a life insurance company, take into account:
Depending on the insurer, your age, health, and lifestyle can all have a significant impact on the best insurance company for you. While some insurers may give someone with a history of depression competitive premiums, another may charge you an exceptionally high amount for the same coverage. This is why it's important to shop around and find an insurer that will work with your individual circumstances.
We’ve compiled a list of the top insurers for specific needs by scoring each company’s pricing, underwriting guidelines, and customer service reviews.
Life insurers will take into account factors such as pre-existing conditions and hobbies. These factors can lead to higher premiums, so finding the best life insurance company for you is key.
As you get older, grow a family, and experience major life events, the cost of life insurance tends to increase. But each insurer treats each major milestone differently, and some are better than others for certain situations.
Life insurance companies see health conditions as an inherent risk — which can mean higher premiums. Every medical diagnosis is treated differently, however, and you can still get coverage at a competitive price by shopping around among different insurers.
Your lifestyle choices are a part of your risk profile. Hobbies that are deemed too risky by some insurers — such as scuba diving or marijuana use — can get some of the best life insurance rates with others.
Military personnel, visa & green card holders, and high net worth individuals have very specific life insurance needs. Some insurers can cater to this better than others.
What is the right policy for you? Most people will decide between the traditional term and whole life insurance but there are other considerations, like no medical exam life insurance. Choosing the right type of policy involves the following:
The best life insurance company for one person might not offer competitive coverage or pricing for another. At Policygenius, we want affordable and robust coverage to be easy to find, for everyone.
Policygenius takes a comprehensive approach to determining the best life insurance companies out there. We don't get paid for reviews and evaluate an extensive rubric of criteria to come up with robust — and unbiased — reviews to match you with the right life insurance company. Our independent reviews compile life insurance recommendations by experts in the field and quote data from the 11 life insurance companies we offer in our marketplace. Our life insurance company reviews have helped over 30 million people shop for the most affordable life insurance policy for their needs.
Policygenius also weights ratings from third-party agencies in our reviews. The most common third-party life insurance ratings come from:
Most of the biggest life insurance companies are financially secure, and while you should look at BBB ratings, keep in mind some reviews may be from customers who had particularly positive or negative experiences that aren’t necessarily representative of the company in general. The best-rated companies have high marks all around to provide peace of mind.
Shoppers can also see how big a company is by looking at its market share and the number of policyholders. Size is typically a good indicator of how well a company is doing, but shoppers shouldn’t be afraid to go with a smaller insurer, like a regional carrier or a membership carrier (like USAA), if it fits their needs.
An insurance company’s ratings and reviews can 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.
For most people, the best life insurance company is the one that offers the coverage they need at the cheapest cost. After you know how long your policy should last and how big the benefit should be, use price as the starting point. You can also look at different factors like third-party financial ratings, customer reviews, and what tasks you're able to do online if you're having trouble deciding between companies.
Find the cheapest company by comparing policies from multiple companies.
Life insurance cost is based on your age, your health, and the policy's term length and death benefit amount. Some companies are more lenient than others for certain health conditions, and you can save up to 40% by making sure you're going with the right company for your individual circumstances.
Third-party ratings from firms like A.M. Best and Moody's can give you peace of mind that a company is financially stable and will be around for a long time.
You can also look at customer reviews from the Better Business Bureau and J.D. Power. These should be taken with a grain of salt, but you can be on the lookout for recurring complaints.
Nupur Gambhir is a life insurance editor at Policygenius in New York City. She has researched and written extensively about life insurance since 2019, with specialties in life insurance companies, policy types, and end-of-life planning. Her writing on insurance and finance has appeared on MSN, The Financial Gym, and end-of-life planning service Cake. Previously, she worked in marketing and business development for travel and tech.
Nupur has a B.A. in Economics from Ohio State University.
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