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The best life insurance companies in 2022

Protective, Banner, and Lincoln all made the cut for the best life insurance companies this year.

Amanda Shih author photoHeadshot of Policygenius editor Nupur Gambhir

By 

Amanda Shih

Amanda Shih

Editor & Licensed Life Insurance Expert

Amanda Shih is an editor and a licensed life, disability, and health insurance expert at Policygenius, where she writes about life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

 & Nupur Gambhir

Nupur Gambhir

Senior Editor & Licensed Life Insurance Expert

Nupur Gambhir is a licensed life, health, and disability insurance expert and a former senior editor at Policygenius. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service Cake.

Expert reviewed

Expert reviewed

This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.

Learn more about our editorial review process.

by

Patrick Hanzel, CFP®

Patrick Hanzel, CFP®

Certified Financial Planner™ & Advanced Planning Team Lead

Patrick Hanzel, CFP®, is a Certified Financial Planner™ and Advanced Planning Team Lead at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

Updated  | 4 min read

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

Finding the best life insurance company is just as important as choosing the right policy. Given how personalized life insurance is, there's no such thing as one best company for everyone. But there are companies that offer better value, more customizable policies, or more competitive rates for specific policy needs or individual backgrounds.

You don't need to do all the hard work, though. We’ve done the research and looked at each company’s policy options, pricing, and other strengths and weaknesses to help you find the best life insurance company for you.

CompanyPolicygenius ratingBest for
Protective

4.9

Overall, Term life, Value, Customer satisfaction
Banner Life

4.7

People with health concerns
Lincoln Financial

4.7

No-medical-exam policies
Brighthouse Financial

4.6

No-medical-exam policies, Young adults, Fast approval, Customer satisfaction
Foresters Financial

4.2

Fast approval, Policy customization
Prudential

3.4

Older applicants

For more expert advice, contact a licensed Policygenius agent, who can talk you through the options, help you compare quotes, and walk you through the application process so you can find who has the best life insurance policy for you.

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Best overall

Protective

4.9

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Protective logo

Best overall

Term life

Value

Customer satisfaction

Competitive rates, ease of use, and up to $50 million in coverage make Protective a top-tier choice for a straightforward life insurance policy.

Pros

  • One of the best values on the market

  • Variety of coverage amounts and term lengths

  • Solid suite of online tools

Cons

  • Slow application approval

  • Zero no-medical-exam options

Protective is our top-rated life insurance company overall. Compared to other top carriers, Protective has some of the most affordable and comprehensive life insurance options available — including several different term lengths and coverage amounts up to $50 million. Such a wide range of term and price options, coupled with Protective's competitive rates, are not offered by most life insurers. And if your health improves, Protective also has an option to lower your rates, so you can truly customize a policy to fit your needs and maximize your savings.

Protective has some of the best customer satisfaction ratings among the carriers in the Policygenius marketplace and favorable third-party satisfaction ratings, too.

Best for people with health concerns

4.7

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Banner Life logo

Best for people with health concerns

Long term lengths and competitive rates make Banner a top contender for smokers and people with complicated health issues.

Pros

  • Very competitive rates

  • Covers many health conditions

  • Term lengths up to 40 years

Cons

  • Strict temporary coverage eligibility

  • Reconsideration is paid for by the applicant

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, including a family or personal history of cancer and anxiety and/or depression. Smokers will find some of the best pricing in the industry at Banner and can even re-apply for lower premiums after a year of quitting — something many insurers don't allow.

Every carrier weighs health conditions differently, so the right life insurance policy for you may not be the same as the right policy for someone else. Pregnant people who have experienced complications, for example, may find a more affordable policy with another carrier.

Best no-medical-exam life insurance

Lincoln Financial

4.7

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Lincoln Financial logo

Best for no-medical-exam policies

Lincoln Financial offers a no-medical exam term life policy with quick decisions and affordable rates for shoppers of all age ranges.

Pros

  • Affordable for older applicants

  • No-medical-exam option available

  • Fast turnaround

Cons

  • Expensive permanent policies

  • Few online tools

Lincoln Financial has no-medical-exam term life insurance policies at affordable rates for both younger applicants and people in their 40s or 50s. Lincoln also offers lower-than-average rates for applicants who use marijuana. Shoppers below age 60 can even receive an application decision for their no-medical-exam term life insurance within days, not weeks, making Lincoln among the fastest ways to apply for life insurance in the industry.

Brighthouse Financial

4.6

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Brighthouse Financial logo

Best for no-medical-exam policies

Young adults

Fast approval

Customer satisfaction

Brighthouse Financial offers several life insurance options, including a low-cost no-medical exam term life policy available through Policygenius.

Pros

  • Very affordable term life insurance

  • No-medical exams for SimplySelect term life product

  • Instant decision approval

  • Convertible options are available

Cons

  • Only a few term lengths available

  • No rate reconsideration

Brighthouse Financial ranks the highest among the no-medical-exam life insurance policies we surveyed for younger applicants age 25 to 50. Not only does it have low prices for eligible applicants, but it also offers some of the most robust coverage for a no-med policy. You can convert to a permanent life insurance policy after one year without taking a medical exam. Another plus: Most people get an application decision within 24 hours.

Best for policy customization

Foresters Financial

4.2

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Foresters Financial logo

Fast approval

Policy customization

Foresters Financial offers an affordable no-medical-exam term life insurance policy available exclusively through the Policygenius marketplace.

Pros

  • No-medical-exam option available

  • Very fast turnaround

  • Unique riders included at no extra cost

Cons

  • Slightly lower death benefits than other no-med options

  • Rates slightly higher than industry average

Foresters Financial offers an affordable no-medical-exam term life insurance policy exclusively through the Policygenius marketplace. Applicants can find out whether they qualify for the Foresters Your Term policy during a 30-minute phone interview or, at most, within a week of the call. A Foresters policy includes riders that few other carriers offer, including a family health benefit rider, which covers family medical expenses for issues caused by a natural disaster.

Best for older applicants

Prudential

3.4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Prudential logo

Best for older applicants

One of the top life insurance carriers for seniors aged 60 to 65 and people with many different medical conditions.

Pros

  • High financial ratings

  • Competitive underwriting for a range of medical conditions

  • Comprehensive online resources

Cons

  • High premiums

  • Mixed customer ratings

Prudential has the most competitive rates for seniors of all ages, making it the best choice for people over 60. Compared to other carriers we looked at, it offers lower rates to people with health conditions commonly associated with older age, like osteoporosis. Prudential also has more flexible income requirements than other companies, making it easier for retirees to get the amount of coverage they need.

What to look for in a life insurance company

Most people will decide first between traditional term and whole life insurance, or no-medical-exam life insurance, then base their decision on price. But there are a few things you’ll want to consider: 

  1. Policy costs: Term life insurance is much more affordable than permanent policies like whole or universal life insurance. Shopping around with an independent broker like Policygenius can get you the most competitive premiums for your age, health, and hobbies.

  2. The company’s financial strength: Financial security is an important indicator of solvency — or if your insurer will be around to pay out the death benefit to your beneficiaries years down the line.

  3. The company’s communication style: Some insurers operate completely online, while others require policy updates via paper mail or by phone. Be sure to find a life insurance company that works the way you do. Also, consider the insurer’s average application time and accepted payment methods (note: most don't accept credit cards).

  4. The company’s size: The biggest life insurance companies are generally the most financially secure. You can take a look at a company’s market share and the number of policyholders to determine how big it is.

→ Learn more about how to buy life insurance

How to choose your best life insurance coverage

Because life insurance isn’t one-size-fits-all, the best place to get life insurance for you will depend on your background. Rates are based on, among other things, your age, health, hobbies, and lifestyle choices.

By health condition:

By policy features:

By age:

→ Learn more about how your background affects your life insurance policy

Our ranking 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 Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. 

At Policygenius, we want affordable and robust coverage to be easy to find, for everyone.

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 

Frequently asked questions

How do I find the best life insurance company?

For most people, the best life insurance company is the one that offers the coverage they need at the lowest cost. Policygenius is a free marketplace where you can compare quotes from multiple companies, read unbiased reviews, and work with a licensed advisor to choose the right policy for you.

What is the most reputable life insurance company?

It’s hard to accurately rank the most reputable life insurance companies, but every company must follow strict regulations to protect consumers, which are enforced by state insurance commissioners. In addition to our own research, we refer to third-party agencies like A.M. Best for qualitative analysis of each company’s reputation and trustworthiness to ensure you get a policy from a company you can count on.

Can you have two life insurance policies?

You can have two (or more) life insurance policies. Most people have group life insurance through their employer in addition to a personal policy. However, there is a limit for how much total coverage you can have, which should be proportionate to your financial obligations.

How do I find the cheapest life insurance company?

You’ll find the cheapest company by comparing multiple policies for your individual profile. Life insurance costs aren't universal — they're based on your age, health, and the policy's term length and death benefit amount. Policygenius can help you compare quotes to find the most affordable company for you.

Note: Brighthouse SimplySelect and Foresters Financial Your Term are offered exclusively through Policygenius. We are an online marketplace that offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.