When you’re shopping for life insurance, doing your research up front can help you find the best possible policy. Philadelphians who need life insurance should look for companies offering affordable rates that meet their coverage requirements.
We ranked the best life insurance companies available in Philadelphia, and researched the average cost of life insurance for residents and the state laws that govern policies issued in the city.
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 life insurance companies in Philadelphia
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in each state
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.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
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
Banner Life’s low rates and term length options make it the overall superior option for most Philadelphians. Banner Life also scores competitively in financial security and customer satisfaction ratings, with a NAIC complaint rating of 0.35 that sits far below the average nationwide score of 1.00.
Cheapest life insurance
Banner Life
The widest range of Philadelphia applicants can access affordable life insurance rates with Banner Life, and even shoppers with pre-existing conditions can find competitive premiums with the company.
Best term life insurance
Banner Life
Term life insurance provides affordable coverage that lasts for a predetermined amount of time and expires at the end of the term, making it the right type of policy for the majority of Philadelphia applicants. Banner Life offers great rates for term life with policies that last up to 40 years.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
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
Applicants who want to get quick coverage by skipping the medical exam part of the life insurance application can use their health records to qualify for coverage with a no-medical-exam policy. No-medical-exam policies are more expensive, but Brighthouse Financial offers competitive rates, up to $2 million in coverage, and fast application decisions with as little as a 24-hour turnaround.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
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
Whole life insurance covers the policyholder as long as they live, but costs five to 15 times more than term life. It also offers a cash value component that can be used as a savings vehicle, and some policies pay dividends to policyholders based on the company’s financial performance. MassMutual whole life policies pay higher dividends than competitors, making it the best choice in Philadelphia.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
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
Philadelphia seniors age 60 and above can find the best rates with Prudential, even for seniors with pre-existing conditions that are linked to old age.
Best for young adults
Brighthouse Financial
Young adults in Philadelphia can get affordable life insurance more easily because of their low risk for insurance companies. Brighthouse Financial offers some of the most competitive rates for young people, with fast application turnarounds and flexible income requirements for college students.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
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
While having a pre-existing condition won’t stop Philadelphians from buying life insurance, it can affect how much they’ll pay for coverage. Lincoln Financial offers the best rates to Philadelphia residents with a history of arthritis, cancer, diabetes, and other medical conditions.
Best for marijuana users
Lincoln Financial
Marijuana users often have to pay more expensive smoker rates for life insurance. But Lincoln Financial offers competitive non-smoker rates to marijuana users, making it the best choice for Philadelphia marijuana users that want affordable life insurance.
Best for smokers
Banner Life
Philadelphia smokers will pay two to three times as much for life insurance as people who don't smoke. But even with the added health risks, Banner Life offers lower smoker rates than their competitors, and customers who quit smoking can request lower rates after one year.
Ready to shop for life insurance in Philadelphia?
Comparing the best life insurance companies in Philadelphia
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Philadelphia?
Life insurance companies use factors including the age and health history of the applicant, the length of the term, and the amount of coverage to set rates. Based on Policygenius data from June 2023, the average monthly premium for a healthy 35-year old in Philadelphia buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Philadelphia?
When a life insurance company goes bankrupt, the Pennsylvania Life & Health Insurance Guaranty Association will cover affected Philadelphia residents assuming the policyholder continues to pay their premiums.
When an insurance company is ordered to be liquidated, the guaranty association and/or the receiver will send notice to affected policyholders. Pennsylvania covers up to $300,000 in life insurance death benefits and up to $100,000 in life insurance cash surrender value when a life insurance company can’t perform their financial duties.
If a Philadelphia resident moves out of state, their coverage shifts to the guaranty association of the state they live in when the life insurance company is liquidated.
How to find a lost life insurance policy in Philadelphia
Family members and/or the executor or administrator of a deceased person’s estate can search for life insurance policies or annuity contracts in the decedent’s name with the National Association of Insurance Commissioners' Life Insurance Policy Locator Service.
The Pennsylvania Unclaimed Property website can be used to find unclaimed life insurance benefits turned over to the state, but unclaimed death benefits may not be turned in to the state until years after someone dies.
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Pennsylvania life insurance laws
Philadelphia policyholders receive protections from Pennsylvania regulations that define how life insurance companies must operate in the state.
Free look period
New life insurance policies in Pennsylvania allow the policyholder to cancel their policy and receive a full refund of all premium payments within the free look period, which is 10 days from the date of receiving the policy.
Guaranty Fund protection
The Pennsylvania Life & Health Insurance Guaranty Association covers up to $300,000 in death benefits and up to $100,000 in cash surrender value for state residents affected by a life insurance company’s insolvency.
Contestable period
Pennsylvania's contestable period for new life insurance policies lasts two years from the day the policy goes into effect. During this time life insurance companies can deny a claim if they can show that the policyholder lied or made misrepresentations on their insurance application.
Grace period for missed payments
Pennsylvania policyholders get a 31-day grace period when they miss a payment. During this time, the policyholder continues to receive coverage and the policy cannot be canceled as long as they make up the payment within 31 days.
Frequently asked questions
What is the number one life insurance company in Philadelphia?
Banner Life is the best life insurance company for the majority of Philadelphia residents. The company offers inexpensive policies across many age ranges and health classifications, and has term life policies that last up to 40 years.
What is the life insurance free look period and grace period in Philadelphia?
Philadelphia residents have 10 days to return a new life insurance policy for a refund of all premiums they paid. They also have 31 days to make up a missed payment before they can lose coverage.
What types of life insurance are available in Philadelphia?
Philadelphians can purchase all of the main types of life insurance, including the two most common: term life policies and whole life policies. They can buy no-medical-exam life insurance and final expense insurance with accelerated underwriting.
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