Best life insurance companies in Utah (2024)

We looked at cost, customer satisfaction, transparency, and financial strength to narrow down the best life insurance companies in Utah.

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By

Alani AsisContributing WriterAlani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Kristi Sullivan, CFP®Kristi Sullivan, CFP®Certified Financial PlannerKristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

Updated|5 min read

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While your location isn't one of the factors insurance companies use to underwrite your policy or determine your rates, it can impact which life insurance companies are available in your state. Using our evidence-based rating methodology, we picked the best life insurance companies in Utah for people of all ages and health classifications to help you make the most informed decision.

We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM 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 Utah

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance 

Legal & General America, which also does business as Banner Life and William Penn, is our pick for the best life insurance, rated five out of five stars on our scoring scale. The company received an A+ from AM Best, indicating superior financial strength and company longevity. It also earned a 0.35 out of 1.00 on the National Association of Insurance Commissioners (NAIC) complaint index, meaning the company has fewer complaints than the industry average. 

Cheapest life insurance 

Whether you're a healthy applicant or applying with pre-existing conditions, most Utah residents can purchase life insurance at an affordable rate from Legal & General America. For a 20-year term life policy with a $500,000 death benefit, healthy, non-smoker females and males can expect to pay about $23 and $27, respectively, which is cheaper than the industry average. 

Best term life insurance 

Term life insurance is usually five to 15 times more affordable than whole life insurance. And while term life insurance doesn't offer lifelong coverage, many shoppers only need life insurance for a limited time. If you're looking for an affordable term life insurance policy, Legal & General America offers some of the best rates in the industry. 

Best no-medical-exam life insurance 

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

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.

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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 ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

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

  • Term life applicants limited to ages 25-50

Brighthouse Financial offers an affordable no-medical-exam policy with the potential for accelerated application decisions. While medical exams are a standard part of the life insurance underwriting process, some insurers will let you waive this requirement. Instead of a physical exam, blood test, and urine test, they pull information from your medical records or conduct a health interview to underwrite your policy. 

Best whole life insurance 

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2024 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.

Full orange starFull orange starFull orange starFull orange starHalf orange star

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 ($$$$$).

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All 50 states

Why we chose itchevron icon

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

Pros and conschevron icon

Pros

  • Strong financial stability ratings

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

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

Whole life insurance may not be the first pick for a life insurance policy for most people due to its hefty price tag. However, it can be an excellent tool for high-net-worth individuals who want lifelong coverage. MassMutual's whole life insurance offers coverage for your entire life, has consistent cash value growth and has the potential to earn higher dividends than the industry average. 

Best for seniors

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2024 Policygenius award winner

Prudential

Prudential logo

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.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

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 ($$$$$).

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$

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

If you're a Utah senior over age 60, finding an affordable life insurance policy may be challenging. Prudential offers highly rated life insurance policies at a competitive rate to seniors, including those with aging-related conditions such as osteoporosis or osteoarthritis. 

Additionally, Prudential is an excellent option for retirees as it offers flexible income requirements and living benefits, such as an accelerated death benefit if you develop a chronic or terminal illness. 

Best for young adults 

Brighthouse Financial

Young adults already get lower rates on life insurance policies since insurers view them as a lower risk to insure. However, Brighthouse Financial can typically offer even more savings on top of an already affordable policy. The company also offers a highly rated no-medical-exam option with up to $3 million in coverage. 

Best for people with pre-existing conditions 

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

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.

Full orange starFull orange starFull orange starFull orange starHalf orange star

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

Why we chose itchevron icon

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

Pros and conschevron icon

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

Lincoln Financial is our top pick for shoppers with pre-existing conditions. The company offers favorable underwriting and competitive rates for people with heart conditions, anxiety, depression, and other illnesses. 

Best for marijuana users 

Lincoln Financial

Daily users of marijuana will generally see rates higher than applicants who don't smoke or ingest marijuana. Many insurers place regular users of the substance in the same category as tobacco smokers, which increases rates significantly. Lincoln Financial doesn't group applicants who use marijuana with tobacco smokers, so daily marijuana users can turn to Lincoln Financial for more affordable premiums.

Best for smokers 

Life insurance premiums for smokers often cost at least double what non-smokers pay. However, Utah smokers can find some of the most competitive rates with Legal & General America; unlike most life insurance companies, Legal & General America will reduce your rate after one year of quitting smoking.

Ready to shop for life insurance in Utah?

Comparing the best life insurance companies in Utah

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

Legal & General America

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 Utah?

Five primary factors determine your life insurance rates: age, gender, policy type, health, hobbies, and lifestyle. For a $500,000, 20-year term life policy, a 35-year-old healthy female in Utah will pay $25.76 while a male will pay $30.79, according to the latest Policygenius data in 2023. 

What happens if a life insurance company goes bankrupt in Utah?

It’s extremely rare for an insurance company to go bankrupt. However, if your insurance company goes out of business, your state's guaranty association will protect your policy up to a certain amount. 

The Utah Life and Health Insurance Guaranty Association (ULHIGA) will use the insurance company's assets and the guaranty's funds to pay the remaining death benefits. ULHIGA will reimburse affected policyholders up to $500,000 in death benefits and $200,000 in cash surrender. 

How to find a lost life insurance policy in Utah

If you're a life insurance beneficiary in Utah looking for a lost life insurance policy, visit the NAIC's Life Insurance Policy Locator Service. This free online tool allows you to submit a request. Once the inquiry is received, the NAIC will work with participating companies to help you locate the policy. You can also visit Utah's Unclaimed Property website to retrieve unclaimed death benefits. 

Ready to shop for life insurance in Utah?

Utah life insurance laws

Utah has several state laws that oversee life insurance companies and ensure that consumers' interests are protected.

Free look period 

A free look period refers to how long new policyholders have to cancel their life insurance and receive a full refund on their premium payment. In Utah, insurers must allow consumers 10 days to receive their premiums back if they change their minds. 

Guaranty Fund protection 

The Utah Life and Health Insurance Guaranty Association will reimburse policyholders up to $500,000 in life insurance death benefits and $100,000 in cash surrender value if a life insurance company fails to meet its financial obligations. 

Contestable period 

The contestability period refers to the time frame insurers have to reject a claim if they find evidence that the policyholder fabricated information on their life insurance application. In Utah, the contestability window is two years from the policy's effective date. 

Time allowable to settle a claim

Life insurance companies in Utah must reimburse beneficiaries a death benefit within 15 days of receiving proof that the policyholder has died.

Grace period for missed payments

A grace period is the extra time a policyholder has to pay their premium before an insurer can discontinue their policy. In Utah, consumers have at least a 30-day grace period for missed payments.

Author

Alani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Kristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

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