What are the best life insurance companies?
The largest life insurance companies in America offer a broad selection of policies to help you fulfill your financial obligations and provide for your family.
This article explores everything from well-established insurers with extensive policy options for all age ranges, to online insurers where you can sign up without the need for a medical exam.
The Best Life Insurance Companies
We’ve covered the policy types and riders offered by the best life insurance companies, as well as the dividends, and coverage capacity you can expect to receive.
Here’s our list of the 10 best life insurance companies:
10. Mutual of Omaha – Best For Elderly People
Mutual of Omaha is a life insurance company that delivers comparatively affordable rates along with customer ratings that sit well above the average for the industry.
They offer guaranteed whole life insurance policies, which are similar to their standard alternatives but won’t require you to sit a medical exam to complete the application.
This makes them a great choice for older individuals who want to help pay for their funeral costs, and as a result, Mutual of Omaha typically offers coverage amounts of less than £25,000.
When compared to other life insurance companies that offer guaranteed whole life insurance policies, Mutual of Omaha delivers some of the best rates you can find.
You can work with local agents to help set up a policy, and the company has a high AM Best score for financial strength, as well as a high JD Power score.
It’s easy to access your details, with a digital app, an online portal, and a 24/7 phone line to give you instant access to their support.
While the service is limited compared to other life insurance providers, and you can’t gain dividend payouts, Mutual of Omaha is a solid choice for your final expense insurance requirements.
Pros:
- Excellent selection of riders available
- Can access a live chat
- Offers mutual fund options
- Online quotes available
Cons:
- Doesn’t offer dividends for policyholders
- Limited options for residents of New York
Bottom Line
With some of the best rates available in the industry and guaranteed whole-life policies, Mutual of Omaha is a great option for elderly people looking for whole-life insurance with affordable rates.
9. Guardian – Best For No Medical Exams
Guardian life insurance brings a nice selection of policies to the table, with customers able to choose from term life, whole life, and universal life insurance policies to suit their needs.
You can get up to $3 million coverage without the need for a medical exam, enough to set up your loved ones to invest in one of the most expensive cars in the world available today.
The unique coverage options are complemented with dividends, which you can include as part of your whole life insurance policy.
Established in 1860, Guardian life insurance has earned its reputation as an industry leader, receiving top marks for financial stability ratings from A. M. Best.
You can check the various policy options online through the website’s online calculator for premium quotes, although purchasing life insurance will require an agent.
Account management is also easily done online, and Guardian also has a network of over 3,000 financial advisors throughout the United States.
It’s a comprehensive service that can suit a range of insurance requirements, budgets, and goals, as well as offering relatively inexpensive packages for millennials.
Multiple no-medical-exam policy options are available, and if you’re an HIV-positive applicant, they can accommodate your health condition and find a policy that works for you.
Pros:
- Coverage up to $3 million without a medical exam
- Few complaints compared to competitors
- Dividends available for whole life insurance policies
- Online quotes and account management
Cons:
- Requires an agent to purchase coverage
- Limited details of riders online
Bottom Line
With great rankings for customer satisfaction and financial strength, Guardian life insurance offers an inexpensive package without the need for a medical exam, albeit with limited online features.
8. MassMutual – Best For Earning Dividends
MassMutual life insurance company is another firm that has several policy options that don’t require applicants to go through a medical exam or provide their medical history.
Also known as Massachusetts Mutual Life Insurance Co., MassMutual is also owned by its policyholders, meaning they can earn dividends when the company is performing well.
It’s also a highly-rated life insurance company, with an A++ financial strength rating, and won the 2022 Bankrate Award for best whole life insurance.
There’s live agent support and free coverage for qualifying low-income families, and plenty of riders to choose from, including thirteen whole life insurance riders.
Online quotes are limited, and some policies will require a medical exam, for example, their term and universal life insurance policies.
With that said, MassMutual does offer fast-term life insurance, with their direct term online coverage offering instant approval provided certain conditions are met.
Customer satisfaction is reported as being high, with little in the way of registered complaints meaning you can sign up with peace of mind that you’ll get a top-tier experience.
MassMutual also offers free term life insurance through their HealthBridge program for frontline healthcare workers, providing a $25,000 death benefit for health workers under 50 years old.
Pros:
- Financial stability rating of A++
- The low number of complaints
- Live agent support
- High coverage capacity
Cons:
- Online quotes are limited
- You can only earn dividends with a whole life insurance policy
Bottom Line
MassMutual offers excellent dividend payouts along with several rider options and comes with high AM Best financial strength ratings to match its diverse policy lineup, making it ideal for a wide spectrum of people looking for the ideal life insurance policy.
7. Northwestern Mutual – Best For Optional Riders
Setting up a comprehensive life insurance policy can be an effective technique for dealing with stress, giving you the peace of mind that your loved ones won’t go without.
Northwestern Mutual is one of the top life insurance companies available, with a great selection of policies each of which is eligible for paying dividends.
They have a strong financial stability rating, along with high customer satisfaction, having been ranked by J. D. Power in third place on this metric.
Policy options and customization is extensive with Northwestern Mutual, so you’ll need to get an agent to help run you through the various options available to you.
You can choose from whole, universal, variable, and term life insurance policies, with a long list of riders available to extend your coverage even more.
These flexible policy options are matched with an easy-to-use online portal and mobile app which you can use for basic payments while speaking with agents is easy to arrange.
Its status as a mutual insurance company means it has been paying dividends since its formation in the mid-nineteenth century.
Customers have the option to receive the payment as cash, use it to pay premiums, or buy additional coverage.
Perhaps the only potential drawback for Northwestern Mutual is the medical exam required for most policies, so those with a pre-existing condition might want to look for other life insurance products.
Pros:
- Various policy options
- Customers can earn dividends
- Great selection of riders
- The mobile app and online portal are intuitive to use
Cons:
- Requires an agent to buy coverage
- Most policies require a medical exam
Bottom Line
With more optional riders available than most other life insurance companies, Northwestern Mutual insurance company also allows customers to be eligible for annual dividend payments.
6. State Farm – Best For Customer Satisfaction
State Farm life insurance company offers various types of life insurance policies to cover a broad range of requirements for its customers around the United States.
The company is perhaps better known as an insurance provider for cars and home insurance, but their life insurance coverage is worth considering.
They come highly rated for reliability and customer satisfaction, and were ranked as the best life insurance company based on consumer responses by J. D. Power in 2021.
State Farm sells term, whole, and universal life insurance policies, most of which will require you to submit to a medical exam, although there are some simplified options also available.
They also rate very highly when it comes to accessibility, with a range of tools including a 24/7 customer helpline, an easy-to-use online portal, and a mobile app making checking up on policies incredibly simple.
In addition to the various policy options, there are lots of rider options as well, meaning you can customize your policy with a real degree of nuance.
Some of the riders you can access include children’s term, select term, premium and monthly deduction waivers for disability, estate preservation, and payor insurance.
It should be noted that only term life insurance policies are available online, so for anything else you’ll need to hook up with one of State Farm’s agents.
Pros:
- Highly ranked for customer satisfaction
- Good selection of policy options
- High financial stability scores
- Some policies don’t require a medical exam
Cons:
- Requires an agent to purchase life insurance
- Only term quotes are available online
Bottom Line
With its combination of high levels of customer satisfaction and overall financial strength, the State Farm life insurance company has earned its reputation as one of the industry’s key leaders.
5. Nationwide – Best For Integration With Auto Insurance
Nationwide offers customers a great selection of features to complement its broad selection of policy options and riders.
With no medical exam applications offering coverage up to $5 million, enough to pay for one of the most expensive watches in the world, it’s among the leading life insurance companies on the market.
Nationwide first began nearly a century ago, and this long-standing pedigree has earned it a solid reputation with an A+ financial stability rating from AM Best.
Policies available include term life insurance, universal life insurance, and whole life insurance, many of which can be opened up without a medical exam.
Their universal life policies offer up to seven riders, more than most other life insurance companies offer, and another reason to consider giving them a try.
There are also three accelerated death benefit riders available on most policies at no cost, allowing people to access funds if they are diagnosed with a terminal illness.
If you want to sign up for a final expense of burial insurance policy, you’ll need to be an existing Nationwide customer to gain access to this service.
While a Nationwide policy requires an agent, they sweeten the deal by offering multi-policy discounts, for instance if you bundle your life insurance policy with homeowners or auto insurance.
This serves to make your premiums more affordable, as well as much simpler to manage via their digital portal and mobile application.
Pros:
- Coverage up to $5 million with a medical exam
- Policies include living benefits
- Credit card payments allowed
- Discounts are available when bundled with auto insurance
Cons:
- Medical exams are required for all policies
- Premiums can be expensive
Bottom Line
Younger people looking for a competitive life insurance policy with the option to integrate their auto insurance will find plenty to love about Nationwide’s reliable policies designed for the very long term.
4. John Hancock – Best For Casual Smokers
John Hancock has been offering life insurance services to customers for over 150 years, with a range of policies including term life, final expense, and permanent life insurance available to choose from.
They’re one of the leading life insurance providers when it comes to discounts on premiums for healthy living choices but also offer great coverage for “congratulatory” smokers who enjoy the most expensive cigars in the world on special occasions.
You can get up to 15% discounts on premiums by using the John Hancock Vitality Program, and can also borrow against the potential cash value of your policy to help cover your immediate financial needs.
It’s easy to get a quote online, and you can also apply via their website for a term life insurance coverage policy for under $5 million.
Term life insurance policies are available for 10, 15, or 20-year terms, with coverage ranging from anything between $25,000 and $65 million.
There are also three rider options to choose from, with an accelerated benefit claim, disability benefit rider, and long-term care rider claim increasing the appeal of the discounts available through the Vitality Program.
It’s a reliable, well-established company to buy life insurance from, with some appealing life insurance premiums to choose from and an easy-to-use online application process.
Pros:
- Term and universal life insurance policies are available
- High coverage levels
- Strong financial strength ratings
- Accurate policy illustrations
Cons:
- No whole life insurance is available
- High internal policy charges
Bottom Line
While some life insurance policies only offer smokers rates for regular tobacco products, John Hancock’s life insurance policies include “celebratory” cigar users, making them the best all-around life insurance company for smokers of all types.
3. New York Life – Best For Variety Of Term Policies
New York Life offers term, whole, and universal life policies, with their term policies including the option of becoming permanent.
Indeed, their permanent life insurance policies are industry-leading, capable of accumulating in cash value in addition to the included death benefit.
These permanent options include universal and variable universal life insurance plans, with the availability of several riders that you can include with your plans to further customize your coverage.
Additional policy structures allow you to customize and choose the amount you want to pay in annually, adjusting the duration of your payment period accordingly.
The life insurance provider has received high ratings for both financial stability and customer satisfaction, offering policies to customers throughout the United States.
They deliver exceptional life insurance agent-to-consumer interaction for a personalized experience when choosing a policy, which makes up for the inability to get any quotes online.
Getting a life insurance policy should be a part of everyone’s path to wealth, prosperity, and happiness, and New York Life’s insurance offer life and health insurance to help make this possible.
New York Life even has policies available for people who are over 85 years old, making it among the best life insurance companies for seniors.
Pros:
- Multiple-term policies are available
- The company is very highly rated
- Customers have the potential to earn dividends
- High marks for financial stability
Cons:
- Unable to get a quote online
- Some policies will require a medical exam
Bottom Line
The second-largest life insurance company in the United States, New York Life offers comprehensive life insurance coverage with a strong customer satisfaction reputation and the potential to receive dividends.
2. Bestow – Best For Online Applications
While some of the life insurance companies worth considering have been around for many years, Bestow is a newcomer to the scene, having been founded in 2017.
You can apply online for a policy from Bestow and will be required to answer a series of questions about your lifestyle and overall health, but no medical exam is required.
Bestow then takes this information and runs it through their bespoke algorithms to decide whether or not you’re qualified for their coverage.
Successful applicants will receive their life insurance policy through the North American Company for Life and Health Insurance once the application has been approved.
There are only term life insurance policies available, and these can be selected between 10 and 30 years in duration, with a coverage amount of up to $1.5 million.
It’s a limited life insurance service compared to some of the more established companies, and there are no riders available to further customize your insurance plan.
Policies are not available for residents of New York, and you need to be under 60 years old to be eligible for a plan.
Despite its limited features, Bestow’s quick and easy application process and the lack of a need for an agent make them a great option for those looking for a hassle-free life insurance policy.
Pros:
- Coverage up to $1.5 million without a medical exam
- Can apply online
- Wide selection of terms available
- Free look period of 30 days
Cons:
- Only sells term insurance
- Applicants need to be under 60 to qualify for coverage
Bottom Line
While Bestow’s selection of life insurance policies is limited, the quick processing and high death benefit for policies make it a solid choice for those who want to sign up online and avoid having a medical exam.
1. Haven Life – Best For Overall Life Insurance Services
Another great digital life insurance company is Haven Life, which offers two core term policies for customers: Haven Term and Simplified Issue, the latter of which doesn’t require a medical exam.
Sign up to Haven Term and you get access to Haven Life Plus, which is a rider allowing access to online services for the development of a will or trust.
There are also fitness and sleep tracking apps available, as well as an online storage vault to keep your important documents safe.
It’s one of the best term life insurance companies available, with terms including 10-, 15-, 20-, 25-, and 30- years, giving plenty of scope for a wide range of ages.
Coverage amounts start at around $100,000 and go to around $3 million for applicants under 64 years old, enough to pay for the most expensive colleges in America and around the world.
While Haven Life is a relatively new insurer, the company is backed by MassMutual, so you know your term life insurance options are going to be secure.
Pros:
- No medical exam is required for Have Simplified Issue
- Coverage of up to $3 million
- Fast approvals for coverage
- One of the cheapest life insurance companies
Cons:
- Policies can’t replace another life insurance policy
- Only term life insurance is available
Bottom Line
The policy limitations might be off-putting for some, but for those interested in a great value term life insurance policy with high death benefits, Haven Life delivers this along with excellent online support features.
Summary
That concludes this guide to the best life insurance companies currently available and should help you to choose the best policy for your needs in conjunction with your financial advisor.
Since the various policies, riders and other features are subject to change, be sure to check back on this article in the future as we’ll update it with the latest information.
Here’s a quick recap of the 10 best life insurance companies:
- Haven Life
- Bestow
- New York Life
- John Hancock
- Nationwide
- State Farm
- Northwestern Mutual
- MassMutual
- Guardian
- Mutual of Omaha
Here are ten life insurance companies that are well-regarded in the United States:
- Northwestern Mutual
- New York Life Insurance Company
- MassMutual
- Pacific Life Insurance Company
- Prudential Financial
- State Farm
- John Hancock Life Insurance Company
- MetLife
- Guardian Life Insurance Company of America
- Nationwide
It’s important to note that the best life insurance company for you will depend on your individual circumstances, including your age, health, and coverage needs. It’s always a good idea to compare quotes from multiple companies and to work with a financial advisor or insurance broker to find the policy that’s right for you.
