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Best Life Insurance Companies

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Best Life Insurance Companies

1. Nationwide

Calling Nationwide directly at 844-457-7984 is the best way to get a personalized quote.

Pros & Cons

ProsCons
Ranked second in J.D. Power’s 2021 customer satisfaction studyNo live chat available
Drew a few customer complaintsOnline quotes are only available for term coverage
Living benefits included on most policies
Allows credit card payments

Overview

Nationwide has been in business for almost a century and is a financially stable life insurance company. It has a wide range of insurance plans that may be available quickly and without a medical exam. It’s also our top choice for the best whole life insurance company, the best life insurance company with no medical exam, and the best life insurance company for people over 50.

AM Best gave the company an A+ (Superior) rating for financial stability. In the past three years, the company has had very few customer complaints, and J.D. Power’s U.S. Individual Life Insurance Study ranked it second out of 21 life insurers for customer satisfaction.

It also has a wide range of policy types and riders, no medical exam for healthy applicants, and three accelerated death benefit riders for chronic, critical, and terminal illnesses that don’t cost anything up front. It has a lot of great features that put it at the top of our list of the best life insurance companies.

2. MassMutual

Pros & Cons

ProsCons
Rated A++ for financial stabilityFew accelerated benefit riders included at no cost
Long history of paying dividendsDoesn’t accept credit card payments
Very few complaints
Liberal term conversion options

Overview

There are many things that make MassMutual stand out. AM Best gives it a financial rating of A++ (Superior).

This is the best rating a company can get, and it means it can pay claims “superiorly.” MassMutual also has more power because it has a history of paying dividends: Life insurance policyholders who are eligible have been getting dividends every year since 1869. Also, the NAIC says that the company has had very few complaints in the last three years, and it has a wide range of policy types.

It’s important to know that owners of term policies from MassMutual can switch to any of the company’s permanent policies. This is important because some companies limit the types of policies you can turn your term policy into. (Convertible term life insurance lets you switch some or all of your term coverage to permanent without having to re-qualify for life insurance.)

3. Haven Life

Pros & Cons

ProsCons
Easy to navigate websiteOnly life insurance available is term
Online applicationTerm policies are non-convertible
Same day decisionLimited riders
A++ financial strength
Excellent pricing

Overview

The website for Haven Life is an example that other companies providing life insurance should strive to emulate. Both the quoting and application processes can be completed online in a single fluid motion. You are not required to disclose any personal information until you decide to submit an application, and brief educational blurbs are strategically placed to guide you and answer any questions that you might have. However, if you are still having trouble, a customer service representative is available through live chat at the click of a mouse, or you can choose to give them a call instead.

In addition, we found that Haven, along with Protective and Banner, offered the most competitive prices for their term insurance policies. And if you go for a life insurance policy that doesn’t require a medical exam, you can get approved on the very same day. Due to these factors, Haven earned a notable spot in both our ranking of the top companies offering term life insurance and our ranking of the best companies offering life insurance for young adults. The fact that Haven Life’s term policies cannot be converted to permanent coverage is the only knock against the company; this is a feature that 89% of the term life insurance companies that we researched give to their customers.

4. Protective

Pros & Cons

ProsCons
Tied for least expensive term policiesRanked 16 out of 21 companies for customer satisfaction
Offers term coverage for up to 40 years
Allows credit card payments
Offers no-medical-exam coverage

Overview

Protective relationships with Haven Life and Banner, which we found to offer the most affordable term life insurance among all of the firms we researched. Our choice for best term life insurance company, most affordable life insurance business, and best life insurance companies for young adults is this firm. Its exceptional pricing and policy options make it the clear winner in all three categories.
Protective has received a significantly lower number of customer complaints than would be expected for a firm of its size during the previous three years. This is due to the fact that most insurance providers have a limit of 30 years on the length of their policy terms.

Because the company provides its customers with significant child riders, it is an excellent choice for those looking to insure their children with life insurance.

However, in the 2021 U.S. Individual Life Insurance Study conducted by J.D. Power, Protective received a ranking that was lower than the industry average, coming in at number 16 out of 21 companies.

5. Banner

Pros & Cons

ProsCons
Term coverage is very affordableFew policy types are available
40-year terms availableLimited riders
The generous term conversion period
Online application available
Very few customer complaints

Overview

If you are looking for the most affordable option for term life insurance, Banner, along with Protective and Haven, is a fantastic choice to consider. In addition, Banner is one of only two businesses that provide insurance with a term length of 40 years (Protective is the other). You can convert your term insurance until the end of the level-premium period or until you age 70, whichever comes first. Additionally, Banner offers flexible choices for term conversion. This is significant since some insurance providers restrict the conversion period to the first ten years of the policy’s duration.

In spite of the fact that Banner has a lot going for it, the only types of life insurance products it provides are term and universal life insurance. In addition, unlike some of its rivals, it does not provide as many optional riders with which customers can personalize their plans.

6. Mutual of Omaha

Pros & Cons

ProsCons
Many plans with living benefitsOnline applications unavailable for term policies
Wide range of riders available
Guaranteed issue options
Return of premium term available

Overview

On its Term Life Express and IUL Express policies, Mutual of Omaha offers three expedited benefit riders at no additional expense up front. These riders are for critical, chronic, and terminal illnesses, respectively. Most other policies include only two of these benefits. Due to these factors, we consider it to be the finest life insurance company for living benefits. Accelerated benefit riders give life insurance policies more adaptability by enabling policyholders to access their death benefits sooner in the event that they are diagnosed with certain serious illnesses.

In addition, the organization provides at least two unique benefits, including a return of premium benefit and a disability income rider, which are available on select term plans (both for an extra cost). If you outlive the term of your return of premium (ROP) term life insurance policy, you are eligible to get up to one hundred percent of your premiums returned. We looked into 91 different life insurance firms, and out of those, only 11 offered this particular form of coverage. When it comes to the best firms that provide funeral insurance, we also recommend Mutual of Omaha.

7. Lincoln Financial

Pros & Cons

ProsCons
Wide range of policy typesQuotes aren’t available on the website
Competitively priced term policiesNo whole life available
Fewer complaints than expected
Available living benefit riders

Overview

Lincoln Financial is appealing to customers who wish to invest their cash worth or who are looking for affordable term coverage because the company offers a diverse selection of plans. These policies include indexed universal and variable universal life insurance. The company provides ordinary universal life (UL) coverage in addition to variable and indexed universal life (UL) insurance, both of which allow your cash value to participate in the gains of the stock market. Additionally, it provides living benefits for riders, which are options that are available with many different policies.

You are unable to receive a price for term coverage through the website, despite the fact that the quotes we gathered for term coverage are relatively affordable, particularly for healthy older candidates. You will also need to look into other insurance companies if you are interested in purchasing a policy that covers your entire life.

8. Transamerica

Pros & Cons

ProsCons
Multiple no-medical-exam policy optionsMore complaints than expected
Living benefits included on some policies at no upfront costRanks poorly for customer satisfaction
Wide range of riders available

Overview

Since 1906, the company has been known as Transamerica. It has a reasonable amount of insurance types available to choose from and a large variety of riders to choose from. Specifically, the company offers three different living benefit riders for critical, chronic, and terminal conditions, all of which come standard on certain policies at no additional expense up front. In addition to that, it provides a disability income rider, which is not something that is commonly offered by the insurers that we researched. In addition, Transamerica provides numerous alternatives for plans that do not require a medical examination.

Even though the company has an A (Excellent) Financial Strength Rating from AM Best, making it a solid business, it is also the insurer on this list with the lowest rating overall.

In addition, the J.D. Power 2021 U.S. Life Insurance Study found that Transamerica scored significantly worse than average, while the NAIC Complaint Index found that the company got a greater number of complaints than was anticipated.

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