Best Life Insurance Companies of February 2023

Nationwide is a financially stable life insurance company that's been in business for nearly a century. It offers a wide range of policies that may be available without a medical exam and with fast approval. It's also our top pick for best whole life insurance companies, best no-medical-exam life insurance companies, and best life insurance companies for people over 50.

The company garnered an A+ (Superior) financial stability rating from AM Best and received very few customer complaints over the past three years. It also boasts a wide range of policy types and riders, no-exam life insurance for healthy applicants, and most policies include three accelerated death benefit riders at no upfront cost for chronic, critical, and terminal illnesses. This was a rare offering among the insurance companies we considered. Its host of exceptional features puts it squarely at the top of our best life insurance companies list. 

Nationwide offers term policies as well as traditional whole life insurance, universal life insurance (UL), variable universal life insurance (VUL), and indexed universal life insurance (IUL).

• Guaranteed Level Term
• Whole Life 100 and 20Pay Whole Life
• No-Lapse Guarantee UL II (universal life insurance)
• VUL Accumulator (variable life insurance)
• VUL Protector
• Advisory VUL
  
• IUL Accumulator II 2020 (indexed universal life insurance)
• IUL Protector II 2020
• Survivorship IUL 2020
  

Term pricing

We found that a healthy 40-year-old female would pay $26.25 per month for a $250,000 30-year term policy.

• Chronic illness accelerated death benefit rider
• Critical illness accelerated death benefit rider
• Terminal illness accelerated death benefit rider
• Long term care accelerated death benefit rider 
• Accidental death benefit rider
• Children's term insurance rider
• Guaranteed insurability benefit rider
• Waiver of premium rider

MassMutual stands out for a number of reasons. It has an A++ (Superior) financial rating from AM Best. This is the highest rating a company can receive and indicates a “superior” ability to pay claims. MassMutual’s dividend-paying history also adds to its clout: Every year since 1869, eligible policyholders have received life insurance dividends. In 2023, MassMutual plans to pay $1.9 billion in dividends, which is its largest payout ever. Plus, the company has received very few complaints, according to NAIC data over the past three years, and offers a wide range of policy types.

It’s worth noting that owners of MassMutual term policies can convert to any of MassMutual’s permanent policies. This is important because some companies limit the types of policies you can convert your term policy into. (Convertible term life insurance allows you to exchange some or all of your term coverage for permanent without having to re-qualify for life insurance.)

MassMutual offers term life insurance, whole life insurance, universal life insurance, and variable universal life insurance.

• MassMutual Term
• Whole Life 100
• Whole Life 65
• Whole Life 10/15/20-Pay
• Whole Life High Early Cash Value (HECV)
  

• Universal Life (UL) Guard
• Survivorship Universal Life (SUL) Guard
• Apex VUL (variable universal life insurance)

Term pricing

We found that a healthy 40-year-old female would pay $27.26 per month for a $250,000 30-year MassMutual term policy.

• Guaranteed insurability rider
• Waiver of premium rider
• Terminal illness accelerated death benefit rider
• Long-term care accelerated death benefit rider
• Chronic illness accelerated death benefit rider 

Haven Life's website is what all other life insurance websites should aspire to be. The quote and application processes are seamless and entirely online. You don't have to provide any personal information until you decide to apply, and brief educational blurbs are well-placed to guide and address any questions you may have. But if you still need help, an agent is just a click away via live chat; or you can choose to call in instead.

Plus, Haven has some of the lowest term pricing of the companies we reviewed. And if you opt for a no-medical-exam life insurance policy, you may be approved the same day. For these reasons, Haven places prominently in our review of the best term life insurance companies and best life insurance companies for young adults. The only strike against Haven Life is that its term policies are not convertible to permanent coverage—an option that 89% of the term life insurance companies we reviewed offer.

• Haven Term (medical exam required/higher coverage limits)
• Haven Simple (no medical exam/lower coverage limits)

Term Pricing

We found that a healthy 40-year-old female would pay $22.90 per month for a $250,000 30-year term policy.

• Waiver of premium rider
• Accelerated death benefit rider (terminal illness)

Protective has the cheapest term life insurance of all the companies we reviewed (along with Banner and Haven Life). Its excellent pricing and policy options make it our pick for best term life insurance company, most affordable life insurance company, and best life insurance companies for young adults.

Protective offers 40-year term policies, which is uncommon in the industry—most companies cap terms at 30 years—and it received fewer complaints than expected for a company of its size over the past three years. The company also offers generous child riders on its policies, which makes it a good life insurance company for children.

However, Protective ranked lower than the industry average in J.D. Power’s 2022 U.S. Individual Life Insurance Study, coming in at #15 out of 22 companies.

Protective offers term, whole life, universal life, variable universal life, and indexed universal life insurance policies.

• Protective Classic Choice Term
• Non-Participating Whole Life
• Custom Choice Universal Life (UL)
• Advantage Choice UL
• Lifetime Assurance UL
• Survivor UL
• Executive UL
• Strategic Objectives II VUL (variable universal life insurance)
• Indexed Choice UL

Term Pricing

We found that a healthy 40-year-old female would pay $22.88 per month for a $250,000 30-year term policy.

• Protected insurability rider (guaranteed insurability rider)
• Children’s term rider
• Waiver of premium
• Terminal illness accelerated death benefit rider
• ExtendCare rider (terminal illness accelerated death benefit rider)
  

At no upfront cost, Mutual of Omaha includes three accelerated benefit riders on its Term Life Express and IUL Express policies (for critical, chronic, and terminal illnesses), and most other policies include two of these benefits. These attributes make it our choice for the best life insurance company for living benefits. Accelerated benefit riders add flexibility to a life insurance policy by letting you tap the death benefit early if you have a qualifying illness.

Plus the company offers at least two uncommon features: a disability income rider and a return of premium benefit on select term policies (both for an extra cost). With return of premium (ROP) term life insurance, you can receive up to 100% of premiums back if you outlive the term. Only 11 of the 91 life insurance companies we reviewed make this type of coverage available. Mutual of Omaha is also our top pick for the best burial insurance companies.

• Term Life Answers
• Term Life Express
• AccumUL Answers (universal life insurance)
• Income Advantage IUL (index universal life insurance)
• Life Protection Advantage IUL
• IUL Express
• Children’s Whole Life Insurance
• Guaranteed Whole Life Insurance
  

Term Pricing

We found that a healthy 40-year-old female would pay $28.38 per month for a $250,000 30-year term policy.

Chronic, critical, and terminal illness riders are included free of charge on Mutual of Omaha’s Term Life Express and IUL Express policies. Most other policies include chronic and terminal illness riders at no additional cost. 

• Critical illness accelerated death benefit rider
• Terminal illness accelerated death benefit rider
• Chronic illness accelerated death benefit rider
• Accidental death benefit rider
• Dependent children's rider
• Guaranteed insurability benefit rider
• Waiver of premium rider
• Disability income rider

Along with MassMutual and New York Life, Guardian is one of only nine companies we reviewed to earn a top financial strength rating of A++ from AM Best, reflecting superior financial stability. Also like MassMutual and New York Life, Guardian offers dividends to eligible whole-life policyholders and announced its largest dividend payment ever for 2023 at $1.26 billion to eligible policyholders. For these reasons it ranked highly for:

• best whole life insurance companies (highest issue age)
• best life insurance companies for people over 50 (best for financial stability)
• best senior life insurance companies (best for financial stability)

Guardian Life received a below-average number of complaints with the NAIC over the past three years of available data. Additionally, the company offers no-exam policies to eligible applicants.But if you’re seeking a streamlined online experience, Guardian falls short. It doesn’t offer an online application process (without an agent), online claim filing, or credit card payments, and information on its individual product offerings is hard to find.

• Guardian Level Term
• Guardian Level Premium Whole Life
• Limited Pay Whole Life
• Variable Universal Life Insurance

Term Pricing

We found that a healthy 40-year-old female would pay $27.47 per month for a $250,000 30-year term policy.

• Waiver of premium rider
• Accidental death benefit rider
• Terminal illness accelerated death benefit rider
• Long-term care accelerated death benefit rider
• Chronic illness accelerated death benefit rider
• Paid-up additions (PUA) rider

What makes USAA a solid choice for military families are its military-specific riders. Level Term V policies include a severe injury rider that pays out $25,000 for specific injuries incurred during military service. USAA also offers guaranteed insurability riders at no additional cost that give you the option to increase coverage after leaving the military (and without having to prove insurability) or if you experience certain life events, like having a child. Level Term V policies also include a conversion option that allows you to convert to permanent coverage without a medical exam or questions after you've had your term policy for at least one year.

The drawbacks are that USAA life insurance does not accept credit card payments and has limited no-medical-exam options. USAA sells Mutual of Omaha's guaranteed issue whole life policies that have a minimum age of 45 and a coverage maximum of just $25,000.

• Level Term V 
• Essential Term
• Simplified Whole Life
• Guaranteed Issue Whole Life (via Mutual of Omaha)
• Universal Life Insurance (via John Hancock)

Term Pricing

We found that a healthy 40-year-old female would pay $26.86 per month for a $250,000 30-year term policy.

• Guaranteed insurability rider
• Term Life Event Option Rider
• Life Event Option Rider
• Child rider
• Waiver of premium rider
• Terminal illness accelerated death benefit rider

Penn Mutual is a well-established insurer with superior financial strength and an impressive track record of customer satisfaction. It has the longest dividend-paying history of companies on this list and announced that it plans to pay eligible policyholders $1.63 million in dividends in 2023, which is a record payout.

Penn Mutual is also an excellent choice for those with high-coverage needs. The company offers $7.5 million in coverage to very healthy applicants up to age 65 without a medical exam. This is the highest no-exam limit we've seen, and the highest age limit we've seen for no-exam policies, which is why it's a top pick for:

• Best no-medical-exam life insurance companies (best for high coverage)
• Best whole life insurance companies (best for dividends)

But Penn Mutual doesn't just cater to those looking for high coverage or permanent policies. Its quotes for term coverage were the fourth most affordable of the 32 companies we collected quotes for. That said, the company does not make term quotes available on its website. For details and to apply for any type of coverage, you'll need to get in touch with an agent.

• Guaranteed Convertible Term
• Protection Non-Convertible Term
• One-Year Term
• Guaranteed Whole Life II
• Survivorship Whole Life
• Guaranteed Protection UL (universal life insurance)
• Protection UL
• Diversified Advantage Variable Universal Life (VUL)
• Protection VUL
• Accumulation Builder Flex Indexed Universal Life (IUL)
• Survivorship Plus Select IUL

Term Pricing

We found that a healthy 40-year-old female would pay $23.92 per month for a $250,000 30-year term policy.

• Guaranteed Increase Option (guaranteed insurability rider) 
• Children's term rider
• Disability waiver of premium rider
• Terminal illness accelerated death benefit rider
• Chronic illness accelerated death benefit rider
• Accidental death benefit rider
  

Banner, along with Protective and Haven, is an excellent choice if you're looking for the cheapest term life insurance. Banner is also one of only two companies that offer 40-year term policies (Protective is the other). Additionally, Banner boasts generous term conversion options—you can convert your term policy through the end of the level-premium period or until you turn 70, whichever happens first. This is important because some companies limit the conversion period to the first 10 years of the policy.

While there's a lot to like about Banner, it doesn't offer many policy options—just term and universal life policies. It also doesn't offer as many riders to customize policies as some of its competitors.

• OPTerm
• Life Step UL (universal life insurance)

Term Pricing

We found that a healthy 40-year-old female would pay $22.89 per month for a $250,000 30-year term policy.

• Child term rider 
• Waiver of premium rider
• Terminal illness accelerated death benefit rider

State Farm is our pick for best life insurance company for customer satisfaction because it ranked #1 in J.D. Power's U.S. Individual Life Insurance studies for 2022, 2021, and 2020. The studies measured consumer experiences with the largest life insurance companies nationwide. Plus, State Farm boasts an A++ (Superior) rating for financial strength from AM Best, which is the highest rating possible.

The company is also one of our:

• best whole life insurance companies
• best burial life insurance companies
• best return-of-premium (ROP) term life insurance companies

If you're looking for a whole life policy that pays dividends, State Farm offers one. Plus, you may be able to save on your premium by bundling life insurance coverage with another State Farm coverage, such as auto. However, the company's term policies are priced high compared to our review of 32 life insurance companies offering term quotes online. And if you're in the market for life insurance without a medical exam, you may want to look elsewhere. At present, the most coverage you can get with State Farm without a medical exam is $50,000.

• Select Term Life
• Return of Premium Life
• Instant Answer Term
• Limited Pay Whole Life
• Single Premium Whole Life
• Universal Life
• Survivorship Universal Life
• Joint Universal Life
• Final Expense (called $10,000 Whole Life in New York State)

Term Pricing

We found that a healthy 40-year-old female would pay $35.24 per month for a $250,000 30-year term policy, which is one of the highest rates we've seen.

• Guaranteed insurability rider
• Child rider
• Waiver of premium rider
• Accelerated death benefit: Flexible Care Benefit Rider (long-term care rider)
• Select term rider
• Level term rider

New York Life, founded in 1845, is the oldest company on this list and has paid dividends for 169 consecutive years. In 2023, it plans to pay $2 billion in dividends, which is the largest payout in company history.

New York Life earns an A++ (Superior) AM Best rating and receives very few customer complaints.It also issues whole life policies to eligible 90-year-old applicants. Its stellar reputation and financial stability are two reasons it's a top-ranked company for best life insurance for seniors and best whole life insurance companies.

The company offers term, whole life, and universal life policies, including variable universal life (VUL) insurance, plus a diverse mix of riders and options for plan customization. Among these are living benefits riders and a Spouse’s Paid-Up Purchase Option (SPPO). The SPPO is an uncommon offering that lets the spouse of the insured person use the death benefit to purchase a fully-paid-up life insurance policy on their own life (without medical underwriting) upon their spouse's passing.

Unfortunately, it’s difficult to locate policy-specific information on the website. If you have questions or want a quote, you’ll need to provide your name and number and wait for an agent to contact you. 

• Level Premium Convertible Term
• 10-20 Yearly Convertible Term
• Million Plus Level Term 10
• Whole Life Insurance
• Custom Whole Life Insurance
• Basic Universal Life Insurance
• Custom Universal Life Guarantee 
• Protection Up to Age 90
• Variable Universal Life Accumulator II

• Spouse’s Paid-Up Insurance Purchase Option (SPPO)
• Guaranteed insurability rider 
• Child term rider
• Disability waiver of premium rider 
• Disability income rider
• Accidental death benefit rider 
• Terminal illness accelerated death benefit rider 
• Long-term care accelerated death benefit rider
• Chronic illness accelerated death benefit rider
• Critical illness accelerated death benefit rider 
• Paid-up additions (PUA) rider
• Money back option rider