Best Life Insurance Companies of December 2022

Nationwide is a financially stable life insurance company that's been in business for nearly a century. It offers a wide range of polices 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, received very few customer complaints over the past three years, and was the second-ranked out of 21 life insurers for customer satisfaction in J.D. Power’s U.S. Individual Life Insurance study. 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. Its host of exceptional features puts it squarely at the top of our best life insurance companies list. 

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. Plus, the company has received very few complaints over the past three years, according to the NAIC, 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.)

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 the lowest term pricing of the companies we reviewed, along with Protective and Banner. 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.

Protective ties with Haven Life and Banner for the cheapest term life insurance of all the companies we reviewed. 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 2021 U.S. Individual Life Insurance Study, coming in at #16 out of 21 companies.

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 offers 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.

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.

A wide range of policies, including indexed universal and variable universal life insurance, make Lincoln Financial attractive to those who want to invest their cash value or are seeking affordable term coverage. In addition to regular universal life (UL) coverage, the company offers variable UL and indexed UL policies, which allow your cash value to participate in stock market gains. It also offers living benefits riders that are available with many policies.

While the quotes we collected for term coverage are very competitive, especially for healthy older applicants, you can't get a term quote on the website. And if you're interested in a whole life policy, you'll need to look at a different insurance company.

Transamerica has been around since 1906. It offers a respectable number of policy types and boasts a wide range of riders. In particular, the company includes three living benefit riders for critical, chronic, and terminal illnesses included at no upfront cost on some policies. It also offers a disability income rider, which is uncommon among the insurers we reviewed. Transamerica offers several options for policies without a medical exam too.

The company has an A (Excellent) Financial Strength Rating from AM Best, which is good, but it's also the lowest-rated insurer in this list. Plus, Transamerica scored well below average in the J.D. Power 2021 U.S. Life Insurance Study and received more complaints than expected, based on the NAIC Complaint Index.

New York Life, founded in 1845, is the oldest company in this list and has paid dividends for 168 consecutive years. It 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.

New York Life 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. 

Not only does Prudential offer a wide range of policy types, such as variable universal life (VUL) insurance and indexed universal life (IUL) insurance, but it also provides the educational resources to understand them. Prudential's website does an excellent job explaining insurance in general, plus policy types, riders, and age-appropriate solutions.

The company also impresses with its A+ (Superior) AM Best rating and its track record of consumer complaints—it had fewer than expected over the last three years, according to the NAIC (Pruco and Prudential). Plus, it includes living benefit riders for terminal illness and nursing home care with most policies. However, the company fell short in J.D. Power's 2021 U.S. Individual Life Insurance Study. It ranked 15th out of 21 life insurers for customer satisfaction.

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.

Drawbacks are that USAA life insurance does not accept credit cards 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.

Northwestern Mutual ticks all the boxes for financial stability: it boasts the highest financial strength ratings from AM Best (A++), Moody's (Aaa), and Fitch (AAA), and it's stood the test of time. The company has been in business since 1857, weathering numerous financial storms, and has paid eligible policyholders dividends for the past 150 years.

These are a few of many reasons it ranked in our review of best whole life insurance companies. Plus, Northwestern Mutual received the fewest complaints (relative to its size) of all companies in this list, and the second-fewest complaints of the 91 insurance companies we reviewed. Unfortunately, there's not much you can do without an agent at Northwestern Mutual. Policy details are lacking online so you'll need to contact the company for specifics.

Read the full Northwestern Mutual life insurance review.

Penn Mutual has paid dividends for 175 years and offers up to $7.5 million in coverage for no-medical-exam life insurance to eligible applicants—the highest limit we've seen.

Penn Mutual is a well-established insurer with superior financial strength and an impressive track record of customer satisfaction. It's 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.

State Farm is our pick for best life insurance company for customer satisfaction because it ranked #1 in J.D. Power's 2021 U.S. Individual Life Insurance Study. The study measured consumer experiences with 21 of the largest life insurance companies nationwide. Plus, it 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.