Best Life Insurance Companies

Nationwide garnered an A+ 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. Plus, it boasts a wide range of policy types and riders and generous living benefits. This host of exceptional features puts it squarely at the top of our best life insurance companies list. 

Nationwide has been in business for nearly a century and offers term, whole life, universal life (UL), and variable UL (VUL) policies. Some of these policies may be available without a medical exam and with fast approval. The company also includes three accelerated death benefit riders on most of its policies at no cost. This allows policyholders to access part of their death benefit while still alive if they are diagnosed with a chronic, critical, or terminal illness.

Protective ties with Banner for the cheapest term life insurance of all the companies we reviewed. Plus, it offers 40-year term policies, which is uncommon in the industry—most companies cap terms at 30 years. 

Founded in 1907, Protective backs its coverage with an A+ rating from AM Best for financial stability. It also received fewer complaints than expected for a company of its size over the past three years. 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. The company may offer some policies without an exam, however, expect an exam for most policies. In the term life buying process outlined on their website, an exam is included.

For more details, see Investopedia’s Protective review. 

MassMutual stands out for a number of reasons. One of the most impressive is its A++ 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 gotten extremely few complaints, according to the NAIC complaint index, over the past three years.

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.)

But unlike some competitors, the company doesn’t include many accelerated benefit riders free of charge on most of its policies and doesn’t accept credit card payments.

Mutual of Omaha is our pick for best life insurance company for living benefits. At no upfront cost, it includes three accelerated benefit riders on its Term Life Express and IUL Express policies (for critical, chronic, and terminal illnesses). Many other policies include living benefits as well. Accelerated benefit riders add flexibility to a life insurance policy by letting you tap the death benefit early if you have a qualifying illness. They can generally be used to pay for whatever you want, but will reduce the benefit your beneficiaries receive. 

Mutual of Omaha received less than the average number of complaints with the NAIC for a company of its size in 2021. Though many of our other favorite companies let you at least start your application for term life insurance online, you’ll have to contact an agent to get a term policy from Mutual of Omaha.

During 2021 and the previous two years, Guardian life received a below average number of complaints with the NAIC.

Like MassMutual, Guardian earns a top rating of A++ from AM Best, reflecting superior financial stability, and it offers dividends to eligible whole life policyholders. Additionally, the company may offer some no exam policies.

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.

Originally incorporated as the United States Automobile Association, USAA will celebrate its 100th year in business in 2022. It boasts AM Best’s top A++ (Superior) rating for financial strength, and strong customer satisfaction as indicated by NAIC’s complaint index.

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.

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. Its stellar reputation and financial stability are two reasons it won best life insurance for seniors. Another is that it issues some whole life policies to 90-year-old applicants (many companies won’t issue policies to anyone over 85). 

New York Life offers term, whole life, and universal life policies, including VUL, plus a diverse mix of riders and options for plan customization. Among these is a living benefits rider and a Spouse’s Paid-Up Purchase Option (SPPO). The SPPO lets your spouse buy a paid-up policy with your policy’s death benefit without having to provide evidence of insurability if, or when, you die.  

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. (In our experience, the goal of customer service for non-policyholders was to immediately route you to an agent.) 

Penn Mutual is a well-established insurer with superior financial strength, an impressive track record of customer satisfaction, and a strong dividend-paying history. The company received an A+ (Superior) rating for financial strength from AM Best and had far fewer complaints than expected for a company of its size, according to the NAIC. Plus, it's paid eligible policyholders dividends every year for around 175 years. On top of this, Penn Mutual makes up to $7.5 million in coverage available to 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. This makes it an excellent option if you need substantial coverage and would prefer to skip a medical exam.

But the company 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 nor online applications for term coverage. In fact, the website doesn't offer much in the way of policy specifics. For details and to apply for any type of coverage, you'll need to get in touch with an agent.

Transamerica has been around since 1906. It offers a respectable number of policy types and boasts a wide range of available 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. Transamerica also 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.

To learn more, read the full Transamerica life insurance review.

Lincoln Financial Group is a financially stable insurer that offers a range of universal life insurance policies plus term coverage. It received an A+ (Superior) Financial Strength Rating from AM Best. It also received fewer complaints than expected for an insurer of its size, according to the NAIC. In addition to regular universal life (UL) coverage, the company offers variable UL and indexed UL policies, making it a good choice for those who would like an investment element within their life insurance policy. 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.

Banner, along with Protective, is an excellent choice if you're seeking low-cost term coverage. Both companies tied for the cheapest quotes across a range of ages among the 32 life insurers that we collected term quotes for. Banner and Protective are also the only companies we reviewed that offer 40-year term policies. 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. Plus, the company offers online term quotes and lets you apply online without needing to contact an agent. While many companies offering term coverage provide quotes on their website, far fewer allow you to apply without contacting or being contacted by an agent. We should also mention that Banner received an A+ (Superior) AM Best rating as well as very few customer complaints.

While there's clearly 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 with as some of its competitors.