Best Life Insurance With Living Benefits

The Omaha, Nebraska-based company has been in business since 1909, offering a range of insurance products, and has earned an A+ financial strength rating with AM Best. The company received 43 complaints through the NAIC in 2022, well below average for a company of its size.

Mutual of Omaha offers various life insurance plans, including term, whole life, children’s whole life, universal, and accidental death insurance. Depending on your policy, you may get a quote and apply online, speak to an agent by phone, or meet with an agent in person. 

You may also customize your policy with riders, which may or may not require an extra fee. Both universal and whole life policies may include living benefits. Mutual of Omaha offers automated phone support 24/7. If you're a customer, you should be able to access more personalized support, including via your agent.

The universal policy allows you to access accelerated death benefits for chronic or terminal illnesses. You may also add a long-term care rider to receive monthly payments of 1%, 2%, or 4% of your death benefit. The whole life Living Promise Level Benefit Plan also offers accelerated death benefits for terminal illness or a nursing home.

However, you can’t get an online quote for universal life or whole life with a death benefit of more than $25,000. 

Read the full Mutual of Omaha Life Insurance review.

John Hancock earned a top spot because of its strong reputation and living benefits with every life insurance policy. Founded in 1862, John Hancock has a long history in the life insurance business. The Boston-based provider has an A+ financial strength rating from AM Best and had 83 complaints through the National Association of Insurance Commissioners (NAIC) in 2022, less than expected for a company of its size. 

John Hancock offers a range of term and permanent universal life insurance policies. You may get a quote and apply for term and final expense policies online, but you will need to call John Hancock for permanent life insurance. 

John Hancock’s term and permanent policies include accelerated death benefit riders. The company also offers riders with a waiver of premium for disability and unemployment, critical illness, and long-term care for an extra fee. You may contact John Hancock with questions by phone, Monday through Friday, from 8 a.m. to 6 p.m. EST.

You may access 10% to 25% of the policy’s face value for critical illness (maximum of $250,000), which may include a heart attack, stroke, cancer, coronary artery bypass graft, major organ failure, kidney failure, or paralysis. For accelerated death benefits, you may tap up to 50% or 100% (maximum of $1 million) of the face value.

You may use the disability waiver of premium if you’re totally disabled for at least six months. It may also be possible to access long-term care benefits of 2% or 4% in monthly installments if you can’t perform two activities of daily living (bathing, dressing, eating, continence, toileting, or transferring). 

You may save up to 25% on monthly premiums by forming healthy habits with John Hancock’s Vitality PLUS program. 

Read the full John Hancock Life Insurance review.

AIG scores points for term life insurance policies, including its Quality of Life plans with living benefits. Initially founded in 1919 in Shanghai, China, AIG now operates in over 80 countries. The company earned an A credit rating with AM Best. It had 193 complaints through the NAIC in 2022, well below what's expected for a company of its size. 

AIG offers living benefits through term, universal, and whole life insurance policies. You may apply online for term coverage but will need to speak with an agent for whole and universal life. The Select-a-Term policies include a terminal illness rider, and the Quality of Life Flex Term offers built-in accelerated death benefits for chronic, critical, or terminal illnesses. Both policies may guarantee a minimum benefit based on your policy agreement. You may also add a disability waiver of premium rider for an added fee. 

You can access Quality of Life benefits after a qualifying life event occurs, such as being diagnosed with a terminal illness. The disability waiver of premium is triggered after a six-month waiting period. Contact AIG’s team by phone or by email. AIG offers online quotes for term life.

Unfortunately, however, AIG ranked second-to-last in J.D. Power's 2021 U.S. Life Insurance Study.

Read the full AIG Life Insurance review.

New York Life earned points for its financial strength, reputation, and two whole life insurance policies with living benefits options. The New York-based company was founded in 1845, has an A++ financial strength rating from AM Best, and received 72 complaints from the NAIC in 2022, a very low amount for a company of its size.  

New York Life has several policies, including term, whole life, and universal life with various riders for added protection. You can fill out a brief form on the company’s website to receive a phone call from an agent for a quote or apply for a policy.

The company’s whole life policies offer add-on living benefits options that offer access to part of your death benefit if diagnosed with a terminal illness. You may also add riders for a disability waiver of premium, chronic illness, and more. The chronic rider may also offer access to part of your policy’s death benefit. You can manage your policy online or speak with a customer service representative by phone between 9 a.m. and 7 p.m. EST, Monday through Friday.   

You can’t get a life insurance quote online and must contact an agent to get your quote. However, you won’t wait long because the company will connect you with a local agent within 48 hours of filling out the intake form. New York Life earned an average score in J.D. Power's 2021 U.S. Life Insurance Study.

Read the full New York Life Insurance review.

Haven Life made our list because it’s the best option for convenience, with quick online quotes, a fast application, and no medical exam for the Haven Simple policy. Backed by industry giant MassMutual, Haven Life has offered online term life insurance since 2015. MassMutual has been in business since 1851 and has an A++ financial strength rating from AM Best. MassMutual had just 25 complaints through the NAIC in 2022, an incredibly low amount for a company of its size.

Haven Life offers two life insurance policies with living benefits, Haven Term and Haven Simple, and you can apply online or by phone. Haven Term is available nationwide. Haven Simple, which doesn’t require a medical exam, isn’t available in California, Delaware, South Dakota, North Dakota, and New York.

Both Haven Life policies offer accelerated death benefits, and Haven Term offers an additional living benefits package called Haven Life Plus. A waiver of premium rider is also available for an extra cost. Haven Life’s customer service is available by phone, chat, and email weekdays from 9 a.m. to 6 p.m. EST.

You may collect a significant portion of your death benefit through the accelerated death benefit rider if you are terminally ill with 12 to 24 months left to live. If you purchase the waiver of premium, you can stop paying premiums if you become totally disabled through illness or disability.

A 35-year-old woman can expect to pay $11.86 per month for a 20-year $250,000 term life insurance policy. The same policy may cost a 40-year-old man $17.33 per month. Your quote may differ. These are just examples from Haven Life. Monthly premiums include the accelerated death benefit rider, but the disability waiver of premium is extra. Keep in mind that without a medical exam, you will likely pay higher premiums for a Haven Simple policy vs. a Haven Term policy with a medical exam.

Read the full Haven Life Insurance review.

State Farm ranked high because you can save money by bundling multiple types of insurance. Founded in 1922, the company offers auto, health, home or renters, life insurance, and many more options. The company has an A++ credit rating from AM Best and received just 39 complaints with the NAIC in 2022, an incredibly low amount for a company of its size.

State Farm offers a range of life insurance policies with living benefits, including term, permanent, and universal coverage. You may buy life insurance through an agent nationwide, either in-person or by phone, with restrictions on some policies, depending on where you live.

State Farm offers a flexible care benefit rider, which offers accelerated death benefits or long-term care protection, as well as a waiver of premium for disability. You may contact State Farm’s customer service team by phone or through the company’s mobile app.   

If you become chronically ill or need long-term care services, you may access up to 2% of your death benefit per month through the flexible care benefit rider. You may be eligible to stop paying premiums through the length of a disability through the waiver of premium for disability. You will need to speak with an agent to get a quote for the flexible care benefit rider.

Read the full State Farm Life Insurance review.