The life insurance market in the U.S. is competitive, made up of a mix of longstanding insurers and newer “insurtechs” that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaints data, consumer experience and financial strength. We also assessed the types of policies on offer, and the ways you can buy coverage.
Based on these factors, these are our top life insurance companies for 2023.
Our picks for the best life insurance companies in April 2023
All of the life insurance companies listed below scored 5 out of 5 stars. There are hundreds of insurers competing for your business, often selling very similar products, so it’s smart to compare life insurance quotes from a few before making a decision.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole, universal and variable universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole and universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole, universal and variable universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole, universal and variable universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, universal, variable universal and indexed universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole and universal.
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Term, whole and universal.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Best life insurance companies: Pros and cons
Learn more about our top life insurance companies in 2023 by reading the brief summaries below and checking out our comprehensive reviews.
MassMutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: MassMutual offers a solid range of term, whole, universal and variable universal life insurance, plus free coverage for low income parents.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Wide range of term and permanent life insurance policies.
Offers an instant life insurance policy.
Supports online claims.
Most policies require a medical exam.
MassMutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: MassMutual offers a solid range of term, whole, universal and variable universal life insurance, plus free coverage for low income parents.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Wide range of term and permanent life insurance policies.
Offers an instant life insurance policy.
Supports online claims.
Most policies require a medical exam.
Company overview: Massachusetts Mutual Life Insurance Co., often shortened to MassMutual, is one of the largest life insurers in the country. Founded in 1851, it offers a wide range of products, from term life to variable universal life insurance — a type of permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual company, which means it’s owned in part by its policyholders and pays out dividends to qualifying members. Its 2023 dividend payout is the highest yet at almost $1.9 billion.
Best for online experience
Haven Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Haven offers two types of term life insurance, and its user-friendly website and instant coverage options make it a good choice for online shoppers.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Backed by longstanding insurance company, MassMutual.
Sleek online application.
Additional financial services available in most states at no charge.
Term life insurance can’t be converted to permanent coverage.
Best for online experience
Haven Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Haven offers two types of term life insurance, and its user-friendly website and instant coverage options make it a good choice for online shoppers.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & no-exam
Backed by longstanding insurance company, MassMutual.
Sleek online application.
Additional financial services available in most states at no charge.
Term life insurance can’t be converted to permanent coverage.
Company overview: Haven Life offers term life insurance with accelerated underwriting, a process that uses algorithms and data to quickly assess your insurability. The entire application process is conducted online and the company says it can be completed in about 25 minutes. While Haven specializes in one type of life insurance, it offers choices for its customers. Depending on the policy you pick, you could buy $25,000 to $3 million in coverage, and choose a term lasting from five to 30 years. Haven Life’s policies are issued by MassMutual, which drew significantly fewer than expected customer complaints for a company of its size.
Best for applicants with a history of HIV
Guardian Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Guardian sells term, whole, universal and variable universal policies, and caters for people living with HIV with tailored coverage.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Minimal policy details on the site.
Best for applicants with a history of HIV
Guardian Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Guardian sells term, whole, universal and variable universal policies, and caters for people living with HIV with tailored coverage.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Minimal policy details on the site.
Company overview: Guardian was founded in 1860 and has paid dividends to its eligible policyholders since 1868. The company is set to pay out $1.26 billion in dividends in 2023, the largest sum in the company’s history. The insurer drew significantly fewer complaints to state regulators than expected for a company its size. Aside from life insurance, Guardian also sells a range of products including dental, vision and cancer insurance.
Best for consumer experience
Northwestern Mutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: The biggest insurer in the country, Northwestern Mutual offers term and permanent life insurance, and has the lowest complaint ratios of the life insurers we review.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Company website doesn’t give specifics about coverage amounts or riders.
Only two riders for term life available.
Best for consumer experience
Northwestern Mutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: The biggest insurer in the country, Northwestern Mutual offers term and permanent life insurance, and has the lowest complaint ratios of the life insurers we review.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Company website doesn’t give specifics about coverage amounts or riders.
Only two riders for term life available.
Company overview: Founded in 1857, Northwestern Mutual is the largest seller of individual life insurance in the United States, according to the latest data from S&P Global Market Intelligence. Universal life policyholders have flexible payment and coverage options, while term life customers have the opportunity to convert their policy to permanent coverage without taking a medical exam. The company is set to pay $6.8 billion in dividends to qualifying policyholders in 2023. Northwestern Mutual received significantly fewer complaints to state regulators than expected for a company of its size, making it a trustworthy choice for shoppers.
Best for high coverage amounts
New York Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: New York Life offers term, whole, universal and variable universal life insurance. The company’s Million Plus Level Term 10 policy has a minimum death benefit of $1 million.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Ranks above average in J.D. Power’s 2022 customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Quotes aren’t available online.
Best for high coverage amounts
New York Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: New York Life offers term, whole, universal and variable universal life insurance. The company’s Million Plus Level Term 10 policy has a minimum death benefit of $1 million.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Ranks above average in J.D. Power’s 2022 customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Quotes aren’t available online.
Company overview: New York Life is a mutual company, which means it’s owned by its policyholders. As such, you may be eligible to vote in board elections if you’ve held a permanent policy for more than a year and earn dividends — the insurer is set to pay out $2 billion in 2023. The company is one of the largest life insurance companies in the U.S. and drew fewer complaints to state regulators than expected for a company of its size. It ranked about average in J.D. Power’s 2022 customer satisfaction study for life insurance. One of its whole life policies includes a flexible payment option, allowing you to pay off your premiums early.
Best range of permanent life insurance
Pacific Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Pacific Life sells a broad range of policies, and stands out for providing detailed and easy-to-digest information about each type on its website.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Ranked above average in J.D. Power’s customer satisfaction study for life insurance.
Select policies are not available in New York.
Quotes are not available online.
Best range of permanent life insurance
Pacific Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Pacific Life sells a broad range of policies, and stands out for providing detailed and easy-to-digest information about each type on its website.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Ranked above average in J.D. Power’s customer satisfaction study for life insurance.
Select policies are not available in New York.
Quotes are not available online.
Company overview: Pacific Life has been in business for more than 150 years. It has drawn significantly fewer complaints than expected for a company of its size over the past three years. Among Pacific Life’s range of policies is the company’s indexed universal life insurance. These policies typically grow investments based on stock market indexes like the S&P 500. They also have a guaranteed floor, which means your life insurance cash value won’t fall below a certain value if the stock market dives.
Best for customer satisfaction
State Farm
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: State Farm topped the list in J.D. Power’s 2022 U.S. Life Insurance Study for customer satisfaction, and offers highly customizable term, whole and universal policies.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s 2022 customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Best for customer satisfaction
State Farm
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: State Farm topped the list in J.D. Power’s 2022 U.S. Life Insurance Study for customer satisfaction, and offers highly customizable term, whole and universal policies.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s 2022 customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Company overview: When you think of State Farm, you probably think of its auto insurance products. But it also offers a decent range of life insurance policies, including return-of-premium life insurance — if you outlive the term, you get a refund of the premiums you paid into the policy. State Farm also offers a single premium option for its whole life policy and a final expense policy that can help cover funeral costs.
State Farm ranked first out of 22 companies in J.D. Power’s 2022 U.S. Life Insurance Study for customer satisfaction, and has consistently topped this list in recent years — pointing to its positive reputation among policyholders.
Best for members of the military
USAA
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: USAA sells term, whole and universal policies to both military and civilian applicants, but some policies cater specifically to those who serve.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Some policies not available in New York or Montana.
Best for members of the military
USAA
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: USAA sells term, whole and universal policies to both military and civilian applicants, but some policies cater specifically to those who serve.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Had fewer than the expected number of complaints compared to other companies.
Some policies include free perks for military personnel, such as a $25,000 severe injury payment.
Option to add $100,000 coverage to its term life policy after a major life event.
Some policies not available in New York or Montana.
Company overview: USAA was founded in 1922 to provide life insurance for veterans and active military members. It now offers coverage to civilians as well. Its policies can be used to supplement the government-provided Servicemembers’ Group Life Insurance, which is automatically issued to eligible military personnel. If you buy a policy from ages 18 to 35, you may have the option to increase your coverage amount up to age 45 if you get married, buy a house or have a baby.
Find the right life insurance plan for you
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How to choose the best life insurance company
Follow these four steps to find the best life insurance company for your family.
1. Look at customer satisfaction scores
Other customers’ experiences can help you decide whether you want to do business with a company. You can get clues about an insurer’s reputation through complaints filed with state regulators, which are visible on the National Association of Insurance Commissioners website. All of the companies listed above have had fewer complaints to state regulators than expected for insurers of their size, according to three years’ worth of data from the NAIC.
2. Consider financial strength
It’s especially important to look into life insurance companies’ financial strength because you’ll want a company that can pay claims many years down the road. NerdWallet’s insurance reviews use weighted averages of financial strength ratings. For additional information about life insurance companies, try a ratings agency like AM Best. We recommend looking at insurers with an AM Best rating of A- or better.
3. Evaluate the policy options
4. Get prices from a handful of companies
Although many companies sell similar policies, some focus on certain products — such as whole life — or on particular customers, such as seniors who need life insurance. You can narrow down your options by focusing on the companies that specialize in the type of insurance you’re looking for.
More about top-rated life insurance companies
Looking for a specific type of life insurance policy? Check out NerdWallet’s top picks across these categories:
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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