9 Best Life Insurance Companies of April 2023

Life insurance can help your loved ones cover final expenses, funeral costs, education fees, loss of income, or any other financial need in the event of your death. For many, this kind of financial security is a critical part of financial planning.

Below, you’ll find our selection of the best life insurance companies in America for April 2023. We’ve called out their distinctions, along with the various policies and premiums provided. Read on to find the best insurance plan for your needs.

Our Top Picks for Best Life Insurance Companies

Best Life Insurance Companies Reviews

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: Bestow issues term life insurance more quickly and easily than most companies, and it offers an unusually high death benefit for policies that do not require a medical examination.

Bestow is our choice for individuals who want to get life insurance coverage but don’t want to go through the hassle of a medical exam. The life insurance agency sells term insurance policies (and only those), so you can apply online and purchase a policy without visiting a doctor or having tests such as blood work done. You can get up to $1.5 million in coverage, a higher maximum than other no-exam policies.

The company uses your personal information and medical history, hobbies and lifestyle to determine your eligibility and life insurance rates. In addition, Bestow claims you can get a quote and purchase a policy within minutes, all online.

Bestow policies are issued by top-rated insurer North American Company for Life and Health Insurance or by Bestow Life Insurance Company. Additionally, life insurance from Bestow is now embedded into Lemonade’s app and website. Bestow also offers a comprehensive library of helpful information.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: Ethos stands out as a life insurance provider for accommodating a wide range of potential applicants, including people who may have struggled to qualify for insurance in the past – such as older individuals. Prospective customers can also receive a quote within minutes without needing to talk to a life insurance agent.

With help from proprietary technology, Ethos has simplified its application and underwriting processes so that most applicants can get life insurance coverage the same day they apply. That’s a big reduction in waiting: many traditional insurance brokers and carriers can take weeks to complete underwriting.

Offered by Ethos are term life policies for people 20 to 65 years old at lengths of 10, 15, 20 and 30 years. Coverage ranges from $20,000 up to $2 million; the amount you qualify for will depend on your specific situation.

Medical exams aren’t required for most applicants. Those aged 66 to 85 automatically qualify for guaranteed issue policies — with no medical exam, and regardless of their medical history. The no-waiting-period feature is especially unique for guaranteed issues. It’s typical for a life insurance company to implement a waiting period of two years for guaranteed issue policies to go into effect.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: As a comprehensive online life insurance marketplace, Policygenius offers one-stop access to life insurance products from a wide range of partners, including some of the best life insurance brands mentioned on our list. Unlike some other comparison sites, this one pledges not to sell your information to third parties.

Policygenius takes the top spot as the best online life insurance comparison tool and broker for its satisfying provision of one-stop shopping from a range of insurers. Policygenius’s partners include such names as AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and Transamerica.

This online marketplace also offers an extensive library of educational resources for those new to life insurance, including recommendations for life insurance for people who suffer from depression and diabetes. Coupled with its broad range of coverage options such as term or permanent coverage policies, these resources make Policygenius a standout option for comparing life insurance quotes.

If you need help choosing the right policy or coverage amount, PolicyGenius’ agents can give you personalized assistance. They are paid by salary rather than commission, the company says, so they aren’t incentivized to oversell or to direct you to certain products that may earn them a higher commission.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: Haven Life offers up to $3 million in coverage, which is higher than the standard for term life insurance. Additional perks such as online services to create a will are also available.

Haven Life gets our nod for the best term insurance coverage because of its expansive coverage amounts. Policies with terms of 10, 15, 20, 25 and 30 years can range from $25,000 to $3 million. Coverage is issued by the longstanding life insurance company MassMutual, or by C.M. Life (a subsidiary of MassMutual).

Haven Life offers two types of term life insurance policies: Haven Term and Haven Simple. Haven Term includes Haven Life Plus, a rider that provides access to an online service to develop a will or trust, fitness and sleep tracking apps and an online storage vault for important documents.

Applicants up to 64 years old can get up to $3 million of coverage through Haven Term. Haven Simple, which does not require a medical exam, is only available for applicants aged 20-55 and includes the Accelerated Death Benefit rider.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: True to its name, Ladder’s appeal is its adjustability. As your needs change, you can increase or decrease your coverage. Also, its premiums start at only $5 a month, so you can purchase a life insurance plan even if you’re on a tight budget.

Despite writing only term policies for relatively young applicants, Ladder is the best life insurance company with a flexible option we’ve found. It uses a simple 3-step online application and offers affordable policies that start at $5 per month. The company also doesn’t charge any cancellation fees, which means you can cancel your coverage at any time, with no strings attached.

Another appealing feature for Ladder is that, unlike other insurers, it allows policyholders to change their coverage amount online at any time — with corresponding changes in premiums, of course. This perk can help policyholders maintain an affordable policy at all times, and might be especially attractive to those worried about possible changes in their financial circumstances down the road.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: If a satisfying consumer experience is paramount for you, State Farm should be a leading option. It has an excellent reputation for customer service, along with an outstanding record for financial stability.

State Farm is a leading insurance company and our pick for the best insurer for customer satisfaction and reliability. In 2022, for the third year in a row, J.D. Power named State Farm as the top company in its U.S. Individual Life Insurance Study, which measures overall satisfaction based on responses from almost 6,000 customers.

The company has an A++ (superior) rating from AM Best — the highest rating possible — indicating that it’s very financially stable. And, State Farm received fewer complaints than is expected for a company of its size.

State Farm sells term, whole and universal life insurance policies. Although most of its plans require medical exams, it does have some simplified-issue options.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $250,000 permanent life insurance policy. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: New York Life insurance options include both term and permanent life insurance policies. Its term policies include a conversion option if you decide you want permanent coverage later on. It also underwrites AARP’s life insurance program.

While it also sells term life insurance, New York Life is the best company for people seeking a permanent life insurance policy, including whole life. (Permanent life insurance is more costly but accumulates a cash value in addition to its death benefit.) The company offers multiple types of other insurance-for-life options, including universal and variable universal life plans. It also has several optional riders you can add to plans to customize your coverage.

New York Life has a strong reputation, and, because it’s a mutual insurance company, its policyholders own part of the company’s shares. Depending on the type of policy you have, you may be eligible to receive dividends.

However, New York Life doesn’t allow customers to get quotes online. For details on its policies and rates, you have to work with an agent.

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*Sample pricing based on a 35-year-old female or male in excellent health for a $250,000 permanent life insurance policy. Your own rate will depend on your age, health and sex, among other factors.

Why we chose it: It’s relatively rare to get a break on your life insurance rates by bundling it with other types of coverage a company offers, but Nationwide offers such discounts. It writes term, whole life and universal policies, and has strong ratings for customer satisfaction and financial stability.

Nationwide is a leading insurance company in America; it’s well-regarded by third parties like AM Best, which rates financial stability, and J.D. Power, which scores customer satisfaction. It offers multiple life insurance options, including term, whole and universal life coverage. It also has several optional riders you can use to adjust your policy to your needs.

Although Nationwide’s policies usually have to be purchased through an agent, the company does have a major perk over other companies: it offers a multi-policy discount when you bundle life insurance with homeowners and auto insurance, making your premiums more affordable.

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*Northwestern Mutual does not provide quotes online. You must consult an advisor to get an estimate.

Why we chose it: Insurance riders allow you to get coverage for loved ones, access your benefits under special circumstances or even waive your premiums if you become ill. Northwestern Mutual has more optional riders available than most insurers, allowing you to customize your policy as you like.

Like most insurers, Northwestern Mutual offers a broad range of life insurance types, including term, whole, universal and variable universal life insurance. Its distinction in its long list of riders that, when added to your policy, allow you to extend and customize your coverage to meet your unique needs.

As a mutual company, Northwestern Mutual also pays dividends to policyholders. If you purchase insurance through the company, you could be eligible for annual dividend payments.

Northwestern Mutual is a reputable company that is usually listed at the top of the life insurance industry rankings. It was third out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study, and it’s historically received fewer complaints than is typical for a company of its size.

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Other life insurance companies we considered

We evaluated life insurance vendors and companies based on customer service, product offering, simplicity of underwriting, ability to pay claims on time and high ratings.

The following companies have competitive offerings but are not part of our top picks because they did not excel in any of our requirements.

Lemonade

Lemonade offers term life insurance with no medical exam. Customers can complete the full online application in around five minutes and purchase 10- to 30- year term policies with up to 1.5 million in coverage. Policyholders must download Lemonade’s mobile app to manage their policy, submit claims and access customer service.

Why Lemonade didn’t make the cut: The company is not part of our top insurers because of its limited insurance offerings and lack of information about riders and policies on its website.

Sproutt

Sproutt is a life insurance broker that connects customers with companies offering no-exam, guaranteed issue, universal and whole life policies.

The company, which has been in operation for about five years, works with a slew of carriers, including Legal & General, SBLI, TruStage, AIG, American Amicable, Gerber and Mutual of Omaha. Agents are aided by proprietary SmartRouting technology in helping find the best policy matches for applicants.

Why Sproutt didn’t make the cut: The website requires users to enter contact information to get estimates on coverage amounts and premiums.

Health IQ

Health IQ partners with over 25 national insurers to offer term life insurance for individuals with a healthy lifestyle. Customers can obtain online quotes but have to purchase coverage through an agent. Terms, policies and riders vary by insurance provider.

Why Health IQ didn’t make the cut: This company is not part of our main list because of its limited online service and lack of information on its website.

MassMutual

MassMutual’s insurance portfolio includes term and permanent life insurance, including a term life policy that can be purchased online. Customers can also convert their term life insurance to a permanent policy without a medical exam. MassMutual features a life insurance calculator to help prospective clients assess their insurance needs.

Why MassMutual didn’t make the cut: This company is not part of our main list because its policies have few or no optional riders.

Guardian Life

Guardian Life’s insurance portfolio includes term, whole and universal life policies. Those interested in a term life policy can get an online quote on Guardian Life’s website but they must contact an agent or provider to purchase any policy or get quotes for permanent life insurance.

Why Guardian Life didn’t make the cut: Guardian’s below-average rating by JD Power and limited policy information and riders offerings kept it from our top list.

USAA

USAA offers term life policies starting at $12 a month. Customers can access online quotes for term and permanent policies. Though it wasn’t included in JD Power’s latest study or rated by rating agencies, it has a low complaint ratio of 0.11 — and a strong reputation in the insurance industry.

Why USAA didn’t make the cut: It isn’t part of our main list because other insurers with more attractive features bumped it out.

Mutual of Omaha

Mutual of Omaha stands out for being one of the few companies on this list that offers online quotes for both term and whole life insurance policies.

Why Mutual of Omaha didn’t make the cut: Its premiums are higher than the life insurance industry average for applicants who are healthy and/or older. Application and processing times are also slower than other insurance providers.

Liberty Mutual

Liberty Mutual’s insurance offerings include term and whole life policies. Customers can file claims over the phone, online or through Liberty Mutual’s mobile app.

Why Liberty Mutual didn’t make the cut: It lacks detailed information about policies and doesn’t offer a variety of term insurance options.

Life Insurance Guide

We created this life insurance guide to answer questions related to life insurance, its different policy types and policy options to help you select the best life insurance policy.

What is life insurance?

Life insurance is a contract between a policyholder and an insurer, in which the latter guarantees to pay a sum of money to the life insurance beneficiary upon his or her death. This sum of money, known as the death benefit, is funded by premium payments made by the insured throughout their lifetime.

How does life insurance work?

Life insurance is meant to provide financial protection for dependents and loved ones upon the death of a primary breadwinner. Yet, life insurance is not exclusively available for adults and the elderly.

Many companies also offer life insurance for children, which can cover any expenses in the case of death, help with future insurability and provide economic support through the cash value component of the policy. The life insurance experts at Money have also prepared a list of the best life insurance for seniors and best life insurance for young adults.

At its most basic, life insurance has two main components, a death benefit and a premium.

• The death benefit, also called the face value, refers to the lump sum of money the insurer agrees to pay out to named beneficiaries upon the policyholder’s death.

• Premiums are payments made by the policyholder to the insurer in exchange for the policy. Life insurance premiums are determined by the insured’s projected life expectancy. High-risk individuals, or those who purchase larger death benefit amounts or a permanent life insurance policy, generally pay higher premiums.

Permanent and whole life insurance policies offer insurance-for-life coverage. They also include a cash value component that can serve two functions:

• As a savings account in which cash accumulates on a tax-deferred basis, and which the insured can usually access during their lifetime. Some policies may restrict withdrawals, depending on how the withdrawn money will be used.

• The cash value can also be used to cover premiums or purchase additional coverage.

It’s important to note that the cash value is a living benefit that stays with the insurance company when the policyholder dies. Any outstanding loans against it will reduce the policy’s death benefit.

How to Choose the Best Life Insurance Company for You

Consider these factors when searching for the best life insurance policy for your needs.

• Policy types – Not every company offers both term and permanent life insurance plans. Some offer one or the other.

• Application process – Certain life insurance companies offer a fully online process. Others require you to work with an agent during the underwriting process.

• Medical exam requirements – Depending on the type of policy and carrier, a medical exam may be required. However, many companies offer no-exam life insurance.

• Riders – Some policies include additional, specific insurance benefits in the cost of a premium called riders. Others offer add-on riders, while some companies do not sell any.

• Coverage – Minimum and maximum amounts vary by life insurance company or life insurance agency.

• Pricing – Compare rates from various companies before committing to a policy.

• Company quality – Look to AM Best for info on the financial strength of virtually any life insurance company in the United States. For customer reviews (complaints included), look to The National Association of Insurance Commissioners (NAIC), the Better Business Bureau (BBB), the American Customer Satisfaction Index and the J.D. Power 2022 Individual Life Insurance Study.

What are the different types of life insurance?

• Term life insurance – This kind of life insurance plan lasts for a predetermined period (commonly 10, 15 or 20 years), and then it expires. You can renew for longer or, depending on the life insurance company, switch to a permanent policy that lasts your entire life.

• Whole life insurance – This is a type of permanent life insurance that covers the insured for the duration of their life as long as the premiums are paid. It includes a guaranteed cash value component, and fixed monthly premiums.

• Universal life insurance – Similar to whole life, this permanent policy protects the insured for the duration and their life as long as premiums are paid, and it includes a cash value component. The cash value component in this policy is not guaranteed and it will fluctuate with the market.

• No-exam life insurance – This policy doesn’t require a medical exam for approval. However, filling out a medical questionnaire may be required. No-exam life insurance may be term or permanent policies.

What is the difference between term, whole and universal life insurance policies?

How much life insurance do I need?

There’s no such thing as a hard and fast rule for figuring out a price tag on your life insurance needs and peace of mind. Still, a basic starting point is to determine your financial obligations and future and end-of-life expenses (such as funeral expenses) and subtract any liquid assets you may have.

Below are some common uses for life insurance. Consider whether or not they are relevant to you.

For beneficiaries, from death benefit:

• Funeral expenses
• Replace income of policyholder
• College tuition for children
• Debts, e.g. mortgage, loans
• Estate taxes

For living policyholders, from policies with cash value:

• Supplemental income during retirement
• Prepay funeral expenses
• Pay off debts, e.g. credit card, mortgage, loans, healthcare
• College tuition savings for children

In any case, it’s a good idea to consider life insurance within a larger financial context. If you can, talk with a financial advisor to find out how much life insurance you really need, what you can afford, and what policy types are best for you.

How much does life insurance cost?

Below you’ll find sample rates from multiple insurance companies in America. Some information was provided by representatives while additional data was sourced from company and agency rate calculators.

Disclaimer: The following are sample rates for a 35-year-old female or male in excellent health. Your own rate will depend on your age, health and sex, among other factors.

Term Life Insurance – $500,000 policy

 

Permanent Life Insurance – $250,000 policy

What’s the best place to get life insurance quotes?

The best place to get life insurance quotes is at an insurance marketplace company like Policygenius because it allows you to compare life insurance costs and products from different companies in one place. Also, most companies that are part of our top picks offer online life insurance quotes.

Life Insurance Glossary

Latest Life Insurance News

Between beneficiaries and annuity holders, United States life insurance companies paid out a record $200 billion in 2021, according to the American Council of Life Insurers (ACLI). The ACLI also reported that, in the same year, close to 46 million life insurance policies were purchased. That’s a 6{a652ac39cb023ff8fd1cc85f4393f5b1bb70bf2f880b7bee35f712e4bd8633f7} increase from 2020, with coverage overall exceeding $21 trillion.

Life insurance isn’t just for older Americans; policyholders span generations. Their needs and preferences vary greatly, too. People of all ages who want coverage fast or want to avoid a life insurance medical exam often choose no-exam life insurance. Some healthy people in their 20s opt for permanent life insurance in order to lock in coverage at a significantly lower cost than what they’d be offered at an older age.

Beyond the death benefit, some also look to whole life companies with the eventual goal of borrowing against their life insurance policy. Cash value earnings in a whole life insurance policy can be used to pay for college tuition, supplement retirement income, or for a down mortgage payment.

Life insurance agents can guide you toward getting approved for the ideal coverage for your needs. If you are a transgender or non-binary person, for example, an agent can help you navigate the application process and ensure the life insurance company receives a clear picture of your profile. If you are looking for supplemental coverage, an agent can also help you identify relevant riders, such as the accidental death benefit, which can provide beneficiaries with a larger payout if you die in a covered accident.

Consider starting your life insurance search by estimating how much life insurance you really need.

How We Chose the Best Life Insurance Companies

Our methodology for creating our Best Life Insurance Companies list includes the following factors:

• The ability to pay claims on time

• Customer experience and product offerings

• Customer satisfaction and the life insurance company ratings reported in J.D. Power’s latest U.S. Life Insurance Satisfaction Study, and the A.M. Best financial strength ratings

• The number of complaints regarding their individual life insurance policies, based on National Association of Insurance (NAIC) data

• The selection of insurance plans and related products

• Simplicity of underwriting

We also interviewed representatives from companies as part of our research process. Still, though we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Rates are subject to change. As always, we recommend you do your own research as well.

Summary of Money’s Best Life Insurance Companies of April 2023