Any life insurance policy is a bound contract between yourself and a company whereby you pay monthly or annual premiums for the company to pay out your beneficiaries in any unforeseen case of death.
As popular as automobile or property insurance, life insurance policies operate on the idea that death, severe injury or disability can happen to anyone at any time, so certain coverages are required to ensure that your beneficiaries can continue to be well-provided, even if you are unable to work, or have passed away, as a result of an untimely accident.
With this basic principle in mind, many companies are providing great services, products or bundles to attract prospective policyholders with their coverage.
However, for the average person, many of these companies offer a sea of complex coverages that are difficult to navigate through.
With complex technical jargon, hidden fees and coverage loopholes, finding the best policies for life insurance for you and your loved ones can be a very daunting task. I hope that this carefully curated list of life insurance companies can assist you in your insurance provider shopping.
It is worth mentioning that every family has different situations and that many premiums are related to an individual’s characteristics such as: income, age, continuous years of insurance and their type of job.
Do be sure to keep this in mind as you read on, but rest assured and know that a good company in our list is a good company all around.
Our #1 Pick:
Northwestern Mutual
(Best Overall)
Overview
Northwestern Mutual has been in business for more than 160 years, and has solid ratings through and through, with an A++ rating from AM Best, an AA+ rating from S & P Global, and positive customer satisfaction reviews.
Northwestern Mutual is widely known to provide the best policies for life insurance, whether policyholders require a comprehensive list of coverages or just basic protection.
Why We Chose It
Not only is Northwestern Mutual the most popular life insurance company on our list, but it also had the highest payout in its history in 2020, and based on its performance this year, all signs so far are pointing to the same record breaking results for 2021.
In addition to its $6.2 billion worth of dividends to its policyholders in 2020, as well as signs of breaking that figure in 2021, with a Northwestern Mutual life insurance policy, you will have the assistance of a professional financial advisor to help guide you to the most appropriate (and best value) coverage for yourself and your loved ones.
Northwestern Mutual offers 3 types of life insurance (term life, whole life and universal life) and writes with any person between 18-80 years old.
| Pros | Cons |
|---|---|
| • Why We Chose It | • Large number of clientele |
| • Wide age range of clients | |
| • Term life, whole life and universal life coverage offered | |
| • Expert opinions and guidance from financial advisor | |
| • Positive reviews from established and reliable sources |
Prudential Financial Inc
(Second Best Overall)
Overview
With a history that dates back to 1873, Prudential FInancial Inc has continually offered a reliable, safe and diverse range of coverages for any life insurance policy, whether its policyholders require complex life insurance quotes or simple ones.
With an A+ rating with AM Best and an AA- rating with S & P, policyholders will be reassured that their life insurance concerns are being handled by long-term experts.
Why We Chose It
Prudential Financial Inc offers 4 types of life insurance, giving many prospective policyholders a wide range of coverage packages to choose from. With its long history as its support, it boasts a proven track record or trust with its clients.
Offering term life, universal life, indexed universal life and variable universal life insurance, policyholders can choose the most suitable coverages for themselves and beneficiaries.
You can also add riders to your policy to cover accidental death benefit, living needs benefit and a children’s protection rider as add-ons.
If you want to avoid speaking to representatives on the phone or in person, you can apply online for term life insurance quotes. However, for whole life insurance policies, you will have to speak with an agent.
| Pros | Cons |
|---|---|
| • A safe bet for life insurance policies | • Add-ons can be pricey |
| • Wide range of types of life insurance | • Online quote option is limited to only 1 type of insurance |
| • Online quote option for term life insurance | |
New York Life Insurance Group
(Best Term Policies)
Overview
New York Life Insurance Group has been in business since 1845, so this is another company known for its long track record of trust, reliability and success among its policyholders throughout the years.
With an A++ rating from AM Best and an AA+ rating from S & P, while receiving decent customer satisfaction scores among others, New York Life Insurance Group is a name that many customers looking for the best life insurance policy can trust.
Why We Chose It
New York Life Insurance Group offers 4 types of insurance, so regardless of you and your beneficiaries requiring a very detailed and comprehensive bundle of life insurance coverages, you will likely find the right package for you and your loved ones.
By offering term life, whole life, universal life and variable universal life, your beneficiaries can be well provided for much after any unfortunate events of untimely death, accidental disability or severe illness.
Their term life coverage can convert to permanent life insurance after a number of years to reward policyholder loyalty. The company also offers customizable add ons for disability or terminal illness, which allows you to cater to your specific family needs further.
In addition to these 4 types of insurance, New York Life Insurance Group’s website offers an array of user intuitive and helpful life insurance resources in case your preference is to shop for coverages on your own.
The website also offers helpful charts to show where it ranks relative to other competitive markets.
To apply for a quote, you would have to enter your information in a form, after which a representative from the company will contact you.
| Pros | Cons |
|---|---|
| • Wide range of types of insurance & rewards for policyholder loyalty | • Initial contact strategy not ideal (representative may take a while to contact you back) |
| • Very helpful website | • No online quotes |
| • Customizable add-ons to fit specific needs | • Add-ons can be pricey |
Mutual of Omaha
(Best for No Medical Exams)
Overview
Founded in 1909, Mutual of Omaha has witnessed immense growth due to Omaha’s increased financial presence on a global scale as Warren Buffett’s home state.
Since 1909, Mutual of Omaha has extended its reach to long-term care insurance, investments and annuities in addition to life insurance.
The company has an A+ rating with AM Best and an A+ rating with S & P Global, while finishing 5th out of 23 in the JD Power 2020 US Life Insurance Study by ranking with 789 out of a possible 1000.
Why We Chose It
Mutual of Omaha offers 3 types of insurance: term life, whole life and children’s whole life. You can also purchase coverages for accidental death insurance as well.
As perhaps its best selling point, Mutual of Omaha can offer coverage to applicants without any medical exam--if they qualify.
What that means is instead of invasive health exams for those who would opt to keep their information private, potential policyholders can keep their medical examinations and confidential information to themselves.
It is also remarkably simple to obtain a quote for Mutual of Omaha as well. While the option to speak with a life insurance agent is always there, the company also lets you get a free quote or apply to any of its policies completely online, so any prospective client who wants to find coverage on their own has complete freedom to do so.
| Pros | Cons |
|---|---|
| • Great range of types of insurance for families | • Must be eligible to apply for no medical exam for term and whole life insurance policies) |
| • Easy to get a quote online | • Can be difficult to go through coverages alone |
| • Privacy is kept in confidence (can apply for certain term and whole life policies without a medical exam) |
State Farm
(Most Efficient)
Overview
State Farm is yet another insurance company with a long history accompanied by an international presence.
Founded in 1922, the company has humble beginnings in rural America and has since witnessed immense growth in all areas of insurance products.
When it comes to life insurance policies, State Farm has an A++ rating for financial strength from AM Best, and it currently sits at number 36 on the Fortune 500 list of largest companies. State Farm also secured the highest ranking in the JD Power 2020 US Life Insurance Study.
Why We Chose It
State Farm offers 3 types of insurance: term life, whole life and universal life insurance, and it is easily the most efficient company on this list to bind life insurance policies due to its highly simplified online presence.
Whether you need a comprehensive list of coverages or basic protection for yourself and your loved ones, to obtain a quote for State Farm’s best policies for life insurance, all you need to do is apply online, where you can make your purchase without any medical exam whatsoever.
However, you will still need to answer basic health questions in your application.
| Pros | Cons |
|---|---|
| • Great ratings and widely recognized as a reputable life insurance company | • Very large number of clientele |
| • Free, efficient and online quotes | • Once policy is in force, contacting representatives can have long wait times |
| • No medical exams required | • No life insurance offered in Massachusetts |
Pacific Life
(Most Resourceful)
Overview
Pacific Life has been in the insurance industry since 1868, and has since seen tremendous growth in all of its life insurance policies.
Pertaining to its best policies for life insurance, Pacific Life offers term life, indexed universal life insurance, a broad selection of permanent policies and life insurance with long-term care benefits.
The company also sells annuities, mutual funds and commercial real estate investments.
Pacific Life ranked seventh out of 23 in JD Power’s 2020 US Life Insurance Study, and has drawn significantly fewer than the expected number of complaints about individual life insurance to state regulators.
Why We Chose It
Pacific Life offers a wide variety of types of insurance: term life, universal, variable universal, and indexed universal life insurance.
The company also offers life insurance with long-term care benefits and whole life insurance for businesses, so there are a plethora of options to consider while shopping for the best policies for life insurance.
Although coverages differ from state to state, Pacific Life’s website offers very user friendly consumer guides to navigate through the often confusing world of insurance policies.
Unfortunately, you cannot quote online, and you have to either call in or book an appointment with a qualified professional.
| Pros | Cons |
|---|---|
| • Many types of life insurance offered | • Cannot quote on its website |
| • Caters to commercial life insurance | • Rates are not as competitive |
| • Consumer guide on its website is helpful | • Moderate reviews from official organizations |
Transamerica
(Best Value)
Overview
Transamerica is not as popular as the other companies on this list, but it has sneakily existed since 1904 and has offered millions of clients some of the best policies for life insurance.
Although Transamerica is boasting an A rating with AM Best and an A+ rating with S & P Global, it performed under expectations in the JD Power 2020 US Life Insurance Study, with 734 points out of 1000 possible points.
Why We Chose It
Transamerica offers the most types of insurance when compared to others on this list, with 5: term, whole life, universal life, index universal life and final expense life insurance policies.
On top of its many types of insurance, Transamerica generally has the lowest prices, making it a very competitive market for many quotes.
For most of its life insurance quotes, you will have to speak with a representative; however, for term life quotes, you can obtain quotes online.
| Pros | Cons |
|---|---|
| • Many types of insurance offered | • Low ratings according to JD Power 2020 US Life Insurance Study |
| • Great value | • Must speak to an agent for most life insurance quotes |
Lincoln Financial
(Best Long Term)
Overview
Founded in 1905 and modeled after former President Abraham Lincoln, Lincoln Financial was formed to uphold such values as honesty, service and dependability.
Since then, it has become a household name for the best life insurance policies.
With an A rating with AM Best, Lincoln’s strong cost competitiveness across 83% of its products helped propel it to the top, along with its pricing stability and financial strengths.
Why We Chose It
Lincoln Financial offers term and permanent life policies; however, they remain competitive in terms of premium prices and coverages.
Their coverages are eligible to those 18-60, and each term length can range from 10-30 years, making the company ideal for most age groups.
| Pros | Cons |
|---|---|
| • Great value for its life insurance policies | • Not eligible for clients who are 60+ |
| • Long term length is great for client loyalty | • Few types of insurance offered |
| • Nothing to write home about in terms of coverages |
Tips for Finding the Best Life Insurance Company
Always keep yourself and your family at the forefront
It is easy to be appealed by low premium costs, but life insurance is meant to assist your beneficiaries in the event of an untimely accident.
Decide what kind of policy works best for you, whether it is term or permanent
Some coverages will cover just about everything for your family’s situation, so you can save yourself some expenses with inapplicable coverages.
Do not be afraid of expert opinions
Insurance in general is incredibly difficult to navigate. There is the dreaded combination of not only finding the best company, but finding the right coverage, all at a reasonable price.
Use professional advice to receive a comprehensive rundown of your exact needs. You might even be revealed to a perspective that you had not previously considered.
Compare quotes from different providers
It is easy to settle for the lowest cost you find, but change your habits to include comparisons with other companies. You might be missing out on a very important coverage, and you may discover that you would be paying more for fewer coverages.
Schedule a medical exam
As we have seen, there are only a few companies who do not require medical exams, yet even still, you might need one for the type of policy you need.
Go the extra step and be proactive--delaying your medical exam or not taking one at all can have an adverse effect to your life insurance options.
Final Verdict
All of these companies offer something very different, and have their own strengths and weaknesses. However, our pick for the best policies for life insurance is easily Northwestern Mutual.
The company has a strong and stable history, while offering a great variety of insurance options. It ranks well by both professional institutions and public opinion alike, and its insurance premiums are strongly competitive by its low rates.
By using expert advice and honest opinions by financial advisors, you are led to the most appropriate policies for yourself and your beneficiaries. When it comes to life insurance companies, there is much to consider.
We hope that our guide can help you navigate through the complex and ever-changing industry of life insurance.
