We evaluated the top life insurance companies in the country so you can find the right fit for your situation.
Everyone starts the life insurance journey in a different place. One person needs a policy that is a good choice when starting a family or buying a home. Another is older and wants to cover their final expenses. Some shoppers know exactly what kind of policy they want, while others know only their goals.
What do all these people have in common? At some point, they’ll need to know which company to choose.
Whatever your goals, check out our top ten life insurance companies list and see what might be best for you.
Our 10 Best Life Insurance Companies for 2020
- Mutual of Omaha: Best overall life insurance
- Protective: Best value life insurance
- Banner: Best term life insurance
- Northwestern Mutual: Best whole life insurance
- Haven Life: Best no medical exam life insurance
- AARP: Best life insurance for seniors
- AIG: Best final expense life insurance
- Gerber: Best life insurance for kids
- Pacific Life: Best universal life insurance
- AFLAC: Best AD&D life insurance
Our life insurance company ratings
|Life insurance company *||Award||A.M. Best||NAIC||J. D. Power||Our rating|
|Mutual of Omaha||Best overall||A+||0||795||4.6/5|
|Banner||Best term life||A+||0.31||N/A||4.3/5|
|Northwestern Mutual||Best whole life||A++||0.04||810||4.6/5|
|Haven Life**||Best no medical exam||A++**||0.06**||751**||4.6/5|
|AARP***||Best for seniors||A++***||.015***||770***||4.6/5|
|AIG||Best final expense||A****||3.58****||722||4.6/5|
|Gerber||Best for kids||A||0.56||N/A||4.6/5|
|Pacific||Best universal life||A+||0.02||765||4.6/5|
*Ratings from AMBest.com, NAIC.org, JDPower.com, and Termlife2Go.com. Data effective 12/4/2019.
**Ratings are for Mass Mutual, parent company and underwriter for Haven Life.
***Ratings are for New York Life, parent company and underwriter for AARP life insurance.
****Ratings are for American General, parent company and underwriter for AIG life insurance.
Is Mutual of Omaha the best choice for everyone? Of course not. But we chose this company as the best overall because this top-notch insurer can meet the needs of people in many situations.
- Solid financial footing
- Owned by policyowners
- Possible dividends
- Limited online customer service
- No particular specialty
Let’s start with the basics. Mutual of Omaha was founded in 1909, earns solid financial ratings, and maintains a nearly spotless complaint record. You can rest assured “Mutual of O” knows how to do life insurance.
This insurer is like what a credit union is to the banking industry: customers own Mutual of Omaha. That means Mutual of Omaha may pay out dividends to policyholders. It also means Mutual of Omaha typically places more importance on customer satisfaction than sales. That said, you’ll have to call into the company’s service line to make changes to your policy because the United of Omaha website isn’t set up for that.
Still, this Fortune 500 company offers plenty of policy options (that you can apply for online), including no exam and accidental death and dismemberment (AD&D) policies.
Who might choose Mutual of Omaha life insurance?
- People who don’t mind calling in: With no customer service options online, you’ll need to contact this insurer the old-fashioned way.
- People who want just one company: If you need multiple policies, Mutual of Omaha has plenty of options for a variety of needs.
- People who worry about claim dependability: Solid financials and few complaints mean this insurer will likely be around to pay your beneficiaries when the time comes.
Learn more with our Mutual of Omaha Life Insurance Review.
Protective checks the boxes most people want in a life insurance company, including financial stability, low complaint levels, decent customer service, and standard policy options. But the real value comes from this insurer’s low prices.
- Low prices
- Financial stability
- Low complaint ratio
- Average customer service
- Slow application approval
- Zero no exam policies for term life
Protective Life Insurance Company offers term, universal, and whole life insurance coverage—often at lower prices than competitors. It’s not always the cheapest, but Protective pops up across policy type, coverage level, and gender when we sample the lowest life insurance rates.
While term life insurance is typically the cheapest type of policy any company offers, Protective’s offerings include a universal life policy that’s usually only a few dollars more. That policy could make permanent life insurance more accessible to cost-conscious shoppers.
Of course, Protective’s pricing isn’t perfect. If you smoke (or used to smoke), Protective may not seem like such a good deal.
Still, most people will find Protective’s low prices an excellent value.
Who might choose Protective life insurance?
- People looking for low-cost universal: Protective’s Custom Choice UL policies cost around the same as its term life insurance policies.
- Non-smokers: Protective’s low premiums don’t extend to many current or past tobacco users.
- Busy, budget-conscious people: Typically low premiums mean you’ll probably see competitive rates even if you don’t have time to shop around.
Learn more with our Protective Life Insurance Review.
Or, if Protective doesn’t seem like the right company for you, check out other inexpensive life insurance companies.
Banner provides life insurance under the Legal and General brand, one of the largest insurers in the world.1 Banner was founded in 1949 as the Government Employees Life Insurance Company (GELICO) and later bought by Legal and General. This company offers multiple types of insurance, but its term policies are particularly outstanding.
- 40-year term options
- Rider and conversion options
- Exam usually required
- $100K coverage minimum
Banner offers more policy options than most, including up to 40-year terms. Since most companies max out their terms at 30 years, that’s impressive. And if you buy a term policy from Banner and later decide you want permanent life insurance instead, you may be able to convert your policy.
Banner’s term policies are usually inexpensive and are especially competitive for people who have sleep apnea. While term beneficiaries won’t be able to take advantage of Banner’s fast-tracked claims process (it’s only for payouts of $10,000 or less), Banner makes it a point to pay out claims quickly.
This insurer also offers enough financial stability to be around at claims time, whenever that may be. This company is relatively young in insurance years, but its parent company, Legal and General, has been around for more than 180 years.
Who might choose Banner life insurance?
- People looking for long terms: 40-year terms are longer than most companies offer.
- People who have sleep apnea: Banner has highly competitive rates for applicants with this condition.
- People who want lots of options: waiver of premium, child rider, and accelerated death benefits are just some of the riders you can add to your policy.
Learn more with our Banner Life Insurance Review.
Not sure Banner would work for you? Check out more of the best term life insurance companies.
Northwestern Mutual gave our best overall pick a real run for its money, but this insurer’s standout whole life insurance landed it our best whole life award instead.
- 3 whole life policies
- Term and universal plan options
- Top-notch ratings
- No online quotes
Many insurers offer a single whole life policy, but Northwestern Mutual goes further with three options. A straightforward whole life policy allows for lifetime coverage and premiums. Meanwhile, two additional options allow the policy owner to “pay up” the policy at age 65 or 90 but continue to receive coverage until death.
Meanwhile, Northwestern Mutual CompLife policies combine the benefits of both term and whole life. These policies act like term life insurance at first, giving you a large amount of coverage for several years, then convert to whole life.
Northwestern Mutual provides high returns on a policy’s cash value. This company has paid out dividends to policyholders for the last 100 years straight.
Finally, Northwestern Mutual has the highest financial ratings we’ve seen and a super low complaint ratio from the NAIC. J. D. Power ranks this insurer first out of 24 in customer service.2
Who might choose Northwestern life insurance?
- People looking for “paid up” whole life: Two whole life policies make it possible to stop making payments at a certain age and still receive coverage.
- People comfortable on the phone: You can get quotes and Northwestern’s top-notch service with a phone call, but not online.
- People with long- and short-term needs: Options for combined term and whole life options allow you to have both kinds of coverage in one policy.
- People looking for dividends: While no insurer guarantees dividends, Northwestern Mutual has pad them out annually for the last 100 years.
Learn more with our Northwestern Mutual Life Insurance Review.
Not sure Northwestern Mutual is the right company for you? Check out more of the best whole life insurance companies.
Haven Life is an online life insurance company that uses artificial intelligence in its innovative underwriting process. It offers higher death benefits (up to $1 million) than many other insurers provide for a no exam policy.
- Instant coverage (if you qualify)
- Competitive premiums
- Backed by Mass Mutual
- No sales agents
- Term life policies only
- Not ideal for people with preexisting health conditions
If you’re 59 or younger, in good health, and choose a $1 million death benefit or less, you could have instant coverage without taking an exam. If you want a higher death benefit (up to $2 million), are 60 or older, or have health issues, you may have to take an exam to apply for coverage.3
Certain health conditions may result in applicants taking a medical exam. Still, Haven Life makes our best-of list because those who qualify for a no exam policy typically receive super low premiums compared to other companies.
Haven Life’s AI-fueled underwriting and fully online process means it doesn’t have to pay a team of underwriters or large agent commissions. And the company passes those savings along to customers.
Finally, Haven Life is backed by MassMutual, a large, financially stable insurer that almost snagged a spot on our best-of list, all on its own.
Who might choose Haven Life insurance?
- DIYers: Since Haven Life doesn’t pay commissions, most independent agents won’t help you apply.
- Young, healthy people: You could buy up to $1 million of term life coverage without an exam.
- People who want instant coverage: If no red flags pop up on your application, you could have coverage in minutes.
Learn more with our Haven Life insurance review.
While Haven Life made our best-of list for its no exam term policies, it may not be ideal for people with preexisting conditions. If that’s you, read our list of top 10 no exam life insurance companies. Plenty of other companies offer no exam life insurance plans for people in your situation.
If AARP backs a product, you know that product caters to older adults. That’s certainly the case with New York Life’s AARP life insurance. Of course, you’ll need to be an AARP member to apply for one of these policies.
- No medical exam required
- Backed by New York Life
- Term, whole, and guaranteed acceptance
- For AARP members only
- $100K coverage limit
AARP policies come with the backing of New York Life, a top-rated insurer when it comes to financial stability and service. Unlike New York Life’s other policies, AARP’s offerings require membership in the organization to receive coverage. If you’re not a member already, you could sign up for as little as $12.4
AARP offers three types of policies, each with a different death benefit cap.
- Term life: $100,0005
- Whole life: $50,0006
- Guaranteed acceptance whole life: $25,0007
Unfortunately, the guaranteed acceptance option may require a waiting period of two years before you receive full coverage. The good news? No matter which option you choose, you won’t have to take a medical exam.
Who might choose AARP?
- AARP members: These policies are available only to members of this organization.
- People who don’t want a medical exam: Every AARP policy is a no exam life insurance policy.
- People with low coverage needs: AARP’s death benefit limits are lower than most insurers’.
Learn more about AARP life insurance.
Not sure about AARP? Check out our list of best life insurance companies for seniors.
While many people need coverage to replace their income if they die, people who simply want to cover their burial and other final expenses would do well to consider AIG. It’s a financially stable company that offers options designed to cover end-of-life expenses.
- Guaranteed issue
- Chronic and terminal illness riders
- $25,000 maximum death benefit
- High level of complaints
AIG’s best final expense option is guaranteed issue, so you won’t have to take a medical exam or even answer health questions. Coverage caps out at $25,000 (common for final expense insurance), but that could be all you need to cover your funeral expenses.8
AIG’s final expense insurance also includes chronic and terminal illness riders at no additional cost. These riders provide a portion of the death benefit to help you cover chronic or terminal illness while you’re still living. They make AIG’s life insurance a terrific way to receive the kind of living benefits many people need near the end of their lives.
While A.M. Best gives AIG a strong financial rating of A. Unfortunately, the NAIC reports that American General has received a large number of complaints for its individual life insurance.
Who might choose AIG?
- People who want to avoid an exam: AIG’s guaranteed issue option allows you to skip the lab work.
- People with low coverage needs: While AIG offers higher-coverage term and universal, its whole life caps out at $25,000.
- People looking for living benefits: You can add riders that give you a portion of benefits if diagnosed with a terminal or chronic illness.
Learn more about AIG life insurance.
Not sure AIG is the right company for you? Check out more of the best final expense life insurance companies.
Life insurance for children is different than products designed for adults because kids don’t have an income to protect—other than all that lemonade stand revenue, of course. So choosing a child’s life insurance policy is different than choosing one for an adult. And Gerber gets that.
- Low cost
- Double coverage stating at 18
- Wide coverage range
- Cash value grows slowly
- Sold only through Gerber
Gerber Grow-Up may be the most famous life insurance for children—and with good reason. This baby food company knows behind the act of insuring a child lies an investment in your kid’s future: a guarantee of insurability later in life.
Parents can choose from $5,000 to $50,000 in coverage for now, knowing the policy will double in coverage and convert to a guaranteed issue policy at age 18. And you won’t pay a dime more in premiums to make all that happen.9
The main downside is Gerber’s cash value grows slowly, so you may not want to buy it to fund your child’s education or a wedding later in life.
Who might choose Gerber Grow-Up?
- Parents wanting to ensure future coverage: Your child will have guaranteed acceptance at age 18.
- Parents who want greater coverage later: Payouts double when the insured child becomes an adult, all for the same premium.
- Parents who aren’t using the policy to fund college: Policies don’t collect much cash value, so being able to cash in the policy to pay for school isn’t Gerber’s strong suit.
Learn more about Gerber Grow-Up life insurance.
Not sure Gerber is the right company for you? Check out more of the best life insurance companies for kids.
Pacific Life offers a variety of life insurance options and has high marks for both financial stability and customer service. Because this company has so many universal life options, however, it’s our top choice specifically for that type of life insurance.
- Huge policy variety
- Top financial and service ratings
- Competitive cash value growth
- Quotes not available on Pacific’s website
Pacific Life insurance offers numerous universal life options, including four each of universal life, indexed universal, and variable universal. These policies provide features such as guaranteed death benefit protections (so your policy doesn’t lapse), competitive cash value growth, and survivorship life insurance.
Top financial ratings, a low complaint ratio, and above-average customer service—according to J. D. Powers10—make this company a top option for universal life.
Who might choose Pacific Life?
- People who like choices: You could have up to a dozen universal life policy choices—not to mention a menu of optional riders.
- Couples: Pacific’s survivorship option covers two people under the same policy for a lower total premium.
- People interested in cash value: Pacific’s policies are known for their competitive cash value growth.Learn more about Pacific Life insurance.
Not sure Pacific is the right company for you? Check out more of the best universal life insurance companies.
Accidental death and dismemberment (AD&D) insurance is often used as additional life insurance because it doesn’t cover all causes of death. Luckily, AFLAC specializes in supplemental insurance and its AD&D policies are top-notch.
- Financial stability
- One-day claim approval
- Supplemental insurance
AFLAC typically targets employees, unions, and other groups for most of its products. But when it comes to accidental death and dismemberment insurance, individuals can easily buy a policy with this top company.
Solid financial ratings mean this insurer is reliable, while a low complaint ratio indicates this company treats its customers well. This insurer also stands out from the pack by paying out claims in a single day if you file before 3 p.m ET, Monday through Friday
AFLAC specializes in supplemental insurance, and AD&D falls in that category. If you’re looking for this type of life insurance, include AFLAC in your search for the right company.
Who might choose AFLAC?
- People looking for supplemental coverage: AFLAC’s our top choice for AD&D, but it also has other supplemental policies, such as cancer and critical illness insurance.
- People who want quick payouts: In many cases, your claim can be processed in just one day.
- Employers: Most of AFLAC’s other insurance is available only as group coverage through an employer or other organization.
Learn more about AFLAC life insurance.
Not sure AFLAC is the right company for you? Check out more of the best AD&D insurance companies.
We all know we need to take care of our loved ones after we’ve passed. But not everyone is as financially prepared as others and the last thing you want is to leave your family with credit card debt for funeral expenses because you didn’t have a life insurance plan.
At TermLife2Go, we wanted to break down which states have the most life insurance. In turn, we also found out which states may want to upgrade their life insurance coverage to ensure they’re leaving their loved ones with enough to help sustain them.
States with the most life insurance coverage
|Rank||State||Face amount per capita|
|1||District of Columbia||$259,826|
States with the least life insurance coverage
|Rank||State||Face amount per capita|
Washington, DC, has more life insurance per capita than any other state. We appreciate that level of preparedness in our nation’s capital. And coming in second? Delaware. It’s interesting that the east coast took our top five spots—what do they know the rest of us don’t?
West Virginia is the least insured state in the US, meaning that they’re less prepared in the event of an untimely death. West Virginia, like other states in the lower ranks, also has one of the lowest median household incomes.
In general, there’s a correlation between median household income and a state’s rank for life insurance coverage, but it’s not a hard and fast rule. Nevada, for instance, has the 26th highest median income but still ranks low for life insurance coverage per capita.
It’s important to consider factors like how many companies sell life insurance in that state, people’s attitude toward life insurance, or other external factors.
Are you prepared for death and all its expenses? We’ve put together a list of resources that may help you understand that life insurance isn’t as expensive as you think it is.
TermLife2Go ranked each state by the average amount of life insurance coverage its residents had on the books as of 2018. First, we compiled the total face amount, or dollar value, of life insurance death benefits across each state. Then we divided that amount by the US Census Bureau’s population estimates to get the dollar amount of coverage per capita. The higher the resulting amount, the better the state ranks on our list.
The bottom line: Define what’s the best life insurance company for you
The best life insurance company depends on your situation. There’s no one-size-fits-all company because each offers its own variety of products and companies price policies differently.
It’s always a good idea to make sure an insurer has solid financial ratings, low complaints, and attentive customer service. But beyond that, go with the company that matches your goals.
Next steps: Learn more or get a quote
Still have questions about life insurance? No worries. Check out these resources that have helped people like you wrap their minds around life insurance:
- Read more about what life insurance is.
- Find out how much life insurance costs.
- Understand the various types of life insurance.
- Learn how much life insurance you need.
Or, if you’re ready to buy life insurance, get a quote.
Best life insurance FAQ
What company ratings are important when researching companies?
AM Best is the gold standard for evaluating insurance companies, but ratings from Standard and Poor’s, Fitch, and Moody’s can also be helpful. Also, look for JD Power customer service ratings (only the largest companies have them) and officially filed complaints with the National Association of Insurance Commissioners (NAIC). We use all these ratings in our life insurance company reviews.
What is the cheapest life insurance company?
How insurance companies price their coverage varies widely, but each rate is highly personalized to you. Some insurers have better prices for people with specific conditions, like heart disease or diabetes, while others have low rates for tobacco users. The cheapest company depends on your unique situation.
Which is better, term or whole life insurance?
Financial experts hotly debate this question, but the truth is, it depends on your situation. Term life ins cheaper, short-term, and straightforward. Whole life is more expensive, covers you for life, and comes with a cash value component that can get pretty complex. Luckily, we have an article that dives more deeply into the debate.
Should I buy more than one life insurance policy?
Some people buy multiple life insurance policies to meet different needs. They might purchase a 30-year $250,000 term life insurance policy to cover the mortgage and a 15-year $1 million policy to ensure income replacement until the kids grow up.
This strategy is called the ladder strategy for life insurance, and it could save you a lot of money. If laddering your policies feels intimidating then you might want to consider Ladder life insurance, an online insurance company that gives customers easy access to adjust their policies as needed.
- Legal and General, “Financial Strength”
- J.D. Power, “Life Insurance and Annuity Providers Are More Customer-Centric but Gaps Remain, J.D. Power Finds“
- Haven Life, “Estimate Your Life Insurance Policy Rate”
- AARP, “Membership”
- AARP, “AARP Level Benefit Term Life Insurance”
- AARP, “AARP Permanent Life Insurance”
- AARP, “AARP Guaranteed Acceptance Life Insurance”
- AIG, “Guaranteed Issue Whole Life Insurance”
- Gerber, “Gerber Life Grow-Up Plan”
- J.D. Power, “Life Insurance and Annuity Providers Are More Customer-Centric but Gaps Remain, J.D. Power Finds“
Reviewed by a licensed life insurance agent
Chelsie Ball has been a licensed life insurance agent for more than 9 years. She is focused on matching you with the best life insurance policy for you & your family.
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