The Best Life Insurance Companies of 2023
The best life insurance companies can vary based on individual needs, preferences, customer service, affordable rates, and the area you live in. For this list of the best life insurance companies, we have evaluated well-known and reputed companies that consistently ranked high in customer satisfaction and financial strength. It is essential to do your research and compare quotes from multiple insurers to find the best option for your specific situation.
For this life insurance rating, we evaluated the leading life insurance companies across various categories: policy types and features, application process, financial stability, customer service, customer satisfaction, riders and endowment benefits, and life insurance rates. Analyzing these major categories has helped us identify which life insurance companies may best suit your particular life insurance needs.
Nationwide
| AM BEST RATING | A+ (Superior) |
| ONLINE PURCHASE | Yes |
| NAIC COMPLAINT | Fewer complaints than expected |
Why We Picked It
The company garnered an A+ (Superior) financial stability rating from AM Best and fewer complaints than expected with the NAIC for a company of its size. It offers a wide range of policy types and riders, no-exam life insurance for healthy applicants, and most policies include three accelerated death benefit riders at no upfront cost for chronic, critical, and terminal illnesses.
Most of the policies include the following benefits:
- Generous no-exam requirements
- Customer satisfaction
- Strong financials
Policies Offered
Nationwide offers both term policies and traditional whole life insurance, universal life insurance (UL), variable universal life insurance (VUL), and indexed universal life insurance (IUL).
- Whole Life 100 and 20-Pay Whole Life
- Guaranteed Level Term
- No-Lapse Guarantee UL II (universal life insurance)
- IUL Accumulator II 2020 (indexed universal life insurance)
- VUL Accumulator (variable life insurance)
- VUL Protector
- Advisory VUL
- IUL Protector II 2020
- Survivorship IUL 2020
Available Riders
- Critical illness accelerated death benefit rider
- Terminal illness accelerated death benefit rider
- Chronic illness accelerated death benefit rider
- Long-term care accelerated death benefit rider
- Accidental death benefit rider
- Children’s term insurance rider
- Guaranteed insurability benefit rider
- Waiver of premium riders
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Fewer NAIC complaints than expected | ☒ The live chat option is not available. |
| ☑ No-exam life insurance is available to very healthy applicants. | |
| ☑ Accepts credit card payments | |
| ☑ Most insurance feature living benefits. |
MassMutual
| AM BEST RATING | A++ (Superior) |
| ONLINE PURCHASE | Yes |
| NAIC COMPLAINT | Few complaints |
Why We Picked It
- MassMutual has an A++ (Superior) financial rating from AM Best. The highest rating a company receives indicates its “superior” ability to pay its claims.
- MassMutual ranks top in financial strength and has paid dividends yearly since 1869, and eligible policyholders have received life insurance dividends.
- According to the NAIC, the company has received far fewer complaints than any other company of its size.
- The company offers a wide range of policy types.
Policies Offered
Term life insurance, whole life insurance, universal life insurance, and variable universal life insurance are all available from MassMutual.
- MassMutual Term
- Whole Life 100
- Whole Life 65
- Whole Life 10/15/20-Pay
- Whole Life High Early Cash Value (HECV)
- Survivorship Universal Life (SUL) Guard
- Apex VUL (variable universal life insurance)
- Universal Life (UL) Guard
Available Riders
- Chronic illness accelerated death benefit riderÂ
- Long-term care accelerated death benefit rider
- Terminal illness accelerated death benefit rider
- Guaranteed insurability rider
- Waiver of premium rider
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ MassMutual was rated A++ for financial stability. | ☒ Doesn’t accept credit card payments |
| ☑ The company has received far fewer complaints | ☒ A few accelerated benefit riders are included at no cost. |
| ☑ Long history of paying dividends |
Protective
| AM BEST RATING | A+ (Superior) |
| ONLINE PURCHASE | Yes |
| NAIC COMPLAINT | Fewer complaints than expected |
Why We Picked It
- Protective offers the cheapest term life coverage, and its excellent pricing and policy options make it one of the most affordable life insurance companies, the best term life insurance company, and the best life insurance company for young adults.
- According to the NAIC, the company has received far fewer complaints than any other company of its size over the past three years.
- Protective is a good life insurance provider for kids because it also provides significant child riders on its policies.
Policies Offered
Protective offers a variety of life insurance products, including term, whole life, universal, variable universal, and indexed universal.
- Protective Classic Choice Term.
- Custom Choice Universal Life (UL)
- Non-Participating Whole Life
- Lifetime Assurance UL
- Advantage Choice UL
- Survivor UL
- Executive UL
- Indexed Choice UL
Available Riders
- Children’s term rider
- Children’s term rider
- Protected insurability rider (guaranteed insurability rider)
- Terminal illness accelerated death benefit rider
- Extend Care rider (terminal illness accelerated death benefit rider)
- Waiver of premium
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Protected offers term coverage for up to 40 years. | ☒ Middle ranking in .D. Power’s survey on life insurance for customer satisfaction (15th position among 22 companies) |
| ☑ One of the most affordable insurance prices | |
| ☑ Offers no-medical-exam coverage | |
| ☑ Accept credit card payments |
Haven Life
| AM BEST RATING | A++ (Superior) |
| ONLINE PURCHASE | Yes |
| NAIC COMPLAINT | Far fewer than expected |
Why We Picked It
- Haven has some of the best-term pricing of the companies we reviewed.
- Haven Life is backed by MassMutual’s A++ (Superior) financial strength rating from AM Best.
- The company provides no-medical-exam coverage and gets approved on the same day if you apply for a no-medical-exam life insurance policy.
Policies Offered
- Haven Term: Medical exam required but offers higher coverage limits
- Haven Simple: No medical exam but lower coverage limits
Available Riders
- Waiver of premium riders
- Accelerated death benefit rider (terminal illness)
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Haven has some of the best-term pricing | ☒ The company offer limited riders |
| ☑ The company provides no-medical-exam coverage | ☒ Only term life insurance is available |
| ☒ Term policies are non-convertible |
Guardian Life
| AM BEST RATING | A++ (Superior) |
| ONLINE PURCHASE | No |
| NAIC COMPLAINT | Far fewer than expected |
Why We Picked It
- Guardian Life is backed by MassMutual’s A++ (Superior) financial strength rating from AM Best.
- According to the NAIC, the company has received far fewer complaints than any other company of its size over the past three years.
- The company offers no-exam policies to eligible applicants.
Policies Offered
- Guardian Level Premium Whole Life
- Guardian Level Term
- Limited Pay Whole Life
- Variable Universal Life Insurance
Guardian Life caters to people living with HIV with tailored coverage.
Available Riders
- Accidental death benefit rider
- Terminal illness accelerated death benefit rider
- Long-term care accelerated death benefit rider
- Waiver of premium riders
- Chronic illness accelerated death benefit rider
- Paid-up additions (PUA) riders
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ The company provides no-medical-exam coverage | ☒ Online application and claim filing are not available. |
| ☑ Guardian Life was rated A++ for financial stability. | ☒ Credit card payments are not accepted. |
| ☑ The company has received far fewer complaints | |
| ☑ Whole life policies are eligible for dividends |
Northwestern Mutual
| AM BEST RATING | A++ (Superior) |
| ONLINE PURCHASE | No |
| NAIC COMPLAINT | Far fewer than expected |
Why We Picked It
- As per the National Association of Insurance Commissioners (NAIC), Northwestern Mutual is the largest life insurance company in the country with a 7.49% market share.
- Northwestern Mutual has stellar financial ratings across multiple rating agencies.
- Northwestern Mutual offers a wide selection of policies.
Policies Offered
- Term life insurance: Annual renewable term life and level term life
- Whole life insurance
- Universal life insurance: Survivorship universal life insurance and custom universal life policies
- Variable universal life insurance
Available Riders
When buying one of its permanent policies, you can choose from a selection of riders, including an
- Accelerated death benefit,
- Waiver of premium and guaranteed insurability
- Critical and chronic illness coverage is already included in its policies.
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Northwestern Mutual was rated A++ for financial stability. | ☒ Poor digital experience |
| ☑ The company has received far fewer complaints | ☒ Company’s lack of transparency and self-serve options |
| ☑ Long dividend-paying history | ☒ Unfortunately, you can’t really do anything without a Northwestern Mutual representative. |
New York Life
| AM BEST RATING | A++ (Superior) |
| ONLINE PURCHASE | No |
| NAIC COMPLAINT | Fewer complaints than expected |
Why We Picked It
- New York Life is backed by MassMutual’s A++ (Superior) financial strength rating from AM Best.
- According to the most recent NAIC statistics that is available, New York Life is the second-largest life insurance provider.
- The company has been paying dividends to eligible policyholders every year for the past 169 years.
- It also issues whole life policies to eligible 90-year-old applicants.
- It ranked about average in J.D. Power’s 2022 customer satisfaction study for life insurance.
Policies Offered
New York Life offers the following policies:
- Level Premium Convertible Term
- 10-20 Yearly Convertible Term
- Million Plus Level, Term 10
- Whole Life Insurance
- Custom Whole Life Insurance
- Basic Universal Life Insurance
- Custom Universal Life Guarantee
- Protection Up to Age 90
- Variable Universal Life Accumulator II
Available Riders
- Guaranteed insurability rider
- Spouse’s paid-up insurance purchase option (SPPO)
- Child term rider
- Disability waiver of premium riders
- Disability income rider
- Accidental death benefit rider
- Terminal illness accelerated death benefit rider
- Long-term care accelerated death benefit rider
- Chronic illness accelerated death benefit rider
- Critical illness accelerated death benefit rider
- Paid-up additions (PUA) riders
- Money-back option rider
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ New York Life was rated A++ for financial stability. | ☒ It’s difficult to locate policy-specific information on the website. |
| ☑ The company has received far fewer complaints | ☒ Online quotes and applications not available |
| ☑ Long dividend-paying history | ☒ Unfortunately, you can’t really do anything without a New York Life agents. |
Mutual of Omaha
| AM BEST RATING | A+ (Superior) |
| ONLINE PURCHASE | No |
| NAIC COMPLAINT | Few |
Why We Picked It
The majority of Mutual of Omaha’s return-of-premium (ROP) term life insurance plans come with at least two living benefits and a variety of riders.
Policies Offered
Mutual of Omaha offers the following policies:
- Term Life Express
- Term Life Answers
- Income Advantage IUL (indexed universal life insurance)
- AccumUL Answers (universal life insurance)
- Life Protection Advantage (IUL)
- IUL Express
- Children’s Whole Life Insurance
- Guaranteed Whole Life Insurance
Available Riders
The Term Life Express and IUL Express insurance from Mutual of Omaha come with free chronic, critical, and terminal illness riders. Most other insurance packages come with free riders for chronic and terminal illnesses.
- Chronic illness accelerated death benefit rider
- Critical illness accelerated death benefit rider
- Terminal illness accelerated death benefit rider
- Accidental death benefit rider
- Dependent children’s rider
- Guaranteed insurability benefit rider
- Waiver of premium riders
- Disability income rider
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Superior financial strength | ☒ Online applications unavailable for term policies |
| ☑ Mutual of Omaha offer many plans with living benefits | ☒ Mutual of Omaha’s term life insurance rates are on the high side. Term life buyers will do better elsewhere. |
| ☑ Mutual of Omaha offer wide range of riders available | |
| ☑ Return of premium term available | |
| ☑ Guaranteed issue options |
Pacific Life
| AM BEST RATING | A+ (Superior) |
| ONLINE PURCHASE | No |
| NAIC COMPLAINT | Far fewer than expected |
Why We Picked It
- For customers looking to purchase cash value life insurance, Pacific Life offers a valuable combination of affordable rates and trustworthy illustrations for the majority of its policies, which can enhance your cash value accumulation.
- It has drawn significantly fewer complaints than expected for a company of its size over the past three years.
Policies Offered
- Term life
- Whole life
- Fixed-rate universal life
- Indexed universal life
- Variable universal life
Available Riders
- Additional Insurance Rider
- Child Life Insurance Rider
- Chronic Illness Rider
- Early/Enhanced Cash Value Rider
- Estate Protection Rider
- Lapse Protection Rider
- Long Term Care Rider
- Option to Split/Change/Convert Rider
- Overloan Protection Rider
- Return of Premium Rider
- Spouse/Other Insured Rider
- Terminal Illness Accelerated Death Benefit Rider
- Waiver of Monthly Deduction Rider
Availability of riders could depend on the type of policy.
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ Superior rates for term life insurance | ☒ Online applications not available. |
| ☑ Most of its cash value policies have very strong cost competitiveness, so more of your premium money goes toward developing cash value. | |
| ☑ Pacific Life offer wide range of riders available |
Penn Mutual
| AM BEST RATING | A+ (Superior) |
| ONLINE PURCHASE | Yes |
| NAIC COMPLAINT | Far fewer than expected |
Why We Picked It
- Penn Mutual has paid dividends for nearly 175 years and offers up to $7.5 million in coverage for no-medical-exam life insurance to eligible applicants.
- The company offers $7.5 million in coverage to very healthy applicants up to age 65 without a medical exam.
Policies Offered
Types of Life Insurance sold
- Term life
- Whole life
- Guaranteed universal life
- Variable universal life
- Indexed universal life
Available Riders
- Accidental Death Benefit Rider
- Additional Insurance Rider
- Child Life Insurance Rider
- Chronic Illness Rider
- Disability Rider
- Early/Enhanced Cash Value Rider
- Estate Protection Rider
- Guaranteed Insurability Rider
- Lapse Protection Rider
- Option to Split/Change/Convert Rider
- Overloan Protection Rider
- Return of Premium Rider
- Spouse/Other Insured Rider
- Terminal Illness Accelerated Death Benefit Rider
- Waiver of Monthly Deduction Rider
- Waiver of Premium Rider
- Waiver of Surrender Charges Rider
Availability of riders could depend on the type of policy.
Pros & Cons
| 🟢Pros | 🔴Cons |
|---|---|
| ☑ High coverage no-medical-exam life insurance | ☒ Quotes not available on the website. |
| ☑ Very competitive rates for term life insurance for its non-convertible policy | ☒ Some Penn Mutual permanent life insurance policies don’t do a good job of building cash value right away. |
| ☑ Many of Penn Mutual’s cash value policies are cost-competitive, so you can buy a higher death benefit for the premium you’re paying. |
Read More: The Best Car Insurance Company in 2023
Please note that this list might not reflect the current rankings, and new companies could have emerged or gained prominence since my last update. It’s always a good idea to check for the latest reviews, ratings, and financial strength assessments before making a decision. Additionally, consider consulting with a licensed insurance agent to help you navigate the options and find the best life insurance policy for your specific needs and budget.
