You have many choices when it comes to life insurance. From traditional companies that have been around for decades to modern insuretechs making use of the latest digital technology, there is something for everyone. But with so many options, finding the right life insurance company can be a challenge. That’s why we’ve reviewed a variety of insurers to help you make a more informed decision.
Best Life Insurance Companies Compared
When comparing life insurance companies, it’s important to consider factors such as coverage options, customer satisfaction ratings, and financial strength. Here are our top picks:
Best for guaranteed rate life insurance: Ethos Life
Why we picked it: Ethos Life offers guaranteed rate whole life insurance for individuals aged 66 to 85. You can get coverage of up to $30,000 without the need for a medical exam. Ethos Life also provides term life insurance with coverage ranging from $20,000 to $2 million. The company is underwritten by Legal and General America, which holds an A rating from A.M. Best. With a Trustpilot rating of 4.8 out of 5 stars, Ethos Life is a trusted choice.
Best for young families: Fabric by Gerber Life
Why we picked it: Fabric by Gerber Life offers term life insurance with coverage ranging from $100,000 to $5 million and terms up to 30 years. They also provide additional features like the ability to set up a will and flexible investment options, making it an excellent choice for young parents. Fabric by Gerber Life is underwritten by Western-Southern Life Insurance Company, which holds an A+ rating from A.M. Best.
Best for flexible term life: Ladder Life
Why we picked it: Ladder Life offers a unique term life insurance product that allows you to adjust your coverage amount as your needs change. For example, if you initially purchase a $3 million policy with a 30-year term and decide later that you no longer need that much coverage, Ladder Life allows you to lower the coverage amount. Ladder Life is underwritten by Allianz Life, a leading provider of life insurance and annuities. With a Trustpilot rating of 4.8 out of 5 stars, Ladder Life is highly regarded by customers.
Best for breadth of life insurance choices: AIG Direct
Why we picked it: AIG Direct offers a wide range of life insurance options, including term, whole, universal, guaranteed issue whole, quality of life, final expense, and accidental death and dismemberment. With such a breadth of options, you can be sure to find the coverage you need. AIG Direct is part of the AIG Life and Retirement Group, which holds an A rating from A.M. Best.
Best for beneficiary features: Amica
Why we picked it: Amica understands that receiving a timely life insurance payout is just one aspect of the puzzle after the loss of a loved one. That’s why they have partnered with Empathy, an app-based system that provides personalized action plans for beneficiaries, assistance in navigating the estate process, access to grief specialists, and more. Although Amica was not included in J.D. Power’s life insurance study, they have a strong reputation for customer satisfaction in other insurance sectors.
Best for children’s life insurance: Mutual of Omaha
Why we picked it: Mutual of Omaha offers term, universal, and whole life insurance, including a whole life policy designed specifically for children. This policy provides coverage of up to $50,000 for children as young as 14 days, with locked-in premiums and coverage that lasts for the child’s entire lifetime. Mutual of Omaha has an A+ rating from A.M. Best and ranked third in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
Best overall: Northwestern Mutual
Why we picked it: Northwestern Mutual is the largest life insurer in the U.S. and offers a comprehensive range of life insurance policy types, including term, whole, universal, and variable universal life. They provide coverage starting at $100,000 for term, $50,000 for whole, and $500,000 for universal life. Northwestern Mutual has an A++ rating from A.M. Best and ranked fourth in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
Best for customer satisfaction: State Farm
Why we picked it: State Farm ranks number one in J.D. Power’s 2022 U.S. Individual Life Insurance Study. With over 19,000 agents dedicated to selling State Farm products, you can rely on their expertise and personalized service. State Farm offers term, whole, and universal life insurance options and holds an A++ rating from A.M. Best.
Best for U.S. military: USAA
Why we picked it: USAA provides insurance and other financial services exclusively to members of the U.S. military, military retirees, and their families. They offer a range of life insurance products, including term, whole, universal, and variable universal life. USAA has a strong reputation for customer service and is known for its commitment to the military community.
Best Term Life Insurance Companies for 2024
A term life insurance policy is designed to stay in force for a set number of years, typically 10, 20, or 30. These policies offer lower premiums compared to other types of life insurance but come with fewer features. Here are our top picks:
- Fabric by Gerber Life: Offers coverage of up to $10 million and terms up to 30 years.
- Ladder Life: Provides $3 million in coverage with the flexibility to adjust as your needs change.
Best Whole Life Companies for 2024
A whole life policy stays in force until your death and includes a cash value feature. Here are our top picks for whole life insurance:
- Ethos Life Insurance
- Northwestern Mutual
- State Farm
Best Nonmedical Exam Life Insurance Companies for 2024
Some life insurance policies require a medical exam, but others offer the convenience of no medical exam. Here’s our top pick for no-medical-exam life insurance:
- Ethos Life Insurance: Offers no-medical-exam whole life insurance for individuals aged 66 to 85.
How to Select the Best Life Insurance Company
With so many options available, choosing the right life insurance company requires careful consideration. Here are the steps to follow:
Determine your life insurance needs
Consider your family’s financial security and estimate the coverage you need. A common rule of thumb is to multiply your annual income by 10 and add $100,000 per child for college expenses.
Decide on a policy type
Choose between term life insurance, which expires after a set number of years, and permanent life insurance, which stays in force until your death.
Comparison-shop among companies
Compare premiums, coverage options, and financial strength ratings from multiple insurers. Consider factors such as A.M. Best ratings, J.D. Power rankings, and customer reviews.
Apply for coverage
Once you’ve chosen a company, complete the application process, which may include answering health-related questions and taking a medical exam.
Time to Protect Your Loved Ones
Life insurance provides essential financial security for your family, and choosing the right company is crucial. Consider our top choices for life insurance to find the coverage that meets your needs.
Frequently Asked Questions (FAQs)
What is the best guaranteed rate life insurance for seniors? Ethos Life offers no-medical-exam coverage of up to $30,000 for seniors aged 66 to 85.
What is the best life insurance for children? Mutual of Omaha provides whole life coverage of up to $50,000 for children as young as 14 days.
What is the best life insurance for military veterans? USAA offers a range of life insurance options exclusively for active and retired military members and their families.
What is the best life insurance for new parents? Fabric by Gerber Life offers term life coverage up to $5 million and additional tools to help new parents plan their financial future.
Which type of insurance is better, term life or whole life? It depends on your specific needs and financial goals. Term life insurance is more affordable and straightforward, while whole life insurance provides lifelong coverage and a cash value component.
What kinds of death are not covered by life insurance? Typically, life insurance policies don’t cover deaths resulting from intentional self-harm, risky activities like extreme sports, or fraudulent behavior.
Remember, when choosing life insurance, it’s essential to evaluate your specific circumstances and consult with a trusted insurance professional. Protect your loved ones with confidence by finding the right life insurance company for your needs.