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The 10 Best Life Insurance Companies for September 2024

Updated September 06, 2024

Fact checked by

Of the 45 life insurance companies we researched, we found that the best life insurance company is Nationwide. We evaluated insurers on 70 criteria, including price, policy types, financial stability, customer satisfaction, and the application process. While Nationwide was the best overall, other top insurers stood out in other categories.

Why Trust Us

Investopedia reviews are data-driven and written by life insurance experts who follow strict editorial guidelines to provide unbiased, accurate, comprehensive reviews that can help you make the right decision. Investopedia launched in 1999 and has been helping readers find the best life insurance companies since 2020. We are dedicated to helping you find the right life insurance provider for your needs.

The Best Life Insurance Companies for September 2024

Best Overall, Best Children’s Life Insurance, Best for People Over 50: Nationwide
Best Term Life Insurance: Banner by Legal & General
Best Whole Life Insurance: Lafayette Life
Cheapest Term Premiums: SBLI
Best No-Medical-Exam Insurance: Penn Mutual
Best for Financial Strength, Best for Customer Satisfaction: Thrivent
Best for Universal Life: Pacific Life
Also Great for No-Medical-Exam Life Insurance: Symetra
Also Great for Children’s Life Insurance: Protective Life
Also Great for Whole Life Insurance: MassMutual

Best Overall, Best Children’s Life Insurance, Best for People Over 50 : Nationwide

Investopedia's Rating

4.8

Financial Strength Rating: A+
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best Overall

Nationwide is an excellent one-stop shop for life insurance, with the widest selection of product types and coverage limits, plus excellent customer satisfaction ratings and a very good financial strength rating from AM Best. To boot, it offers three living benefit riders for no extra charge.

Best Life Insurance for Children

Nationwide has no coverage limits on children’s whole life, so you can buy as much protection as you can afford. You can also transfer the policy to your child when they’re grown. And if you buy a child term rider, the policy can be converted to a permanent life insurance policy at adulthood.

Best Life Insurance for People Over 50

Besides all of the things that make this a great policy for applicants of any age, we like that Nationwide offers no-medical-exam coverage of up to $1.5 million. It also has a final expense policy with no minimum issue age and a coverage limit of $50,000.

Pros & Cons

Pros

Excellent selection of product types
Superior financial strength rating (A+)
3 living benefits at no extra cost
Great child life insurance features
Few customer complaints

Cons

Doesn’t pay dividends on whole life policies
Only sells term life up to age 70
No live chat for customer service
Can’t start insurance claims online

Overview

Whatever kind of life insurance you want, there’s a good chance it’s available at Nationwide. It has one of the widest selections of product types among the insurance companies we reviewed. It was also one of the very best for its selection of riders to customize coverage, along with Ameritas and Brighthouse Financial. On top of that, Nationwide has a good customer service record, as shown by its National Associations of Insurance Commissioners (NAIC) complaint index and the fact that it was ranked #2 out of 22 insurers in the 2023 J.D. Power U.S. Individual Life Insurance Study.

In addition, Nationwide policies include free living benefits. Your policy pays out while you’re alive if you develop a critical, chronic, or terminal illness.

Nationwide only has a couple of minor flaws. It doesn’t pay whole life dividends. And it only sells term coverage up until age 70. Nationwide was founded in 1925 and has its headquarters in Columbus, Ohio.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children’s whole life
Universal life
Indexed universal life
Variable universal life
No-medical-exam life (term)
Final expense

Available Riders

Term conversion
Child term
Guaranteed insurability rider
Waiver of premium
Accidental death benefit
Terminal illness
Long-term care
Chronic illness
Critical illness

Best Term Life Insurance : Banner by Legal & General

Investopedia's Rating

4.1

Financial Strength Rating: A+
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best Term Life Insurance

Banner Life Insurance Company’s term life insurance policies have low premiums and terms lasting up to 40 years. Coverage options start at $100,000 and have no upper limit. We like that term policies are renewable annually, and you can convert them to a permanent plan at no extra cost. The company also lets you get a quote and apply for a policy online.

Pros & Cons

Pros

Competitive premiums for term life insurance
Sells 40-year term policies
No max coverage limit for no-exam policies

Cons

Limited selection of permanent policies
Few riders for extra benefits
No live chat

Overview

Banner by Legal & General could be a fine choice if you want temporary term life insurance coverage. It had some of the most competitive prices among the companies who gave us quotes, and it allows you to apply online. It is also the only insurer in our list besides Protective Life selling 40-year term policies that can last your entire working life. Most insurers limit you to 30 years.

Banner Life falls short on product selection, though. Besides term, it only sells universal life and doesn’t provide many riders to customize coverage. Banner Life is headquartered in Frederick, Maryland, and its parent company, Legal & General, was founded in 1836.

Policy Types & Riders

Available Policy Types

Term life
Universal life
No-medical-exam life

Available Riders

Term conversion
Child term
Waiver of premium
Terminal illness

Best Whole Life Insurance : Lafayette Life

Investopedia's Rating

4.0

Financial Strength Rating: A+
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best Whole Life Insurance

With a wide selection of whole life policy options, high coverage limits, and many rider benefits included free of charge, Lafayette Life is our top pick for whole life insurance.

Pros & Cons

Pros

Many types of whole life insurance
No limit for whole life coverage
Pays whole life dividends
Includes 3 free living benefit riders

Cons

No online quotes or application
Doesn’t offer universal or variable life
Only pays average dividends

Overview

Lafayette Life is our top choice for whole life insurance policies. It sells seven different whole life products, allowing you to customize your coverage to suit your needs. There’s also no limit on how much whole life insurance coverage you can buy. Finally, Lafayette Life includes many rider benefits at no extra charge, such as riders that let you use your death benefit for medical care while you’re alive if you get a chronic, critical, or terminal illness.

While Lafayette Life pays whole life dividends, its dividend interest rate is lower than that of competitors such as MassMutual and Guardian Life. You must also call or meet an agent in person to sign up; you can’t enroll online. Lafayette Life, founded in 1905, is based in Cincinnati.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children’s whole life
No-medical-exam life (whole life)
Final expense

Available Riders

Term conversion
Child term
Guaranteed insurability rider
Waiver of premium
Accidental death benefit
Terminal illness
Chronic illness
Critical illness

Cheapest Term Premiums : SBLI

Investopedia's Rating

4.2

Financial Strength Rating: A
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Cheapest Term Premiums

SBLI combines low premiums for term insurance with a good customer service record, making it an ideal choice for someone on a budget. And it lets you convert your term policy to a permanent plan at no additional cost.

Pros & Cons

Pros

Cheap term premiums
Excellent online features and tools
Few customer complaints

Cons

No universal or variable life insurance
Low whole life dividend rate

Overview

If you’re looking for a deal on term life insurance, consider SBLI. It quoted some of the lowest overall premiums for term policies of all the companies we researched. Yet SBLI does not skimp on service. It has high customer satisfaction, as shown by its low number of customer complaints to state regulators. At the same time, SBLI offers excellent online capabilities, including online quotes, an online application, and live chat.

If you want a permanent policy, SBLI might not be the best choice. It doesn’t sell universal or variable life policies, has a small rider selection, and pays a low whole life dividend rate. SBLI was founded in 1907 and is based in Woburn, Massachusetts.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children’s whole life
No-medical-exam life (term and whole life)
Final expense

Available Riders

Term conversion
Child term
Guaranteed insurability rider
Waiver of premium
Accidental death benefit
Terminal illness

Best No-Medical-Exam Insurance : Penn Mutual

Investopedia's Rating

4.0

Financial Strength Rating: A+
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best No-Medical Exam Insurance

Penn Mutual customers can apply for coverage worth up to $10 million without a medical exam, more than any other company we reviewed.

Pros & Cons

Pros

High coverage limit for no-exam policies
Whole life policyholders are eligible for a dividend and the dividend rate has been high
Excellent customer complaint record

Cons

No online application or quotes
No final expense insurance
No live chat for customer service

Overview

Penn Mutual has the highest coverage limit for no-medical-exam insurance among the companies we reviewed. You can get a policy worth up to $10 million through its accelerated underwriting program.

The company, founded in 1847 and based in Horsham, Pennsylvania, has paid dividends to policyholders for 175 straight years, reaching a high of $200 million in 2024. The dividend interest rate of 5.75% was among the highest of the companies we reviewed. Penn Mutual has an excellent NAIC index, indicating that customers have made few complaints relative to the company's size.

But if you want to shop for life insurance online, Penn Mutual doesn't offer the digital quoting and application features that many of its competitors do. You need to speak to an agent to buy its products. And while it has a wide product selection, it doesn't sell smaller, more affordable policies to cover final expenses.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children's whole life
Universal life
Indexed universal life
Variable universal life
No-medical-exam life

Available Riders

Spouse rider
Guaranteed insurability rider
Accidental death benefit
Terminal illness rider
Chronic illness rider
Children's term rider
Waiver of premium rider

Best for Financial Strength, Best for Customer Satisfaction : Thrivent

Investopedia's Rating

4.1

Financial Strength Rating: A++
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best for Financial Strength

Thrivent received an A++ rating from A.M. Best for its financial strength, the highest score possible. But Thrivent is a member-owned organization for Christians. It asks that only Christians or their spouses apply.

Best for Customer Satisfaction

Thrivent had the best three-year average score for customer complaints to state regulators of any of the companies we researched—though MassMutual is a very close second. Thrivent’s average NAIC index was 0.73, far better than expected for a company of its size. MassMutual’s was 0.75. (An index of 1.0 indicates a company received about as many complaints as expected for its size.)

Pros & Cons

Pros

A++ financial strength rating
Best complaint score of any company we reviewed
Good policy selection

Cons

Only available to applicants who declare themselves Christians
No online applications
Limited rider selection
No child term rider

Overview

AM Best reviews insurance companies based on their financial strength. It gave Thrivent an A++ rating, the highest score possible. This shows that Thrivent is in an excellent position to pay out its claims and benefits. Thrivent also excels at pleasing customers. Of the more than 40 companies we reviewed, it received the fewest customer complaints relative to its size. Thrivent has a wide selection of life insurance types, including term, whole life, and universal.

Still, the company has a few drawbacks. The main one is its limited membership—it is only open to Christians. Also, you can’t apply for policies online and must speak with an agent. Thrivent has fewer riders than other top competitors and is noticeably missing a child term rider.

Thrivent was founded in 1902 and is located in Minneapolis.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children’s whole life
Universal life
Variable universal life
No-medical-exam life (term)

Available Riders

Term conversion
Guaranteed insurability rider
Waiver of premium
Terminal illness

Best for Universal Life : Pacific Life

Investopedia's Rating

3.9

Financial Strength Rating: A+
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Best for Universal Life

Pacific Life's universal life insurance (UL) selection stands out because the company offers all the main variations of UL (indexed universal, variable universal) and multiple product choices for each one. There’s also a large selection of riders and the UL coverage range is wide, with policies as small as $25,000 and essentially no maximum limit. Finally, you can also add a child term rider to UL policies.

Pros & Cons

Pros

Sells all the variations of universal life
No maximum coverage limits
Great customer satisfaction rating

Cons

No online quotes or applications
No whole life insurance

Overview

Pacific Life specializes in more complex universal life insurance policies. It sells all three main variations: universal, indexed universal (IUL), and variable universal (VUL). Only a few other insurers, such as Nationwide, Prudential, and John Hancock, offer all three, and often they can’t match Pacific Life’s variety of product offerings. In some markets, Pacific Life has two different UL products, five VUL products, and four IUL products.

However, Pacific Life requires you to meet a representative in person to discuss these complex products; you can’t apply online. Pacific Life also does not sell whole life insurance. Pacific Life launched in 1868 and is based in Newport Beach, California.

Policy Types & Riders

Available Policy Types

Term life
Universal life
Index universal life
Variable universal life
No-medical-exam life

Available Riders

Term conversion
Child term
Waiver of premium
Disability income
Terminal illness
Long-term care
Chronic illness

Also Great for No-Medical-Exam Life Insurance : Symetra

Investopedia's Rating

3.4

Financial Strength Rating: A
NAIC Complaint Rating: Much better than expected for company size

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Why We Chose It

Also Great for No-Medical Exam Life Insurance

Symetra sells policies worth up to $5 million that don’t require a medical exam, with rapid approval decisions.

Pros & Cons

Pros

High limit for no-medical-exam life
Fast underwriting decisions
High customer satisfaction

Cons

Limited policy types
Small rider selection

Overview

If you don’t want to take a medical exam, Symetra is another fine choice. You could qualify for up to $5 million of coverage with no exam, provided you can pass based on age, income, and medical records. Symetra lets you apply online and can make coverage decisions in minutes.

While Symetra can be great for no-exam term life, it doesn’t offer much selection beyond that. It doesn’t sell whole life or many policy riders. Symetra was founded in 1957 and is based in Bellevue, Washington.

Policy Types & Riders

Available Policy Types

Term life
Indexed universal life
Variable universal life
No-medical-exam life (term)

Available Riders

Term conversion
Child term
Waiver of premium
Accidental death benefit
Terminal illness

Also Great for Children’s Life Insurance : Protective Life

Investopedia's Rating

4.3

Financial Strength Rating: A+
NAIC Complaint Rating: Better than expected for company size

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Why We Chose It

Also Great for Children’s Life Insurance

Protective offers the best term rider for covering children, making it a fine choice to protect your entire family at once.

Pros & Cons

Pros

Extensive coverage for child term rider
Whole life policies available with a death benefit as small as $1,000
Sells 40-year term life

Cons

No children’s whole life policies
All applications require a medical exam
No dividends for whole life policies

Overview

A child term rider adds insurance for your children to your life insurance policy. While other insurers offer this benefit, Protective stands out for having the best. Its rider covers your children until they turn 25. Your children can also take over the life insurance when they become adults and convert the temporary term insurance into permanent lifetime coverage.

However, Protective Life does not sell a standalone child’s whole life policy. If you want to cover your child, you can only do so through a rider. Beyond child coverage, Protective has a wide selection of policies and riders.

Protective Life launched in 1907 and has its headquarters in Birmingham, Alabama.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Universal life
Index universal life
Variable universal life

Available Riders

Term conversion
Child term
Guaranteed insurability rider
Waiver of premium
Accidental death benefit
Terminal illness
Chronic illness

Also Great for Whole Life Insurance : MassMutual

Investopedia's Rating

3.9

Financial Strength Rating: A++
NAIC Complaint Rating: Much better than expected for company size

Get a Quote

Why We Chose It

Also Great for Whole Life Insurance

MassMutual stands out for paying the highest whole life dividend rate, helping grow the cash value for policyholders.

Pros & Cons

Pros

Generous whole life dividends
Sells whole life up until age 90
Great customer satisfaction rating

Cons

No online quotes or applications
Applications require a medical exam
No same-day decisions

Overview

MassMutual is another solid option for a whole life insurance policy. It pays the highest dividend rate of all insurers on this list, giving policyholders solid risk-free growth for their cash value. MassMutual also sells whole life policies to people up to age 90, tied with Thrivent and Guardian Life for the highest age limit.

You can't apply online to take out a MassMutual policy and must meet with an agent. All applications require a medical exam and there are no same-day decisions. MassMutual launched in 1860 and is based in Springfield, Massachusetts.

Policy Types & Riders

Available Policy Types

Term life
Whole life
Children’s whole life
Universal life
Variable universal life

Available Riders

Term conversion
Spouse rider
Guaranteed insurability rider
Waiver of premium
Disability income
Terminal illness
Chronic illness

Compare the Best Life Insurance Companies

Company	Star Rating	Best For	AM Best Rating	NAIC Complaint Index	Sample Term Cost*
Nationwide	4.80	Best Overall Best Life Insurance for People Over 50 Best for Children’s Life Insurance	A+	0.372	$31.50
Banner	4.08	Best Term Life Insurance	A+	0.341	$27.96
Lafayette	4.02	Best Whole Life Insurance	A+	0.307	N/A
SBLI	4.23	Cheapest Term Premiums	A	0.327	$27.97
Penn Mutual	3.96	Best for No-Medical Exam Insurance	A+	0.109	$28.29
Thrivent	4.06	Best for Financial Strength Best for Customer Satisfaction	A++	0.073	$26.66
Pacific Life	3.86	Best Universal Life Insurance	A+	0.086	$28.02
Symetra	3.40	Also Great for No-Medical-Exam Life Insurance	A	0.337	$27.98
Protective	4.27	Also Great for Children’s Life Insurance	A+	0.449	$27.97
MassMutual	3.86	Also Great for Whole Life Insurance	A++	0.075	$33.50

*Sample term cost is based on quotes collected from Term4Sale, Quotacy, and individual company websites for a 30-year $250,000 term policy for male non-smokers born in 1984 with excellent health. It’s an average of quotes collected in ZIP codes 90011 and 77084.

Our Expert Pick for the Best Life Insurance

All the companies in our roundup could be a fine choice for your coverage. The right option depends on what you’re looking for. Nationwide is our pick for best overall insurer thanks to its product selection, and it stands out as a top choice for covering children and people over 50. Protective Life is also a quality option for children’s life insurance, thanks to its child term rider.

If you want temporary term coverage—meaning for a few decades instead of your whole life—Banner Life has the best overall term policies, while SBLI charges the cheapest term premiums for most people. If you want permanent coverage, Lafayette and MassMutual are great options for whole life, while Pacific Life is best for universal. If you don’t want to have to take a medical exam while applying, consider Penn Mutual or Symetra. Finally, Thrivent stands out as the most financially stable, per the AM Best ratings, and it has the best customer satisfaction rating of all the companies we researched.

What Are the Types of Life Insurance?

There are many types of life insurance, with differences based on how long the coverage lasts, the application process, and whether you get any living benefits (access to your cash value while you’re alive. Here are the main types on the market:

Term life insurance
Whole life insurance
Universal life insurance
No-medical-exam life insurance

What Is Term Life Insurance?

Term life insurance is temporary coverage. You buy a policy that lasts a set amount of time, such as five or 20 years. If you pass away during the term, your heirs receive the death benefit. If you outlive the term, your coverage ends. Term life insurance is the most affordable option. However, it is not guaranteed to last your entire life and doesn’t provide cash value.

Best Term Life Insurance Companies
Banner	Best Overall Best Convertible Term
SBLI	Best for Cheap Insurance
Protective	Best for Children
AAA	Best for Return of Premium
Nationwide	Best for Living Benefits
State Farm	Best for Financial Stability

What Is Whole Life Insurance?

Whole life insurance is guaranteed to last your entire life, provided you keep paying the premiums. The premiums are also guaranteed not to increase. Whole life insurance can build cash value with a guaranteed minimum return plus company dividends. Whole life insurance is more expensive than other policy types.

Best Whole Life Insurance Companies
Lafayette	Best Overall
MassMutual	Best for High Issue Age Best for Financial Strength Best for Dividends Best for Customer Satisfaction
Nationwide	Best for Living Benefits Best for Burial Insurance
Assurity	Best for Children
Transamerica	Best for Small Policies

What Is Universal Life?

Universal life is another type of permanent policy that can offer lifelong coverage. With universal life, you can change the premium payment each year. However, you must pay enough to keep up with life insurance costs. These policies give more flexibility but require more work to manage.

Universal life insurance policies also build cash value. Regular universal life insurance grows based on market interest rates. Your returns are somewhat unpredictable, though there is a minimum guaranteed return.

What Is Indexed Universal Life Insurance (IUL)?

Indexed universal life insurance grows your cash value based on the performance of some market index, like the S&P 500. However, there are limits on your possible gains and losses. Many IULs guarantee a minimum return in market downturns but cap your growth in good years.

What Are Variable Universal Life (VUL) and Variable Life Insurance?

Variable universal life and variable life both let you invest in stocks, bonds, and mutual funds. You have more upside potential than the other life insurance types but could lose money in your cash value during downturns. A VUL policy lets you adjust the premium payments yearly, whereas variable life charges steady premiums.

Best Universal Life Insurance Companies
Pacific Life	Best Overall Best Variable Universal Life Best Indexed Universal Life
MassMutual	Best for Customer Satisfaction Best for Living Benefits Best for Financial Strength
John Hancock	Best for High Issue Age
Midland National	Best for No Medical Exam

What Is No-Medical-Exam Life Insurance?

No-medical-exam life insurance lets you apply for and potentially buy life insurance without getting a physical exam first. Instead, insurers decide to approve you based on other information like your medical and prescription records, driving record, and answers to questions on the application.

No-medical-exam life insurance has a faster, easier application process. However, there could be limits on the coverage amounts and policy types. In addition, premiums can be higher for some kinds of no-medical-exam life insurance, like guaranteed issue burial insurance, because they accept people with health issues.

Best No-Exam Life Insurance Companies
Penn Mutual	Best Overall Best for High Coverage Limit
Thrivent	Best for Financial Strength Best for Customer Satisfaction
Nationwide	Best for Instant Decision Best for Burial Insurance

How Much Does Life Insurance Cost?

Life insurance costs depend on several factors, including the amount of coverage, features and benefits, your age, gender, overall health, family medical history, lifestyle, and the insurer you work with. You’ll need to apply to see precisely how much life insurance costs for you.

The type of coverage you buy also makes a big difference. Permanent policies like whole life insurance typically charge more than term life insurance policies for the same death benefit because the policy doesn’t expire as long as you pay your premiums, and it has a savings component (cash value) that grows as you age. Here are quotes from the top insurers in this article.

Term Life Policy Costs

Company Name	30-Year-Old Female	30-Year-Old Male	40-Year-Old Female	40-Year-Old Male	55-Year-Old Female	55-Year-Old Male
Nationwide	$18.81	$22.97	$26.25	$31.50	$99.97	n/a
Banner	$14.36	$17.03	$22.67	$27.96	$90.52	$117.74
Lafayette	n/a	n/a	n/a	n/a	n/a	n/a
SBLI	$14.34	$16.99	$22.68	$27.97	$68.30	$98.30
Penn Mutual	$14.53	$17.23	$22.94	$28.29	$82.11	$119.13
Thrivent	$15.70	$18.92	$26.66	$21.93	$86.86	$121.05
Pacific Life	$14.40	$17.16	$22.73	$28.02	$91.12	$118.49
Symetra	$14.38	$17.05	$22.69	$27.98	$90.54	$117.76
Protective	$14.37	$17.04	$22.68	$27.97	$90.53	$117.45
MassMutual	$17.84	$21.32	$26.97	$33.50	$103.53	$140.51

*Life insurance quotes are examples only and were collected for 30-year $250,000 term life policies for non-smoking males and females in excellent health. They’re an average of prices from two ZIP codes: 90011 and 77084.

Term Life Policy Costs for Older Adults

As you age, the price of life insurance goes up. Older adults will usually get shorter terms, but still pay higher premiums than younger adults getting a longer term. The information below is for a 15-year term, versus the 30-year term quoted above.

Company Name	65-Year-Old Female	65-Year-Old Male
Nationwide	$110.25	$170.41
Banner	$103.18	$131.97
Lafayette	n/a	n/a
SBLI	$101.16	$140.02
Penn Mutual	$86.36	$133.53
Thrivent	$85.36	$117.61
Pacific Life	$91.15	$132.09
Symetra	n/a	n/a
Protective	$89.14	$131.98
MassMutual	$99.83	$157.69

*Life insurance quotes are examples only and were collected for 15-year $250,000 term life policies for non-smoking males and females in excellent health. They’re an average of prices from two ZIP codes: 90011 and 77084.

How to Choose the Best Life Insurance Company

You shouldn’t work with just any company for your life insurance coverage. Follow these steps to make sure you do the right amount of research.

Determine your coverage needs: Before meeting with insurers, decide what you’ll need from your policy. Consider the amount of coverage you want, your budget, and whether you want any specialty features, like a child term rider or disability income coverage.
Decide on the type of policy: Insurers often specialize in different policies. As you can see from the awards given in this article, some do better with term, others with whole life, etc.
Review top-ranked insurers: Check the reviews of top insurers. Check their customer satisfaction, financial strength, and information from reviews like ours.
Get multiple quotes: Life insurers provide free premium quotes. You could apply from your top candidates to see who comes through with the best offer.
Review with a financial advisor: A financial advisor, especially a fee-only financial advisor, can give you an unbiased review of your options.

For more help, check out how to choose the best life insurance company.

Why You Should Trust Us

Investopedia collected data points related to dozens of criteria that are important when choosing life insurance, across 45 companies. We used this data to review each company for financial stability, customer satisfaction, coverage options, cost, and other features to provide unbiased, comprehensive reviews that can help you make the right decision.

Investopedia launched in 1999 and has been helping readers find the best life insurance companies since 2020. We are dedicated to helping you find the right life insurance provider for your needs.

Frequently Asked Questions

What Is Life Insurance and How Does It Work?

Life insurance provides financial protection for your death. When you sign up, you pick how much coverage you want. If you die while covered, the insurance company pays your heirs the death benefit. You must pay ongoing premiums to keep your life insurance policy active.
Do I Need Life Insurance?

You may need life insurance if you have people depending on you, like a spouse or young children. It could replace your salary if you pass away unexpectedly. You may also need life insurance if you have large debts you’d like to cover for your family, like a mortgage, student loans, or final expenses. Finally, if you own a business, you could buy life insurance to protect your partners and cover the lives of key employees.
If you don’t have these needs now, consider whether they could come up in the future. You could set up life insurance to prepare now.
What Are the Pros and Cons of Life Insurance?

The main pro of life insurance is that it can protect your heirs against the cost of your death. You can buy a large amount of coverage for a small premium using term life. Life insurance can also build wealth for the future using cash value.
The main con of life insurance is that it costs money. You must pay the premiums to stay protected. It’s possible to pay years of premiums and not receive a death benefit payout because your coverage ends before you pass away.
Some permanent policies may also not be the best use of your funds. You may be better off getting an affordable term policy and investing the rest of your money rather than paying for a more expensive permanent policy.
How Can You Get Cheap Life Insurance?

You can get cheap life insurance by buying term life insurance, which is much more affordable than permanent coverage. You can focus on companies such as SBLI or Banner Life, which specialize in inexpensive policies. Get multiple quotes to see who offers you the best deal.
What Is Burial Insurance?

Burial insurance is a type of life insurance specifically designed to pay for funerals and other final expenses. These are whole life policies without an expiration date. Burial insurance is usually for small amounts of coverage, just enough to cover the cost of a funeral. These policies typically have easier underwriting without checking for health issues. However, they can be more expensive than regular life insurance for some buyers and can have limits on paying out if you pass away within the first few years of buying coverage.
Companies We Reviewed

Nationwide, Ameritas, Assurity, Protective, SBLI, Midland National, Banner, Thrivent, Lafayette, Penn Mutual, USAA, MassMutual, Mutual of Omaha, Columbus, Pacific Life, Guardian Life, Prudential, Equitable, Lincoln Financial, State Farm, AAA, Transamerica, John Hancock, North American, Western & Southern, Brighthouse, Securian, Farmers, Northwestern Mutual, Symetra, Foresters, Gerber, Minnesota Life, Fidelity, Mutual Trust Life Solutions, Corebridge Financial (formerly AIG), New York Life, Kansas City Life, Globe Life, Aflac, Boston Mutual, Bankers, American National, Colonial Penn, Allianz

How We Review the Best Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum standard for financial strength, customer satisfaction, and online transparency. For each of those, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points all together. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, third-party rating agencies (A.M Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company survey data, and industry research to create a quantitative model that scores each company based on six major categories:

Application and Online Service Features: 15%
Policy Types: 22%
Policy Features and Riders: 35%
Financial Stability: 6%
Customer Satisfaction: 10%
Cost: 12%

For more information, read our full methodology explanation.

Guide to Life Insurance

Best Life Insurance of 2024 — Investopedia / Mira Norian

Article Sources

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