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June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Updated Oct 27, 2022 Bankrate logo The Bankrate promise
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Bankrate s guide to the best life insurance companies in 2022
Life insurance is designed to provide your loved ones with financial security after your passing. Having a policy in place may help you feel more in control of your legacy, knowing that your family will have the financial means to handle your death. Life insurance is a booming industry, though, with hundreds of different life insurance companies all selling similar products. To help make the process of finding the best life insurance company easier, Bankrate's insurance editorial team reviewed customer satisfaction, financial strength, available coverage options, riders and digital offerings to find the best life insurance companies. Our research could help you find the best life insurance for your needs. Top life insurance companies
Guardian: Best for life insurance coverage without a medical exam MassMutual: Best for whole life insurance Mutual of Omaha: Best for digital accessibility Nationwide: Best for universal life insurance Northwestern Mutual: Best for top-tier customer service Prudential: Best for customizations for life insurance State Farm: Best for term life insurance This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More How Bankrate picked the best life insurance companies for 2022
To find the best life insurance companies of 2022, Bankrate's editorial team started by researching the on the market. Areas of consideration included customer satisfaction and financial strength ratings from trusted, unbiased sources, including and . We also looked at whether or not each insurer offers a mobile app, online portal, 24/7 customer service and local agents to determine each company's accessibility. We then factored in each company's coverage capacity (the maximum dollar amount of each company's death benefit), the number of riders for optional coverage and the availability of a . More information about each carrier is available below to help you learn about their benefits and drawbacks. You may notice that we don't include average rates in our analysis. That's because rates vary widely based on each policyholder's age and health metrics, as well as the type of policy they choose, their death benefit level and any riders they add on. Life insurance companies don't reveal average rates, since that information reflects the general health of its policyholders and could put privacy at risk. Life insurance rates are incredibly personal, so average rates aren't a helpful metric when choosing a company. Additionally, rates don't vary as much between life insurance companies as they do between auto or home insurance companies. Generally, insurance experts recommend that you choose a life insurance company based on the specific product you need, rather than the rate.
Choosing the best life insurance policy is not a decision to take lightly. The insurance company's history, as well as its reputation for customer service, financial stability and death benefit payouts are just a few of the things that can impact both your experience and policy value. We assessed based on market share, financial stability ratings from sources like AM Best and customer satisfaction scores from J.D. Power. We also examined the number of endorsements and riders available, general accessibility, coverage capacity and whether medical exams were required as part of the underwriting process in order to make our picks. Compare the best life insurance companies
Shopping for life insurance can be intimidating but Bankrate is here to make the process easier. When studying the largest life insurance carriers, there are some metrics that you can rely on to help effectively compare your options. Does one company offer a wide range of life insurance policy types, as well as riders and endorsements to personalize your policy, compared to another? What does the qualification process look like, and what might your estimated be? From there, you can also compare companies' financial strength ratings and customer service scores from trusted third-party agencies, such as AM Best and , for an unbiased view of which providers may excel in these areas and give you the best experience. Guardian
Best for: Life insurance coverage without a medical exam The Guardian Life Insurance Company of America ranks well in customer satisfaction and financial strength and offers the most term life insurance riders on our list. According to the National Association of Insurance Commissioners (NAIC), the company also has and offers multiple no-medical exam policy options. Guardian provides easy policy management through its network of more than 3,000 financial representatives across the nation and online account management. Guardian carries an A++ (Superior) financial strength rating from A.M. Best and offers multiple coverage options depending on your life stage, goals, needs and budget. Learn more: PROS
Dividends available on some policies Easy online management Policies available for HIV-positive applicants Multiple no-medical exam policy options CONS
Must purchase coverage through an agent Rider details limited online MassMutual
Best for: Whole life insurance MassMutual won a 2022 Bankrate Award for thanks to its A++ (Superior) financial strength rating from AM Best and for offering 13 whole life insurance riders, the most of any company we analyzed. MassMutual, also known as Massachusetts Mutual Life Insurance Co., is a U.S. life insurance company owned by its policyholders, allowing select policyholders to earn dividends when the company does well. MassMutual offers an online application process for term life policies. Coverage takes effect immediately upon application approval, and applicants must usually complete medical exams for all term and universal life policies. Learn more: PROS
Free coverage for qualifying low-income families Convenient mobile app Numerous riders Superior financial strength High coverage capacity (the maximum dollar amount of a policy’s death benefit) CONS
Limited online quotes Medical exams required for term and universal life policies No final expense policies Mutual of Omaha
Best for: Digital accessibility Mutual of Omaha ranked just behind the overall winners of Bankrate's best life insurance study. The company ranks well above average in J.D. Power's customer satisfaction survey and earned a financial strength rating of A+ (Superior) from AM Best. Mutual of Omaha offers no-medical exam life insurance options, and its digital features could make managing your life insurance policy easy. Some people may be looking for the best online life insurance experience. In terms of accessibility, Mutual of Omaha offers a robust digital app, an online portal, local insurance agents and a 24/7 phone line for accepting your payments. Learn more: PROS
Easy online quote process Offers digital money management app High J.D. Power customer satisfaction score CONS
Does not provide dividends Not all life insurance can be quoted online Nationwide
Best for: Universal life insurance Nationwide won a 2022 Bankrate Award for coverage for its accessibility and wide range of riders. In terms of accessibility, Nationwide offers a user-friendly mobile app, streamlined online portal and a network of independent agents across the U.S. The multi-line insurer offers seven riders for universal life, the second-highest number of riders of any company on our list. Nationwide also received an above-average J.D. Power customer satisfaction score and a financial strength rating of A+ (Superior) from AM Best, making it one of the most competitive life insurance companies in the marketplace in terms of third-party ratings. Learn more: PROS
No-medical exam options available for universal, whole and term life insurance programs, depending on eligibility Above-average J.D. Power customer service score Plentiful rider options CONS
Limited online quotes Policy acceptance not guaranteed No 24/7 help line Northwestern Mutual
Best for: Customer service Northwestern Mutual received top-tier customer satisfaction scores and financial ratings, scoring just behind the overall winners of Bankrate's study on best life insurance companies. Northwestern Mutual sells coverage through agents, which could be a good fit for those who prefer face-to-face interactions over a digital purchase process. Earning an A++ (Superior) financial strength rating from AM Best, Northwestern Mutual shows a strong history of being able to pay claims. As a mutual company, it is owned by its policyholders. Northwestern Mutual offers a variety of term, whole and universal life insurance policies. The company ranks highly in Bankrate's internal study of accessibility for providing a mobile app, online portal, local agents and a 24/7 customer service phone line that accepts premium payments. Learn more: PROS
Dividends available on whole life insurance policies Flexible policy options Wide range of riders Easy-to-use online portal and mobile app CONS
Must buy coverage through an agent Limited information available online Prudential
Best for: Policy personalization Prudential is the third-largest U.S. life insurer based on from the Insurance Information Institute (Triple-I). In our study, Prudential Financial ranked just behind our overall best life insurance company winners in customer satisfaction and accessibility. It offers plentiful rider options, easy-to-use online tools and live agent support. The company has nine universal life insurance riders - more than any other carrier on our list. It offers a variety of term life and universal life insurance policies, giving customers a greater level of flexibility than some of its competitors. However, keep in mind that Prudential does not offer whole life insurance or no-medical exam policy options. Learn more: PROS
Live agent support available Online tools Plentiful rider options Variety of term and universal life policies CONS
Medical history required for quotes Limited online quotes Selective policy options Below-average J.D. Power customer satisfaction score State Farm
Best for: Term life insurance State Farm won a 2022 Bankrate Award for , thanks to its top-notch customer service and accessibility tools. As one of the top life insurance companies, State Farm also received the highest customer satisfaction score from J.D. Power. State Farm offers accessibility tools including a 24/7 customer helpline, easy-to-use mobile app, online portal and more than 19,000 exclusive local agents across the U.S. With an A++ (Superior) rating from AM Best, State Farm has a history of financial stability. The carrier offers a variety of term life insurance options as well as whole, universal and variable universal options. Learn more: PROS
Numerous policy and rider options No medical exams required for some policies Highest J.D. Power customer satisfaction rating CONS
$10,000 maximum for final expenses insurance Age-dependent exam plans Can only purchase from an agent; no online option What is life insurance
Life insurance is a contract between you and an insurance company. In exchange for regular payments, the insurance company pays out a sum of money to your loved ones in the event of your death. These funds, also known as a "," can help with covering expenses such as funeral costs and unpaid medical expenses. Death benefits can be used for anything, though; there are no restrictions on how the money can be used. You could use a death benefit to pay down debt, fund your children's education or simply to pay everyday bills. Depending on the type of policy, this sum can also be paid out after specific life events, such as a diagnosis of terminal or critical illness, or after you reach a certain age. Types of life insurance policies
There are many , but in general, they fall under two categories: term life insurance, which is only in force for a set time, and , which is in effect as long as premiums are paid in most circumstances. Permanent life insurance comes with a component. Depending on , having one or both of these types of policies could be an integral part of your financial plan. : With a term life policy, you and the life insurance company enter into a contract for a specified death benefit amount for a set number of years. Unlike permanent life insurance, a term life insurance doesn't have the savings or potential, and because it's only active for a set number of years, it's possible to outlive your policy and receive no benefits. However, you may be able to convert it into a permanent life policy at the end of your term. : A form of , whole life insurance usually comes with set premiums and a cash value account. While you may not be able to change the policy after it is active, having the cash value component can be useful, although the money accumulates relatively slowly. : Another form of permanent life insurance, universal life insurance is known for its flexibility. The premium and death benefit can be adjusted as needs or lifestyles change. It also has a cash value component and can come with different investment strategies to help you grow the value of the policy. How to choose the best life insurance company
When you are ready to , taking a few extra steps can ensure you find the best policy based on your wants and needs. Here are some things to look for when choosing the best life insurance company for you: Ask for recommendations: Your friends and family may have life insurance with a company they love. You may want to ask them about their experiences with customer service at these companies. Review customer satisfaction ratings: You can visit the J.D. Power website or check the carrier reviews in this article to review each insurance company's customer satisfaction ratings. J.D. Power assigns each company a score out of 1,000 possible points. Assess financial stability: We recommend looking at a company's financial strength rating from a third-party agency such as AM Best, (S&P) or Moody's. A company with a low financial stability rating has a poor history of being able to meet financial obligations and may struggle to pay life insurance death benefits to policyholders if a high volume of claims are filed simultaneously. It is important to have the assurance that your insurer has a history of strong financial stability. Look at customer reviews: Dozens of consumer-oriented sites such as Google, Yelp and Consumer Affairs provide reviews from insurance companies' customers. It may be most helpful to ignore the outlier reviews and focus on the overall average instead. What did the average customer say about the company you are considering? Are the items they complained about important to you? For example, if someone complained that the company does not offer a mobile app, but a mobile app is unimportant for your needs, you may not need to consider that review in your assessment. Get multiple life insurance quotes: It can be beneficial to from multiple carriers to help you find the best cheap life insurance policy. Keep in mind that prices will vary more widely for different policy types, although additional policy features could be another cost-influencing factor. Seek professional counsel: While a can be useful, you may be better able to determine your needs by talking with a financial advisor or a licensed life insurance agent if you have more complex needs or questions. A life insurance agent can help you decide what type of life insurance coverage is right for you and . When choosing between the many types of life insurance, it may help to get a second opinion from a professional. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More Frequently asked questions
It depends on your unique situation. Life insurance can be a prudent purchase, but it might not be right for everyone. If you have anyone relying on your income, you should consider a life insurance policy to help ensure your loved ones are taken care of if you pass away and your financial contribution to the household is lost. Additionally, , life insurance could help your loved ones pay those off when you're gone. You can also use a life insurance policy to help pay for your children's college expenses, leave a financial gift to someone or donate to charity. Working with a licensed life insurance agent or a financial advisor could help you decide if life insurance is right for you.
In general, life insurance covers natural causes of death, such as old age and terminal illness. It will also typically cover accidents. There are, however, certain , especially during the policy's contestability period. For example, death by suicide is generally not covered in the first two years of a policy. Most importantly, certain misrepresentations on your policy could be deemed fraudulent and might void the life insurance policy and prevent the death benefit from being paid. That's why it's important to be honest when applying for life insurance.
The depends on a number of rating factors. Personal aspects like your age and health play a large role. Generally, younger people and healthier people pay lower rates. Additionally, the type of policy you choose, your coverage limits and what riders you include will affect rates. Permanent policies tend to be pricier, and higher coverage limits generally mean higher rates. Adding riders will also likely increase your premium. While shopping around might help you find , keep in mind that rates typically don't really vary much between companies for the same exact policy type and coverage limits. You may be able to find a cheaper policy by looking at different types of life insurance, however, or adjusting the death benefit amount.
When you purchase a life insurance policy, you are making an agreement with an insurance company to make regular payments toward continued coverage with the policy. You will also , which could be a person or organization, that the insurance company will pay once you pass away. To access the funds, your beneficiary would have to file a claim with the company, who will then process it before making the payment.
When you decide to purchase life insurance is largely a personal decision based on your health status, financial needs and if you have any dependents. In general, buying life insurance when you're younger allows you to get a more competitive rate than buying life insurance when older. Even so, it is possible to find affordable that fit your budget. Shopping around with multiple carriers and considering policies from both traditional and newer life insurance companies could result in several suitable options for your life stage and financial needs. Written by June Sham Insurance Writer June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.