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The U.S. life insurance market is competitive, made up of a mix of established insurers and new "insurtechs" that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaint data, customer experience and financial health. We also assessed the types of policies on offer and the way you can buy cover.
Top Ten Best Life Insurance Companies
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All life insurance companies listed below scored at least 4.5 out of 5 stars. There are hundreds of insurers competing for your business, often selling similar products, so it's wise to compare life insurance quotes from several before making a decision.
Consumer life insurance ratings are based on consumer experience, National Association of Insurance Commissioners Complaint Index scores for individual life insurance and weighted average financial strength ratings, which indicate a company's ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which look at the depth of policy details available online. To calculate each insurer's rating, we adjusted the scores to a curved scale of 5 points.
These ratings are a guide, but we encourage you to shop around and compare different insurance quotes to find the best rate for you. No compensation is received for any reviews. Read our editorial guidelines.
Learn more about our top life insurance companies in November 2022 by reading the brief summary below and check out our comprehensive reviews.
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Ratings are determined by our editorial team. The scoring formula takes into account customer complaints and customer satisfaction data.
Cons: Online quotes are only available for lifetime. You must contact MassMutual for full universal, universal and variable quotes.
Company Overview: Massachusetts Mutual Life Insurance Co., often abbreviated to MassMutual, is one of the nation's largest life insurers. Founded in 1851, it offers a wide range of products from term life insurance to variable universal life insurance - a permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual company, meaning it is partially owned by its policyholders and pays dividends to eligible members. Its dividend payout is still at $1.9 billion in 2023
Benefits: You can apply for up to $1 million in long-term coverage online. If approved, you don't need to undergo a medical exam and your coverage will begin the same day.
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Company Overview: Haven Life offers term life insurance with accelerated underwriting, a process that uses algorithms and data to quickly evaluate your insurance. The entire application process is conducted online and the company says it can be completed in about 25 minutes. Although Haven specializes in one type of life insurance, it offers options to its customers. Depending on the policy you choose, you can purchase coverage from $25,000 to $3 million and choose a term lasting from 5 to 30 years. Haven Life policies are issued by MassMutual, which have attracted far fewer customer complaints than expected for a company of its size.
Type of Policy: Term, Comprehensive and Universal. Guardian not only sells a range of standard policies but also offers term and whole life insurance for people living with HIV.
Pros: You can get a quote online without giving your contact details and switch between different cover amounts to see your estimated premium.
Company Overview: Guardian was established in 1860 and has paid dividends to its eligible policyholders since 1868. The $1.13 billion payment in 2022 is the largest in company history
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Guardian Guardian Life has announced a $1.13 billion dividend to policyholders. Accessed 1 November 2022. View all sources. The insurer has attracted far fewer complaints to state regulators than expected for a company of its size. In addition to life insurance, Guardian sells a variety of products including dental, vision and cancer insurance.
Benefits: If you're an AARP member age 50 to 80 (50 to 75 in New York), you can qualify for the company's guaranteed acceptance life insurance policy, regardless of your health. The coverage amount can reach up to $25,000 and the premium remains the same throughout the policy term.
Company Overview: No medical exam is required to qualify for any of AARP's life insurance policies, which is rare for a company that offers both term and whole life insurance. AARP life insurance policies are available to members age 50 and older. One of the company's biggest draws is its simplified underwriting, which means you don't have to pass a life insurance medical exam to qualify for coverage. That said, acceptance for some policies may be based on information about your health. All policies are issued by New York Life.
Policy Type: Term, Full, Universal and Variable Universal. The company's Million Plus Level Term 10 policy has a minimum death benefit of $1 million.
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Benefits: New York Life offers a wide range of coverage types, from annual term policies to variable universal life insurance.
Cons: You can't get a quote online without providing your contact details. The premiums of New York Life term life policies are level for a certain period of time, after which they gradually increase
Company Brief: New York Life is a mutual company, which means it is owned by its policyholders. For example, you may be eligible to vote in board elections if you buy certain policies and earn dividends — the insurer is paying out $1.9 billion in 2022.
New York life. New York Life has declared the largest dividend in the company's history. Accessed 1 November 2022. View all sources. The company is one of the largest life insurance companies in the United States and has attracted fewer complaints to state regulators than expected for a company of its size. J.D.'s 2021 customer satisfaction survey ranked an average of approx. Energy for life insurance
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JD Power 2021 US Individual Life Insurance Study. Accessed 1 November 2022. View all sources. One of its whole life policies has a flexible payment option, which allows you to pay your premium early.
Company Overview: Pacific Life has been in business for over 150 years. Over the past three years it has attracted far fewer complaints than expected for a company of its size. Pacific Life's range of policies includes the company's indexed universal life insurance. These policies generally increase investments based on stock market indexes such as the S&P 500 They also have a guaranteed level, which means that the cash value of your life insurance will not fall below a certain value If the stock market goes down
Benefits: The company offers multiple life insurance riders on select policies. The company's universal life insurance is available to applicants age 85 and younger.
Cons: Some policies are not available in Massachusetts. You should contact a State Farm agent to get a quote.
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Company Overview: When you think of State Farm, you probably think of its auto insurance products. But it also offers a decent range of life insurance policies, including premium return life insurance - if you survive the term, you get back the premium you paid on the policy. State Farm also offers a single premium option for its whole life policy and a final expense policy that can help cover funeral expenses.
State Farm ranked first out of 21 companies in J.D.'s 2021 US Life Insurance Study. Customer satisfaction is a strength, and has consistently topped the list in recent years – indicating its positive reputation among policyholders.
Benefits: Lincoln Financial offers a range of coverage options including available riders, policy payouts, issue age limits and more, with comprehensive policy details available on its website.
Company Overview: Founded in 1905, Lincoln Financial sells a variety of products including life insurance, annuities, long-term care and workplace benefits. Among the company's variable universal life catalogs is survivorship life insurance. This type of insurance covers two people, usually a couple, and pays out on the death of the second person. In some cases, survivorship insurance can be cheaper than buying two separate permanent policies. Lincoln Financial promotes an expedited phone application process for customers who choose to purchase coverage through an advisor, an option that many companies do not promote.
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Benefits: Northwestern Mutual has a top-tier financial health rating and 2021 J.D. The company has been ranked highly for customer satisfaction in life insurance studies. strength
Cons: Difficult to find coverage specifics like exit age limit, coverage limit and rider for whole and universal life policies on Northwest Mutual's website.
Company Overview: Founded in 1857, Northwestern Mutual is the largest seller of personal life insurance in the United States,
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