8 Best Life Insurance Companies of 2024
Since 2017, Money’s editorial team has researched and analyzed companies offering various types of life insurance policies. Our ongoing assessment focuses on insurers' offerings, customer satisfaction ratings and financial stability. Our goal is to provide readers with the most useful and up-to-date information.
Money’s Main Takeaways:
- State Farm is the best choice for customer satisfaction and financial stability
- For same-day coverage, Ethos is our top pick
- Our choice for no-exam life insurance is Bestow
- Policygenius is the best marketplace to shop rates
Why Trust Us?
Our writers and editors evaluate insurance companies independently, ensuring our content is precise and guided by editorial integrity. Read the full methodology to learn more.
- 30+ insurers evaluated
- 6 categories scored
- 1,000+ hours of research
Our Top Picks for the Best Life Insurance Companies of 2024
- State Farm - Best for Customer Satisfaction and Stability
- Bestow - Best No-Exam Life Insurance
- Ethos - Best for Same-Day Coverage
- Policygenius - Best Online Life Insurance Broker
- Ladder - Best for Flexible Coverage
- New York Life - Best Whole Life Insurance
- Nationwide - Best for Bundling Discounts
- Northwestern Mutual - Best for Policy Customization
Best Life Insurance Companies Reviews
Sample premiums are based on a 35-year-old female or male in excellent health for a $500,000 20-year term-life policy. Your rate will depend on your age, health and sex, among other factors.
Company
Term
Female
Male
State Farm
20-year
$28/month
$30/month
- Top-rated for customer satisfaction
- Low number of customer complaints
- Multiple policy options
- Simplified-issue (no exam) policies available
- Online quotes are not available for all policy options
- Most policies require medical exams
Why we chose it: State farm is our choice for the best life insurance company for customer satisfaction and stability because of its excellent reputation for customer service and outstanding strength ratings.
In 2023, for the fourth year in a row, J.D. Power named State Farm the top company in its U.S. Individual Life Insurance Study, which measures overall customer satisfaction based on responses from over 5,500 respondents. Additionally, it has an A++ (Superior) rating from AM Best — the highest possible — indicating excellent financial stability.
State Farm sells term life insurance (10, 20 or 30 years), plus whole and universal life insurance policies. Although most of its plans require medical exams, it does offer some no-exam options as well as a long list of optional riders.
- AM BEST RATING
- A++ (Superior)
- POLICY TYPES
- Term, No-exam, Whole, Universal
- RIDERS AVAILABLE
- Children's Term Life Insurance Benefit, Waiver of Premium Benefit, Level Term Life Insurance Benefit, Waiver of Monthly Deduction Benefit, Guaranteed Insurability Option, Payor Insurance Benefit, Qualified Long-Term Care Insurance, Advanced Death Benefit for Long-Term Care, Accelerated Benefit for Long-Term Care, Additional Insured's Level Term Life Insurance Benefit, Additional Insured's Level Term to Age 95, Level Term to Age 95 and more
Read our full State Farm Life Insurance review
See rates on State Farm's Secure Website
Company
Term
Female
Male
Bestow
20-year
$27/month
$37/month
- High coverage amounts (up to $1.5M) without a medical exam
- Online application and quick processing
- Terms range from 10 to 30 years
- Long (30-day) free look period
- No riders available
- Only sells term life insurance
- Must be younger than 60 to qualify for coverage
- Policies not available to residents of New York
Why we chose it: We chose Bestow as the best life insurance company for no-exam life insurance coverage because it has one of the fastest and easiest application processes on the market. It also offers an unusually high death benefit payout for policies that don’t require a medical examination.
Bestow is our choice for individuals who want life insurance coverage without undergoing a medical exam. Instead of a medical exam, it uses your personal information and medical history, hobbies and lifestyle to determine your eligibility and life insurance rates. According to Bestow, you can buy up to $1.5 million in term life coverage within minutes.
Instead of a medical exam, Bestow uses your personal information and medical history, hobbies and lifestyle to determine your eligibility for this type of coverage and life insurance rates.
The company’s policies are issued by top-rated insurer North American Company for Life and Health Insurance or by Bestow Life Insurance Company. Additionally, life insurance from Bestow is now sold through Lemonade’s app and website.
- AM BEST RATING
- A+ Rating (Superior) - North American Company for Life and Health Insurance
- POLICY TYPES
- No-exam term life insurance
- RIDERS AVAILABLE
- None
Read our full Bestow Life Insurance review
See rates on Bestow's Secure Website
Company
Term
Female
Male
Ethos
20-year
$21-$38/month
$26-$49/month
- Same-day coverage for most approved applicants
- No exams — the process is entirely online
- Get a free will with your policy
- Policy purchase includes free will and estate planning tools
- Little information publicly available about optional riders
- Term life eligibility starts at age 20
- Not available in New York
Why we chose it: Ethos is our pick as the best life insurance company for same-day coverage because it accommodates a wide range of potential applicants. Even people who struggled to qualify for insurance in the past have success.
Ethos offers streamlined life insurance application and underwriting processes, leveraging proprietary technology to provide same-day coverage to most applicants. Individuals aged 20 to 65 can get a range of term life options spanning 10 to 30 years and coverage amounts from $20,000 to $2 million. Most applicants can skip the medical exam.
Meanwhile, those aged 65 to 85 are automatically eligible for guaranteed issue whole life policies, offering coverage from $10,000 to $25,000 — without medical exams. However, these policies feature graded benefits within the first two years. This means beneficiaries receive 100% of premiums paid plus 30% in the event of death within this period, excluding accidental deaths.
- AM BEST RATING
- A (Excellent) and higher - Mutual of Omaha, Ameritas and TruStage, Legal & General
- POLICY TYPES
- Term - simplified issue and fully underwritten (ages 20 to 65), guaranteed issue (ages 65 to 85)
- RIDERS AVAILABLE
- Accidental Death Benefit
Read our full Ethos Life Insurance full review
See rates on Ethos's Secure Website
Company
Term
Female
Male
Policygenius
20-year
$17-$32/month
$20-$40/month
- Quickly and easily compare quotes from multiple insurers
- Get guidance from real licensed agents
- Various types of insurance policies available
- Online quotes aren't available for all providers
- Takes longer to provide a final price than other options
Why we chose it: We chose Policygenius as the best online life insurance broker because it offers one-stop access to policies from a long list of partners, including some of the best life insurance carriers mentioned on our list. And unlike other comparison sites, this one pledges not to sell your information to third parties.
Policygenius, an online insurance broker, offers a range of policies including life, home, auto, and disability insurance. Users can swiftly obtain premium estimates by entering basic personal information and then delve into policy comparisons by providing additional details.
The platform features an extensive array of term life insurance policies spanning from 10 to 40 years in 5-year increments, along with whole, universal, and no-exam policy options. Moreover, Policygenius hosts a wealth of educational resources for individuals new to life insurance and provides personalized assistance from licensed insurance agents.
- AM BEST RATING
- No AM Best rating
- POLICY TYPES
- Term, Whole, Universal, No-exam
- RIDERS AVAILABLE
- Varies by carrier
Read our full Policygenius review
See rates on Policygenius's Secure Website
Company
Term
Female
Male
Ladder
20-year
$20/month
$22/month
- Term coverage can be adjusted over time
- $100,000 to $8 million in term coverage available
- 30-day free look period, rather than the 10-day norm
- Up to $3 million in coverage with no medical exam
- Plans are limited to people aged 20 to 60
- Only offers term coverage
- No optional riders
Why we chose it: We picked Ladder as the best life insurance company for flexible coverage because it allows you to increase or decrease the amount of coverage on your policy as your needs change. Additionally, premiums start at just $5 per month, so you can purchase a life insurance policy even if you’re on a tight budget.
While Ladder exclusively offers term life insurance if you're 20-60 years old, we’ve found it to be the best insurer for those seeking flexible, affordable coverage. By completing a simple 3-step online application, policyholders can access up to $3 million in coverage. Ladder doesn't charge cancellation fees, so you can cancel your coverage at any time, with no strings attached.
- AM BEST RATING
- A (Excellent) to A+ (Superior) - Amica, Allianz, Fidelity Security Life Insurance, S.USA Life
- POLICY TYPES
- Term Life, No-Exam
- RIDERS AVAILABLE
- None
Read our full Ladder Life Insurance review
See rates on Ladder's Secure Website
Company
Term
Female
Male
New York Life
Whole Life
$245/month
$245/month
- Multiple term, whole and universal life policies available
- Offers several optional riders
- Highly rated company
- Potential to earn dividends
- Must work with an agent
- Can't get an online quote
Why we chose it: We picked New York Life as the best life insurance company for whole life coverage because it offers various permanent policies. Its term life policy also includes the option to convert to permanent coverage down the road.
New York Life offers lifetime coverage and various policy options like whole, universal, and variable universal life insurance. You can tailor your plan with add-ons such as an accidental death benefit, chronic care and living benefits riders.
Known for underwriting AARP's life insurance program, New York Life, a mutual insurance company, allows policyholders to own company shares and potentially receive dividends based on their policy type. However, one downside of working with the company is that it doesn't offer quotes online. For policy details and rates, you'll need to consult with an agent.
- AM BEST RATING
- A++ Rating (Superior)
- POLICY TYPES
- Term, Whole, Universal, Variable Universal
- RIDERS AVAILABLE
- Accidental death, chronic care, disability waiver of premium, living benefits, spouse's paid-up insurance purchase option and more
Read our full New York Life Insurance review
See rates on New York Life's Secure Website
Company
Term
Female
Male
Nationwide
20-pay Whole Life
$288/month
$267/month
- Discounts for bundling life with homeowners or auto insurance
- Multiple insurance plans and optional riders
- Most policies require medical exams
- Most policies must be purchased through agents
Why we chose it: Nationwide is our pick for the best life insurance company for bundling discounts because, unlike other other companies, it allows policyholders to save on life insurance by combining this coverage with auto and homeowners insurance policies.
Nationwide writes term, whole life, variable and universal policies, and has several optional riders you can use to adjust your policy to your needs. Additionally, the company offers discounted pricing for bundling life insurance policies with other types of insurance, such as long-term care insurance, renters insurance or pet insurance.
- AM BEST RATING
- A (Excellent)
- POLICY TYPES
- Term, Whole, Universal, Variable
- RIDERS AVAILABLE
- Long-term Care, Chronic Illness, Critical Illness, Terminal Illness, Children's Term Insurance, Premium Waiver, Waiver of Monthly Deductions Rider, Accidental Death Benefit, Extended No-Lapse Guarantee, Estate Protection, Guaranteed Insurability, Overloan Lapse Protection
Read our full Nationwide Life Insurance review
See rates on Nationwide's Secure Website
Company
Term
Female
Male
Northwestern Mutual
N/A
N/A
N/A
- Many optional riders
- Multiple policy and coverage options
- Potential to earn dividends
- Highly rated by third parties
- Policies must be purchased through agents
- Medical exams required for most policies
- Limited online quote tools
Why we chose it: Northwestern Mutual is our pick for the best life insurance company for policy customization because it offers more riders than most insurers, allowing you to customize your policy as much as you like. Insurance riders allow you to get coverage for loved ones, access your benefits under special circumstances or even waive your premiums if you become ill.
Northwestern Mutual, the largest life insurance company by market share, offers a variety of life insurance products, including term, whole, universal and variable universal life insurance. As a mutual insurer, it also pays dividends to eligible policyholders.
Northwestern Mutual is a reputable company that's usually listed at the top of the life insurance industry rankings. It ranked above the industry average in J.D. Power's 2023 U.S. Individual Life Insurance Study and, according to NAIC data, has received fewer complaints than similarly-sized companies.
- AM BEST RATING
- A++ Rating (Superior)
- POLICY TYPES
- Term, Whole, Universal, Variable
- RIDERS AVAILABLE
- Accelerated Death Benefit, Accidental Death, Waiver of Premium, Indexed Protection, Additional Purchase, Long-term Care Benefit
Read our full Northwestern Mutual Life Insurance review
See rates on Northwestern Mutual's Secure Website
Other life insurance companies we considered
We evaluated life insurance vendors and companies based on customer service, product offering, simplicity of underwriting, ability to pay claims on time and high ratings.
The following companies have competitive offerings but aren't among our top picks because they didn't excel in one of several of our criteria.
Lemonade
- Premiums start at just $9 per month
- Process is 100% online
- No medical exams
- Full refund if you cancel within the first 30 days
- Only people aged 18-60 can apply
- Not available in NY
- Approval is unlikely if you have history of a life threatening illness
Lemonade offers term life insurance with no medical exam. Customers can complete the full online application in around five minutes and purchase 10- to 30-year term policies with up to 1.5 million in coverage. Policyholders must download Lemonade’s mobile app to manage their policy, submit claims and access customer service.
Why Lemonade didn’t make the cut: The company is not among our top picks because it has limited insurance offerings and its website lacks information about riders and policies.
See rates on Lemonade's Secure Website
MassMutual
- Young and/or healthy applicants may not need a medical exam
- Offer term, whole life, universal life and variable universal life insurance policies
- Direct Term life insurance can be purchased immediately online
- You can only earn dividends with a whole life insurance policy
- Offers no information about riders
- Can only get a quote for term insurance online
MassMutual’s insurance portfolio includes term and permanent life insurance, including a term life policy that can be purchased online. Customers can also convert their term life insurance to a permanent policy without a medical exam. MassMutual features a life insurance calculator to help prospective clients assess their insurance needs.
Why MassMutual didn’t make the cut: Unlike other insurers in our top picks, this company provides limited optional riders to enhance or modify coverage.
Read our full MassMutual Life Insurance review
See rates on MassMutual's Secure Website
Guardian Life
- Online quotes and account management
- Policies available for people with HIV
- Must apply (and cancel) through an agent
- Doesn't offer no-exam (guaranteed issue) policies
Guardian Life's insurance portfolio includes term, whole and universal life policies. Those interested in a term life policy can get an online quote on Guardian Life’s website, but they must contact an agent or provider to purchase a policy or get quotes for permanent life insurance.
Why Guardian Life didn’t make the cut: Unlike our top life insurance companies, Guardian offers few optional riders, and its website provides very little information about policies.
Read our full Guardian Life Insurance review
See rates on Guardian Life's Secure Website
USAA
- High cap on the value of their policies
- Policies start at just $12 per month
- Don't need a military connection to apply
- Available only to current and former military, their spouses and children
- Medical exam required for all policies
- Some policies unavailable in New York
USAA offers two term life insurance policies and three permanent options. Policies start at $12 a month and, depending on the policy type, USAA may offer up to $10 million in coverage. Additionally, as a policyholder, you get free assistance for your survivors along with the option for disability protection and simplified whole life coverage for your children.
Why USAA didn’t make the cut: The company provides few details about available riders and cash value policies on its website. To learn more, you must speak to a USAA representative over the phone.
Read our full USAA Life Insurance review
See rates on USAA's Secure Website
Haven Life
- Offered simplified issue policies and up to $3 million in term life coverage
- Additional benefits on term life policies
- Ceasing operations and is no longer accepting new applications
- Product availability varied by state
Haven Life sold 10-, 15-, 20-, 25- and 30-year term policies with coverage amounts ranging from $25,000 to $3 million. Backed by the superior financial strength of MassMutual and its subsidiary, C.M. Life, term policies sold through Haven Life offered reliable coverage and additional benefits like access to will and estate planning tools.
Why Haven Life didn't make the cut: After more than eight years in business, Haven Life is ceasing operations. The company is no longer accepting new insurance applications. Policies already issued through Haven Life will continue to be administered and serviced by MassMutual or its subsidiary.
Read our full Haven Life Insurance review
See rates on Haven Life's Secure Website
Best Term Life Insurance Companies
Term life insurance lasts for a set period of time, typically ranging from 10 to 40 years. These policies are often renewable and less costly than a permanent policy. Our choices for the best term life insurance companies are below.
Category
Company
Coverage Amounts
Financial Strength Rating - AM Best
Best for No-Exam Coverage
$100,000 - $2 million
A and higher - Mutual of Omaha, Ameritas and TruStage, Legal & General
Best for Parents
Fabric by Gerber
$100,000 - $300,000
A (Excellent)
Best Whole Life Insurance Companies
Whole life insurance provides lifetime coverage with a fixed death benefit, and also typically includes a cash value component. Our picks for best whole life insurance companies are below.
Category
Company
Coverage Amounts
Financial Strength Rating - AM Best
Best Whole Life for Seniors
$10,000 - $25,000 for ages 66 - 85
A and higher - Mutual of Omaha, Ameritas and TruStage, Legal & General
Best Whole Life for Children and Young Adults
Gerber Life
$50,000 - $300,000
A (Excellent)
Best No-Exam Life Insurance Companies
No-exam life insurance is life insurance that does not require a medical exam. This type of policy may be a permanent life insurance policy or a term life insurance policy. Find out picks for the best no-exam life insurance companies below.
Category
Company
Coverage Amounts
Financial Strength Rating - AM Best
Best for Low Minimum Coverage Amount
$20,000 - $2 million
A and higher - Mutual of Omaha, Ameritas and TruStage, Legal & General
Life Insurance Guide
Table of Contents
- How to compare life insurance policies
- How to purchase life insurance
- Cost of life insurance
- What’s the best place to get life insurance quotes?
- What’s the difference between term, whole and universal life insurance policies?
Life insurance is a contract where the insurer promises to pay a death benefit to the policy's beneficiary upon the policyholder's death. This benefit is funded by the policyholder's lifetime premium payments.
Life insurance policies fall into two main categories:
- Permanent life insurance - Policies last your entire life and may have a cash value component that can be accessed for various purposes. Learn more about permanent policies through our guides on whole life insurance, universal life insurance, variable life insurance and joint life insurance.
- Term life insurance - Provides coverage for a set number of years — anywhere from 10 to 40 — and does not include a cash value (final expense insurance falls in this category). Read more about this option on our term life insurance guide.
For term or whole life coverage without a medical exam, consider a simplified or guaranteed issue policy. Read more about this option on our guide to no-exam life insurance.
How to compare life insurance policies
Here are some steps to follow when shopping around for life insurance and comparing policies:
1. Understand how different types of life insurance policies work
Learn the differences between term versus whole life insurance. Term life suits if you're young, healthy, and aim to replace income for a set time like a mortgage or your children's education. For lifetime coverage, growth potential, and higher premiums, consider permanent life insurance.
2. Choose a policy term
If you're sold on term life insurance, your next step should be to choose a life insurance term length. To do that, consider how long you need to provide for your dependents and the duration of other financial obligations like student loans and mortgage payments. The longer the term, the higher your premium.
3. Determine how much coverage you need
To determine how much life insurance you really need, add up potential end-of-life expenses, family lifestyle adjustments, debts (e.g., credit cards, mortgage) and hidden income (e.g., employer benefits). Subtract potential income sources (e.g., Social Security) and adjust for inflation.
4. Shop for quotes
Once you've decided on a type of policy and coverage amount, get life insurance quotes from several different companies. Insurers price risk differently, so you could get widely different estimates based on your age, gender, health and lifestyle.
5. Make an apples-to-apples comparison
When comparing policies, request quotes for the same policy type, term length (if applicable), and coverage amount. Factor in unique features, optional riders, and discounts. Also, weigh insurers' reputation for customer service and financial stability.
How to choose the best life insurance company for you
When searching for the best life insurer, consider the following factors.
1. Policy types: Check if the insurer offers both term and permanent life insurance options. Some newer insurers, especially those online, may focus on term life and guaranteed-issue policies.
2. Application process: Determine if the application is entirely online or if you need to work with an agent during underwriting.
3. Medical exam requirements: Understand whether a medical exam is necessary. Some companies offer no-exam life insurance.
4. Riders: Check if the policy can be enhanced with riders. Some companies include riders in the policy, while others sell them separately. Availability varies.
5. Coverage: Note the minimum and maximum coverage amounts offered. These can vary significantly among insurers.
6. Pricing: Compare life insurance premiums from different insurers. Prices vary based on how they assess risk. It's best to get quotes from multiple companies.
7. Company reputation: To ensure the company is reputable, check AM Best for financial strength ratings, the National Association of Insurance Commissioners (NAIC) for customer complaints, the Better Business Bureau (BBB) for customer reviews and the latest J.D. Power Individual Life Insurance Study for industry rankings.
Cost of Life Insurance
More than half of Americans believe the cost of life insurance is three times higher than it actually is, according to LIMRA's 2023 Life Insurance Barometer Study. In reality, life insurance costs vary widely based on factors such as policy type, coverage amount, term length, age, health, occupation and lifestyle choices.
People who drink, smoke or participate in high-risk activities like skydiving or rock climbing will pay higher premiums. The same applies to applicants with chronic health conditions or dangerous jobs such as roofers or construction workers.
Term life insurance - $500,000 policy
Company
Term
Female
Male
Haven Life - Term
20-year
$19/month
$22/month
Bestow
20-year
$27/month
$38/month
USAA
20-year
$20/month
$23/month
Mutual of Omaha
20-year
$22/month
$26/month
Ladder Life
20-year
$20/month
$22/month
State Farm
20-year
$24/month
$30/month
Nationwide
20-year
$21/month
$23/month
MassMutual
20-year
$20/month
$23/month
Sproutt
20-year
$17/month
$20/month
Policygenius (life insurance broker)
20-year
$17 - $32/month
$20 - $40/month
Permanent Life Insurance - $250,000 policy
Company
Term
Female
Male
New York Life
Whole Life
$245/month
$285/month
USAA**
Whole Life - Pay for Life
$167/month
$185/month
Nationwide
20-pay Whole Life
$288/month
$267/month
MassMutual
Whole Life
$233/month
$275/month
Policygenius (life insurance broker)
Whole Life
$219 - $226/month
$261 - $279/month
Most common reasons life insurance won’t pay out
Life insurance carriers may withhold the death benefit from your beneficiaries in the following circumstances:
- You withheld information or lied in your insurance application regarding your health, family history, hobbies or upcoming travel plans.
- You die by suicide within one to three years of getting the policy and there’s a suicide clause in place.
- You die participating in a risky hobby for which there’s an exclusion clause.
- You’re murdered by someone who is a designated beneficiary in the policy.
- Your death took place during the policy’s contestability period.
Best Life Insurance FAQs
What is the best life insurance?
How much is life insurance per month?
Does life insurance pay for death by suicide?
What is the cash value of a life insurance policy?
Can you get life insurance if you have cancer?
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How We Chose The Best Life Insurance Companies
Our methodology for the Best Life Insurance Companies list is extensive. As part of the review process for each company, we:
- Assessed each company’s ability to pay claims on time
- Compared product offerings and pricing against industry competitors
- Examined financial strength ratings as reported by credit rating agencies like AM Best
- Analyzed customer satisfaction ratings as reported by J.D. Power in the latest U.S. Life Insurance Satisfaction Study
- Studied complaints regarding their individual life insurance policies, based on National Association of Insurance (NAIC) data
- Evaluated the simplicity of their underwriting process
In the course of our research, we also interviewed representatives from different companies. However, while we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Rates are subject to change. As always, we recommend you do your own research as well.
Summary of Money’s Best Life Insurance Companies of 2023
- State Farm - Best for Customer Satisfaction and Stability
- Bestow - Best No-Exam Life Insurance
- Ethos - Best for Same-Day Coverage
- Policygenius - Best Online Life Insurance Broker
- Ladder - Best for Flexible Coverage
- New York Life - Best Whole Life Insurance
- Nationwide - Best for Bundling Discounts
- Northwestern Mutual - Best for Policy Customization