Life insurance is a vital part of financial planning, and finding the right policy can be overwhelming. There are countless life insurance companies, each with their own policies, riders, and terms.
In this article, we will provide a comprehensive review of the best life insurance companies based on expert ratings, maximum no-exam coverage, eligible ages, term lengths available, and why we picked them.
We will also discuss the pros and cons of each company, the types of life insurance they sell, riders available, quick facts, and the best fit for different needs.
Table of Contents
Best Life Insurance Companies
After thorough research and analysis, we have selected the following as the best life insurance companies:
1. Northwestern Mutual
Northwestern Mutual has been in the life insurance business for over 160 years, making them a highly reputable company. They offer a wide range of policies, including term life insurance, whole life insurance, and universal life insurance. They have no maximum age limit for policyholders, making them a great choice for seniors. Northwestern Mutual also offers a unique policy option called “hybrid long-term care insurance,” which provides life insurance coverage with the option to use a portion of the death benefit for long-term care expenses.
2. New York Life
New York Life is the largest mutual life insurance company in the United States, with over 175 years of experience. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. New York Life’s policies are highly customizable, making them a great choice for those with unique needs. They also offer a “lifetime income annuity” option, which provides a guaranteed income stream for life.
3. Haven Life
Haven Life is a relatively new life insurance company, founded in 2014, but has quickly gained a reputation for its innovative policies and user-friendly platform. They offer term life insurance policies that are affordable and easy to purchase online. Haven Life’s policies are underwritten by MassMutual, a highly reputable life insurance company. They also offer a unique policy option called “Haven Simple,” which provides term life insurance coverage with no medical exam required.
4. Banner Life
Banner Life is a subsidiary of Legal & General America and has been in business for over 70 years. They offer a variety of policies, including term life insurance and universal life insurance. Banner Life’s policies are highly customizable and offer the option to convert to permanent life insurance. They also offer a “no-lapse guarantee” option, which ensures that the policy will not lapse as long as premiums are paid.
5. Principal Financial
Principal Financial is a highly reputable life insurance company that has been in business for over 140 years. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. Principal Financial’s policies are highly customizable and offer the option to add riders for additional coverage. They also offer a unique policy option called “Principal Indexed Universal Life Accumulation II,” which provides permanent life insurance coverage with the potential for cash value growth based on the performance of an index.
6. MassMutual
MassMutual is a well-established life insurance company with over 160 years of experience. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. MassMutual’s policies are highly customizable and offer the option to add riders for additional coverage. They also offer a unique policy option called “MassMutual Direct Term,” which provides term life insurance coverage with no medical exam required.
7. State Farm
State Farm is a well-known insurance company that also offers life insurance policies. They offer a variety of policies, including term life insurance and whole life insurance. State Farm’s policies are customizable, and they offer the option to add riders for additional coverage. They also offer a unique policy option called “State Farm Instant Answer Term Insurance,” which provides term life insurance coverage with no medical exam required.
8. Guardian Life
Guardian Life is a highly reputable life insurance company that has been in business for over 160 years. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. Guardian Life’s policies are customizable and offer the option to add riders for additional coverage. They also offer a unique policy option called “Guardian Level Term,” which provides level term life insurance coverage with the option to convert to permanent life insurance.
9. AIG
AIG is a well-known insurance company that also offers life insurance policies. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. AIG’s policies are customizable and offer the option to add riders for additional coverage. They also offer a unique policy option called “AIG Quality of Life Insurance,” which provides life insurance coverage with the option to use a portion of the death benefit for critical illness expenses.
10. Mutual of Omaha
Mutual of Omaha is a highly reputable life insurance company that has been in business for over 100 years. They offer a variety of policies, including term life insurance, whole life insurance, and universal life insurance. Mutual of Omaha’s policies are customizable and offer the option to add riders for additional coverage. They also offer a unique policy option called “Mutual of Omaha Guaranteed Universal Life Insurance,” which provides permanent life insurance coverage with guaranteed premiums and death benefits.
Why We Picked Them
We chose these companies based on expert ratings, maximum no-exam coverage, eligible ages, term lengths available, and our own analysis of their policies and customer reviews. These companies offer a wide range of policies and options, making them suitable for various needs and budgets.
Pros & Cons
Each of these companies has its own set of pros and cons, and it’s important to consider them when selecting a life insurance policy. Some pros of these companies include high ratings and reputations, customizable policies, and unique policy options. Some cons include higher premiums for certain policies and limited availability in certain states.
Types of Life Insurance Sold
There are several types of life insurance sold by these companies, including:
1. Term Life Insurance
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. It’s often the most affordable type of life insurance and is a popular choice for those who need coverage for a specific period, such as until their children are grown or until their mortgage is paid off.
2. Whole Life Insurance
Whole life insurance provides permanent coverage for the entire lifetime of the insured. It also includes a cash value component that grows over time, providing a savings component in addition to the death benefit.
3. Universal Life Insurance
Universal life insurance provides permanent coverage with flexibility in premiums and death benefits. It also includes a cash value component that can be used for a variety of purposes, such as paying premiums or taking out a loan.
Life Insurance Riders Available
These companies also offer a variety of riders that can be added to policies for additional coverage. Some common riders include:
1. Accelerated Death Benefit Rider
This rider allows the insured to receive a portion of the death benefit in advance if they are diagnosed with a terminal illness.
2. Disability Income Rider
This rider provides a monthly income to the insured if they become disabled and are unable to work.
3. Long-Term Care Rider
This rider provides coverage for long-term care expenses, such as nursing home care or in-home care.
Quick Facts
All of these companies offer policies with no medical exam required.
Policy options and availability may vary by state.
Premiums will vary based on factors such as age, health, and coverage amount.
It’s important to shop around and compare policies before selecting a life insurance company.
Best for Who’s
Each of these companies may be best suited for different individuals based on their specific needs and preferences. For example:
Best for customizable policies: Prudential, Northwestern Mutual, Principal Financial, MassMutual, Guardian Life
Best for no-exam coverage: Haven Life, State Farm, AIG
Best for guaranteed premiums and death benefits: Mutual of Omaha
Conclusion
Choosing the right life insurance company and policy is an important decision that should not be taken lightly. These companies offer a variety of policies and options to suit different needs and budgets. It’s important to carefully consider the pros and cons of each company and policy before making a decision.
FAQs
Q. Do I need a medical exam to get life insurance?
A. No, some companies offer policies with no medical exam required.
Q. Can I customize my life insurance policy?
A. Yes, many companies offer customizable policies with the option to add riders for additional coverage.
Q. What is the difference between term life and whole life insurance?
A. Term life insurance provides coverage for a specific period, while whole life insurance provides permanent coverage for the entire lifetime of the insured.
Q. Can I change my life insurance policy?
A. Yes, many policies offer the option to make changes, such as adjusting the coverage amount or adding riders.
Q. How do I choose the right life insurance company?
A. It’s important to consider factors such as ratings, policy options, and customer reviews when selecting a life insurance company. It’s also recommended to shop around and compare policies before making a decision.
