If you are the primary breadwinner for your family and are concerned about their financial future should you pass away, a life insurance policy can give you peace of mind.
Life insurance can help your family cover burial expenses, children’s education costs, loss of income or any other financial need.
Below is our selection of the best life insurance companies for April 2022. We’ve called out their distinctions, as well as the different types of policies and premiums they offer.
If you are looking for life insurance, it is best that you compare rates from different companies to choose the best rates available for you.
Best Life Insurance Companies Reviews
Why we chose it: Bestow issues term life insurance faster and easier than most companies, and offers an exceptionally high death benefit for policies that do not require a medical exam.
- High coverage (up to $1.5 million) with no medical exam.
- Online application and fast processing
- Terms ranging from 10 to 30 years
- Long free consultation period (30 days)
- No rider available
- Sells only one type of life insurance, term insurance.
- Must be under age 60 to qualify for coverage
- Policies are not available to New York residents
Bestow is our choice for people who want life insurance coverage but don’t want the hassle of a medical exam. The company sells term policies (and only term policies), so you can apply online and purchase a policy without having to see a doctor or undergo tests such as blood work. You can get up to $1.5 million in coverage, which is a higher maximum than many other policies without a medical exam.
The company uses your personal information and answers about your medical history, hobbies and lifestyle to determine your life insurance eligibility and rates. Bestow says you can get a quote and purchase a policy in minutes, all online.
Bestow policies are issued by leading insurer North American Company for Life and Health Insurance. In addition, Bestow’s life insurance is now integrated with the Lemonade app and website. Bestow also offers a comprehensive library of useful information.
Why we chose it: Ethos distinguishes itself as a life insurance provider by welcoming a wide range of potential applicants, including those who may have had difficulty qualifying for insurance in the past – such as seniors. In addition, potential clients can receive a quote in minutes without having to speak to an insurance agent.
- Sells term and permanent coverage
- Guaranteed issue policies available
- Fully online quote and application process
- Accelerated death benefit rider included on most policies.
- Little public information on optional riders
- Limited permanent life insurance options
Ethos offers three types of subscription:
- Simplified Issue: Simplified issue policies require you to answer questions about your health and medical history, but medical exams are not required.
- Guaranteed issue: With guaranteed issue policies, you cannot be declined based on your medical history or health.
- Fully underwritten policy: Fully underwritten policies require medical exams and blood tests.
Ethos uses simplified issue and full underwriting methodology for its term policies, and guaranteed issue underwriting for its whole life policies (to our knowledge, no company offers guaranteed coverage term policies).
The Guaranteed Issue Whole Life policy is available to individuals between the ages of 65 and 85. Applicants can get immediate approval for up to $25,000 in coverage, regardless of their medical history.
Most policies include an accelerated death benefit rider that allows insureds to receive a portion of their benefits if they are diagnosed with a terminal illness.
Sproutt is an independent online life insurance broker that offers a simple, technical approach to selecting and purchasing traditional, no exam, guaranteed life insurance policies.
Its three-step process is quick and easy, making it an attractive choice for people who want life insurance but don’t want the headaches that usually accompany insurance applications.
Sproutt offers a three-step process for getting life insurance online. First, you answer a number of simple questions about yourself and your lifestyle, including where you live, your age, your general health, your income, your credit score and your activity level.
Sproutt uses this information in the second step to generate a “Quality of Life Index” (QL Index), which uses the data and artificial intelligence to develop unique insight and pricing.
The final step is to select the plan and price that best suits your lifestyle. It takes about 15 minutes from start to finish to complete the online form and get pricing from the top providers.
- Options available for people who identify as non-binary.
- Uses technology to match individuals to the right policy coverage.
- Uses quality of life index to underwrite policies.
- Extremely simple process
- Highly personalized
- No exam options and guarantees
- No exam policies can be declined if you have filed for bankruptcy.
- No in-person assistance
Why we chose it: As a comprehensive online life insurance marketplace, Policygenius offers unique access to term and whole life policies from a wide range of partners, including some of the top life insurance companies mentioned in our list. Unlike other comparison sites, this one is committed to not selling your information to third parties.
- Quickly and easily compare quotes from multiple insurers.
- Agents do not work on commission, depending on the company.
- Several types of insurance are available
- Online quotes are not available for all providers
- It takes longer than other options to get a final price.
Policygenius wins first place as the best comparison tool and broker for its satisfactory one-stop shopping with a range of insurers. Policygenius partners include names such as AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and Transamerica.
The online marketplace also offers an extensive library of educational resources for people new to life insurance, including life insurance recommendations for people with depression and diabetes. Combined with its wide range of coverage options, such as term and permanent coverage policies, these resources make Policygenius an outstanding option for comparing life insurance quotes.
If you need help choosing the right policy or coverage amount, PolicyGenius agents can provide personalized assistance. According to the company, they are compensated on a salary basis, not a commission basis. This means they have no incentive to oversell or steer you toward certain products that might earn them a higher commission.
5. Life at Haven
Why we chose it: Haven Life offers an unusually wide range of term life insurance options, including plans with particularly high death benefits. Its plans also come with additional benefits, such as online services to create a will.
- Offers two types of term policies: Haven Term and Simplified Issue
- The Haven Simplified Issue does not require a medical exam.
- Up to $3 million in term coverage
- Haven Term includes Haven Plus with benefits and discounts.
- A medical exam is required for coverage over $500,000.
- Simplified issue policy is not available in CA, DE, SD, ND or NY.
- Haven Plus is not available in FL, NY, ND, SD and WA.
- Policies cannot replace another life insurance policy
Haven Life gets our stamp of approval for the best term insurance coverage because of the impressive range (10, 15, 20, 25 and 30 years) of policy terms, as well as coverage amounts ranging from $100,000 to $3 million.
Haven Life offers two types of term life insurance policies: Haven Term and Haven Simple. Haven Term includes Haven Life Plus, a rider that provides access to an online service for writing a will or trust, fitness and sleep tracking apps and an online safe for important documents.
Applicants under age 64 can get up to $3 million in coverage with Haven Term. Haven Simple is only available to applicants ages 20-55 and includes the Accelerated Death Benefit Rider.
Why we chose it: As the name implies, the appeal of Ladder lies in its adaptability. As your needs change, you can downgrade or upgrade your coverage. Its premiums also start at just $5 per month*, so you can buy a policy even if you’re on a tight budget.
- Term coverage can be adjusted over time
- Term coverage can be purchased from $100,000 to $8 million.
- Free 30-day examination period, instead of the standard 10 days.
- No medical exam for coverage up to $3 million.
- Plans limited to individuals between the ages of 20 and 60.
- Only term insurance is available
- No optional riders
Although it only writes term policies for relatively young applicants, Ladder is the best flexible insurance option we’ve found. It uses a simple three-step online application and offers affordable policies starting at $5 per month. The company also doesn’t charge a cancellation fee, which means you can cancel your coverage at any time, no strings attached.
Another great feature of Ladder is that, unlike other insurers, it allows policyholders to change their coverage amount online at any time – with corresponding premium changes, of course. This benefit can help policyholders keep a policy affordable at all times, and can be especially attractive to those who are concerned about possible changes in their financial situation in the future.
*Based on a 20-year-old woman rated Preferred-Plus for a $100,000 policy with a 10-year term.
7. State Farm
Why we chose it: If a satisfying consumer experience is paramount to you, State Farm should be a top option. It has an excellent reputation for customer service, as well as exceptional financial stability.
- Top ranked company 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 a medical exam
- No discount if combined with home or auto insurance.
State Farm is a leading insurance company, and our choice for the best insurer in terms of customer satisfaction and reliability. In 2021, it was ranked by J.D. Power as the best life insurance company based on consumer responses. It beat out 21 other life insurance companies based on its product offerings, communication, pricing and customer interactions.
The company received an A++ (superior) rating from AM Best – the highest possible rating – indicating that it is very financially stable. In addition, State Farm has received fewer complaints than would be expected from a company of its size.
State Farm sells term, whole life and universal life insurance policies. While most of its plans require medical exams, it does offer simplified issue options.
8. New York Life Insurance
Why we chose it: New York Life’s insurance options include term and permanent life insurance policies, including whole term policies. Its term policies include a conversion option if you decide to buy permanent insurance later. It also underwrites the AARP life insurance program.BENEFITS
- Multiple term, whole life and universal life policies available
- Several optional riders can be added to the policies
- Highly rated company
- Possibility of receiving dividends
- Must work with an agent
- No online quotes
Although it also sells term life insurance, New York Life is the best company for those looking for a permanent life insurance policy – including whole life ones. (Permanent life insurance is more expensive, but it allows you to accumulate cash value in addition to your death benefit.) The company offers several permanent options, including universal and variable universal life plans. It also offers several optional riders that you can add to the plans to customize your coverage.
New York Life has a strong reputation and, because it is a mutual insurance company, its policyholders own a portion of the company’s stock. Depending on the type of policy you have, you may be entitled to dividends.
However, New York Life does not allow clients to get quotes online. To get details on its policies and rates, you must work with an agent.
Why we chose it: It’s relatively rare to get a discount on life insurance rates by bundling them with other types of coverage offered by a company, but Nationwide offers such discounts. It underwrites term, whole life and universal policies, and has high marks for customer satisfaction and financial stability.
- Discounts available when bundled with home or auto insurance.
- Multiple insurance plans and optional riders
- All policies require a medical examination
- Most policies must be purchased through agents
Nationwide is a leading insurance company with a good reputation from third parties such as AM Best, which rates financial stability, and J.D. Power, which rates customer satisfaction. It offers multiple life insurance options, including term, whole life and universal coverage. It also offers several optional riders that you can use to tailor your policy to your needs.
While Nationwide’s policies generally must be purchased through an agent, the company has one major advantage over other companies: it offers a multi-policy discount when you bundle life insurance with home and auto insurance, making your premiums more affordable.
10. Northwestern Mutual
Why we chose it: Insurance riders allow you to get coverage for your loved ones, access your benefits in special circumstances or even waive your premiums if you get sick. Northwestern Mutual offers more optional riders than most insurers, so you can customize your policy the way you want.
- Long list of optional riders
- Multiple policy options
- Ability to earn dividends
- Highly rated by third parties
- Policies must be purchased through agents
- Medical exams required for most
- Limited online quoting tools
Like most insurers, Northwestern Mutual offers a wide range of life insurance types, including term life, whole life, universal life and variable universal life. It stands out for its long list of riders that, when added to your policy, allow you to expand and customize your coverage to meet your unique needs.
As a mutual company, Northwestern Mutual also pays dividends to its policyholders. If you purchase insurance through the company, you may be eligible for annual dividend payments.
Northwestern Mutual is a reputable company that typically ranks high in industry rankings. It ranked third out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study, and it has consistently received fewer complaints than is typical for a company of its size.
Lemonade is not among our top insurers because of its limited insurance offerings. It also lacks information on endorsements and policies on its website.
- Premiums start at $9/month
- Fully online application
- Full refund if you cancel your policy within the first 30 days.
- Only those between the ages of 18 and 60 can apply
- Term life insurance is not available in New York
- If you have heart disease or cancer, you are unlikely to be approved by this insurer.
Health IQ brokerage is not on our top list, in part because its online service is more limited than others, and its website offers less detailed information than the norm, too. (We note, however, that the company partners with more than 25 national insurers, including Prudential, Mutual of Omaha and Transamerica, and that terms, policies and riders depend on the provider the customer chooses.
- Compare rates from 30 different insurers
- Licensed agents guide you through the process
- Offers a rewards program for members
- Online quotes require users to agree to be called by agents.
- Must have a healthy lifestyle or pass a test to get better rates.
Guardian Life was not included in our master list due to its below average JD Power rating and the limited number of riders available for its policies.
- Online quoting and account management
- Policies available for people with HIV
- Must go through an agent to purchase (and cancel)
- Does not offer no exam policies (guaranteed issue).
- Term life insurance options are basic
USAA is not on our master list because it is only available to military personnel and their families. Although not listed in JD Power’s latest customer satisfaction study and not rated by the rating agencies, the company has a strong track record in this regard, including favorable complaint records with insurance regulators.
- Military personnel can obtain coverage during wartime
- Provides survivor support
- High cap on their policy values
- Medical exam required for all policies
- Some policies are not available in New York
Mutual of Omaha
Mutual of Omaha did not make our list because its premiums are higher than industry standards for healthy and/or older applicants. Application and processing times are also slower than some other insurance providers.
- Offers online quotes
- Affordable pricing for health conditions, including cancer.
- Offers a whole life insurance policy for children
- Policies for healthy people are more expensive than average.
- Need to apply to find out if a medical exam is required.
- Few resources on the website
- New York residents have limited options
Liberty Mutual is not on our master list, in part because other companies on our master list provide more detailed policy information and offer a wider range of term insurance options.
- Immediate online approval for passport term insurance (simplified issue insurance)
- Continuous coverage at the end of the term
- Higher than average monthly premiums
- No detailed policy information on website
MassMutual is not on our top list because although it offers a wide selection of life insurance policies, its policies have few or no optional riders.ADVANTAGES
- Young and/or healthy applicants may not need a medical exam.
- Offers two whole life policies with long term care riders.
- Direct term life insurance can be purchased immediately online
- No conversion option for some policies
- Only one whole life policy allows for dividends.
- Few or no policy riders