Find the best life insurance companies of 2021. Learn all about coverage options, including different types of policies and premiums.
Our Top Picks for Best Life Insurance Companies
Best Life Insurance Companies Reviews
- Premiums will not increase with their whole life insurance
- The cash value component grows tax-deferred
- Coverage never expires
- Northwestern Mutual has been paying dividends to their customers since 1872
- Must be purchased through a licensed agent
Term Coverage
10-, 20-, 80- year term
Death Benefit
Not available on the website
Term Coverage
10-, 20-, 80- year term
Death Benefit
Not available on the website
Term Coverage
10-, 20-, 80- year term
Death Benefit
Not available on the website
Though it doesn’t publicly list all its insurance policies, Northwestern Mutual offers a broad range of life insurance options, including term, whole, universal, and variable universal life insurance. With its CompLife and Whole Life Plus policies, the company also offers policies that incorporate the laddering strategy. That means a portion of the coverage you buy can be term life insurance while the other can be whole life. This is an excellent strategy for those who may have both short- and long-term insurance needs.
Northwestern also has a broad range of riders with which to customize its unique polices such as the Additional Purchase benefit and the Waiver of Premium benefit. Its application process is fully online only and uses your identifying information and questions about your medical history, hobbies and lifestyle to determine your premiums. Its policies are issued by top-rated insurer North American Company for Life and Health Insurance. The company also offers a comprehensive library of helpful information.
Why we chose this company
Northwestern Mutual offers a broad range for life insurance products and consistently obtains high customer satisfaction rankings and fewer complaints, making it out top choice for customers shopping for a life insurance policy.
- Get a quote in seconds
- 100% online application
- Affordable premiums starting at $10/mo
- Offers 10-, 15-, 20-, 25-, and 30-year term policies
- Coverage from $50,000 to $1,500,000
- Won’t cover applicants over the age of 59
- 20-year term not available to applicants over 45
- Not available in New York
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000-$1.5 million
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000-$1.5 million
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000-$1.5 million
What makes Bestow the best option for no-exam life insurance is the policy options available without the need for a medical exam. Its application process is fully online only and uses your identifying information and questions about your medical history, hobbies and lifestyle to determine your premiums. Its policies are issued by top-rated insurer North American Company for Life and Health Insurance. The company also offers a comprehensive library of helpful information.
Why we chose this company
Bestow is designed for those who value a quick application process and are looking for an instant decision and coverage without the need for a medical exam. If you’re not sure what that is, read What Is No-exam Life Insurance for more details.
- Get immediate coverage up to $1M with InstantTerm
- Policies are underwritten by C.M. Life and MassMutual
- Complimentary rider with free or discounted access to digital perks
- No riders for spouses or children
- Underwriting requires access to complete medical history
Term Coverage
10-, 15-, 20-, 25- or 30-year
Death benefit
$100,000 to $3 million
Term Coverage
10-, 15-, 20-, 25- or 30-year
Death benefit
$100,000 to $3 million
Term Coverage
10-, 15-, 20-, 25- or 30-year
Death benefit
$100,000 to $3 million
Haven Life is our choice for the best term insurance policy because of its 10-, 15-, 20-, 25- or 30-year term life insurance policy options, guaranteed level premiums, and coverage amounts from $100,000 to $3 million. Applicants aged 20-59 can get coverage amounts up to $3 million, while those aged 60-64 can up to $1 million. Haven Term policies are issued by C.M. Life Insurance Company and MassMutual, depending on your state.
Other Haven Life policies include life insurance products such as Haven Simple, and AgeUp, a deferred income annuity that can offer guaranteed income during retirement.
Why we chose this company
Haven Life provides free perks to eligible policyholders, including a customized, state-specific and legally valid digital will, as well as subscriptions to a fitness app and online vault. Further, its online calculator can help you determine an appropriate amount of coverage based on your annual income, household members and combined debt.
- All types of life insurance policies available
- Compare quotes from top insurers
- Create a will or trust using attorney-approved tools
- Save up to 50% or more on your policy
- Premium quotes or ranges are non-binding
- It takes time to get the final price
- Underwriting requires entire medical history
Term coverage
Depends on the company
Death benefit
Depends on the company
Term coverage
Depends on the company
Death benefit
Depends on the company
Term coverage
Depends on the company
Death benefit
Depends on the company
Policygenius takes out the top spot as the best comparison tool and broker because if you’re matched with an insurer through Polycygenius and the company offers you a different life insurance rate than what the marketplace quoted, it will help you find a deal within the same price range. Some of Policygenius’ partners include AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI, and Transamerica.
Policygenius offers an extensive library of educational resources for those new to life insurance, including recommendations for life insurance for people with depression, marijuana users, and diabetics. This, coupled with its broad range of coverage options, make Policygenius a great place to compare life insurance quotes.
Why we chose this company
This online insurance marketplace will help you find a deal within your price range if an insurance company offers you a different rate than what Policygenius originally quoted for you. And unlike other comparison sites, this one won’t sell your information to third parties.
- No medical exam required for most policies under $1M
- Same-day coverage available
- 100% online application
- 30-day money-back guarantee
- Doesn’t offer many policy options
- Limited rider options
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Ethos is our choice for the best underwriting because it offers three types of underwriting: simplified issue, guaranteed issue, and fully underwriting. Simplified issue requires answers to some medical issues but not a medical exam, guaranteed issue doesn’t require medical exams or any medical history, and fully underwritten requires a medical exam and history. Ethos uses simplified issue and fully underwritten for its term policies, and guaranteed issue is part of their whole life insurance policy.
The company also offers a guaranteed issue whole life insurance policy for people between the ages of 65 and 85 underwritten by AAA Life. Applicants can obtain instant approval for coverage amounts between $10k-$25k, regardless of their medical history.
Why we chose this company
Ethos allows prospective customers to get a quote and apply for coverage within minutes, without talking to an insurance agent. It offers three types of underwriting: simplified issue, guaranteed issue, and fully underwriting, providing customers with an option of a simpler application process.
- Premiums start at $9/mo
- Approval in as little as 5 minutes
- Full refund if you cancel within the first 30 days
- Only people aged 18-60 can apply
- Term life not available in NY
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$50,000 to $1.5 million
Lemonade shows to be a great option for young adults over 18 and adults under 60 who are looking to purchase a term life insurance policy completely online and with instant coverage. This insurer offers affordable monthly premium payments for healthy adults and doesn’t require any medical exams to apply for a policy. If you have heart disease, cancer, or other life-threatening conditions, it’s unlikely that you’ll be approved by this insurer.
Lemonade also offers pet, renters, and homeowners insurance, and will soon add auto insurance to its portfolio.
Why we chose this company
Lemonade is part of our main list because it offers affordable and instant coverage to young adults and adults without life-threatening medical conditions or hobbies. It has an easy online application process, coverage up to $1.5 million, and a full refund if the policy is cancelled within the first month.
- Guaranteed life policies available
- Tools to help you improve your quality of life to get lower rates
- Options available for those who identify as non-binary
- No phone assistance over the weekend
- Coverage may be denied if you’re in poor health or have a high BMI
- No-exam policies may be denied if you’ve filed for bankruptcy
Term coverage
Depends on the company
Death benefit
Depends on the company
Term coverage
Depends on the company
Death benefit
Depends on the company
Term coverage
Depends on the company
Death benefit
Depends on the company
Sproutt Insurance is an innovative new independent broker that matches consumers with life insurers like Prudential, Nationwide, and AIG Direct. Its partners offer standard term and whole life policies as well as no-exam life insurance, also known as guaranteed-issue policies.
What makes Sproutt stand out is its unique approach to determining life insurance rates. The company uses an individualized “Quality of Life Index” determined by a short quiz covering healthy habits, exercise, and emotional wellbeing.
Why we chose this company
Sproutt matches consumers with insurers and determines life insurance rates through a short quiz covering physical and emotional health.
- Policies start at $5/mo
- Up to $8 million in coverage
- Three step online application
- Option to adjust your policy by “laddering”
- Only offers term coverage
- No riders for term policies
- No coverage for multiple individuals or families
- Only insures people aged 20-60
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$100,000 to $8 million
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$100,000 to $8 million
Term Coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
$100,000 to $8 million
Ladder offers affordable policies and doesn’t charge policy, processing, or cancellation fees. That means you can cancel your coverage any time, with no strings attached.
One of Ladder’s best features is that, unlike other insurers, it allows policyholders to change their coverage amount online at any time and pay accordingly. This is an attractive option for those worried about the possibility of their income changing down the road and who want to ensure their families and dependents have financial stability. .
Why we chose this company
Ladder is unique in that it allows policyholders to increase or decrease their life insurance coverage to better fit their needs. Also, their coverage starts at only $8 a month, making it one of the most affordable policies on our list.
- Doesn’t charge a fee for policy conversions
- No medical exam required to convert a policy
- Credit wellness points can be put towards the underwriting ratings
- Offers hybrid universal life and long-term care policies
- Online quotes aren’t available for most policies
- Its 6 universal life policies are hard to differentiate
- No guaranteed acceptance policies
Term coverage
10-, 15-, 20-, 30- year term
Death benefit
Not available on the website
Term coverage
10-, 15-, 20-, 30- year term
Death benefit
Not available on the website
Term coverage
10-, 15-, 20-, 30- year term
Death benefit
Not available on the website
Nationwide stands out for its high customer satisfaction ratings, with an A+ A.M. Best financial strength rating and 3rd place in J.D. Power’s 2020 U.S. Life Insurance study. Policies can be customized with riders like accelerated death benefit, premium waiver and children’s term insurance.
Besides their high ratings, Nationwide’s universal life policies include a hybrid universal/long-term care policy called YourLife CareMatters, a Survivorship Indexed UL, an Indexed Universal Life Accumulator with tax advantages and an Indexed Universal Life Protector with multi-layer tax protection.
Finally, Nationwide also offers a whole life policy with level monthly premiums and coverage starting at $10k.
Why we chose this company
Nationwide has a great A.M. Best financial strength rating of A+ as well as one of the highest customer satisfaction ratings on our list according to J.D. Power’s 2020 U.S Life Insurance Study. This lender also offers a variety of riders and doesn’t charge a fee for policy conversions.
- Flexible life insurance plans
- Term coverage include yearly and level premium convertibles
- Yearly convertible policy starts with a low premium payment
- Spouse’s Paid-Up rider
- Premiums increase once the convertible option term ends
- Premiums for conversions are higher than average
- No online quotes
Term coverage
10-, 15-, 20- year term
Death benefit
No information on the website
Term coverage
10-, 15-, 20- year term
Death benefit
No information on the website
Term coverage
10-, 15-, 20- year term
Death benefit
No information on the website
As a mutual insurance company, New York Life policyholders own part of the company’s shares and depending on the specific policy are entitled to receive annual dividends.
New York Life offers has a good selection of both term and permanent life insurance options, and its term policies include a conversion option. You can also customize term coverage with options like the Spouse Paid Up rider. With this rider, if you die, your spouse can use the death benefit payout to purchase their own insurance coverage without taking a medical exam.
New York Life also underwrites the AARP Life Insurance Program, which offers both term and permanent group coverage without a physical exam. Some of the program’s policies feature guaranteed rates, while others offer level premiums.
Why we chose this company
New York Life has a good selection of both term and permanent life insurance options, and its term policies include a conversion option. It also underwrites AARP’s life insurance program.
- Premiums vary depending on the customer’s needs
- Offers Instant Answer Term Insurance
- Optional add-ons include Children’s term rider and Waiver of premium for disability
- State Farm agents can be reached by phone or email
- Policies are only approved in office
- No live chat option on the site
- Not licensed in MA, NY and WI
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death Benefit
Starts at $100,000
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death Benefit
Starts at $100,000
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death Benefit
Starts at $100,000
State Farm stands out for offering its Instant Answer Term Insurance, which features $50,000 in coverage and doesn’t require a medical exam. The Instant Answer Term Insurance covers people between the ages of 16 and 45.
State Farm also offers Select Term and Return of Premium life insurance. The Return of Premium option builds cash value, which you can borrow against, and pays you back the value of the policy if you outlive the initial term. Select Term features 10 to 30-year term lengths and a guaranteed benefit.
This lender has an excellent customer service track record. With just a single complaint, its NAIC complaint ratio is significantly lower than the national median for companies of its size.
Why we chose this company
State Farm’s Instant Answer Term Insurance, excellent customer service, and its variety of policies that allow its customers to raise or lower coverage and premiums have earned them a spot on our top list.
- Approval in as little as 10 minutes or less
- Provides the option of continuing coverage once the term ends
- Immediate online approval for Passport Term (simplified issue insurance)
- Monthly premiums are higher than average
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
No information on the website
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
No information on the website
Term coverage
10-, 15-, 20-, 25-, 30- year term
Death benefit
No information on the website
Liberty’s Passport Term policy doesn’t require a medical exam, you only need to complete a simple online form to get a decision in as little as 10 minutes. With Liberty Mutual, policyholders have the option to renew their coverage at the end of the term or convert it into a whole life policy.
With above-average customer satisfaction scores, strong financial ratings, and a low customer complaint ratio, this company is a great option for those looking to purchase term life insurance quickly. Liberty Mutual also offers other online options including auto insurance, homeowners, and accident insurance.
Why we chose this company
Liberty Mutual’s Passport Term policy makes the company the best life insurer for quick approvals. This policy doesn’t require a medical exam and approval can take as little as 10 minutes.
Other Life Insurance Companies We Considered
- Compare rates from 30 different carriers
- Licensed agents guide you through the process
- Offers a membership rewards program
- Online quotes require that users agree to calls from agents
- Advertised rates and savings are subject to change
- Must have a healthy lifestyle or pass a quiz to qualify for better rates
Health IQ is not part of our main list because its website doesn’t offer detailed information about their offers, though they partner with over 25 national insurers, including Prudential, Mutual of Omaha, and Transamerica. Their terms, policies, and riders depend on the provider the customer selects.
- Premiums start from $9/mo
- Approval in as little as 5 minutes
- No medical exam required
- Full refund if you cancel within the first 30 days
- Only people aged 18-60 can apply
- Term life is primarily offered to those in good health
- Term life not available in NY
Lemonade is not part of our main list because of its limited life insurance offering. The company offers 10 to 30-year term life policies and whole life insurance for up to $1.5 million in coverage. Lemonade only offers term life without any riders and their age limit to apply is 60 years old.
Lemonade also offers pet, renters and homeowners insurance, and will soon add auto insurance to its portfolio.
- Young and/or healthy applicants may not need a medical exam
- Free nationwide policy for firstline workers
- Direct Term life insurance can be purchased immediately online
- Pricing not stated online
- No conversion options for some policies
- High rates for smokers
MassMutual is not part of our main list because even though they have a wide selection of life insurance policies, their whole life insurance offerings don’t allow withdrawals from the cash value and cannot be modified with riders.
- 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
- Basic term life options
Guardian Life didn’t make it to our main list because of their below-average JD Power rating and their limited riders for their policies.
- Military members can get coverage during war
- Survivor Relations Team
- High cap on the face value of their policies
- Medical exam required for all policies
- Some policies unavailable in New York
USAA isn’t part of our main list because it’s only available for military members and their families. Though it wasn’t included in JD Power’s latest study, it has a low complaint ratio of 0.11 — and its strong reputation in the insurance industry.
- No medical exam required for term policies
- Offers online quotes
- Affordable underwriting for health conditions, including cancer
- High cap on the face value of its policies
- Policies for healthy individuals are pricier than average
- Must apply to discover whether a medical exam is required
- Sparse website resources
- New York residents have limited options
Mutual of Omaha didn’t make it to our main list because its premiums are higher than the industry average for healthy individuals or older applicants. Application and processing times are also slower compared to those of other insurance providers.
Life Insurance Guide
We created this life insurance guide to answer questions related to life insurance, its different types, and policy options to help you select the best life insurance policy.
What is life insurance?
Life insurance is a contract between a policyholder and an insurer, in which the latter guarantees to pay a sum of money to the policyholder’s named beneficiaries upon his or her death. This sum of money, known as the death benefit, is funded by premium payments made by the insured throughout their lifetime.
How does life insurance work?
Life insurance is meant to protect family members and loved ones from financial hardship upon the death of a primary breadwinner.
At its most basic, life insurance has two main components, a death benefit and a premium.
- The death benefit, also called the face value, refers to the lump sum of money the insurer agrees to pay out to named beneficiaries upon the policyholder’s death.
- Premiums are payments made by the policyholder to the insurer in exchange for the policy. Premiums are determined by the insured’s projected life expectancy. High-risk individuals, those who purchase larger death benefit amounts or a permanent life insurance plan pay higher premiums.
Permanent and whole life insurance policies also include a cash value component that can serve two functions:
- As a savings account where cash accumulates on a tax-deferred basis, and which the insured can access during their lifetime. Some policies may have restrictions on withdrawals depending on how the money will be used.
- The cash value can also be used to cover premiums or purchase additional coverage.
It’s important to note that the cash value is a living benefit that stays with the insurance company when the policyholder passes. Any outstanding loans against it will reduce the policy’s death benefit.
What are the different types of life insurance?
The different types of life insurance are:
- Term life insurance – Out of all three policies, term life insurance is the most accessible and easy to understand. As the name suggests, a term policy lasts for a predetermined period (commonly 10, 15 or 20 years), and then it expires.
- Whole life insurance – Whole life insurance covers the insured for the duration of their life as long as the premiums are paid. This policy includes a savings portion a guaranteed cash value component and fixed monthly premiums.
- Universal life insurance – Similar to whole life, this policy protects the insured for the duration and their life as long as premiums are paid, and it includes a cash value component. The cash value component in this policy is not guaranteed and it will fluctuate with the market.
No-exam life insurance allows you to get the coverage you need without leaving the comfort of your own home.
Getting quality term life insurance shouldn’t be a hassle. Skip the doctor’s appointment and get the coverage you need today! Just click below to get a free quote.
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What is the difference between term, whole and universal life insurance policies?
| Term Life | Whole Life | Universal Life |
| There are two main types: level term and convertible term | There are four main types: traditional or non-guaranteed, indexed and variable life | There are four main types: traditional or non-guaranteed, indexed and variable life |
| The death benefit would be paid to your designated beneficiaries as a lump sum, in installments, or as an annuity | Policyholders can access the savings component during their lifetime and receive annual dividend payments on the policy | Premiums payments and cash value influence the value of the policy. Policyholders don’t receive annual dividend payments. |
| A lump sum payout means that your beneficiary receives the whole benefit at once, to annuitize, the payment is spread out into fixed installments | Policyholders can make payments over the premium and accumulate more | Allows policyholders to increase or decrease the death benefit amount, within limits |
Both whole and universal are considered permanent life insurance policies, meaning they can last a person’s lifetime.
Life Insurance Glossary
| Common life insurance terms |
| Underwriting | Insurance companies use underwriting guidelines to determine how much your policy will cost based on your health and family history, among others. They do so by classifying policyholders into risk pools. The higher the risk, the higher the premium. |
| Beneficiary | Person, organization or charity that receives the life insurance payout (death benefit). |
| Rider | Coverage add-ons to your policy at an increased price, such as an accelerated death benefit, chronic illness, or long-term care. |
| Disclaimer | When a beneficiary declines to receive or fails to claim the proceeds of a policy. In such cases, the death benefit goes to the remaining beneficiaries. If there are no other beneficiaries, the death benefit goes to the insured’s estate. |
| Death benefit | The amount the beneficiaries receive from a life insurance policy, as long as the insured died when the policy was in effect. |
| Contestability period | The first two years of your policy. The life insurance company can review your policy during this period of time and refuse to pay a claim if they find out the insured has committed fraud. |
| Cost of Insurance (COI) | Part of Universal Life Insurance policies, COI is the minimum premium amount that must be paid to keep the policy active and includes mortality costs, administrative fees, and other expenses |
How much life insurance do I need?
There’s no such thing as a hard and fast rule for figuring out a price tag on your life insurance needs and peace of mind. Still, a basic starting point is determining your financial obligations and future expenses and subtracting any liquid asset you may have. In any case, it’s a good idea to consider life insurance within a larger financial context. If you can, talking it over with a financial planner is a great idea.
How does life insurance work?
Life insurance is a policy taken out on your life that pays out in the event of your death. It’s a form of financial protection for your beneficiaries, who may use the policy’s death benefit to cover your final medical expenses, set up a trust fund for your children’s college tuition, pay off debt or cover estate taxes.
What is the difference between term and whole life insurance?
The main difference between term and whole life insurance is that the former policy only lasts for a set period (its term). In contrast, a whole or permanent policy covers a policyholder for (essentially) their entire lifespan. Older policies generally matured when the policyholder hit age 100, but newer ones have extended that “expiration date” to age 121 to account for longer life expectancies.
How do I get life insurance?
You can purchase a life insurance policy through an insurance agent or online. Before deciding on an insurance broker, you should first determine what type of life insurance is the best for you and your finances and the amount of death benefit you want and beneficiaries.
After deciding the type of insurance you want to purchase, look for quotes, compare different offers, companies and perks. Once you find the right policy for your needs, submit your documentation to obtain your life insurance policy.
What is the best life insurance?
There’s no one best life insurance policy or company for everybody. Your choices regarding life insurance will depend on your needs and how you plan to use the policy. That said, we selected Northwestern Mutual as our best overall. Our list of best life insurance companies is a good place to start your search.
How many life insurance policies can you have?
You can purchase more than one life insurance policy. Still, insurance companies can deny coverage if a person is overinsured. Coverage is determined by the insured’s income, liabilities, and assets.
A proper life insurance policy will protect your loved ones from the unexpected.
No time like the present to get on the estate planning path. Do it right with life insurance and take care of your family. Click below for more information.
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How We Chose the Best Life Insurance Companies of 2021
As part of our methodology to come up with our list of top life insurance companies, we looked at:
- Ability to pay claims on time
- Customer experience and product offerings
- Customer satisfaction and the best rating as reported in J.D. Power’s latest U.S. Life Insurance Satisfaction Study, and A.M. Best financial strength ratings
- Number of complaints regarding their individual life insurance policies based on NAIC data
- Insurance plans and related products
- Simplified underwriting
