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The US life insurance market is competitive, consisting of established insurers and new “insurtechs” that sell insurance online. To narrow down our list of the best life insurance companies, we looked at data on customer complaints, consumer experience and financial strength. We also assess what types of insurance are available and how to purchase insurance.
Best Life Insurance Companies Reviews
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All of the life insurance companies below have been rated at least 4.5 out of 5 stars. There are hundreds of insurance companies competing for your business, often selling very similar products, so it makes sense to compare life insurance quotes from several before making a decision.
Life insurance ratings are based on consumer experience, the National Insurance Administrators’ Complaint Index and a weighted average of financial strength that indicates a company’s ability to pay future claims. In the category of consumer experience, we look at ease of communication and transparency of websites, which takes into account the depth of policy information available online. To calculate each insurer’s score, we converted the scores on a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare multiple insurance quotes to find the best price for you. is not compensated for any feedback. Read our editorial guidelines.
Find out more about our top life insurance companies in November 2022 by reading our short reviews below and checking out our in-depth reviews.
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Rating is determined by our editors. The rating formula takes into account customer complaints and customer satisfaction data.
Cons: Online quotes are only available for a lifetime. You must contact MassMutual for full, comprehensive and variable comprehensive offers.
Company Overview: Massachusetts Mutual Life Insurance Co., often abbreviated to MassMutual, is one of the largest life insurance companies in the country. Founded in 1851, it offers a wide range of products, from life insurance to variable universal life insurance, a type of permanent insurance with flexible premiums and investment opportunities. MassMutual is a mutual insurance company, which means it is partially owned by policyholders and pays dividends to eligible members. The dividend payment for the year 2023 is the highest or almost 1.9 billion dollars.
Pros: You can apply for up to $1 million online. If approved, you don’t need a medical exam and your coverage starts the same day.
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Company Overview: Haven Life offers life insurance through accelerated underwriting, a process that uses algorithms and data to quickly evaluate your insurance policy. The entire application process is done online and the company says it can be completed in about 25 minutes. Although Haven specializes in one type of life insurance, it offers its customers a choice. Depending on the policy you choose, you can purchase coverage ranging from $25,000 to $3 million and choose between 5 and 30 years. Haven Life’s policies are issued by MassMutual, which has resulted in significantly fewer customer complaints than expected for a company of this size.
Types of strategy: Urgent, holistic and comprehensive. The Guardian not only sells a range of standard policies but also offers term and life insurance for people living with HIV.
Advantages: You can get a quote online without entering your contact details and switch between different sums of insurance to see your estimated premium.
Company Overview: Founded in 1860, The Guardian has been paying policyholders dividends since 1868. The 2022 payout of $1.13 billion is the largest in company history.
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The goalkeeper. Guardian Life announces $1.13 billion dividend payment to policyholders. As of November 1, 2022. View all sources. The insurance company filed significantly fewer complaints with state regulators than expected for a company of its size. As well as life insurance, Guardian also sells a range of products including dental, vision and cancer insurance.
Benefits: If you’re an AARP member between the ages of 50 and 80 (50 to 75 in New York), you may be eligible for AARP coverage regardless of your health status. Sums insured can be up to $25,000 and premiums remain the same for the life of the policy.
Company Overview: AARP does not require a medical exam to qualify for any of its life insurance policies, which is rare for a company that offers both term and life insurance. AARP life insurance policies are available to members age 50 and older. One of the company’s biggest advantages is simplified underwriting, which means you don’t need to have a life insurance medical exam to qualify for coverage. However, acceptance of some policies may be based on information about your health. All rules are published by New York Life.
Policy types: Term, General, Universal and Variable Universal. The Company Million Plus Level Term 10 policy provides a minimum death benefit of $1 million.
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Pros: New York Life offers a wide variety of coverage, from annual term policies to variable universal life policies.
Cons: You can’t get quotes online without entering your contact information. New York Life Term Life Premiums are set at the same level for a certain period of time, after which they gradually increase.
Company Overview: New York Life is a mutual insurance company, meaning it is owned by policyholders. So you may be eligible to vote in board elections if you buy certain policies and receive dividends — the insurer will pay out $1.9 billion in 2022.
New York life. New York Life announces the largest dividend in the company’s history. As of November 1, 2022. View all sources. The company is one of the largest life insurance companies in the United States and has received fewer complaints from state regulators than expected for a company of its size. In a life insurance customer satisfaction survey conducted by J.D. Power in 2021, it’s in the middle.
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JD Power. The 2021 American Personal Life Insurance Survey. As of November 1, 2022. View all sources. One of its term life policies includes a flexible payment option that allows you to pay off your premiums early.
Company Overview: Pacific Life has been around for over 150 years. There have been far fewer complaints over the past three years than expected for a company of this size. Among Pacific Life’s policies is the company’s indexed comprehensive life insurance. These policies typically leverage investments based on stock indexes such as the S&P 500. They also have a guaranteed floor, meaning that the cash value of your life insurance policy will not fall below a certain value if the stock market crashes.
Pros: The company offers several life insurance carriers on select policies. The company’s comprehensive life insurance is available to applicants aged 85 and under.
Cons: Some policies are not available in Massachusetts. You must contact your state agent to get a quote.
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Company Overview: When you think of State Farm, you probably think of auto insurance products. But it also offers a decent range of life policies, including premium refundable life insurance – if you qualify, you’ll get a refund of the premiums you paid on the policy. State Farm also offers single premium life insurance and end-of-life policies that can help cover funeral expenses.
State Farm ranked first out of 21 companies in JD Power’s 2021 US Life Insurance Survey for customer satisfaction and has consistently topped the list in recent years, indicating its positive reputation among policyholders.
Pros: Lincoln Financial offers a variety of coverage options with policy information available on its website, including available riders, premiums, problem age ranges, and more.
Company Overview: Founded in 1905, Lincoln Financial sells a variety of products including life insurance, annuities, long-term care and workplace benefits. The company’s variable comprehensive life policy includes life insurance for survivors. This type of insurance covers two people, usually a couple, and is paid out after the death of one person. In some cases, a survivorship policy can be cheaper than buying two separate permanent policies. Lincoln Financial is promoting a quick phone application process for customers who choose to purchase coverage through an advisor, an option most companies do not offer.
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Pros: Northwestern Mutual has the highest score for financial strength and the company was ranked highest in customer satisfaction in the J.D. US Life Insurance Power 2021.
Cons: Information about coverage on the Northwestern Mutual website, such as problem age ranges, coverage limitations, and available riders for full and comprehensive life policies, is difficult to find.
Company Overview: Founded in 1857, Northwestern Mutual is the largest seller of personal life insurance in the United States.
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