The best life insurance companies in the United States in 2019

One of the oldest and biggest life insurance companies in the US, MassMutual edges out most of its competitors when it comes to policy options, coverage amounts, and customization.

It’s a mutual company, and has paid out dividends to its permanent policyholders every year since the 1860s. In 2019, it approved an estimated $1.72 billion payout — its highest yet. Given that dividends aren’t guaranteed, MassMutual’s track record is impressive.

• Features:

  • Sells term, whole, universal and guaranteed acceptance policies.
  • Offers up to $10 million in coverage.
  • Potentially boost your take-home earnings if you buy a permanent policy.
  • Enhance your policy with riders like an accelerated death benefit, waiver of premium, guaranteed insurability or long-term care rider.
  • Supports online quotes.

Term life policies offer protection for a set period of time, making them ideal for young families or people who only need coverage while they have major financial obligations.

Prudential has six term life policies to suit a range of needs. All of them have predictable premiums for easy budgeting, and can be customized with a variety of riders. As for reliability, the insurer is backed by decades of financial strength and a positive customer reputation.

• Features:

  • Policies available in terms of 10, 15, 20 or 30 years.
  • Offers a return of premium and annual renewable term life policy.
  • Helps customers plan for retirement with the PruTerm WorkLife policy.
  • Add-ons include serious illness, disability, accidental death benefit and waiver of premium riders.

Most insurers allow policyholders to customize their coverage with riders — and Global Atlantic Financial Group has the longest list we’ve seen.

Formerly known as Accordia, this insurer offers 13 riders to help you to bridge any gaps in your coverage. Common riders include a child and terminal illness rider. Plus you can choose unique options like a “wellness for life” rider, which rewards policyholders who maintain a healthy lifestyle with premium discounts and extra features.

• Features:

  • Opt into the wellness rider and cut down your premium if you visit the doctor once every two years and stay in the weight range specified in your policy.
  • Sells term, universal, indexed universal, survivorship and preneed — or funeral — policies.
  • Offers life credits for policyholders under 80 in good health.
  • Allows eligible applicants to skip the medical exam.

Some insurers shy away from high-risk applicants — but not Legal & General.

Previously called Banner Life, the insurer has a more relaxed approach to underwriting. As a result, it caters to seniors, smokers and those in less-than-perfect health as well as people with preexisting conditions or poor family medical histories working against them. Its rates are competitive, and Legal & General offers both term and permanent policies.

• Features:

  • Offers up to $1 million in coverage.
  • Specializes in term and universal life insurance, and term policies can be converted up to age 70.
  • Sells a final expense policy worth $15,000, with guaranteed acceptance for those aged 50 to 80.
  • Dress up your policy with a conversion, disability, flexible payment or child rider, among others.

In 2019, State Farm topped J.D. Power’s life insurance study on customer satisfaction for the fifth consecutive year. The study assesses a sample of insurers each year, and reviews the level of support they offer to customers, as well as how quickly they respond to questions and complaints.

The Better Business Bureau (BBB) backs up J.D. Power, awarding the insurer an A+ rating for customer engagement. If you sign up for a policy with State Farm, you can expect to receive stellar customer service.

• Features:

  • Sells term, whole, universal and survivorship policies.
  • Offers personalized service through a network of 19,000 local agents across the country.
  • Customize your coverage with a range of common and rare riders, including an accidental death benefit and long-term care rider.
  • Issues policies with a face value of up to $3 million.

Seniors can face a few challenges when purchasing life insurance policies — including costs and coverage amounts. An industry giant, New York Life breaks down those barriers and offers a strong policy lineup to those aged 60 or above. If you’re looking for an extremely large policy, its death benefits top out at the company’s “retention limits” — which are reportedly in the tens of millions.

• Features:

  • Term lengths stretch from five to 20 years, and policies come with the option to convert.
  • Offers guaranteed universal life policies up to age 85 without a medical exam. This suits seniors with preexisting health conditions that might otherwise disqualify them from buying a permanent policy.
  • Policies start at $25,000, which is ideal for seniors on a budget or those who don’t need a lot of coverage.

Founded in 2014, this fintech company made a splash on the life insurance scene by offering — and issuing — instant term life policies. Haven Life offers affordable policies online — and if you’re approved, your coverage could go into effect immediately.

The application is straightforward and both user- and mobile-friendly. You’ll enter your personal and contact details, and answer a few questions about your health and lifestyle. The system then scans your data using sophisticated algorithms and generates a rate.

• Features:

  • Owned by parent company, MassMutual.
  • Offers term life insurance in 10, 15, 20 and 30 year terms, with up to $3 million in coverage.
  • Stands out among the new wave of fintech companies for allowing policyholders to add an accelerated death benefit and waiver of premium rider to their policy.
  • No medical exam necessary for most policies.