Compare the 10 best life insurance companies to find the best policy for you.
This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
What are the best life insurance companies in 2021?
Finder’s life insurance experts have spent over 500 hours analyzing the top 100 life insurance companies, cutting through the noise of 780 insurers vying for your business. We base our life insurance rankings on each company’s financial soundness, customer satisfaction and coverage options. We factor in the latest AM Best financial ratings, J.D. Power customer satisfaction scores and the National Association of Insurance Commissioners complaint index.
To find the best life insurers, we rank every company we review with 1- to 5-star ratings. Finally, we exclude companies that don’t meet our standard — few states served, little policy customization or not enough information online to make an informed decision.
What’s changed in 2021?
We added a few insurers to our list, going from seven to 10 companies. We focused on insurers that stand out in one area, such as their online buying experience or life insurance coverage.
MassMutual topped our list as the best insurer overall for two years running, and New York Life, Legal & General and State Farm held their spots.
Can I still get life insurance during the coronavirus?
Yes, but expect a longer wait if you’re signing up today. Applications may be postponed for those at risk of getting the coronavirus, like international travelers. If you can’t wait, consider no-exam, guaranteed issue or temporary policies.
One of the biggest US life insurance companies, MassMutual edges out most competitors with its policy options, coverage amounts and customization. The mutual company has paid dividends to permanent policyholders every year since the 1860s, impressive since dividends aren't guaranteed. This is also a major perk if you have assets to protect like a home.
Pros
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 with riders like an accelerated death benefit or long-term care.
Lincoln Financial offers generous no-exam term life policies with coverage up to $1 million, or $10 million if you take an exam. Few insurers can match this coverage. You'll find the best rates for seniors, though other high-risk applicants may qualify. You can also choose from an impressive 13 riders, including return of premiums, decreasing term and a rare return of cash value.
Pros
Term or universal life insurance up to $1,000,000 with no exam
13 riders to customize your policy
Affordable rates compared to competitors, especially for seniors
High-risk applicants with risky hobbies or health issues considered
This insurance giant offers eight whole life policies, all of which build cash value with the potential to earn dividends. Each policy also offers different payment structures. For example, the 10-Pay Whole Life Plan lets you pay off your policy in 10 annual payments, helping you pay more toward the cash value later for faster wealth-building.
Pros
Offers a survivorship policy that insures two people, like spouses.
Some policies are linked to an index's performance, like the S&P 500.
Has a long list of riders, like accidental death or waiver of premium.
Cons
No online quotes
Strict underwriting isn't ideal for people with poor health
Pushy marketing toward more expensive, unneeded policies
Bestow offers no-frills term life policies, which are perfect for people on a budget and those who don't want to customize their policy with riders. You can buy coverage up to $1.5 million online without speaking to an agent or taking a medical exam — but you will answer a few questions about your health and lifestyle.
Some insurers shy away from high-risk applicants like seniors or smokers — but not Legal & General, previously Banner Life. Its rates are competitive with both term and permanent policies. However, the insurer usually requires a medical exam and charges an annual maintenance fee.
Pros
Offers up to $1 million in coverage.
Specializes in term and universal life insurance
Offers a $15,000 final expense policy with guaranteed approval.
Widen your coverage with conversion, disability or child riders.
State Farm topped J.D. Power's 2019 customer satisfaction ratings for the fifth year in a row. J.D. Power reviews top insurers' customer support as well as their timely responses to questions and complaints. The Better Business Bureau also rates State Farm an A+ rating for customer engagement. You can expect stellar customer service if you sign up with this insurer.
Pros
Sells term, whole, universal and survivorship policies.
Offers a network of 19,000 local agents across the country.
Issues policies with a face value up to $3 million.
SBLI offers term, whole, final expense and no-exam policies, and its coverage can go up to $10 million. The insurer also speeds up approvals within a week for term or whole life policies with coverage under $500,000. Plus, the mutual company pays dividends from its profits.
Pros
Offers a variety of policy types
Choose from 10, 15, 20, 25 or 30 terms.
Customize with accidental or accelerated death benefits, premium waiver or other riders
No-exam policies available for $500,000 coverage or less
Backed by MassMutual, Haven Life made a splash in the market with instant term life policies sold online at affordable rates. Your coverage can be effective immediately. The application is straightforward and mobile-friendly. You enter your personal and contact details, then answer a few questions about your health and lifestyle. Haven Life's system uses the data to generate your rate.
Pros
All policies issued by parent company, MassMutual.
Offers term life coverage up to $3 million.
Lets you add an accelerated death benefit or waiver of premium rider.
No medical exam necessary for most policies.
Cons
Limited options
Strict underwriting
Online application only
Free Quote
Online
Insurance Products
Term
Issue Age
20 to 64
Coverage Amount
$250,000 to $3,000,000
Term Lengths
10, 15, 20, 25 or 30 years available to those aged 20 - 49 years old. 10, 15, or 20 years available to those aged 50 - 64 years old.
An industry giant, New York Life offers a strong policy lineup to people aged 60 or above, breaking down barriers to high rates and low coverage for seniors. If you need high coverage, its death benefits top out in the tens of millions.
Pros
Term lengths stretch from five to 20 years.
You can convert term to permanent life later
Offers guaranteed universal life policies up to age 85.
Policies start at $25,000 if you need low coverage
Cons
Term lengths capped at 20 years instead ot the standard 30 years
No online quotes
only agents can finalize your application
Free Quote
Phone, Online
Insurance Products
Term, Whole, Universal, Variable
Issue Age
18 to 90
Coverage Amount
$100,000 to $25,000,000
Term Lengths
Any term length between 10 years and 20 years
Medical Exam Required
Yes
Ways To File A Claim
Online, Phone, Mail
Ratings, Accreditation and Memberships
A.M. Best: A++ Fitch: AAA Standard & Poor's AA+ Moody's: AA
Navy Mutual erases the typical military and war clauses from other policies, catering to active duty, reserve and retired military as well as honorably discharged veterans. It also offers a no-exam option if you want to skip the physical or are getting deployed. But Navy Mutual could work on its customer service and offer more riders.
Pros
Your coverage can stay in effect if you leave the military.
Sells term life policies spanning 5 to 30 years.
Issues whole life policies up to $1 million.
No restrictions for military service, including hazardous duty and aviation.
Cons
Limited customer service
No live chat
Strict health conditions
Discrepancy in rates
Free Quote
Online
Insurance Products
Flex Term, Express Term Plus, Level II Plus, Flagship Whole Life
Issue Age
18 to 85
Coverage Amount
$10,000 to $1,000,000
Term Lengths
5 to 30 years
Medical Exam Required
No
Ways To File A Claim
Phone: 800-628-6011 or 703-945-1440, Online form
Ratings, Accreditation and Memberships
BBB: A+
Customer Service Options
Phone: 1-800-628-6011 or 703-945-1440, Email: CustomerService@NavyMutual.org
How do I choose the best life insurance company for me?
To find a policy that suits your situation and budget, ask these questions.
How much coverage can I buy? Some insurers cap their coverage at $500,000, while others will offer policies worth millions if you meet the criteria.
Can I add riders to my policy? If customizing your coverage with add-ons like an accelerated death benefit rider is important to you, look for an insurer that offers robust riders.
Do I need to take a medical exam? Most policies require a basic physical medical exam. But if you’d prefer not to take one, you can explore no-exam policies.
What term lengths are available? Depending on the insurer, you may be able to get coverage for as little as one year, or as long as 30 years.
How much is it? Get quotes from multiple insurers to determine which company can offer you the policy you need at the best price.
How flexible is my policy? Life insurance is designed to evolve as your needs change, so check if you can purchase more coverage or convert to a policy later on.
What kind of service should I expect? Your life insurance company should have a reputation for being responsive and transparent.
More top life insurance companies
If none of these companies are the right fit, try drilling down to a specific category:
The insurers on this list stand out for their policy lineups, customizable coverage or catering to specific people. They’re also backed by strong financial and customer service ratings.
Get quotes from even more life insurance companies
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. Compare your options and learn what type of policy will most fit your needs as someone over 60.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
