Top pick: Ladder
- Apply online and get a decision instantly
- Up to $8 million in coverage
- Term life policies from 10 to 30 years
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Best life insurance companies for 2021
Compare the 10 best life insurance policies, picked from top life insurance brands
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?
How did we choose these picks?
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 2020?
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. Insurers can’t schedule medical exams for many people right now.
They also may postpone applications for those at risk of getting the coronavirus like international travelers. If you can’t wait, consider no-exam, guaranteed issue or temporary policies.
Best life insurance companies
Best life insurance company overall: MassMutual
★★★★★
$2,000 – $10,000,000
Coverage range
Coverage range
18 – 80 years
Issue age
Issue age
10, 15, 20, 25, 30 years years
Term lengths
Term lengths
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.
- 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.
- Supports online quotes.
| Coverage range | $2,000 – $10,000,000 |
|---|---|
| Term lengths | 10, 15, 20, 25, 30 years |
| Issue age | 18 – 80 years |
Best term life & riders: Lincoln Financial Group
★★★★★
$100,000 – $1,000,000
Coverage range
Coverage range
18 – 60 years
Issue age
Issue age
10, 15, 20, 30 years years
Term lengths
Term lengths
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.
- 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
| Coverage range | $100,000 – $1,000,000 |
|---|---|
| Term lengths | 10, 15, 20, 30 years |
| Issue age | 18 – 60 years |
Best whole life insurance: Guardian
★★★★★
$250,000 – $5,000,000
Coverage range
Coverage range
18 – 75 years
Issue age
Issue age
10, 15, 20, 30 years years
Term lengths
Term lengths
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.
- 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.
| Coverage range | $250,000 – $5,000,000 |
|---|---|
| Term lengths | 10, 15, 20, 30 years |
| Issue age | 18 – 75 years |
Best no-exam life policies: Bestow
$50,000 – $1,000,000
Coverage range
Coverage range
21 – 55 years
Issue age
Issue age
10 or 20 years years
Term lengths
Term lengths
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 million online without speaking to an agent or taking a medical exam — but you will answer a few questions about your health and lifestyle.
- High $1 million coverage without medical exams
- Easy online quotes
- Affordable, basic coverage
- 10 or 20 year term life
- No annual fees or cancellation fees
| Coverage range | $50,000 – $1,000,000 |
|---|---|
| Term lengths | 10 or 20 years |
| Issue age | 21 – 55 years |
Best for lenient underwriting: Legal & General
★★★★★
$100,000 – $10,000,000
Coverage range
Coverage range
20 – 75 years
Issue age
Issue age
10, 15, 20, 25, 30, 35, 40 years years
Term lengths
Term lengths
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.
- 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.
| Coverage range | $100,000 – $10,000,000 |
|---|---|
| Term lengths | 10, 15, 20, 25, 30, 35, 40 years |
| Issue age | 20 – 75 years |
Best customer reputation: State Farm
★★★★★
$100,000 – $3,000,000
Coverage range
Coverage range
18 – 75 years
Issue age
Issue age
10, 20, and 30 years years
Term lengths
Term lengths
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.
- 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.
| Coverage range | $100,000 – $3,000,000 |
|---|---|
| Term lengths | 10, 20, and 30 years |
| Issue age | 18 – 75 years |
Best for high net worth individuals: SBLI
★★★★★
$100,000 – $20,000,000
Coverage range
Coverage range
18 – 60 years
Issue age
Issue age
10, 15, 20, 25, 30 years years
Term lengths
Term lengths
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.
- 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
- Online policy management
- Potential to earn dividends
| Coverage range | $100,000 – $20,000,000 |
|---|---|
| Term lengths | 10, 15, 20, 25, 30 years |
| Issue age | 18 – 60 years |
Best buying experience: Haven Life
$100,000 – $3,000,000
Coverage range
Coverage range
18 – 64 years
Issue age
Issue age
10, 15, 20, or 30 years years
Term lengths
Term lengths
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.
- 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.
| Coverage range | $100,000 – $3,000,000 |
|---|---|
| Term lengths | 10, 15, 20, or 30 years |
| Issue age | 18 – 64 years |
Best senior life insurance: New York Life
★★★★★
$100,000 – $25,000,000
Coverage range
Coverage range
18 – 90 years
Issue age
Issue age
Any term length between 10 years and 20 years years
Term lengths
Term lengths
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.
- 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
| Coverage range | $100,000 – $25,000,000 |
|---|---|
| Term lengths | Any term length between 10 years and 20 years |
| Issue age | 18 – 90 years |
Best military and veteran life insurance: Navy Mutual
★★★★★
$10,000 – $1,000,000
Coverage range
Coverage range
18 – 85 years
Issue age
Issue age
5 to 30 years years
Term lengths
Term lengths
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.
- 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.
| Coverage range | $10,000 – $1,000,000 |
|---|---|
| Term lengths | 5 to 30 years |
| Issue age | 18 – 85 years |
How to find the best life insurance policy for you
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:
Bottom line
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.
It pays to do your own research and compare life insurance companies.
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