Top pick: Ladder

- Apply online and get a decision instantly
- Up to $8 million in coverage
- Term life policies from 10 to 30 years
When analyzing life insurance providers, we weigh the insurer’s product lineup, riders and rates along with their underwriting standards. And to determine industry reputation, our editorial team assesses the company’s financial strength ratings, accreditations and customer reviews.
These life insurance companies provide comprehensive coverage and a good selection of riders, plus a few unique options.
★★★★★Best overall pick: Prudential
Coverage range
Issue age
Term lengths
Coverage range
$100,000 – $10,000,000
Term lengths
10, 15, 20, 30 years
Issue age
18 – 75 years
★★★★★Best for flexible term lengths: New York Life
Coverage range
Issue age
Term lengths
Coverage range
$100,000 – $25,000,000
Term lengths
Any term length between 10 years and 20 years
Issue age
18 – 90 years
★★★★★ Transamerica's term life plans are convertible and available in terms of 10, 15, 20, 25 and 30 years. This is rare — many insurance companies cap their term life insurance policies at 20 years. Finally, Transamerica offers flexible death benefit options: Choose between a level, increasing or decreasing term.Best for small coverage amounts: Transamerica
Coverage range
Issue age
Term lengths
Coverage range
$25,000 – $10,000,000
Term lengths
10, 15, 20, 25, 30 years
Issue age
18 – 75 years
★★★★★Best for no medical exam policies: Lincoln Financial Group
Coverage range
Issue age
Term lengths
Coverage range
$100,000 – $1,000,000
Term lengths
10, 15, 20, 30 years
Issue age
18 – 60 years
★★★★★ While you pay the same premium each month or year, the face value of your policy rises. If you die during the term, your beneficiaries receive a payout that mirrors the current market conditions.Best for keeping up with inflation: Amica
Coverage range
Issue age
Term lengths
Coverage range
$5,000 – $1,000,000
Term lengths
10, 15, 20, 25 and 30-year
Issue age
15 – 75 years
★★★★★ In 2019, it approved an estimated $1.72 billion payout — a record number. Since dividends aren't guaranteed, this is an impressive achievement — and one you might benefit from in the future.Best for convertibility: MassMutual
Coverage range
Issue age
Term lengths
Coverage range
$2,000 – $10,000,000
Term lengths
10, 15, 20, 25, 30 years
Issue age
18 – 80 years
An insurer’s financial strength points to its ability to pay out claims. The companies on our list scored top-tier ratings with the major agencies, which means they have the resources to meet their financial obligations.
In J.D. Power’s latest study on customer satisfaction, New York Life earned the sixth spot of 23 insurers surveyed. Prudential ranked 8th, MassMutul ranked 10th, Lincoln Financial 11th and Transamerica rounded out the list in 18th place.
Agency | Prudential | New York Life | Transamerica | Lincoln Financial | Amica Life | MassMutual |
---|---|---|---|---|---|---|
A.M. Best | A+ | A++ | A | A+ | A+ | A++ |
Moody’s | Aa3 | Aaa | A1 | A1 | N/A | Aa3 |
Standard & Poor’s | AA- | AA+ | AA- | AA- | N/A | AA+ |
Fitch | AA- | AAA | A+ | A+ | N/A | AA+ |
J.D. Power | 3 out of 5 | 4 out of 5 | 2 out of 5 | 3 out of 5 | N/A | 3 out of 5 |
To learn how insurers treat their policyholders, refer to the Better Business Bureau (BBB). New York Life, Lincoln Financial and Amica earn the highest possible rating with the BBB, while Transamerica, Lincoln Financial and MassMutual could improve when it comes to customer engagement.
Meanwhile, Prudential’s rating dropped to B- as they failed to respond to complaints in a timely manner.
Keep in mind these ratings and reviews reflect each company as a whole, and not just their life insurance departments.
Provider | BBB rating | Customer reviews |
---|---|---|
Prudential | B- | 1 out of 5 stars |
New York Life | A+ | 2 out of 5 stars |
Transamerica | A- | 1.5 out of 5 stars |
Lincoln Financial | A- | None |
Amica Life | A+ | 2 out of 5 stars |
MassMutual | B- | 1 out of 5 stars |
Term life insurance is the simplest and cheapest policy, with predictable premiums and coverage that lasts for a set period of time. These insurers take it one step further by offering something that most of their competitors don’t, from flexible term lengths to smaller coverage amounts.
To see even more of the best life insurance companies, check out our overall top life insurance picks.
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