Shopping for life insurance can be stressful. However, there’s one thing life insurance shoppers agree on – buying life insurance takes an enormous load off your back. The moment you pay your first premium on a good life insurance policy, you can rest assured that your loved ones will stay safe no matter what happens. Life insurance is a crucial part of preparing for an unpredictable future.
Choosing the right life insurance company, however, isn’t always easy. America is home to dozens of major life insurance providers. Some of these life insurance companies are shady: they’ll take any excuse to reduce or deny your claim and leave your loved ones with nothing. Other life insurance companies offer products as advertised: you pay a premium today to ensure your loved ones stay protected no matter what happens.
Today, we want to help you pick the best life insurance company for your unique needs. Whatever your budget and lifestyle may be, we’ve picked the top 25 best life insurance companies in the United States. Keep reading to discover which life insurance companies can be trusted to protect your loved ones if something goes wrong. Here we cover:
- Securian Financial
- John Hancock Insurance
- Haven Life
- Equitable Life Insurance Company
- Banner Life Insurance Company
- USAA Life Insurance
- Northwestern Mutual
- Brighthouse Financial (Formerly Met Life)
- Pacific Life
- Voya Financial
- Guardian Life
- Mutual of Omaha
- Midland National
- Mass Mutual (Massachusetts Mutual Life Insurance Company)
- New York Life Insurance
- State Farm Life
- Penn Mutual
- Lincoln Financial Group
- Principal Financial
Securian Financial (Minnesota Life Insurance Company)
Minnesota Life Insurance Company, or Minnesota Life, recently rebranded to the name of its parent company: Securian Financial. Today, Securian Financial continues to offer the same popular life insurance products after 140 years of doing business under the name Minnesota Life. The company offers a broad range of insurance, investment, and retirement solutions to safeguard your financial future – and the financial futures of your loved ones. The company’s term life insurance covers clients for a fixed period of time – say, 10 to 20 years. Securian’s permanent life insurance policies, meanwhile, protect you for life and accumulate cash value over time. Securian offers two main types of permanent life insurance, including whole life insurance – which provides guaranteed protection for your entire life and fixed cash value growth – and universal life insurance – which comes with more flexibility for changing your premiums and death benefit.
John Hancock Life Insurance
John Hancock is one of America’s more popular insurance and financial services providers. Today, John Hancock Life Insurance aims to offer competitively-priced policies that protect your family’s well being and assets. John Hancock also has something called the John Hancock Vitality program, which lets you lower the cost of your coverage by earning points for everyday healthy activities. If you exercise, eat well, meditate, and practice good sleep habits, for example, then you’ll earn Vitality points towards your John Hancock life insurance policy. All life insurance companies reward healthy customers by offering cheaper premiums. John Hancock, however, is one of the few life insurance companies that actually offer an official program rewarding people for healthy living. Read our review of John Hancock to learn more.
Haven Life emphasizes simple life insurance at a competitive price. You can get up to $2 million in term coverage at a competitive rate. Today, Haven Life operates under its own brand name and has its own website at HavenLife.com. However, the company’s policies are issued by Massachusetts Mutual Life Insurance Company (MassMutual). Nevertheless, you may be able to find better life insurance quotes when requesting a policy through Haven Life than you would by checking directly with MassMutual.
Equitable Life Insurance Company
Equitable Life Insurance Company is a popular American life insurance company. The company offers four broad types of life insurance, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. In addition to life insurance policies, Equitable offers retirement planning services, brokerage and advisory accounts, and mutual funds, among other services. Equitable is a New York-based multinational insurance company founded in 1816, making it one of the oldest companies on this list. In addition to life insurance, the company offers financial planning, investment management, and general insurance throughout western Europe, North America, the Asia Pacific region, and the Middle East.
Banner Life Insurance
Banner Life Insurance Company is a Maryland-based insurance firm founded in 1949. Today, the firm’s parent company is Legal & General America. You’ll often see Legal & General America and Banner Life Insurance Company advertising similar life insurance quotes online. Legal & General Group traces its history all the way back to London in 1836. As the sixth-largest insurance company in the world measured by assets under management, Legal & General America has operations in Europe, North America, and Asia. Banner Life Insurance is the company’s main American life insurance division and is currently available in 49 states and the District of Columbia (although in New York, the company does business under its subsidiary William Penn Life Insurance Company of New York). Banner Life focuses on writing term life insurance policies, and they also write universal life policies. Banner Life is often one of the least expensive companies for term insurance.
USAA Life Insurance
USAA is one of America’s best insurance companies. The only “catch” with USAA is that service is only available to military personnel and their families. If you are active duty or retired military, or an immediate family member (like a parent) is a USAA member, then you can qualify for USAA products and services. USAA’s life insurance policies include term life, term life for the military, whole life, and universal life policies. Prices range start at $14 per month for the term life policies, which are cheaper because they only cover a set time (say, 10 or 20 years). In addition to offering affordable rates, USAA offers unique life insurance products catered to members of the military. You may qualify for special life insurance products when you’re traveling overseas as a member of the military, for example. Ultimately, if you’re a member of the military or a qualified USAA member, then USAA Life Insurance is one of the top life insurance companies in America.
AIG is a major international insurance company that offers life insurance throughout the United States. If you’re between 50 and 85 years old, then you can purchase guaranteed life insurance coverage through AIG. AIG claims that your life insurance application will never be turned down for health reasons. Coverage ranges from $5,000 to $25,000, with life insurance policies starting for as low as $20 per month. Term, guaranteed issue whole life, quality of life, universal life, variable universal life, and accidental death and dismemberment life insurance policies are all available for purchase. Today, American International Group (AIG) is headquartered in New York City, although the company was founded in Shanghai, China in 1919.
Prudential is another major American insurance company that offers a variety of life insurance products. The company makes it easy to get a quote online today. In fact, some individuals will be eligible for Prudential life insurance without needing a medical checkup. You may be able to complete the life insurance application process entirely online. Prudential’s life insurance premiums increase annually until age 95 but will never exceed the maximum stated in the contract. Prudential’s policies are issued by a company called Pruco Life Insurance Company under brand names like SimplyTerm and MyTerm.
Northwestern Mutual is a Milwaukee-based financial services company founded in 1857. In addition to life insurance, Northwestern Mutual offers financial planning, wealth management, retirement planning, and more. During its early history, the company focused specifically on life insurance. Today, Northwestern Mutual has grown to become one of the largest financial services companies in America. They continue to offer competitive prices on life insurance to personal, business, and estate markets across the country.
Brighthouse Financial (Formerly MetLife)
If you haven’t heard of Brighthouse Financial, then you’re not alone. The company is one of the newest life insurance providers in the United States. In 2017, Brighthouse Financial separated from MetLife and began trading on Nasdaq as a separate company. The Charlotte, North Carolina-based company has sold life insurance under the Brighthouse Financial brand since March 2017. Today, the company offers a number of life insurance products, including unique policies like Premier Accumulator Universal Life and Guaranteed Level Term. Although the brand name is relatively new, Brighthouse Financial offers similar (even identical) life insurance policies to what was offered by MetLife for decades.
Pacific Life is a California-based insurance company that offers a wide range of life insurance products, annuities, and mutual funds. Founded in 1868, the Newport Beach-headquartered company continues to offer popular life insurance products like Indexed Universal Life Insurance. They also offer standard life insurance policies like term life insurance, universal life insurance, and variable universal life insurance. In addition to selling life insurance, Pacific Life Insurance offers annuities and mutual funds.
Voya Financial offers a set of life insurance products to meet your unique needs and budget. Popular policies offered by the company include universal life insurance, indexed universal life insurance, variable universal life insurance, and survivorship life insurance. Voya Financial’s life insurance policies are officially issued by ReliaStar Life Insurance Company of New York and Security Life of Denver Insurance Company, both of which are members of the Voya family of companies.
The Guardian Life Insurance Company of America is a New York City-based company founded in 1860. The company’s subsidiaries include Berkshire Life Insurance Company of America, among others. Guardian Life offers a range of different life insurance policies to suit all needs and budgets. They also have a term life insurance quote calculator online that makes it easy to determine how much life insurance you need.
Mutual of Omaha
Mutual of Omaha is one of America’s biggest insurance and financial services companies. Headquartered in Omaha, Nebraska, the company is best known for its life insurance, health insurance, and Medicare supplement plans. Mutual of Omaha offers two basic types of life insurance, including term life insurance and permanent life insurance. Term life insurance provides affordable coverage for a specific period of time – say, the next 10 or 20 years. Permanent life insurance, meanwhile, protects you throughout the lifetime of your policy and can build cash value that can be used even when you’re still alive.
Midland National is a Des Moines, Iowa-based insurance company best-known for its life insurance policies. The company’s core products include term, universal, whole, and variable universal life insurance policies. Founded in 1906, Midland National has over 115 years of experience providing competitively-priced life insurance policies across the country.
MassMutual (Massachusetts Mutual)
Massachusetts Mutual, commonly known as MassMutual, is a popular life insurance company for Americans across the country. With term and permanent life insurance policies available, you can pay an affordable rate today to ensure your loved ones stay protected for the future. Popular MassMutual life insurance products include their participating whole life insurance, simplified issue whole life insurance, term life insurance, MassMutual Direct Term, universal life insurance, and variable universal life insurance (VUL).
New York Life Insurance
New York Life Insurance is the third-largest life insurance company in the United States. Founded in 1845, the New York City-based company offers a wide selection of life insurance policies, including both term life and whole life insurance policies. New York Life Insurance, like other companies on this list, lets you access some of the cash value of your life insurance policy over time. You can borrow against your life insurance policy – like a loan. Many other companies on this list offer a similar policy. With New York Life Insurance and other companies, you can only access the cash value of your life insurance on a permanent life insurance policy.
State Farm Life
State Farm is one of the best-known insurance companies in the United States. Although they’re popularly known for their auto insurance and property insurance, State Farm also offers plenty of competitively-priced life insurance policies, including term life, permanent life, universal life, and participating life insurance policies. State Farm emphasizes affordable coverage and access to the cash value of your policy (only on permanent life plans). Premiums are guaranteed for the life of your policy on permanent life plans, but not on term life insurance policies.
Primerica is one of the newer life insurance companies on this list. Founded in 1977, Primerica is a multilevel marketing company headquartered in Georgia. Primerica offers a variety of financial services throughout the United States and Canada, including mutual funds, annuities, car insurance, home insurance, and life insurance. Primerica’s life insurance policies emphasize simplicity and affordability. Primerica also offers additional benefits like the ability to get a 70% face amount terminal illness benefit with a waiver of premium up to a maximum of $400,000. Primerica’s policies are issued under three different brands, including Primerica Life Insurance Company, Primerica Life Insurance Company of Canada, and National Benefit Life Insurance Company. The company also claims that 94% of its life insurance claims are paid within 14 days.
Transamerica, or the Transamerica Corporation, is a group of American insurance companies founded in 1928. Today, the Iowa-headquartered corporation continues to offer a variety of life insurance products, including term and whole life insurance policies. One of the unique benefits of Transamerica is the Wealth & Health app, which lets you track your fitness goals along with your financial goals. As with other life insurance companies, it’s in Transamerica’s best interest to keep clients healthy. The app encourages health and wellness among clients. It’s not quite as powerful as John Hancock’s Vitality program, but it makes it easy to see how your health and wellness affect your long-term financial goals.
Protective Life Insurance, or Protective Life, is a popular US life insurance company based in Birmingham, Alabama. Founded in 1907, the company offers life insurance policies with up to $500,000 in coverage for as little as $14 per month. Both term life insurance and permanent life insurance policies are available, including whole life and universal life insurance policies. As with other life insurance companies, you can get a quote online, after which you will be required to complete a medical exam. The company will review the results of your medical exam to determine the cost of your premiums.
Penn Mutual Life Insurance Company, also known as Penn Mutual, was founded in Philadelphia, Pennsylvania in 1847. Today, the company continues to be one of America’s best and most popular life insurance companies. Penn Mutual offers a variety of different life insurance products, including term, whole, universal, and variable life insurance, as well as joint or survivorship policies. The company’s website makes it easy to request a life insurance quote online, and you can start paying for your life insurance immediately after completing a medical exam.
Lincoln Financial Group
Lincoln Financial Group, also known as Lincoln National, is a life insurance and financial services company that offers life insurance policies for a variety of budgets and lifestyles, including term life insurance, universal life insurance, and variable universal life insurance. The company advertises its policies as “more than just a death benefit” and emphasizes benefits like financial protection for a loved one or business, account value growth potential, and tax-deferred asset protection, among other benefits.
Nationwide has offered life insurance through Nationwide Life Insurance Company since 1929. The Columbus, Ohio-headquartered company offers term, whole, universal, and variable life insurance. You can get a quote over the phone or by finding a Nationwide financial advisor near you. Like with other life insurance companies, Nationwide requires you to undergo a medical exam prior to activating your life insurance policy. Nationwide’s life insurance policy payment plans are fairly flexible, and you can pay your premiums annually, semi-annually, quarterly, or monthly.
Principal Financial is a major American life insurance company headquartered in Des Moines, Iowa. The company’s core life insurance products include term life insurance and permanent life insurance. They emphasize benefits like tax-free wealth transfer, guaranteed level payments for life, the ability to pay off the policy early, and the potential to access cash value on your policy, among other benefits. You can apply for a life insurance quote with Principal Financial over the phone.
What Makes a Life Insurance Company “Good”?
When dealing with life insurance companies, service matters. People own life insurance policies for a long time. We prioritize companies that are easy to work with and won’t just sell a policy and neglect to care for their clients. Price is also important because people will pay for life insurance longer than they will pay for a car or even a house in many cases. Getting the best deal saves thousands of dollars over the long term. Finally, financial strength is a pillar of a good company. People need to know that their life insurance company will be in good health and able to pay out on claims for decades. Choosing a company that is positioned to be around for the long haul is critical.
Final Word On The Best Life Insurance Companies
|Company Name||Date Founded||A.M. Best Rating||Offers Whole Life Insurance|
|Banner Life Insurance||1949||A+||No
|USAA Life Insurance||1922||A++||Yes
|Mutual of Omaha||1909||A+||Yes
|New York Life Insurance||1845||A++||Yes
|State Farm Life||1922||A++||Yes
|Lincoln Financial Group||1905||A+||No
Start comparing life insurance quotes online today. The companies listed above represent some of the best, longest-lasting, and most popular insurance companies in America. Some have over 150 years of experience providing quality life insurance products to American families at a competitive price. The sooner you buy life insurance, the sooner you can enjoy peace of mind.