Best Life Insurance Companies

See If You Qualify for Lower Rates

Life insurance is a contingency plan that protects your loved ones in unfortunate circumstances. It’s a proactive step toward safeguarding your family’s future. In times of uncertainty, it provides an anchor of stability.

But navigating life insurance options can be daunting. At TrySmartly, we strive to help you make informed decisions by being your go-to educational resource.

Here’s a recap of some of the best life insurance companies:

Best Individual Health Insurance

Identifying some of the best insurance companies overall means evaluating various factors. Aside from offering comprehensive coverage, a life insurance policy should also come with competitive pricing and excellent customer service. TrySmartly makes your quest for comprehensive life insurance coverage much easier. We offer a platform with free tools to educate yourself and make an informed decision.

MassMutual is a top-rated life insurance provider renowned for its comprehensive coverage options and commitment to customer satisfaction.

Coverage Options

MassMutual stands out in the industry by offering the following coverage types:

  • Term Life Insurance: This type of life insurance provides protection for a specific timeframe, be it 10, 20, or 30 years. Your family will receive a death benefit if you pass away during that time. It is possible to renew the policy once the term ends. This is typically the least expensive policy type.
  • Whole Life Insurance: Whole life insurance offers a lifelong safety net fortified with guaranteed cash value growth. This means that this policy option also builds cash value over time, which you can access or use for various financial needs. It is typically more expensive than term life insurance. There are three main policy types:
    • MassMutual Whole Life Insurance, which builds a cash value you can use for emergencies and major expenses like college tuition or supplemental income during retirement.
    • MassMutual CareChoice One is available to people aged 35 to 69. With this policy, if the policyholder requires long-term care, they have the flexibility to access funds from the policy’s death benefit to cover these expenses. If unused, the death benefit is passed on to the beneficiaries.
    • MassMutual Survivorship Whole Life Insurance is beneficial for couples who want to leave an income-tax-free legacy to their family. This means that the funds passed on to beneficiaries are not subject to income tax. The policy also allows policyholders to access the guaranteed cash value and death benefit during their retirement years.
  • Universal Life Insurance: Unlike term and whole life insurance, universal coverage gives more flexibility to change your terms as time goes on. You can either choose to be covered with your partner or customize your policy with an accelerated death benefit rider, which provides access to a portion of the death benefit in case of a qualifying illness.
  • Variable Universal Life Insurance: It is similar to universal life insurance but offers more flexibility to invest your money. You can invest in index funds like BlackRock and Vanguard and potentially accumulate wealth. It also comes with 10 different riders, which may include long-term care, disability income, and critical illness payouts.

Additional Benefits

MassMutual also offers the following add-ons or riders that can be purchased at an additional cost to enhance your policy:

  • Additional Insurance Rider: Extra coverage for your children or spouse.
  • Catastrophic Disability Rider: This rider will pay monthly allowances as a salary replacement if you become disabled and cannot work.
  • Estate Protection Rider: Helps your beneficiaries pay for any estate taxes due after you pass away.
  • Lapse Protection Rider: With this rider, MassMutual allows your life insurance to stay active even if you don’t pay the premiums for a certain time period, typically for three months.
  • Terminal Illness Accelerated Death Benefit Rider: This rider allows you to access a part of your death benefit when you’re still alive if you’ve been diagnosed with a terminal illness.

Average Cost

The average price for a 45-year-old female for a 20-year-old term life insurance and $1 million coverage would be $145 monthly and $188 for a 45-year-old male.

Ready to explore affordable life insurance policies? Get a quote today.

Best Term Life Insurance Companies

Term life insurance serves as a protective shield for a specified period, offering robust coverage without the lifetime commitment.

Among the top-rated companies, Haven Life stands out as one of the best life insurance companies for term life insurance due to its outstanding features and benefits at fair prices.

Coverage Options

Haven Life offers the following types of coverage options:

  • Haven Term: This is Haven Life’s term life insurance that offers coverage over periods ranging from 10 to 30 years. It offers beneficiaries a guaranteed and tax-free death benefit, provided that you pay premiums on time. Haven Term is available to anyone below age 64 and provides coverage up to $3 million. You may not be required to undergo a medical exam if you’re young, healthy, and a non-smoker.
  • Haven Simple: This is a simplified life insurance policy for those who don’t want to undergo a medical exam. It offers up to $1 million coverage and comes in periods ranging from five to 20 years. You must be below the age of 55.

Additional Benefits

Haven Life has two available riders for each of its policies:

  • Accelerated Death Benefit Rider: This is available to Haven Term policyholders only. It provides early access to a portion of your death benefit if you’re diagnosed with a terminal illness. You can withdraw up to 75% of your death benefit or a maximum of $250,000, whichever is less.
  • Haven Life Plus: This rider is available to Haven Simple policyholders and comes at no extra cost. It includes more than $700 worth of benefits like a fitness app membership, access to a digital will, and a 15% discount at CVS MinuteClinics.

Average Cost

The average cost is $154 monthly for a 45-year-old female and $207 for a 45-year-old male.

Here are some alternative life insurance companies offering policies at competitive prices:

Insurance Company Term Policy Name Average Cost (30-year-old female, $250,000 for 10 years) Average Cost (30-year-old male, $250,000 for 10 years)
Haven Life Haven Term $100 $110
Pacific Life PL Promise Term $102 $116
Protective Classic Choice $104 $116
Principal Term with Conversion Extension $110 $122
Midland National Premier Term $113 $125

Best Whole Life Insurance Company

Whole life insurance can be a good choice for those who want more security. It typically comes at higher rates but provides guaranteed lifetime coverage and accumulating cash value.

In a market awash with options, finding the right type of life insurance can be challenging. But TrySmartly's free online resources are here to help you in your search for budget-friendly life insurance policies without giving up comprehensive coverage.

Northwestern Mutual stands out as one of the best life insurance companies for its comprehensive whole life insurance policy.

Coverage Options

Northwestern Mutual offers the following types of policies:

  • Term Life Insurance: Renewable temporary policies ranging from 10 to 20 years.
  • Universal Life Insurance: Permanent policy that comes with growing cash value.
  • Variable Life Insurance: Permanent policy with cash value and flexible investment opportunities.
  • Whole Life Insurance: Permanent policy for people up to age 85.

Northwestern Mutual’s standard whole-life insurance plan is available for people up to age 85 and has a minimum death benefit of $50,000. The company also offers a Whole Life Plus plan, which provides more customization, such as accelerated death benefits.

Additional Benefits

Northwestern Mutual offers the following riders for its whole life insurance policy:

  • Accelerated Care Benefit Rider: This can help you pay for long-term care costs should you need them, such as in the case of terminal or chronic illnesses.
  • Additional Purchase Benefit Rider: This rider allows you to obtain additional life insurance with higher coverage limits and enhanced death benefits without a medical exam.
  • Waiver of Premium Rider: This lets you stop paying premiums if you become disabled.

Average Cost

While the average premiums for whole life insurance vary by age and other factors, this table summarizes estimates based on industry averages:

Age Average Cost (30-year-old female, $250,000 for 10 years) Average Cost (30-year-old male, $250,000 for 10 years)
20 $146 $169
30 $205 $238
40 $296 $355
50 $462 $543
The rates are estimated based on male and female non-smokers for a Northwestern Mutual whole life insurance.

Secure your life insurance policy and ensure peace of mind today!

Best Family Life Insurance Company

With a family life insurance plan, you can ensure that every member is individually covered. Typically, the breadwinner of the family will have whole life insurance coverage, with the spouse and dependents having a term life insurance policy.

When it comes to some of the best life insurance companies for families, Pacific Life stands out. The company offers death benefit limits reaching up to $3 million for some term policies. Pacific Life was also ranked in the top five for JD Power’s 2022 Customer Satisfaction ranking.

Coverage Options

Pacific Life offers the following types of life insurance:

  • Term Life: Renewable temporary policies ranging from 10 to 30 years, depending on the family member’s age.
  • Whole Life: Permanent policy available to people aged 30 to 75.
  • Variable Universal Life: Permanent policy with growing cash value with flexible investment opportunities.

Additional Benefits

Additionally, Pacific Life offers a variety of riders, some of which may be especially beneficial for families:

  • Additional Insurance Riders increase the death benefit when the policyholder has reached milestones in life like marriage or the birth of a child.
  • Lapse Protection Rider, which waives the premium payment if you miss it due to insufficient cash.

Average Cost

Family life insurance costs vary by the number of individuals being insured, the type of coverage each individual opts for, and the provider. On average, family life insurance costs around $398 annually for a 30-year-old couple and one child.

Best Life Insurance Company for Veterans

USAA exclusively serves veterans, military personnel, and their families. However, USAA life insurance policies are available to any U.S. citizen, regardless of being in the military.

Coverage Options

USAA offers the following life insurance policies:

  • USAA Level Term: USAA term life insurance policies range from 10 to 30 years, and coverage amounts can be between $100,000 and $10 million. Policyholders have to undergo a medical exam, and the rates start from $12 monthly.
  • USAA Essential Term: This term life policy is limited to people aged between 21 and 35. It provides coverage that extends until age 39. Passing a medical exam is not mandatory. The maximum coverage is $100,000, and premiums start at $5 monthly.
  • USAA Simplified Whole: This whole life policy is available to anyone aged between 15 days and 85 years and requires a medical exam. Coverage amounts range from $25,000 to $10 million, with premiums increasing as the coverage limit increases. USAA Simplified Whole policy also comes with a cash value option.
  • USAA Universal Life Insurance: Adults aged between 29 and 90 can obtain this policy by passing a medical examination. The maximum coverage amount is $50,000 and also comes with an increasing cash value. It is the most affordable permanent life insurance option.
  • USAA Guaranteed Whole Life Insurance: This permanent life insurance policy offers small-dollar coverage to people aged 45 and 85, typically for covering funeral and other death-related expenses. Coverage amounts range from $2,000 to $25,000, and a medical exam is not mandatory.

Additional Benefits

Additional coverage options from USAA include the following:

  • Military Severe Injury Rider, where you’ll receive $25,000 to cover expenses related to injuries while on military duty.
  • Child Rider, which allows you to insure your children on your policy until they turn 26.
  • Military Future Insurability Rider, which lets you increase your coverage after separation from the military.
  • Life Event Option Rider, which allows you to increase coverage by $100,000 if you get married, have a child, or buy a home. It is only available for Level Term and Simplified Whole Life policies.

Best Life Insurance Company for Seniors

Among various providers, Guardian serves as one of the best life insurance companies for seniors, thanks to perks like long-term care assistance.

Coverage Options

Guardian offers the following policies:

  • Term Life Insurance: It offers terms from one year to 30 years for applicants up to age 75. Coverage limits start at $250,000.
  • Whole Life Insurance: Guardian offers whole life policies to applicants up to age 90. Coverage starts at $25,000. You also have the option to pay off your whole life policy in 10, 15, or 20 years.

Additional Benefits

Guardian also offers the following riders:

  • Accidental Death Benefit Rider, which provides more coverage if you pass away as a result of an accident.
  • Chronic Illness Rider, which provides you with a portion of the death benefit if you are diagnosed with a chronic illness.
  • Guaranteed Insurability Options can be added to your whole life policy to increase your coverage limit later. It offers up to eight “option” dates where you can boost your coverage without providing additional medical records or undergoing a medical exam. These dates are determined by milestones, such as marriage, home purchase, or hitting a certain age. Each time you hit a milestone, you can get additional coverage of up to $350,000.
  • Long-Term Care Rider, which allows you to access your death benefit if you need assistance due to a chronic illness.
  • Terminal Illness Rider, which gives you a portion of the death benefit if you’ve been diagnosed with a terminal illness.
  • Waiver of Premium Rider, which allows you to pause payments for at least six months if you become disabled.

Average Cost

The average cost for Guardian’s life insurance is $375 for a 65-year-old female and $598 for a 65-year-old male.

Best Life Insurance Company for Young Adults

Nationwide’s policies cater to youthful aspirations, blending cost-effectiveness with comprehensive coverage, setting the stage for a secure financial future.

Coverage Options

Nationwide’s offers the following types of policies:

  • Term Life: Renewable temporary policy with terms ranging from 10 to 20 years.
  • Whole Life: Permanent policy that comes with a guaranteed cash value.
  • Indexed Universal Life: Permanent policy with a death benefit that grows with an index, such as the S&P 500.
  • Guaranteed Universal Life: Permanent policy with flexible premiums and death benefits, up to pre-determined limits.
  • Variable Universal Life: Permanent policy with flexible monthly premiums and investment opportunities.

Additional Benefits

Nationwide offers the following riders:

  • Accidental Death Benefit Rider, which gives additional death benefits to beneficiaries if you pass away due to an accident.
  • Chronic Illness Rider, which gives you a portion of your death benefit if you have a chronic illness.
  • Early/Enhanced Cash Value Rider, which offers higher surrender values if you surrender your policy within the first few years.
  • Lapse Protection Rider, which ensures that the policy won’t terminate as long as certain premium requirements are met. This is available at no additional cost with all permanent policies.
  • Return of Premium Rider, which refunds a percentage of your premiums if you outlive your term life insurance policy.
  • Waiver of Monthly Deduction Rider, which waives your payments if you provide proof of disability for at least six consecutive months.
  • Premium Waiver Rider, which credits a monthly premium to your policy if you cannot work due to a disability for at least six months.

Average Cost

The average annual price for Nationwide’s term life insurance is $225 for a 30-year-old female and $260 for a 30-year-old male for a 20-year term with $500,000 coverage.

Best Company for Mortgage Life Insurance

Mortgage life insurance is a policy designed to pay off your mortgage debt if you pass away. It designates your mortgage lender as the beneficiary, ensuring the debt is cleared in the event of your death. However, your loved ones won’t receive a death benefit from this policy. Instead, the payout directly settles the mortgage balance.

State Farm is one of the top-rated mortgage life insurance providers, offering 10, 20, and 30-year mortgage life insurance terms. Once the term expires, policyholders have the option to renew their policy up to the age of 95.

If the mortgage life insurance benefits weren’t used at the end of the term, State Farm offers a return of premium option. Policyholders can receive their paid premiums back tax-free.

Mortgage life insurance rates are based on a percentage of your outstanding mortgage amount. The average price for mortgage life insurance at State Farm is $35 per month.

Best Company for Final Expenses Life Insurance

Final expenses insurance is a form of whole life insurance that offers a small death benefit to cover expenses related to funeral or memorial services, embalming, caskets, and cremation. These policies typically have a death benefit ranging from $2,000 to $35,000.

Planning for end-of-life expenses is a responsible step toward ensuring that your loved ones are not burdened with financial concerns during a challenging time. In this regard, Mutual of Omaha stands out as one of the best life insurance companies. Their final expense policy for seniors offers full day-one coverage. If approved, there is no waiting period, and your coverage will start immediately. Moreover, you can receive up to 50% of your death benefit if you’ve been diagnosed with a terminal illness or are moved into a nursing home.

The average price of Mutual of Omaha’s final expenses life insurance is $269 for an 85-year-old female and $382 for an 85-year-old male.

What Are the Largest Life Insurance Companies in the USA?

When it comes to life insurance in the United States, several insurance giants dominate the landscape. These companies have a significant presence, strong financial stability, and a long history of serving policyholders. Here are some of the biggest life insurance companies in the USA:

Insurance Company Market Share Average Term Life Insurance Rate for a 35-Year-Old Female Average Term Life Insurance Rate for a 35-Year-Old Male
New York Life Group 6.45% $160 $164
Metropolitan Group 6.37% $280 $330
Prudential of America Group 5.45% $255 $300
Lincoln National Group 4.42% $190 $285
Nationwide Corporate Group 3.15% $225 $260
State Farm 2.84% $250 $325
Minnesota Mutual Group (Securian) 2.61% $167 $185
Transamerica (Aegon U.S. Holding Group) 2.60% $190 $225

Ready to make smarter life insurance decisions? Explore your coverage options today!

How to Compare Life Insurance Companies?

Choosing the right life insurance company and policy is a financial decision that requires careful consideration. Your choice will have a lasting impact on your financial security and your loved ones’ well-being. Here’s what you can do to make an informed decision:

Assess Your Finances and Needs

Start by determining the coverage you require, taking into account factors such as your financial capacity, family size, income, debts, and long-term financial objectives. Familiarize yourself with the different options available, such as term, whole, and universal life insurance, and select the one that aligns best with your needs. For example, if you just need coverage for a few years, term life insurance might be enough.

Request a Quote

Request life insurance quotes from multiple insurers to compare premium rates and understand the application and underwriting process. Gather quotes from at least three providers to get a better sense of premiums and the extent of coverage. You can get a life insurance quote online directly from the provider’s website or use a comparison site to check multiple policies from different providers side by side. Getting a quote from a provider’s website offers a more personalized service, while comparison tools are more convenient and save time.

Check Life Insurance Company Ratings

There are other factors worth considering, too. One aspect is the financial stability of prospective insurers. To evaluate this, refer to ratings from organizations like A.M. Best and J.D. Power. Here’s a quick look at the ratings of some prominent insurance companies in the industry:

Insurance Company AM Best Rating J.D. Power Customer Satisfaction Rating (out of 1,000)
MassMutual A++ 780
Haven Life A++ 787
State Farm A++ 839
USAA A++ 874
Northwestern Mutual A++ 794
Guardian A++ 787
Nationwide A+ 791
Mutual of Omaha A+ 801

Don’t wait to protect your future. Explore life insurance options now and get peace of mind for you and your loved ones!

Frequently Asked Questions

If you still have some unanswered questions, check out this FAQ section for answers:

What Is the Difference Between Term Life Insurance and Whole Life Insurance?

Term life insurance provides coverage for a specified period, offering a death benefit if you pass away during the policy term. It’s often more affordable. In contrast, whole life insurance provides lifetime coverage with a guaranteed death benefit and a cash value component that grows over time. It’s typically more expensive but offers savings and investment options.

What Should I Look for When Comparing Life Insurance Companies?

When comparing life insurance companies, consider factors like:

  • Financial Strength: Ensure the company is financially stable with good ratings.
  • Policy Options: Look for policies that align with your needs, whether term, whole, or universal life.
  • Cost: Compare premiums and affordability.
  • Customer Service: Assess the company’s reputation for customer support.
  • Policy Riders: Check for optional add-ons like riders for critical illness or disability.
  • Underwriting Process: Evaluate the ease of application and medical exams.

Is Life Insurance Required by Law?

Life insurance is generally not required by law for individuals. However, some states may require it for specific situations, such as when divorcing couples have dependents or if you’re court-ordered to obtain coverage. Additionally, some employers may offer life insurance as part of employee benefits.

Can I Get Life Insurance If I Have a Pre-Existing Condition?

Yes, it’s possible to obtain life insurance with a pre-existing condition, but it may affect your premium and coverage options. Insurers assess the condition’s severity and your overall health when determining rates. You may pay higher premiums or have limitations on coverage.

Need Life Insurance? Decide Smartly.