Best Life Insurance Companies

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.

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.

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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 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.

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.

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.

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

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.

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.

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.