Life insurance ensures your family has a financial safety net if you pass away. While affordable term insurance suits many, others prefer the investment potential and lifelong coverage that more expensive permanent life insurance offers.
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We found that Nationwide is the best life insurance company overall due to its generous no-exam policies, strong financial stability, customer satisfaction ratings, and three living benefit riders included at no extra cost with most plans.
1. Nationwide Nationwide is a financially stable life insurance company in business for almost a century, offering a wide range of no-medical-exam policies with fast approval. It's our top pick for best whole life insurance, no-medical-exam insurance, and insurance for those over 50.
Nationwide has an A+ (Superior) financial stability rating from AM Best and a reasonable number of complaints for its size in 2022, despite fewer complaints in the previous two years. It offers no-exam life insurance for healthy applicants, a variety of policy types and riders, and three accelerated death benefit riders for chronic, critical, and terminal illnesses at no extra cost, making it a standout among competitors.
Founded in 1926 as Farm Bureau Mutual Automobile Insurance Company, it has grown into a leading insurer.
Pros & Cons: Pros:
- No-exam life insurance for very healthy applicants
- Low NAIC complaint index
- Living benefits included in most policies
- Accepts credit card payments
Cons:
- No live chat available
Plans & Pricing:
- Term policies
- Traditional whole life insurance
- Universal life insurance (UL)
- Variable universal life insurance (VUL)
- Indexed universal life insurance (IUL)
2. Protective Protective offers the most affordable term life insurance alongside Banner. Its competitive rates and policy options make it the best term life insurance company, most affordable life insurance company, and best for young adults.
Protective offers longer-than-average term policies and fewer complaints than expected for its size over the past three years. The company also provides generous child riders, making it an excellent choice for families.
However, Protective did not rank well in J.D. Power’s 2023 U.S. Individual Life Insurance Study, indicating potential customer service issues. Founded in 1907, Protective Life is headquartered in Birmingham, Alabama, with offices in Cincinnati and St. Louis.
Pros & Cons: Pros:
- Lowest pricing alongside Banner
- Term policies up to 40 years
- Accepts credit card payments
- No-medical-exam coverage available
Cons:
- Ranked 18th out of 22 in J.D. Power’s customer satisfaction study
Plans & Pricing:
- Term life insurance
- Whole life insurance
- Universal life insurance (UL)
- Variable universal life insurance (VUL)
- Indexed universal life insurance (IUL)
3. MassMutual MassMutual stands out for its A++ (Superior) financial rating from AM Best and a long history of paying dividends since 1869. In 2024, MassMutual plans to pay $2.2 billion in dividends, its largest payout ever. The company has far fewer complaints than expected for its size and offers a wide range of policies.
Many MassMutual term policies can convert to any of its permanent life policies, an advantage over companies that restrict conversion options. Founded in 1851 in Springfield, Massachusetts, MassMutual also has offices in Boston and New York City.
Pros & Cons: Pros:
- A++ financial stability rating
- Long history of paying dividends
- Few complaints relative to size
- Liberal term conversion options
Cons:
- Few accelerated benefit riders included at no cost
- Does not accept credit card payments
Plans & Pricing:
- Term life insurance
- Whole life insurance
- Universal life insurance (UL)
- Variable universal life insurance (VUL)
4. Mutual of Omaha Mutual of Omaha includes three accelerated benefit riders at no upfront cost on its Term Life Express and IUL Express policies, with most other policies including at least two. These riders provide flexibility by allowing early access to the death benefit for qualifying illnesses.
The company offers unique features like a disability income rider and return of premium benefit on select term policies, making it a top choice for burial insurance. Based in Omaha, Nebraska, and founded in 1909, Mutual of Omaha operates in 42 states.
Pros & Cons: Pros:
- Many plans with living benefits
- Wide range of riders available
- Guaranteed issue options
- Return of premium term available
Cons:
- Online applications unavailable for term policies
Plans & Pricing:
- Term life insurance
- Universal life insurance (UL)
- Indexed universal life insurance (IUL)
- Children’s whole life insurance
- Guaranteed whole life insurance
5. Guardian Guardian is one of only nine companies with an A++ financial strength rating from AM Best, indicating superior financial stability. It offers dividends to eligible whole-life policyholders and announced its largest-ever dividend payout of $2.2 billion for 2024.
Guardian has an excellent NAIC index, indicating fewer complaints than expected for its size. However, it lacks a streamlined online experience and doesn't offer online applications, claim filing, or credit card payments. Founded in 1860 in New York City, Guardian has business hubs in Pennsylvania, New Jersey, and Massachusetts.
Pros & Cons: Pros:
- Low NAIC complaint index
- A++ financial stability rating
- Whole life policies eligible for dividends
Cons:
- No online application or claim filing
- Does not accept credit card payments
Plans & Pricing:
- Term life insurance
- Whole life insurance
- Universal life insurance (UL)
- Variable universal life insurance (VUL)
6. USAA USAA is a solid choice for military families, offering military-specific riders. Level Term V policies include a high injury rider paying $25,000 for injuries during military service and guaranteed insurability riders at no extra cost. USAA policies also include a conversion option to permanent coverage without a medical exam after one year.
USAA does not accept credit card payments and has limited no-medical-exam options. Based in San Antonio, Texas, and founded in 1922 by 25 military officers, USAA offers life insurance and annuities.
Pros & Cons: Pros:
- High injury benefits
- Guaranteed insurability riders
- A++ AM Best rating
Cons:
- Does not accept credit card payments
- Limited no-exam options
Plans & Pricing:
- Term life insurance
- Whole life insurance
- Guaranteed issue whole life insurance (through Mutual of Omaha)
- Universal life insurance (through John Hancock)
7. Penn Mutual Penn Mutual has a strong financial track record and high customer satisfaction. It offers the highest no-exam coverage limit of $7.5 million for healthy applicants up to age 65.
Penn Mutual offers affordable term insurance, though rates are not available on its website. Founded in 1847 in Philadelphia, Penn Mutual is headquartered in Horsham, Pennsylvania.
Pros & Cons: Pros:
- Strong dividend-paying history
- High no-exam coverage limits
- Excellent NAIC complaint index
Cons:
- Limited website information
- Rates not available online
Plans & Pricing:
- Term life insurance
- Whole life insurance
- Universal life insurance (UL)
- Variable universal life insurance (VUL)
- Indexed universal life insurance (IUL)
8. Banner by Legal & General Banner offers the cheapest term life insurance along with Protective and is one of two companies offering 40-year term policies. It provides generous term conversion options, allowing conversion until age 70 or the end of the level-premium period.
Banner offers limited policy types and riders. Founded as GELICO in 1949, Banner Life Insurance Company is part of Legal & General and is headquartered in Frederick, Maryland.
Pros & Cons: Pros:
- Lowest pricing with Protective
- 40-year terms available
- Generous term conversion period
- Online application available
- Excellent NAIC complaint index
Cons:
- Few policy types available
- Limited riders
Plans & Pricing:
- Term life insurance
- Universal life insurance (UL)
State Farm Life Insurance Review
State Farm is our top choice for the best life insurance company for customer satisfaction. It has consistently ranked #1 in J.D. Power's U.S. Individual Life Insurance Study from 2020 to 2023. This study assesses customer experiences with the largest life insurance providers nationwide. Additionally, State Farm holds an A++ (Superior) rating for financial strength from AM Best, the highest rating possible.
State Farm is recognized for various life insurance categories:
- Best Whole Life Insurance Companies
- Best Burial Life Insurance Companies
- Best Return-of-Premium (ROP) Term Life Insurance Companies
For those seeking a whole life policy that pays dividends, State Farm offers one. You can also save on premiums by bundling life insurance with other State Farm policies, such as auto insurance. However, the company’s term policies are priced higher compared to 32 other life insurance companies evaluated online. If you have a less-than-perfect medical history and seek life insurance without a medical exam, you might need to consider other options. Currently, the maximum coverage available from State Farm without a medical exam is $50,000.
State Farm, based in Bloomington, Illinois, sold its first life policy in 1929 to the company founder, George J. Mercherle, for $2,000.
Pros:
- Superior financial stability
- Top-ranked for customer service by J.D. Power
- Whole life policies can earn dividends
- Bundling discounts may be available
Cons:
- Fourth-worst for pricing
- Limited coverage for no-medical-exam life insurance
Plans & Pricing:
- Select Term Life
- Return of Premium Life
- Instant Answer Term
- Limited Pay Whole Life
- Single Premium Whole Life
- Universal Life
- Survivorship Universal Life
- Joint Universal Life
- Final Expense (called $10,000 Whole Life in New York State).
New York Life Review
New York Life holds an A++ (Superior) AM Best rating and receives very few customer complaints. It offers whole life policies to eligible 90-year-old applicants. Its stellar reputation and financial stability make it top-ranked for best life insurance companies for seniors and best whole life insurance companies. The company has paid dividends for 169 consecutive years, planning to distribute $2.2 billion in 2024, the largest payout in its history.
New York Life provides term, whole life, and universal life policies, including variable universal life (VUL) insurance, with a diverse range of riders and customization options. Notable among these is the Spouse’s Paid-Up Purchase Option (SPPO), which allows the spouse of the insured to use the death benefit to purchase a fully paid-up life insurance policy on their own life without medical underwriting upon the insured's death.
Pros:
- A++ (Superior) AM Best rating
- Long history of paying dividends
- Policies available for applicants up to 90 years old
- Extensive selection of riders
Cons:
- Limited policy details available online without contacting an agent
- Online quotes and applications not available
Plans & Pricing:
- Level Premium Term
- Yearly Renewable Term
- Whole Life
- Custom Whole Life
- Secure Wealth Plus (Whole Life)
- Universal Life
- Custom Guarantee Universal Life
- Variable Universal Life Accumulator II
- Market Wealth Plus (Variable Life)
Northwestern Mutual Review
Northwestern Mutual excels in financial stability, boasting the highest ratings from AM Best (A++), Moody's (Aaa), and Fitch (AAA). Operating since 1857, the company has paid dividends to eligible policyholders for over 150 years. In 2024, it plans to distribute $7.3 billion in dividends, the largest payout ever and the highest among all companies listed.
Northwestern Mutual has the second-lowest NAIC complaint index among 91 companies analyzed, indicating a very low rate of complaints relative to its size. Unfortunately, the company’s lack of transparency and self-service options online affected its overall ranking. For specific policy details, contacting the company directly is necessary.
Pros:
- Highest financial strength ratings
- Long history of dividend payments
- One of the best NAIC complaint indexes
- Largest life insurance company nationwide
Cons:
- Must work with a financial advisor to purchase a policy
- Poor digital experience lacking policy information
Plans & Pricing:
- Term Life
- Whole Life
- Universal Life
Few details about plans or pricing are available online.
Compare the Best Term, Whole, and No-Exam Life Insurance Companies
Company Rating Monthly Cost Policies Available No Medical Exam National Best Overall A $26.25 Final Expense, Indexed Universal, Term, Universal, Variable Universal, Whole Protective Best Term Life Insurance A $22.92 Indexed Universal, Term, Universal, Variable Universal, Whole MassMutual Best Convertible Term Life Insurance A++ $26.97 Term, Universal, Variable Universal, Whole Mutual of Omaha Best Return-of-Premium Term A+ $28.38 Final Expense, Indexed Universal, Term, Universal Guardian Great General Insurer A++ $27.47 Term, Universal, Whole USAA Best for Military A++ $26.86 Term, Universal, Whole Penn Mutual Great for Dividends and No-Exam Life Insurance A+ $23.92 Term, Universal, Variable Universal, Whole Banner by Legal & General Cheapest Term Rates A+ $22.92 Term, Universal State Farm Best for Customer Satisfaction A++ $35.24 Final Expense, Term, Universal, Whole New York Life Best Whole Life Insurance A++ N/A Term, Universal, Variable Universal, Whole Northwestern Mutual Largest Life Insurance Company A++ N/A Term, Universal, Variable Universal, Whole Types of Life Insurance
Term Life Insurance: Offers coverage for a specific period (e.g., 30 years). It’s often the easiest to buy and most affordable. Convertible options are available to switch to permanent insurance before the term expires.
Whole Life Insurance: More expensive than term life or universal life insurance. Guarantees death benefit and cash value for life, as long as premiums are paid. Ideal for those wanting permanent coverage.
Universal Life (UL) Insurance: Similar to whole life but with flexible premiums, a flexible death benefit, and interest credited based on current rates.
Indexed Universal Life (IUL): Offers a cash value account that can earn interest by tracking a stock market index selected by the insurer. Guarantees an interest rate to limit losses.
Variable Life and Variable Universal Life (VUL): Involves investing the cash value directly in the stock market via subaccounts, similar to mutual funds. VUL policies offer flexible death benefits and premiums.
Burial Insurance: Whole life policies designed for older applicants in poor health, with no medical exam required. Coverage is low (e.g., $5,000-$10,000) and premiums are higher relative to the amount of coverage.
No-Medical-Exam Life Insurance: Available without a medical exam. Instead, health questions or a phone interview are conducted, and the insurer checks medical and other records. Policies can be issued quickly.
Choosing the Right Life Insurance
Consider your coverage needs, budget, and whether you want to build cash value. For example, term life is best for income replacement during earning years, while whole life is ideal for permanent coverage. Additionally, evaluate what you're eligible for based on your age, lifestyle, and medical history.
How to Choose the Best Life Insurance Company
To select the right life insurance provider, consider financial strength, customer complaints, customer satisfaction, available policy types, included riders, and ease of application. Compare quotes from your top choices to ensure you choose a company that meets your needs and will be there for your family when needed.
Steps to Follow:
- Check Financial Strength: Look for AM Best ratings of A++ or A+.
- Review Customer Complaints: Use the NAIC complaint index to gauge customer satisfaction.
- Assess Policy Options: Ensure the company offers the type of insurance you need.
- Evaluate Riders: Compare available and included riders for additional benefits.
- Ease of Application: Consider companies with straightforward application processes, especially if you prefer no medical exam policies.