Determining who offers the best life insurance is not always a black and white answer.
While you can get quotes from all of the top rated life insurance companies, you may never know if you’re choosing the best policy for your specific situation.
At Good Financial Cents, we pride ourselves in connecting people with the insurance company that best meets their specific needs.
What are the top 10 best life insurance companies of 2018?
To help you find coverage that fits, we’ll first take a look at our Top 10 life insurance companies in the United States, then dig a little deeper into which companies excel in the kind of coverage you may be looking for. Since policy type and company ratings are key factors in your decision, we’ll also discuss how to decipher that data.
Finding the right type of life insurance can seem so overwhelming that it’s easy to put it off. But if you have family members who depend on you financially, you need coverage. A little knowledge can go a long way toward helping you find coverage that’s tailor-made to protect your family.
Deciding on the Best Life Insurance Company for Your Coverage
With more than 800 insurance companies in the United States, you could spend months comparing quotes and analyzing ratings without ever knowing for sure that you’d chosen the right company. And that’s before considering your specific needs.
Let’s start by narrowing the choices. We work with numerous insurers and we do a lot of research. We’ve narrowed hundreds of companies down to our 10 favorite. There are other great companies out there, but these 10 consistently offer the best products and customer service, and they exhibit strength and stability, which means they’re more likely to be there when you need them.
So, without further adieu…
Our Top Picks For Best Life Insurance
Although the best company and policy will vary from person to person, we have poured through many of the details for you and have come up with a list of our top picks.
These companies, while diverse in their offerings and history, offer some of the most affordable, helpful coverage and have the best life insurance products on the market.
Haven Life has upended the traditional process of acquiring term life insurance by getting rid of the medical examination for people who qualify.
Even if you do need a medical exam, Haven Life’s process is quick and easy to navigate.
Haven Life offers only term life insurance, which is usually the simplest and most affordable type of coverage, especially if you’re young and in good health. The agency’s policies are backed by MassMutual which has earned the highest financial ratings offered by A.M. Best and other insurance company ratings agencies.
If you are looking to get term life insurance with the least hassle and faster than any other company can offer, then Haven Life is going to be your top company.
Banner Life Insurance is a leader in terms of life insurance product diversity and customer service. The company has been operating since 1949, and it currently holds about $415 billion in premiums in force.
Banner Life has both flexible and comprehensive coverage options. For example, they offer special rates for younger or health conscious individuals. In addition, people up to age 95 can apply for a Banner Life term policy, which is nearly unheard of in the insurance industry (most other insurers cap applicants at age 65 or 75).
Banner Life has earned high ratings, including an A+ from A.M. Best, an AA- from Standard & Poor’s, and an A from Fitch Ratings. The company also has earned an A+ rating from the Better Business Bureau.
Bottom Line: No matter your health situation, or age, we’d suggest a Banner Life Insurance quote.
For more information, read our review of Banner Life Insurance Company.
With more than 90 million clients in over 100 countries, AIG, or American International Group, is often considered the world’s largest insurance organization. But does the company’s quality match its size? Generally speaking, the answer is yes, according to all four ratings agencies.
AIG Life and Retirement, the division responsible for the company’s life insurance policies, has earned an A+ from Standard & Poor’s, an A2 from Moody’s, an A+ from Fitch, and an A from A.M. Best. Get a better understanding in our review of AIG and its history.
We’ve also noticed that AIG is great at placing applicants who are on the border of two different rating classes, because of their weight, into the more favorable class.
For example, a 37-year-old male who weighed 215 pounds and is six feet tall rated a preferred policy with Banner Life, but AIG rated him preferred plus, saving him $3,312 over the life of the policy he chose. We’ll go into more specifics about insurance by ratings class later.
|$1,000,000 Policy||20 Year Term||30 Year Term|
|Total Policy Savings||$3,312.00||$7,293.60|
Another long-standing, top life insurance company is Prudential, which manages more than $1 trillion in assets for clients throughout the world.
Prudential offers a number of different policy options, including term and permanent coverage. Permanent coverage from Prudential includes universal, indexed universal, variable universal, and survivorship universal life insurance.
The 140-year-old company has earned high ratings, including an A+ from A.M. Best, an AA- from Standard & Poor’s, an A1 from Moody’s, and an A+ rating from Fitch. Get a better understanding the company and their products in our Prudential review.
We’ve noticed that applicants who use chewing tobacco often prefer Prudential because the company does not place chewing tobacco users into its classification for smokers, and this can save a huge amount of money. For example, a 37-year-old man who uses chewing tobacco can save thousands of dollars a year with Prudential.
|$1,000,000 Policy||20 Year Term||30 Year Term|
|Total Policy Savings||$26,628.00||$78,872.40|
For these reasons and more, whatever your personal health history, it’s worth your time to Get A Quote From Prudential >>.
MetLife, another well-known insurance and financial services provider in the United States and globally, offers a variety of policy options, including term, whole life, universal, variable, and survivorship plans.
MetLife also offers a simplified issue term life insurance which does not require applicants to get a medical exam. This can be a good option for those who have health-related issues that might make a medically underwritten policy too expensive or impossible to buy.
MetLife has earned an A+ from A.M. Best, an AA- from Fitch, an Aa3 from Moody’s, and an AA- from Standard & Poor’s. Learn more about MetLife and their services in our MetLife Review.
Formerly known as ING, Voya Financial has emerged as a leader in today’s financial and insurance services industry. The company is comprised of premier insurance, investment, and retirement companies, and it serves roughly 13 million clients in the United States.
Voya provides a wide array of coverage, including term life, universal life, indexed universal life, variable universal life, and survivorship policies.
The company currently has about $519 billion in total assets under management, and it is considered a top five retirement plan provider based on the number of plans, participants, and assets.
Voya Insurance and Annuity Company has earned high ratings: an A from A.M. Best, an A- from Fitch, an A3 from Moody’s, and an A- from Standard & Poor’s. Learn more about Voya’s history and its financial stability in our Voya review.
Mutual of Omaha
Mutual of Omaha has been serving customers in the life insurance arena for more than a century. It provides a wide variety of products including term, whole life, universal life, and accidental death.
The company provides easy-to-follow online steps to help customers determine how much coverage they may need. The site also offers calculators to help determine how long life insurance proceeds may last.
Mutual has earned best life insurance company status from the rating agencies due to its financial strength and claims-paying history. Learn more in our review of Mutual of Omaha.
New York Life Insurance Company
New York Life Insurance Company opened more than 170 years ago, and the insurer has more than $425 billion in managed assets. It serves policyholders in both the United States and around the world.
New York Life offers term, whole life, universal life and variable life. The company is a financial stalwart, earning an A++ from A.M. Best, an AA+ from Standard & Poor’s, a AAA from Fitch, and an Aaa from Moody’s Investor Services. Get a more detailed review of New York Life Insurance Company.
Transamerica began its operation more than 110 years ago, and today it has grown into a financial and insurance powerhouse. Its life insurance company boasts an A+ rating from A.M. Best, an A1 from Moody’s, an AA- from Fitch, and an AA- from Standard & Poor’s.
Lincoln Financial Group
Lincoln Financial Group provides numerous coverage options, including term, universal, and variable universal life insurance coverage. Lincoln also has a combination life / long-term care option whereby a policyholder can use a universal policy as an alternative to purchasing a stand-alone, long-term care insurance policy.
The Lincoln Life and Annuity Company has earned high marks from ratings agencies, including an A+ from A.M. Best, an AA- from Standard & Poor’s, an A1 from Moody’s, and an A+ from Fitch. See our detailed review of Lincoln Financial Group.
Best Life Insurance Companies Honorable Mentions
The companies below didn’t make our top 10 list for various reasons, but they do deserve to be mentioned because they represent some of the strongest names in the industry. Any insurance company with good financial ratings and customer service has the potential to offer “the best” life insurance policy for a particular individual because “the best” depends heavily on each person’s circumstances. Each link will take you to a comprehensive review of the individual company.
- 5 Star – Part of the Armed Forces Benefit Association, which has been around since 1947.
- AAA – More than 100 years of business experience and a long history of good customer service.
- AARP – Works with New York Life to provide coverage to seniors.
- Accordia – Very young but great financial backing.
- Accuquote – Over the past 20 years, Accuquote has placed approximately $100 billion of life insurance coverage in force and has had nearly 200,000 customers purchase coverage from the site.
- Aetna – Aetna has a ton of different types of insurance and life insurance is a major part of their company.
- Aflac – Most famous for their duck mascot, Aflac is a highly respected carrier with great ratings from the BBB.
- Allianz – Allianz is a leading provider of life insurance, as well as income-producing products and overall retirement solutions.
- Allstate – The good hands people are one of the most well known and trusted insurers in the country.
- American General – Part of the AIG group and one of the largest insurers in the USA.
- American Income – Over 50 years of experience and a great financial record.
- American National – Top provider of no medical exam policies.
- Americo – Well-known for burial and final expense policies, but also has competitive rates on other life insurance products.
- Amica – Based on the company’s financial strength and claims paying ability, Amica Mutual Group has received a rating of A+ (Superior) from A.M. Best Company.
- Assurity – Assurity has been in the business of offering coverage and protection to its policyholders for well over 100 years.
- AXA Equitable – Very competitive at underwriting in specific age brackets and great with a few health conditions.
- Baltimore Life – The Baltimore Life Insurance Company offers a long list of personal life insurance options to choose for individuals and families.
- Bankers Life – Commonly referred to as simply BLIC – it was founded in 1976, and while it may not be one of the oldest insurance carriers in the U.S., it has proven a viable player in the life insurance and annuity arena.
- Cincinnati Life – The Cincinnati Life Insurance Company has been providing wealth enhancement and protection products to its customers ever since 1950 when four independent insurance agents got together to form the company.
- Colonial Life – Based on its strong financial foundation, along with its timely payments of policyholder claims, Colonial Life Insurance Company has received high ratings from the insurer rating agencies.
- Columbus Life – One of the first insurance companies to have a website; remains competitive with technology.
- Conseco.com – The company serves more than 4 million customers primarily considered “middle income working America.”
- Esurance – Esurance is owned by Allstate Insurance Company which is the oldest publicly held personal lines insurance carrier in the United States.
- EquiTrust – All life insurance plans offered through EquiTrust are permanent, meaning there is death benefit protection and a cash value/savings component.
- Erie Life – Erie Insurance Company has been in the business of offering coverage protection to its customers for nearly 100 years.
- Farm Bureau – Farm Bureau Financial Services is financially stable, and the company pays policyholder claims quickly.
- Farmers – Farmers serves more than 10 million households with more than 19 million individual policies.
- Fidelity Life – Fidelity Life has been in the business of offering protection to its customers and their loved ones since 1896.
- Foresters Financial – A non-profit with more than 135 years in the life insurance market.
- Forethought – Only 30 years old, but moving up in the ranks of reliable life insurance companies.
- Frankenmuth – The company’s principal mission when providing insurance services to its policyholders is to be the insurer of choice.
- Geico – Over the past 80 years, the company has grown and expanded exponentially, and today the company is ranked as the second largest private passenger auto insurance company in the United States.
- Gerber – Great at offering affordable guaranteed issue policies.
- Globe – Offers the best small, simplified issue policies.
- Guardian – A Fortune 250 Global Financial Services Company, Guardian offers a wide variety of financial services along with life insurance.
- Hartford – Hartford offers an extensive list of insurance and other financial products which can help its clients to customize their wealth enhancement and protection.
- John Hancock – One of the better known and more solid companies in the United States.
- Liberty Mutual – Liberty Mutual is ranked as number 75 on the Fortune 500 list of largest U.S. corporations.
- Minnesota Life – Awesome at rating people who have recently stopped smoking.
- Mutual Trust – Over the past 110 years, the company has grown and expanded exponentially, and it now offers its life insurance and annuity products in 49 of the U.S. states, as well as the District of Columbia.
- National Life Group – National Life Group has been providing financial protection to its customers for nearly 170 years.
- National Western – More than 60 years of experience and top financial ratings.
- Nationwide – This financial and insurance entity offers a broad range of products and services that can help clients with growing and protect wealth.
- Navy Mutual – Navy Mutual has been offering insurance and annuity benefits to military members since 1879.
- North American – Privately owned and expertly managed when it comes to its investments.
- Northwestern Mutual – One of the largest life insurance companies in the world.
- Pacific – Pacific Life has been helping its clients grow and protect their wealth for more tha