The Top 10 American Life Insurance Companies; According to U.S. News, in 2023, Northwestern Mutual, State Farm, and Nationwide will be the top three life insurance companies. Forbes ranks Pacific Life as the top provider of variable universal life insurance, Penn Mutual as the top provider for seniors, and Protective as the top provider of universal life insurance. Bankrate ranks Nationwide as having the most satisfied customers, followed by Northwestern Mutual and Prudential. MassMutual is NerdWallet’s top pick for overall quality, Haven Life for the online experience, and Guardian for applicants with pre-existing conditions. Recommended: Comerica web banking login: Comerica Bank Login 2023
In addition, Investopedia recommends Nationwide as the best company overall, MassMutual for convertible term life insurance, Haven Life for buying experience, Protective for term life insurance, and New York Life for whole life insurance.
Top 10 American Life Insurance Companies
In the United States, there are numerous reputable life insurance companies, and the best one for you will depend on your individual needs and circumstances. Based on their financial stability and customer satisfaction ratings, the following are some of the most highly regarded life insurance companies in the United States:
- Northwestern Mutual: This is one of America’s largest life insurance companies, with a strong financial rating and high customer satisfaction ratings.
- New York Life: This company has been around for over 175 years and has a strong financial rating as well as a reputation for excellent customer service.
- MassMutual: This company provides a variety of life insurance products and has a strong financial rating as well as high customer satisfaction ratings.
- State Farm: Known primarily for its auto insurance offerings, State Farm also provides life insurance with competitive rates and excellent customer service.
- Guardian Life: This company has excellent financial ratings and offers a wide range of life insurance products, including whole life, term life, and universal life insurance.
What are the best life insurance companies?
The largest life insurance companies in the United States provide a variety of policies to assist you in meeting your financial obligations and providing for your family.
This article discusses well-established insurers with extensive policy options for all age groups, as well as online insurers where you can sign up without a medical exam.
The Top Companies for Life Insurance
We’ve discussed the policy types and riders offered by the best life insurance companies, as well as the dividends and coverage limits you can anticipate.
Here is our ranking of the top ten life insurance companies:
#1.Haven Life – Overall Best For Life Insurance Services
Haven Life is one of the best life insurance companies for 2023, according to NerdWallet. Haven provides online term life insurance and evaluates policies using an algorithm and artificial intelligence. Haven’s policies are issued by MassMutual, one of the largest life insurers in the United States and the parent company of Haven. People who prefer to apply for and manage their life insurance online will find Haven Life to be an excellent term life insurance option.
Haven Life provides term life insurance, income protection insurance, and annuities. Term life insurance helps protect your family’s financial future in the event of an unforeseen event. Disability income insurance safeguards your income in the event of a disability. Annuities protect you and your family against outliving your retirement savings.
If you’re searching for a term life insurance policy, Haven Life could be a good option. Although the company does not advertise many riders, its Haven Plus option provides additional coverage options such as accelerated death benefit riders that allow policyholders with a terminal illness or chronic condition to access a portion of their death benefits early.
#2.Bestow – Top Choice For Online Applications
Bestow is an online life insurance company that provides policies for term life insurance. The application process is streamlined and can be completed in minutes without requiring a medical exam. You can get an initial quote by entering your birth date, height, weight, self-identified gender, and ZIP code on the Bestow website, which is well-designed and straightforward to navigate. Except for New York, the company sells a single-term life insurance policy to clients in all states. Bestow may be suitable for individuals who desire a quick and simple method for purchasing term life insurance without a medical exam online.
Bestow – how does it work
Bestow is an online provider of term life insurance with a streamlined application process. To apply, you must answer a series of health and lifestyle questions. The term life application can be completed in minutes and never requires a medical exam. Bestow sells one-term life insurance policies to individuals aged 18 to 60 via an online application.
bestow – how to apply
#3.New York Life – Best For Variety Of Term Policies
New York Life offers term, whole, and universal life insurance, with the option for term policies to become permanent.
In fact, their permanent life insurance policies are the best in the industry, as they can accumulate cash value in addition to the death benefit.
Permanent options include universal and variable universal life insurance plans, as well as a variety of riders that can be added to the plans to further customise the coverage.
Additional policy structures allow you to customise and select the annual payment amount, thereby adjusting the length of your payment period.
The life insurance company has received high ratings for both financial stability and customer satisfaction, and it offers policies to clients across the United States.
They provide exceptional agent-to-consumer interaction for a personalised experience when selecting a policy, which compensates for the inability to obtain online quotes.
Obtaining a life insurance policy should be a part of everyone’s path to wealth, prosperity, and happiness, and New York Life’s insurance helps make this possible by offering life and health insurance.
New York Life offers policies to people over 85 years of age, making it one of the best life insurance providers for seniors.
#4.John Hancock – Best For Casual Smokers
John Hancock has been providing life insurance to clients for more than 150 years, with a selection of policies including term life, final expense, and permanent life insurance.
They are one of the leading life insurance providers in terms of premium discounts for healthy lifestyle choices, but they also provide excellent coverage for “congratulatory” smokers who enjoy the world’s most expensive cigars on special occasions.
Using the John Hancock Vitality Program, you can receive premium discounts of up to 15%, and you can also borrow against the potential cash value of your policy to meet your immediate financial needs.
It is simple to obtain a quote online, and you can also apply for a term life insurance policy for less than $5 million via their website.
There are 10, 15, and 20-year term life insurance policies available, with coverage ranging from $25,000 to $65 million.
The availability of three rider options, including an accelerated benefit claim, a disability benefit rider, and a long-term care rider claim, increases the desirability of the Vitality Program discounts.
It is a reputable, well-established company from which to purchase life insurance, with enticing premium options and an easy online application process.
#5.Nationwide – Best For Integration With Auto Insurance
In addition to its extensive selection of policy options and riders, Nationwide provides its customers with a vast array of supplementary options.
It is one of the leading life insurance companies on the market, with no-medical-exam applications offering up to $5 million in coverage, enough to purchase one of the world’s most expensive watches.
AM Best has rated Nationwide’s financial stability as A+ due to its long history and solid reputation. Nationwide has been in business for nearly a century.
Many policies, including term life insurance, universal life insurance, and whole life insurance, can be obtained without a medical examination.
The fact that their universal life policies offer up to seven riders, which is more than most other life insurance companies, is another reason to give them a try.
There are also three no-cost accelerated death benefit riders available on the majority of policies, allowing individuals to access funds in the event of a terminal illness diagnosis.
You must be an existing Nationwide customer to gain access to this service if you wish to sign up for a final expense of burial insurance policy.
While a Nationwide policy requires an agent, they sweeten the deal by offering multi-policy discounts, such as when you bundle your life insurance policy with your auto or homeowners insurance.
This makes your premiums more affordable and much simpler to manage through their digital portal and mobile application.
#6.State Farm – Best For Customer Satisfaction
State Farm Life Insurance Company provides a variety of life insurance policies to meet the diverse needs of its customers throughout the United States.
The company may be better known as a provider of auto and homeowner’s insurance, but their life insurance coverage is also worthwhile.
J. D. Power, based on consumer responses in 2021, ranked them as the best life insurance company based on their reliability and customer satisfaction ratings.
State Farm offers term, whole, and universal life insurance policies, the majority of which require a medical exam, though simplified options are also available.
They also rank very highly in terms of accessibility, with a variety of tools such as a 24/7 customer helpline, an easy-to-navigate online portal, and a mobile app that makes checking on policies a breeze.
In addition to the numerous policy options, there are numerous rider options, allowing for a high degree of policy customization.
Children’s term, select term, premium and monthly deduction waivers for disability, estate preservation, and payor insurance are some of the available riders.
Notably, only term life insurance policies are available online; for anything else, you will need to connect with a State Farm agent.
#7.Northwestern Mutual – Best For Optional Riders
Setting up a comprehensive life insurance policy can be an effective method for managing stress, providing you with the peace of mind that your loved ones will be provided for in the event of your passing.
Northwestern Mutual is one of the leading life insurance companies, with a wide variety of policies that are eligible to pay dividends.
J. D. Power has ranked them third on this metric, based on their strong financial stability rating and high customer satisfaction.
Northwestern Mutual’s policy options and customizability are extensive, so you’ll need an agent to guide you through the various available options.
You can choose from whole, universal, variable, and term life insurance policies, as well as a long list of riders to extend your coverage.
These adaptable policy options are complemented by an easy-to-use online portal and mobile app for making basic payments while speaking with agents is simple to arrange.
Since its formation in the mid-nineteenth century, it has been paying dividends as a mutual insurance company.
Customers may receive the payment in cash, use it to pay premiums, or purchase additional coverage.
The majority of Northwestern Mutual policies require a medical exam, so those with a pre-existing condition may wish to consider alternative life insurance options.
#8.MassMutual – Best For Earning Dividends
MassMutual Life Insurance Company is another company that offers several policy options that do not require a medical exam or medical history from applicants.
MassMutual, also known as Massachusetts Mutual Life Insurance Co., is owned by its policyholders, who are eligible to receive dividends when the company performs well.
It also has an A++ financial strength rating and was awarded the 2022 Bankrate Award for best whole life insurance.
There is live agent support, free coverage for eligible low-income families, and a wide selection of riders, including thirteen whole-life insurance riders.
Online quotes are limited, and certain policies, such as their term and universal life insurance policies, require a medical exam.
MassMutual does offer fast-term life insurance, with instant approval for their direct-term online coverage provided certain conditions are met.
Customer satisfaction is reported to be high, and there have been few complaints filed, so you can sign up with confidence that you will receive a superior experience.
MassMutual also offers free term life insurance to frontline healthcare workers through their HealthBridge programme, which provides a $25,000 death benefit to health workers under the age of 50.
#9.Guardian – Best For No Medical Exams
Guardian life insurance offers a wide variety of policies, with term life, whole life, and universal life policies available to customers.
You can obtain up to $3 million in coverage without undergoing a medical exam, allowing your loved ones to purchase one of the most expensive cars in the world.
You can include dividends in your whole life insurance policy, which complements the distinct coverage options.
Guardian life insurance, founded in 1860, has earned its reputation as an industry leader, receiving the highest financial stability ratings from A.M. Best.
Using the website’s online calculator, you can compare premium quotes for various policy options, although purchasing life insurance requires the assistance of an agent.
Online account management is also available, and Guardian has a nationwide network of more than 3,000 financial advisors.
It is a comprehensive service that can accommodate a variety of insurance needs, budgets, and objectives, as well as provide relatively affordable packages for millennials.
Multiple no-medical-exam policy options are available, and if you are HIV-positive, they can accommodate your health condition and help you find a suitable policy.
#10.Mutual of Omaha – Best For Elderly People
Mutual of Omaha is a life insurance company that provides relatively affordable rates and customer ratings that are significantly higher than the industry average.
They offer whole life insurance policies that are similar to their standard options but do not require a medical exam.
As a result, Mutual of Omaha typically offers coverage amounts of less than £25,000. This makes them an excellent option for older individuals who want to help pay for their funeral expenses.
Mutual of Omaha offers some of the most competitive rates when compared to other providers of guaranteed whole life insurance.
The company has a high AM Best score for financial strength as well as a high JD Power score, and local agents are available to assist with policy setup.
With a digital app, an online portal, and a phone line that is open 24 hours a day, 7 days a week, you have instant access to their support.
Mutual of Omaha is a solid option for your final expense insurance needs, despite the company’s limited service compared to other life insurance providers and the inability to receive dividend payments.
Summary
This guide to the best available life insurance companies should assist you in selecting the best policy for your needs in conjunction with your financial advisor.
As the various policies, riders, and other features are subject to change, please revisit this article in the future for the most current information.
Here is a brief summary of the top 10 life insurance companies:
- Haven Life
- Bestow
- New York Life
- John Hancock
- Nationwide
- State Farm
- Northwestern Mutual
- MassMutual
- Guardian
- Mutual of Omaha
