Best Life Insurance Companies 2023
Way.com: Find the Best Life Insurance Company
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Way.com: Find the Best Life Insurance Company
No Medical Exams
100% Online
Get estimates in seconds
4.9/5 Rating on the App Store
Key Takeaways
Including a life insurance policy in your overall financial strategy is essential. Therefore, you need to shop around for the best life insurance policy to have a sound financial plan. Nevertheless, selecting the appropriate life insurance policy can appear daunting given the wide variety of policies, providers, and coverage options currently on the market.
Here we look in detail at the best life insurance companies in the USA, both term and whole life insurance companies.
Life insurance costs depend on several factors, including age, gender, health, smoking status, and the amount of coverage you need. To get an accurate estimate of the cost of an insurance policy, you can use their online quote tool or speak with a licensed agent.
However, the cost of life insurance can vary widely depending on the individual's circumstances. Here is a quick look at the best life insurance companies offering different insurance policies and fewer NAIC complaints.
| Company | Insurance | Annual Cost | AM Best Rating | Average Monthly Cost | |
|---|---|---|---|---|---|
| Female | Male | ||||
| MassMutual | Term, whole, universal, and variable universal. | $244 | A++ | $73 | $93 |
| Haven Life | Term | $336 | A++ | $87 | $96 |
| Guardian Life | Term, Whole, Universal | $281 | A++ | $63 | $71 |
| Northwestern Mutual | Term, whole, universal, and variable universal. | $387 | A++ | N/A | N/A |
| New York Life | Term, whole, universal, and variable universal. | $339 | A++ | N/A | N/A |
| Pacific Life | Term, whole, universal, and indexed universal. | $246 | A+ | N/A | N/A |
| State Farm | Term, whole and universal | $492 | A++ | $60 | $76 |
| USAA | Term, whole and universal | $384 | $81 | $91 | |
With exceptional financial strength and fewer NAIC complaints, MassMutual offers a variety of whole, universal, and variable life insurance plans. It can be a great option if you are not looking for add-ons. In addition, you can also convert the term policies to their permanent policies.
| Pros | Cons |
|---|---|
| Financial stability | Fewer add-on benefits |
| Customer satisfaction | Cannot make payments using credit cards |
| Fewer complaints | |
| Conversion for a term policy | |
| Insurance calculator available | |
| You can purchase the policy online |
Haven Life is the best choice if you want to buy a life insurance policy online and have a stress-free experience doing so. In addition, enrolling in term life insurance policies can be finished online. If, on the other hand, you are interested in converting term insurance into permanent insurance, Haven Life is probably not an option for you.
| Pros | Cons |
|---|---|
| Offers both term and no-exam policy | Options to convert policies are not available. |
| Availability of additional financial services | |
| Fewer NAIC complaints |
In addition to selling term, whole, and universal policies, Guardian offers individualized protection plans for people living with HIV. Term and permanent insurance policies are available.
| Pros | Cons |
|---|---|
| Fewer complaints | The website has fewer features |
| Unique coverage options | |
| Coverage option for HIV patients. |
Northwestern Mutual is akin to the idea of tailoring insurance policies. To put it another way, they offer a wide variety of insurance add-ons that you can choose from to customize your coverage to meet your requirements. In addition, the company provides its policyholders with the opportunity to receive dividends. However, it is possible that you will not be able to get the quotes through the website; in this case, you will need to work with an agent.
| Pros | Cons |
|---|---|
| Good customer satisfaction | Less riders for term life insurance |
| Can earn dividends | The website doesn't give information about the coverage amount. |
| Coverage options are customizable |
This is a great choice for those looking for whole-life insurance policies. Therefore, New York Life is considered a reliable whole life insurance provider. In addition to this, they provide versatile premium payment options as well as adaptable death benefits. However, you will need an agent's assistance because it is impossible to get quotes online.
| Pros | Cons |
|---|---|
| Good whole life insurance options | Medical exam for all policies |
| Insurance riders are available | Only lower death benefits are available. |
| High customer rating | Cannot apply with a pre-existing medical condition |
| Flexible payment options |
Pacific Life insurance provider offers term, permanent, and no-exam policies. If your choice of life insurance is to treat it as an asset, then Pacific Life offers policies for indexed universal life insurance policies.
| Pros | Cons |
|---|---|
| Fewer complaints | Unavailability of online quotes |
| High customer satisfaction | Some policies are unavailable in New York. |
| Options for indexed universal policy |
If you are looking for a business that excels in customer service, then State Farm is the right choice. They have an excellent rating from AM Best and maintain a healthy financial position. However, when you apply for a policy with State Farm, submitting a medical exam is mandatory as part of the application process.
| Pros | Cons |
|---|---|
| Flexible policy options | Online purchase is not available |
| Can earn dividends | Not available in Massachusetts. |
| Variety in term policy options |
USSA puts a primary emphasis on providing policies for military members, both active and veterans, even though anyone can purchase them. Options like severe injury payment are available for those in the military. On the other hand, it's possible that you won't be able to buy the policies through the website. However, New York and Montana residents do not have access to all their coverage options.
| Pros | Cons |
|---|---|
| Fewer complaints | Exclusive perks only for military members |
| Suitable for military members | Not available for online purchase |
| Severe injury payments | Some coverages are unavailable in New York and Montana. |
| No exam coverage is limited |
Evaluate your family's needs and financial situation. Following this, think about your current and future costs, including your debts, education costs, mortgage payments, and the income you'd like to replace in the event of your death. The right policy and level of coverage must be chosen based on the results of this assessment.
Usually, your insurance needs include how long you want the policy to last, how much you can put into it each month, and what kind of return you expect.
The classic and most important types of life insurance policies are term and permanent life insurance policies. However, while planning for a life insurance policy, you must broaden your choices by educating yourself on the various types of life insurance that are available. For instance, the cash value component is an option with universal and whole life insurance. It is useful for policyholders who view their insurance as an investment with potential value growth.
Settle on a type of policy, doing some research to compare prices and policies from various insurers will shed light on the current market trend. It's important to consider the provider's financial health, the number of complaints received, and the frequency with which claims are paid. In addition, read the terms of every policy carefully.
Contact an insurance agent who can help you through the process if you find it too much to handle alone. You will also receive tailored advice that is designed to assist you in selecting the most appropriate life insurance policy for your needs.
Therefore, your choice of the insurance company and the kind of policy must not just depend on the premium rates. You must Look at customer satisfaction scores, consider the company's financial strength, evaluate the policy options, and get prices from the companies you have shortlisted.
You can also choose policies that don't require a medical exam, such as accelerated underwriting, simplified issue, and guaranteed issue. But these policies can be expensive. Furthermore, when filling out the forms for the policy, you should be sure to give accurate information. If you don't, any differences in the information can cause claims to be denied.
The life insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
The most popular insurance companies in the US can vary depending on the type of insurance. In other words, popularity can be subjective and depend on customer satisfaction, pricing, and coverage options.
For example, companies in the US like State Farm, Progressive, Allstate, and Liberty Mutual are popular auto insurance and home insurance companies.
Life insurance companies ask if you have other insurance to figure out how much coverage you can get and determine your overall risk level. Having other types of insurance can change how much coverage you need and how likely your life insurance policy will pay out.
For example, if you already have a significant amount of coverage from another life insurance policy, it may mean you don't need as much coverage from a new one. On the other hand, if you don't have any other insurance, you may need a higher amount of coverage to ensure that your family can pay their bills if you die.
Similarly, life insurance companies want to make sure you don't have too much coverage, which could lead to fraud. If you bought multiple life insurance policies with a total value higher than what you were worth, it could be seen as making money off your death, which is against the law. Because of this, life insurance companies may ask if you have other policies to make sure that the coverage you want is right and fair.
Life insurance companies may carry liability insurance to protect against claims made against them by policyholders or other third parties. They may also carry property insurance to protect their physical assets, such as buildings and equipment. Additionally, life insurance companies may carry insurance to protect against financial losses due to fraud, theft, or other criminal activity.
The state insurance departments in the US set capitalization, solvency, and other financial requirements for life insurance companies. These rules ensure life insurers have enough money to pay policyholders.
Underwriters are the professionals responsible for assessing the risk associated with a life insurance policy and determining the terms and conditions of coverage. Underwriters are employed by insurance companies and are responsible for evaluating applications for life insurance policies.
Buying a secure life insurance policy can be important to ensuring your family's financial security during your death. This is possible by assessing your needs, understanding the policy, comparing the quotes, and updating it regularly.
Access your digital insurance card through the app. You no longer need to carry your physical insurance card with you.
Receive reminders before your renewal. Way.com will also send new quotes from up to 45 insurance companies with your renewal reminder.
Keep everyone on your policy up to date by sharing your insurance information.
Make changes to your policy right from the app (coming soon) and ask for expert advice.
For the best user experience, please download our Way app.
or
