The 10 Best Life Insurance Companies in the United
States in 2023
When shopping for life insurance, you may be more concerned with the policy than with the insurance company. But choosing the best life insurance company for your needs is just as important as choosing the right policy.
The best life insurance companies are affordable, have strong financial stability, are highly rated by consumer and financial institutions, guarantee they will pay death benefits , and provide the features and services you need to build a financial safety net.
Key takeaway : The best life insurance company will depend on the life insurance product you want to purchase. Every life insurance company has its strengths and weaknesses.
Searching for The Best Life Insurance Company could take you countless hours searching for financial strength ratings , customer service ratings and reviews , and comparing thousands of prices .
We know because we have done it for you.
After reviewing more than 100 of the top life insurance companies in the US, these are the results.
The best life insurance companies in the USA change every year.
Life insurance comes in a wide variety of plans and coverage depending on your needs, physical health, and financial situation. Because of this, the best life insurance company for your situation can be difficult to identify without first doing comparison shopping.
Today you will learn how to rate life insurance companies. Below, we will show you the best life insurance companies in the United States for the year 2023.
We’ve researched dozens of companies, and you won’t find a better list.
FIRST, The Best Overall Life Insurance Companies!
When selecting a life insurance policy, you should ensure that you are getting coverage that is competitively priced and also offered by a life insurance company with a strong financial position and reputable customer service and claims handling.
To make things easier for you, we’ve ranked the best life insurance companies, taking into account each insurer’s financial standing with credit bureaus like AM Best, customer service and claims ratings with JD Power, and how much you’re paying for coverage.
The table below breaks down the top insurers with their respective AM Best ratings, JD Power ratings, and Myfinancialservicesca Full Scale Company ratings.
Insurance carrier
Insurance carrier
Insurance carrier
Although these ratings are important when choosing a life insurance company to trust to protect your family, the coverage you’ll actually get will vary based on your individual circumstance. Life insurance companies take a comprehensive look at each application, evaluating your medical history, family history, career, and more.
You’re not sure where to start? We’ve done some of the heavy lifting for you. See our reviews of the best life insurance companies for each individual situation:
The Best Companies for Term Life Insurance
Term life insurance lasts for a set number of years, known as the term. If you die during the term, your beneficiaries will receive the death benefit from the policy.
For most people, the best term life insurance company is the most affordable. Below are sample quotes for a able-bodied man applying for a $750,000 20-year term life insurance policy at ages 25, 35, and 45.
LIFE INSURANCE COMPANY
25 YEARS
35 YEARS
45 YEARS
$26.11
$29.18
$68.79
$26.14
$31.55
$67.43
$25.79
$30.17
$67.65
$29.10
$34.35
$83.57
The Best Companies for Permanent Life Insurance
Whole life insurance and universal life insurance is a type of permanent life insurance. It does not expire, and it has an investment-style cash value, which is a tax-deferred savings component that grows over time at a rate specified by your policy and insurer.
For Whole Life Insurance
It can be a good option for people with complex financial situations, so you need to know how to choose the best company and policy.
- Indexed universal life insurance can be good for someone looking to maximize their savings or retirement. (We typically only recommend cash value life insurance policies for savings or retirement purposes once you’ve maxed out all of your other retirement vehicles)
- Guaranteed universal life insurance may be suitable for someone just looking for a permanent policy without the cash-building part. These types of policies are perfect for someone looking to guarantee their policy for more than 20 or 30 years.
Know Whole Life Insurance is More Expensive
It is important to note that a whole life policy is4 to 15 times more expensive than a term life policy, so make sure whole life insurance fits your budget.
The chart below is based on a man living in a CA on a Preferred Plus rate
As you can see, whole life insurance costs significantly more for the same amount of coverage compared to term life insurance.
TOP 10 LIFE INSURANCE COMPANIES IN THE UNITED STATES
- Protective Life
- AIG
- Banner Life
- American National
- prudential
- Foresters Finance
- National Life Group
- Mutual of Omaha
- Sagicor
- North American
How can you be so sure of choosing the best US life insurance company for you and your family?
Just because they are highly rated insurers with a strong brand name, how can you be so sure that it really is the best life insurance policy for you?
We will try to help you make your decision (or at least simplify it) so that you only find yourself working with the best life insurance providers in the United States.
1. PROTECTIVE LIFE
Taking a big leap onto our list of the best life insurance companies in America at number one is Protective, a company many have yet to hear of. Despite this, they have a dominant position in more than one sector of the life insurance industry.
For more than a century, Protective Life has lived up to its name protecting homes and businesses throughout the United States. With more than 5 subsidiaries, an international presence, four separate “A” ratings and a large number of policyholders, Protective is making itself felt for the first time in a big way.
You will have your choice of variable universal or universal term life insurance, where Protective is extremely competitive in its pricing. Especially with its universal products, Protective is one of the few companies that offers permanent insurance for all levels of fully underwritten life insurance.
If you’re considering permanent coverage, such as for estate planning, Protective should be among your top considerations.
2. AIG – AMERICAN GENERAL
American General, also called AIG for short, is a highly reputable company, with “A” grades or better across the board and a century-old name behind the ratings.
With a strong presence in the market, they have an exceptionally wide range of universal and indexed products . While we love the variety, they can be a bit complex for the average person , so we highly recommend working with a knowledgeable agent before buying.
Subscription is very fair, although it can take a bit of time, and you can expect a very fair price from AIG. They have risen to our top 10 this year due to product selection, financial strength and prices that rival the elites.
3. BANNER LIFE
If you simply want the most affordable term life insurance coverage, Banner Life is the company for you.
They’re not that great when it comes to speed compared to some of the instant issue products on the market, more than make up for it in lower cost term life insurance coverage. Some of the cheapest on the market!
Banner’s products also come with a variety of additional benefits, convertibility options, and a sub-standard subscription style that’s second to none. If you’re part of the 95% of the world that isn’t in perfect health, you probably won’t find a more affordable term life insurance policy than with Banner.
4. AMERICAN NATIONAL (ANICO)
American National is a highly rated company, earning excellent ratings from AM Best and Standard & Poor’s, two of the most reputable rating agencies in the United States.
With an “A” from both, this represents ANICO as financially sound, paying its claims, and having a positive outlook for years to come. What really helps set them apart is their robust life benefits that come included with their life insurance policies at no additional cost.
American National has a wide range of products to help meet the different needs of every American. This helps make American National a one stop shop for many.
5. PRUDENTIAL (PRUCUS)
Prudential is a household name , and their dominance of the industry and niche underwriting has pushed them even higher on our top 10 list this year.
Extremely successful in several smaller areas of life insurance, Prudential has also leveraged its brand name to become a leader in the life insurance industry as a whole.
This 140-year-old financial institution is a top-tier insurer, rated “A” or better by all rating agencies. In competition with MetLife for the most life insurance sold, Prudential took home the highest net premium, exceeding $13 billion.
Although they do not offer a whole life insurance policy, Prudential does have term, universal, universal, and index life insurance to round out their product portfolio. Non-life insurance options include accident, critical illness, disability, and more.
And on top of all this, Prudential has an exceptional subscription for smokers .
6. FORESTERS FINANCIAL
When you think of life insurance, Foresters may not be the company that comes to mind first.
However, if you’ve really delved into the world of life insurance for some of the best products in certain niches, you’ve no doubt seen this company’s brand name.
Foresters is unlike any other company you can buy your life insurance from, at least in the United States. Started in 1834, they have a storied beginning that dates back possibly beyond that of any other life insurance company.
Today, Foresters continues its nonprofit structure, serving members, their families, and friends . They have a number of financial service programs to assist, including offering life insurance to their members and the community alike. From person-to-person participation to direct scholarships, Foresters strives to always help people.
While they may not be right for your average situation, Foresters life insurance products fit quite a few areas, no-exam term life, comprehensive US life insurance , and final expense coverage for seniors.
7. NATIONAL LIFE GROUP
National Life has been around for more than 170 years and is a leader in the financial and insurance industry. The type of coverage you are looking for will determine whether or not you should go with them. If you are looking for a term life insurance policy, they are not competitive.
However, if you need universal life insurance, I suggest you get a quote from them and compare the rates to the rest. I like the Lifetime Income Benefit Rider (LIBR) which allows you to banish the fear of living too long by providing you with a tax-free retirement income for the rest of your life. (Who says I have to die to use my life insurance benefit?)
Lastly, life insurance is not a one-size-fits-all puzzle. Don’t tackle this yourself, because you won’t save money doing it. Life insurance prices are set by law. The rates you get are based on the subscription decision and not if you find a “good deal online”.
Use the form on the right hand side to run the appointments yourself.
8. MUTUAL OF OMAHA
Mutual of Omaha is one of the largest life insurance companies in the United States, and has been for a long time. Started 106 years ago in 1909, Mutual of Omaha was named the Mutual Benefit Health & Accident Association. They have secured an “A+” from AM Best, an “A1” from Moody’s, and finally an “AA-” from Standard & Poor’s.
Choosing Mutual of Omaha as your life insurance provider offers you a good variety of life insurance products, including
- term life insurance
- universal life insurance
- universal index insurance
- whole life insurance
Their Mutual of Omaha (United of Omaha) Whole Life / Burial Insurance coverage product is very competitive and one of the “best” if not the best in the industry for people looking to cover final expenses or expenses. burial costs. And while your term life insurance isn’t the cheapest, you can complete your portfolio in one place if you choose to have your life insurance from one provider.
With over 100 years in business, multiple lines of coverage, and a national presence, they can complement your high-performance products.
9. SAGICORE LIFE
Sagicor Life is at the top of the list for one of America’s oldest life insurance companies , Sagicor Life Insurance Company is part of Sagicor Financial Corporation, which was originally founded outside of the United States.
It has been rated “A-” by AM Best, one of the leading credit rating agencies, meaning it is in the top quartile of all companies rated by them.
While you may not have heard of the name, they are one of the best companies that focus on fast underwriting, expedited approval processes, and very competitive rates. Sagicor Life is among the best life insurance companies in America this year for no-exam life insurance, year after year.
If you want reliable or universal term life insurance without a medical exam , Sagicor is a very good option and should be high on your review list.
10. NORTH AMERICAN
- See our list of no-exam life insurers if you prefer not to take the medical exam.
- If you’re over 60, check out our list of senior life insurance companies .
- Check out our list of funeral insurance companies if you need final expense life insurance.
We know life insurance is a bit of a daunting purchase, life insurance really can be one of the most important financial decisions you’ll ever make. It is a key component of a complete financial plan and protects your family in the event of loss , both financial and emotional.
Life insurance is the best tool to protect a person’s lifetime earning potential. This is especially the case when a member of your household is the primary provider. The loss of such a person could mean a significant loss of income.
Worse yet, it could mean accumulating debt if you’re not prepared.
These are just a few of the reasons why making sure you have coverage can be so important. But we also know that all coverage options are not the same. A family could have completely different needs or be experiencing completely different situations.
For this reason, we wanted to break down a few companies that specialize in a few situations or products , in case you couldn’t find a product that’s right for you in the list above.
Companies that did not make the top 10 this year:
- See our list of no-exam life insurers if you prefer not to take the medical exam.
- If you’re over 60, check out our list of senior life insurance companies .
- Check out our list of funeral insurance companies if you need final expense life insurance.
We know life insurance is a bit of a daunting purchase, life insurance really can be one of the most important financial decisions you’ll ever make. It is a key component of a complete financial plan and protects your family in the event of loss , both financial and emotional.
Life insurance is the best tool to protect a person’s lifetime earning potential. This is especially the case when a member of your household is the primary provider. The loss of such a person could mean a significant loss of income.
Worse yet, it could mean accumulating debt if you’re not prepared.
These are just a few of the reasons why making sure you have coverage can be so important. But we also know that all coverage options are not the same. A family could have completely different needs or be experiencing completely different situations.
For this reason, we wanted to break down a few companies that specialize in a few situations or products , in case you couldn’t find a product that’s right for you in the list above.
THE BEST LIFE INSURANCE COMPANIES BY CATEGORY OR TYPE OF PRODUCT
As you assess your individual needs, the type of life insurance you need may be different than the next person. There are several hundred life insurance companies available in the US, some local and some national.
Since no provider has the best product across all categories, we found it necessary to make the distinction for each specific area of life insurance. Although these are not the only insurers for each type or category of product, they are the ones with the clearest advantages.
In order to have earned the honor of being the best operator for any category, more emphasis was placed on the product, the price and the additional benefits provided by the company itself, which would improve the overall experience when buying from them.
A product’s utility, its added benefits, convertibility (where applicable), and its availability to various demographics were heavily weighted.
Here are our picks for each area:
The Best Company for Term Life Insurance
Without a doubt in our minds, one of the best term life insurance companies this year is Protective Life, exemplifying what consumers want in affordable term insurance: simplicity, wide availability and superior pricing.
Protective Life has some of the most affordable term life insurance products on the market and includes great riders and convertibility for those looking to add a little oomph to their policy.
When getting a life insurance quote for any long-term product, from 10 years to 30, make sure Protective Life Insurance Company is among your inquiries. If you need help getting quotes from Protective Life, we can help.
HONORABLE MENTIONS:
- banner
- AIG
The Best Company for Guaranteed Universal Life Insurance
Our top universal life carrier this year goes to AIG Life, which houses the most comprehensive range of universal life at virtually unbeatable prices.
With perhaps the most highly customizable universal product, anyone looking for the cheapest possible solution for permanent coverage should look no further than AIG . When you apply for a universal policy with AIG, you can specify the age you want to extend coverage to, which ranges from 90 to 121.
Universal life insurance is best for those who want permanent coverage but want lower premiums (and slightly fewer guarantees) than a true whole life product.
HONORABLE MENTIONS:
- Protective
- American National
The Best Company for Whole Life Insurance
Best Life Insurance Company in the US and Overall for last year, Foresters Financial ranks number one for any consumer looking for top-notch Whole Life and Survivorship Life Insurance.
The most important considerations that were taken into account were security, guarantees and growth, since they are the pillars of any company that seeks to establish itself as the best life insurance company.
Among other things, a good selection of perks, term conversion credits, and dividends make these products second to none. If you’re looking to link your retirement to the same company as your life insurance , Foresters Financial has you covered with a full suite of options.
HONORABLE MENTIONS:
- Northwestern Mutual
- new york life
The Best Company for Funeral Insurance
Burial Insurance Option, the leading burial life insurance carrier, falls to Mutual of Omaha and its tier permanent coverage options.
Although there were close competitors due to the need to compare all burial insurance subtypes (level death benefit, graduated death benefit, guaranteed acceptance), Mutual of Omaha stood out with superior availability to a broader demographic, a simple underwriting and fast.
Their products have many long-term warranties, and the company behind the product is strong and stable. Feel confident purchasing the last burial insurance policy you’ll ever need from Mutual of Omaha’s product line.
HONORABLE MENTIONS:
- Liberty Bankers Life
- Sentinel Security Life
The Best Company for Life Insurance without a Medical Exam
If there was a category in which the leader was furthest apart from the pack, it’s our winner for Best Non-Exam Life Insurance Company this year, Sagicor.
The evolution in affordable, no-exam coverage is dominated by Sagicor, which takes top honors in virtually every aspect, including variety, types of coverage and everyone’s favorite price. Plus, his prowess includes some of the fastest issuance coverage in the industry.
The greater degree of separation between Sagicor and its closest competitor in this space, Haven Life, offers a broader range of products as well as qualifications. This is the key for those who are not in impeccable shape, or who want something more than term.
HONORABLE MENTIONS:
- foresters
- Fidelity Life
The Best Company for Life Insurance with Living Benefits
Life insurance with living benefits is becoming more popular by the day, there is no doubt that more and more life insurance companies are adding these benefits to their products.
American National currently ranks first in this category because of the fantastic life benefits rider (they call it the Accelerated Benefits Rider or ABR), plus one of the easiest underwriting processes of any top-rated life insurance company. .
You can take advantage of ABRs for chronic conditions if you are unable to perform two of the six activities of daily living. These are bathing, continence, dressing, eating, toileting, and transferring. American National also classifies severe cognitive impairment (such as Alzheimer’s), a chronic disease that qualifies for these benefits.
HONORABLE MENTIONS:
- merits
- foresters
- National Life Group
The best company for people with pre-existing health problems
Not everyone is perfectly healthy, and for those looking for affordable higher-risk coverage, Prudential is easily the best option and has been for a while.
Prudential, the most aggressive and coverage-liberal insurer in the industry, has unusually relaxed guidelines in the more progressive areas of life insurance. Where some carriers won’t even try to go, Prudential offers traditional coverage with little reserve.
If you have a medical condition or other type of disability, consider looking into life insurance from Prudential. The subscription may take a little longer and be more complete, but you will save on premiums.
HONORABLE MENTIONS:
- john hancock
- Banner Life
- AIG
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