The Best Life Insurance Companies
Insurance is an important way to protect yourself from life’s biggest uncertainties, but it becomes even more vital when you’re protecting your loved ones. The best life insurance companies provide peace of mind for you and your family with reliable coverage and affordable premiums.
To help you find those companies, we started with a list of the largest life insurance providers and weeded out any that didn’t hit our high bar for consideration. Five companies not only met our standards, but stood out above the rest.
The Best Life Insurance Companies – 2020
- Northwestern Mutual – Best for Whole Life Insurance
- State Farm – Best for Term Life Insurance
- Nationwide – Best for Online Resources
- New York Life – Best for Seniors
- Mutual of Omaha – Best for Smokers
How to Find the Right Life Insurance Company for You
First you’ll need to answer the question: Do I need life insurance? As a rule of thumb, life insurance is necessary when there are others that depend on your income, but there may be circumstances where you would still benefit from coverage.
When you’re searching for the right company, it’s helpful to have an idea of what type of life insurance you’re looking for, so we created a detailed guide to the different types of life insurance to help you choose which is best for you. While it is valuable to be aware of the pros and cons of your options, you may also want to speak with an agent who can offer you tailored advice.
Once you have a good idea of the type of insurance you’ll be looking for, this can help you narrow down your search for the right insurer. Certain companies may have a reputation for excellence in one type over another, or for coverage for people with certain health conditions.
Carrier Deep Dives
Northwestern Mutual – Best for Whole Life Insurance
Reviews.com Score: 4.9/5
Northwestern Mutual stands out as a top pick for whole life insurance for many reasons including a wide variety of riders and flexible benefit levels, which can help you customize your coverage, as well as strong dividends. It’s also an insurer that you can rely on to remain stable for years to come, with stellar financial strength rivaled only by New York Life.
Unlike other providers, Northwestern Mutual doesn’t give the option to receive a quote online, but this isn’t necessarily a bad thing. Talking to an adviser or agent could provide valuable tailored advice, especially if you’re interested in a more complex product like whole life insurance.
State Farm – Best for Term Life Insurance
Reviews.com Score: 4.8/5
State Farm is a strong option for most people, with customizable options, high performance on the 2019 J.D. Power Life Insurance Study, and far below the average number of NAIC complaints. With a range of term coverage types and extension availability, State Farm provides flexibility in its term life insurance that can be harder to find with other providers without compromising on solid financial strength. If you’re primarily looking to shop for life insurance online, State Farm is a great option with its online quote tool.
Nationwide – Best for Online Resources
Reviews.com Score: 4.5/5
Out of all our top picks, Nationwide impressed us the most with its broad online library of resources specific to life insurance. Along with an estimator tool that allows you to get your term life insurance quote in a matter of minutes, Nationwide’s website gives you access to interactive information that can help you research the insurance that’s right for you, and easy to navigate policy management. While it was one of the top companies on customer satisfaction studies, slightly lower financial strength ratings pulled its overall Reviews.com score down.
New York Life – Best for Seniors
Reviews.com Score: 4.4./5
New York Life topped our list of Best Life Insurance Companies for Seniors thanks to its benefit flexibility and AARP partnership. Its AARP partnership allows it to provide access to group life insurance policies for retirees, an option that can help seniors get affordable coverage. New York Life also offers a wide range of policy death benefits which could appeal not only to seniors, but to anyone looking for a lower entry-point to life insurance.
Mutual of Omaha – Best for Smokers
Highly rated customer service
Easy policy management
Lenient medical exam requirements
Not the most affordable option
Limited policy information online
Reviews.com Score: 4.25/5
When we looked at the Best Cheap Life Insurance Companies, Mutual of Omaha was one of the most affordable overall for smokers, second only to Pacific Life. But Mutual of Omaha outperforms Pacfic Life when it comes both to customer satisfaction and financial strength, making it a good place for smokers to request a quote. For anyone interested in learning more about its coverage options, Mutual of Omaha even offers an online quote tool for qualifying whole and term life insurance policies.
Reviews.com Best Life Insurance Methodology
To find the best life insurance companies, we started with a list of over 40 of the largest insurers in the U.S. Then, we narrowed the field by setting high standards to be considered for our top picks.
Insurers had to offer individual life insurance policies (meaning you’d be able to buy a policy on your own, not as part of a group), have high financial strength, and strong customer satisfaction and track record, measured by J.D. Power and the NAIC. Twelve companies passed this test.
Once we had this list of the top contenders, we gave each company a score to see how they stacked up. Here’s how we calculated our scores: