We recommend products and services based on unbiased research from our editorial team. We make money via affiliate links, which means if you click a link on our site, we may earn a commission. Any commissions we receive do not affect our recommendations; if you want to know more about how that works, read more.
We looked at factors like financial strength, customer service, website functionality, coverage types and rider options to come up with our list of the best life insurance companies of 2020. The top picks include Northwestern Mutual, State Farm, USAA, Mutual of Omaha, New York Life, Principal Financial and MassMutual.
Life insurance is one of the best ways to protect your loved ones in the event of your death, whether you choose a term or whole life policy. It can also be part of your overall financial strategy. If you are unsure of how much life insurance you should get or how to get started on your own hunt for quality life insurance, our evaluation of the best life insurance companies may help you find the right one for you.
The 7 Best Life Insurance Companies
- Northwestern Mutual Life: Best Overall
- State Farm: Best Term Life Insurance
- USAA Life: Best for Military Families
- Mutual of Omaha: Best for Pre-Existing Conditions
- New York Life: Best for Seniors
- Principal Financial: Best for Affordability
- MassMutual: Best Whole Life Insurance
Compare Top Insurance Companies
| Company | Reviews.com Score | Customer Satisfaction | Financial Strength | Riders offered | Website | Coverage |
| Northwestern Mutual | 5/5 | 5/5 | 5/5 | 5/5 | 5/5 | 5/5 |
| State Farm | 5/5 | 5/5 | 5/5 | 5/5 | 5/5 | 5/5 |
| USAA | 4.6/5 | N/A | 5/5 | N/A | 4/5 | 5/5 |
| Mutual of Omaha | 4.2/5 | 4/5 | 5/5 | 2/5 | 5/5 | 5/5 |
| New York Life | 4.2/5 | 5/5 | 4/5 | 4/5 | 3/5 | 3/5 |
| Principal Financial | 3.8/5 | 4/5 | 5/5 | 2/5 | 5/5 | 5/5 |
| MassMutual | 3.6/5 | 3/5 | 5/5 | 4/5 | 4/5 | 5/5 |
Northwestern Mutual Life
Northwestern Mutual hits all the high marks with organizations that rank the best life insurance companies, such as AM Best and the National Association of Insurance Commissioners (NAIC).
Best Overall
Why we chose it
Why we chose it
Pros
- Top marks for customer satisfaction & High financial strength rating
- Easy conversion from term to whole life
- A+ rating with Better Business Bureau
- Broad range of dividend-generating products
Cons
- Dividends not guaranteed
- Must work with their financial advisors
Unique features
The major ranking companies all point to Northwestern as one of the top life insurance companies in the U.S. It offers term, whole and universal life policies at reasonable rates and with fantastic customer service.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on Northwestern Mutual Life:
- Northwestern Mutual Life Insurance Review
- Best Life Insurance Companies for Seniors
- Best Whole Life Insurance
State Farm
Most life insurance companies offer one term policy option with multiple whole life options, but State Farm provides flexibility and choice for both major types of policy.
Best Term Life Insurance
Why we chose it
Why we chose it
Pros
- Excellent customer service & High financial strength
- Informational and intuitive website
- Able to customize policies
- Discounts available for bundling with auto or homeowner insurance
Cons
- Not licensed in Massachusetts
- Premiums can be higher than average
- Changes must be made through an agent
Unique features
With its whole life coverage, you can choose from a range of payment plans and living benefit options to create a policy that reflects your needs.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on State Farm:
- State Farm Life Insurance Review
- Best Term Life Insurance Companies
- Best Homeowners Insurance Companies
USAA Life
USAA is one of the best insurance companies out there. The company offers top-quality customer service, reasonable prices and demonstrated financial strength to those who serve our country and their families — since it is only available to active or retired service members.
Best for Military Families
Why we chose it
Why we chose it
Pros
- Highest possible AM Best rating for financial strength
- Strong online community for military members
- Inexpensive policies; starting at $12 a month
- Coverage geared toward military needs
Cons
- Only available to former and current military and their families
- Quotes only available with military ID
- Few discounts if you bundle with auto or home
Unique features
USAA Life policies are optimized to meet the specific needs of active, deployed, and retired service members.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on USAA:
Mutual of Omaha
Mutual of Omaha has a long history of providing good life insurance terms. It offers whole life and universal life policies, along with children’s whole life and accidental death insurance.
Best for Pre-Existing Conditions
Why we chose it
Why we chose it
Pros
- Policies available for those who have had cancer or other serious illness
- Riders include children’s whole life and accidental death
- Informational website
- Online quote tool
Cons
- Not a lot of add-ons
- Policies not as customizable as others
- Guaranteed life policies have a maximum benefit of $25K
Unique features
Available for customers ages 45-85, your benefits are never reduced because of your age or health. Rates are higher for this type of policy, but if it works for you, that may not be an issue.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on Mutual of Omaha:
- Mutual of Omaha Life Insurance Review
- Best Cheap Life Insurance Companies
- Best Long-Term Care Insurance
New York Life
New York Life offers term, whole life, universal life and variable universal life policies. It also provides customers with long-term care, estate planning and other financial services.
Best for Seniors
Why we chose it
Why we chose it
Pros
- Flexible policies
- Good fiscal management
- AARP partnership
- Riders for accidental death, chronic care, and more
Cons
- Sparse website
- No online quote tool
- Hard to find answers to your questions
Unique features
One of the company’s unique factors is its long-standing partnership with the American Association of Retired Persons (AARP), through which it offers both term and whole life policies that don’t require a medical exam.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on New York Life:
- New York Life Insurance Review
- Best Term Life Insurance Companies in 2020
- Best Life Insurance Companies for Seniors
Principal Financial
In addition to term insurance, Principal Financial offers a broader-than-usual range of whole life policies: universal life, indexed universal life, variable universal life and survivorship, all at rates that are affordable for those looking for low-cost life insurance options.
Best for Affordability
Why we chose it
Why we chose it
Pros
- Reasonably priced premiums & flexible whole life policies
- Apply online easily
- Low NAIC complaint rate
- Partial tax-free surrender available for whole life policies
Cons
- No accidental death benefit
- No disability waiver of premium rider
- Known more for group than individual policies
Unique features
Principal’s low rates put it at the top of life insurance company reviews, so if saving money is your primary concern, it’s worth considering.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on Principal Financial:
- Principal Financial Life Insurance Review
- Best No-Medical-Exam Life Insurance Companies
- Best Life Insurance Companies for Seniors
- Best Cheap Life Insurance Companies
MassMutual Life
MassMutual offers some benefits, such as a good range of retirement and investment opportunities that make it a good choice if you want all your financial needs taken care of under one umbrella.
Best Whole Life Insurance
Why we chose it
Why we chose it
Pros
- Top financial ratings
- Healthbridge program for healthcare workers
- Direct term insurance available
- Long term care insurance can be bundled with life
Cons
- App doesn’t work well
- Average J.D. Power customer service score
- Few policy add-ons
Unique features
The company’s direct term policy is an option for those with health issues: it’s available for anyone up to age 64 and doesn’t require a medical exam.
*J.D. Power 2019 U.S. Life Insurance Study, based on a 1,000-point scale
Further Reading on MassMutual Life:
Further Reading on Life Insurance
- Types of Life Insurance Policies
- Is employer-provided life insurance enough?
- Life insurance misconceptions
- Life insurance tax guide
- Life insurance for children
- Guide to life insurance with pre-existing conditions
Life Insurance FAQ
What is the best life insurance company?
There’s no one “best” life insurance company, the best one for you will depend on you and your family’s needs and circumstances. All the companies on our list feature great customer service, financial stability, and flexible policy options — any one of them could be the best option for you.
Who has the best life insurance policy?
The best life insurance policy for you depends on your circumstances and what you hope to get out of the policy. Your financial advisor or a good insurance agent can help you figure out what policy is best for you.
Which one is better, term or whole life insurance?
Term insurance is a good option for many people, especially those with young families that will eventually outgrow the need for life insurance support. But whole life may be a better option if you want to have the security of a life-long policy and the chance to have your premiums provide investment income in the future.
How do I choose the best life insurance policy?
Our list of the best life insurance companies is a good place to start. Read our life insurance shopping guide and start gathering quotes from a range of our top-rated companies.
What are the best insurance companies?
Although there are hundreds of life insurance companies, we found the best seven to be Northwestern Mutual, Mutual of Omaha, Principal Financial, MassMutual, State Farm, New York Life, and USAA. Any of these can help you build a policy that works best for your unique circumstances.
Methodology
Reviews.com scores products, services and companies using five quantifiable criteria to help readers choose the best one for them. For the life insurance companies, our editorial team compared financial strength, number of riders offered, coverage options, customer satisfaction scores and website functionality from each company to produce our very own Reviews.com score. These ratings were evaluated with you, our readers, in mind, and are meant to be a helpful tool to simplify the process of choosing which life insurance company is best for you. Since life insurance rates vary widely among different profiles, we encourage you to continue researching options that fit your specific needs.
About the Authors
Mary Van Keuren has been covering auto and home insurance for Reviews.com for nearly five years, and has published numerous reviews of state-specific insurance trends and how to find the best insurance deals for your money. She earned B.S. and M.A. degrees from Nazareth College in Rochester, N.Y. and has been writing professionally, both in print and online, for 30+ years.
