Unexpected events can happen at any time, leaving your loved ones devastated and in debt. This is why you should check out our list of the top 6 life insurance companies and learn how they can provide financial protection for your family if you pass away.
With the right insurance policy, you’ll ensure that the people you leave behind can cover the costs of your medical bills, funeral, and any of your remaining debts. What’s more, they’ll have enough money until they manage to get back on their feet. All this is a good enough reason why getting life insurance is worth your money.
Keep reading to learn more about the types of life insurance and the agencies that offer the best policies on the market and learn why getting life insurance is worth your money.
Best Life Insurance Companies
Northwestern Mutual
Northwestern Mutual is among the oldest companies that offer financial services and life insurance policies in the US. The organization was founded in 1857, and today it offers a Whole, Universal, Variable Universal, and Term life insurance policies.
Key Features
- Industry-leading coverage
- Premiums that don’t increase
- Guaranteed payout
- Tax advantages
New York Life
New York Life was founded in 1845 and is one of the largest whole life insurance companies in the US. Nevertheless, New York Life offers several other types of life insurance to keep your loved ones covered on all occasions.
Key Features
- Short and long-term protection
- Cash value
- Flexible protection
- Market-based growth potential
Transamerica
Transamerica started off as a bank in 1928 but soon expanded its portfolio and included several financial services together with life insurance policies. It has over 11 million customers across the US.
Key Features
- Death benefit protection
- Life expense coverage
- Guaranteed level premiums
- Cash value
Prudential
Prudent is among the top 10 life insurance companies when it comes to life insurance policies. Its services are available in the US, Asia, Europe, and Latin America. The company has been around for over 145 years and supports individuals, institutions, advisors, and employers.
Key Features
- Term insurance at set price
- Death benefit
- Convertible policies
- Cash value growth
Bestow
Bestow creates excellent life insurance products at affordable prices. It is among the best term life insurance companies in the US. The application is 100% online without the need for a medical exam.
Key Features
- Up to $1 million in coverage
- 10–30 year terms
- Eligible ages are 18 to 60
- Free quote
Guardian Life
Guardian has been in the industry for over 160 years, helping life insurance policyholders secure financial protection of their loved ones should they pass away. Apart from life insurance, the company offers disability policies, dental insurance, and other benefits to over 29 million customers.
Key Features
- Different types of life insurance policies
- Lifetime coverage
- Income tax-free death benefit
- Online quoting tool
List of the Best Life Insurance Company Sites — Reviews 2022
Northwestern Mutual
Essential Features
- Industry-leading coverage
- Premiums that don’t increase
- Guaranteed payout
- Tax advantages
Additional Features
- Flexible funds
- Customizable plans
- Possible dividends
- Life insurance calculator
Overview
Northwestern Mutual was ranked as the No. 1 life insurance company in 2020 and the world’s most admired company in 2021. Besides life insurance policies, Northwestern offers retirement planning and investment solutions.
Types of Life Insurance Policies
Being among the top life insurance companies, Northwestern offers four types of life insurance policies:
- Whole life insurance
- Universal life insurance
- Term life insurance
If you’re interested in the price of your life insurance policy, you can start by using the calculator on the website. Fill in the details about your family, location, gender, age, annual income, and other crucial factors.
Once you’re done entering the information, you’ll get an estimate of the coverage you need to replace your income, cover leftover debts, and pay final expenses.
Main Features of Different Policies
There are four life insurance policies at Northwest, some of them being the best life insurance for seniors.
Whole life insurance has premiums that never increase, guaranteed payout, flexible funds, and tax advantages. This type of life insurance policy has benefits you can use while you’re alive, and it builds cash over time.
Universal life insurance includes flexible death benefits, flexible premiums, and cash value. This policy gives you lifelong protection and cash value to use at any time, plus flexible policies.
Term life insurance is highly affordable, not tied to a work plan, and flexible. This policy is effective for only a certain amount of time.
Variable life insurance policy gives you more flexibility when it comes to premiums and death benefits. This policy is a type of universal life insurance.
Customer Support
Being on the list of the best life insurance companies that pay out, Northwestern has an average customer rating, but the latest reviews are negative. People complained about issues with their accounts and the inability to cancel the policies. If you have any issues, visit the Contact Us page to find the support phone number.
Our Verdict
Based on what we saw on the official website, we’d definitely recommend Northwestern Mutual. However, some customer complaints show that this company should reconsider its approach to customers. To prevent possible issues, ask the agent to be completely transparent about the best life insurance policy for adults.
New York Life
Essential Features
- Short and long-term protection
- Cash value
- Flexible protection
- Market-based growth potential
Additional Features
- Various coverage types
- Different types of premiums
- Income tax-free benefit
- Customizable policies
Overview
New York Life offers a variety of financial products to its customers, including life insurance policies. The company has over $300 billion in asset management, and as a mutual company, it responds only to its clients. Individual rating agencies rate New York Life with the highest ratings when it comes to life insurance.
Types of Life Insurance Policies
New York Life is on the list of the best life insurance companies, offering the following insurance policies:
- Term life insurance
- Whole life insurance
- Variable Universal life insurance
- Universal life insurance
These insurance policies are different in the length of coverage, terms of payment, benefits, cash value, and growth features. What’s more, you can configure your policy to fit your needs better.
Main Features of Different Policies
Term life insurance offers temporary coverage with options to help you prepare for the future. It’s effective for a set period, and you pay the premiums for as long as your coverage lasts.
When it comes to the term vs. whole life insurance, variable universal, and universal policies, the latter offer lifetime and long-term protection, and in some cases, guaranteed cash value growth. In addition, all of these policies are income-tax-free.
Customer Support
The average customer service rating is decent, but the latest reviews are poor. More recent customers claim the customer support is slow and doesn’t provide full support. Still, if you have any questions, you can contact an agent through the Contact Us page on the official website.
Our Verdict
New York Life offers various types of life insurance, and the differences between all policies are well explained on the website. What’s more, you can use other financial services the company offers, such as retirement planning or investing. New York Life is definitely worth considering if you’re looking for a good life insurance policy.
However, be patient with customer support. Reach out as soon as you face issues with your policy, so the team has enough time to serve you. You can also ask for help to select the best universal life insurance.
Transamerica
Essential Features
- Death benefit protection
- Life expense coverage
- Guaranteed level premiums
- Cash value
Additional Features
- Life insurance for foreign nationals
- Agent locator
- Universal life insurance
- Other financial services
Overview
Transamerica is devoted to helping its customers make the connection between health and wealth. With that in mind, the company offers multiple financial services as well as life insurance policies designed to fit most circumstances.
Types of Life Insurance Policies
Being among the best companies for life insurance, Transamerica provides the following policies:
- Term life insurance
- Index universal life insurance
- Final expense insurance
- Whole life insurance
- Insurance for foreign nationals
To find an agent that can help you select the right policy, you can use the agent locator tool on Transamerica’s official website. Just enter the zip code or use your current location to find the nearest agent.
Main Features of Different Policies
When it comes to Term life insurance from Transamerica, it can provide you with financial protection that ranges from $25,000 up to $10 million. What’s more, there are two term life insurance policies — Trendsetter Super and Trendsetter LB.
Index universal policy offers multi-purpose protection and can act as a cash value life insurance.
The Final Expense policy can be used to protect loved ones in case of sudden events. This policy can cover expenses starting at $1,000 up to $50,000 and includes a guaranteed death benefit.
Whole life insurance combines the best of whole life guarantees with optional living benefits and can be customized.
Customer Support
Even though Transamerica has an average rating, the latest customer reviews show that people had a hard time with their payouts. Still, if you decide to select this insurer, make sure to discuss all the terms with your agent before signing the papers. Visit the Contact Us page for more information.
Our Verdict
If you’re looking for the best indexed universal life insurance companies, take a look at what Transamerica has to offer. It is one of the rare organizations that believe in the connection between health and wealth and that every individual should enjoy their life.
Prudential
Essential Features
- Term insurance at set price
- Death benefit
- Convertible policies
- Cash value growth
Additional Features
- Variable insurance
- Customizable policy
- Chronic illness rider
- Online quoting tool
Overview
Prudential was founded on the belief that everyone should have financial security. The company works hard to help its customers with some of the best life insurance policy offers. Some of them are even available internationally.
Types of Life Insurance Policies
These are the types of life insurance policies you can purchase from Prudential:
- Term life insurance
- Universal Life insurance
- Indexed Universal Life insurance
- Survivorship Universal Life insurance
- Variable Universal Life insurance
- Survivorship Variable Universal Life insurance
Some of the policies are customizable, so you can add optional benefits. What’s more, you can include the following riders:
- BenefitAccess rider
- Survivorship BenefitAccess rider
- Living needs benefit
- Disability rider
- Cash value riders, etc.
Main Features of Different Policies
The best term life insurance policies from Prudential come at set and flexible prices. Your loved ones will have the benefit of tax protection, consistent payments, and a preferred premium paying period.
When it comes to Universal Life insurance, besides tax protection and flexibility, you can also count on cash value growth.
Indexed Universal Life insurance provides the same benefits with the feature to credit interest based on the performance of the market index.
Survivorship universal insurance is ideal for people who wish to leave a legacy for their beneficiaries.
Variable Universal Insurance offers long-term coverage, cash growth, rewards for risk, and the option to manage your policies actively.
Finally, Survivorship Variable Universal insurance offers coverage for legacy and can be used to minimize or offset taxes.
Customer Support
Even though Prudential is on the list of the best whole life insurance companies, the latest customer reviews show its support reps definitely need improvement. The team is slow to respond and solve issues. In case you have problems with your policy, visit the Help Center and FAQ section to look for answers.
Our Verdict
Prudential is a company that offers more than just life insurance. However, if you’re looking for a life insurance policy, Prudential can assist you with a variety of policies. The application process is easy, and some policies also don’t require a medical exam. This is why Prudential is among the life insurers you should check out.
Bestow
Essential Features
- Up to $1 million in coverage
- 10 to 30 year terms
- Eligible ages from 18 to 60
- Free quote
Additional Features
- 100% online application
- No medical exam required
- A+ rated policy provider
- Policies start at about $10/month
Overview
Bestow is focused on life insurance policies only, and it seems to be doing its job just right. The company uses algorithms to pull your data once you give permission and decides whether you qualify and what your rates will be. Even though it was founded in 2016, Bestow is among the best-rated life insurance companies out there.
Types of Life Insurance Policies
At the moment, Bestow offers only a Term life insurance policy. This type of policy provides death benefits to your loved ones. For example, the payment your family receives could act as an income replacement until they manage without you.
Term policy comes in five-year increments, and you can choose from 10- to 30-year terms. To determine whether you qualify for Bestow insurance, use a free quoting tool on its website and answer a few questions.
Main Features of Different Policies
This is one of the top term life insurance companies for term life insurance offers. The first thing to note about Bestow is that the application for term life insurance is super simple and fast. You can apply via your phone or a computer and likely get instant approval.
Bestow policy usually doesn’t require a medical exam. This policy covers you for a specified period and offers a death benefit if you pass during the term of your policy. What’s more, your beneficiaries receive the total coverage amount, usually tax-free.
Customer Support
According to the latest customer reviews, Bestow is the best term life insurance company and offers great customer service. Use the official website to explore the policy features and get in touch with Bestow via email [email protected], phone number, or live chat.
Our Verdict
Bestow deserves to be on the list of the best life insurance providers, even though it offers only term life insurance. The application process is fast, conducted online, and there’s no need for a medical exam. What’s more, the life insurance company reviews talk about excellent customer support.
Guardian Life
Essential Features
- Various policies
- Lifetime coverage
- Income tax-free benefits
- Online quoting tool
Additional Features
- Guardian EstateGuard
- Policyholders can add more coverage
- Whole life policies for people with HIV
- Complementary financial products
Overview
Guardian Life is a mutual life insurance company, meaning it’s owned by its customers or policyholders. What’s more, people who own whole life insurance can share annual dividends. So far, Guardian has paid out $1.05 billion in dividends to policyholders.
Types of Life Insurance Policies
Being on the list of the best mutual life insurance companies, Guardian Life offers:
- Term life insurance
- Whole life insurance
- Universal life insurance
All the policies are explained on the website, so you should be able to decide which one is the best fit for you easily. These life insurance policies are suitable for:
- Single adults
- Income-producing parent
- Stay-at-home parents
- Homeowners
- Student loan co-signers
- High-net-worth individuals
- Business owners
Main Features of Different Policies
Term life insurance lasts for a limited time, typically 10, 15, 20, or 30 years. It’s more affordable than the Whole or Universal insurance, but when the term ends, you’re no longer covered.
On the other hand, some of the best whole life insurance policies provide guaranteed protection for the rest of your life, often with an added cash value. Whole life policies don’t expire as long as the premiums are paid.
Finally, Universal life insurance provides protection together with cash value. This policy also provides flexibility in adjusting the monthly payments.
Customer Support
When writing this review, we couldn’t find any complaints about the support team. If you have any questions about life insurance, visit the Contact Us page on the Guardian Life website to find solutions or connect with a local office.
Our Verdict
Guardian Life offers three types of life insurance policies that provide enough coverage for anyone who needs this type of insurance. Overall, the company has enough financial strength to pay out the dividends, so you should worry about your claims and payouts.
The official Guardian website offers enough info to help you decide on the right policy, and we recommend checking it out.
How To Select the Best Life Insurance Site?
Getting a life insurance policy is a smart decision. Still, finding the right insurer can be challenging. Here’s how to look for the best insurer to help your loved ones after you pass.
Types of Life Insurance Policy You Need
You might be looking for the best life insurance companies for cancer patients, or you might think that getting term life insurance is enough. Regardless, check the offers on the official websites of multiple insurance companies and reach out to agents for assistance.
Consider Additional Benefits
Some life insurance policies offer additional benefits, like cash value or dividends, and usually, most payouts are tax-free. What’s more, you might not have to bother with a medical exam before you apply, so make sure to check on the details in the fine print.
Throw a Glance at Their Customer Support
If you wonder what the best life insurance companies are, check out what the other customers say about the support they received. Having top customer support is crucial for the people you leave behind, so you’ll want to find the company that provides just that.
Check the Price Range and Coverage
Most insurers aren’t transparent about their prices since the final cost depends on multiple factors. This is why you shouldn’t be surprised if you can’t find the price range of your desired policy. However, you can use online quoting tools to get an estimate.
Summary
Purchasing a life insurance policy is one of the best moves you can make. Life insurance companies can help you decide on the right insurance policy so that your loved ones can cover the expenses of your funeral, remaining debts and manage their lives without you for a while.
There are a few different policies to consider, and some are even available to you even if you have HIV or suffer from an incurable disease. You never know what could happen and when your life could suddenly end, so keeping your family secured is a smart choice.
People Also Ask
Based on the latest data, Northwestern Mutual is the number one insurance life insurance provider in the US. In 2020, it had a market share of 10.6%. This insurer offers comprehensive policies for whole and term life insurance.
Besides Northwestern Mutual, you may also find New York Life, MassMutual, Prudential, and Lincoln Financial among the top 10 best life insurers.
If you’re looking for an excellent life insurance policy, you should check out different insurers before selecting the right one. Most companies offer a variety of different life insurance policies, and they should offer at least a simple comparison to help you choose.
Some of the best companies that have been on the market for decades are Northwestern Mutual, New York Life, and Prudential. However, other new insurers can provide equally good life insurance.
In its essence, life insurance provides a financial benefit to the selected beneficiaries after a person’s death. This financial benefit can greatly reduce the burden of a funeral or any leftover debts.
The main purpose of a life insurance policy is to make sure that people who depend on the insured person don’t get financially unstable after the death of the loved one.
While life insurance covers some unfortunate events like death by natural causes, accidents, or murder, there are some things it can’t cover. The primary reason your loved ones might not get paid out after your death is lying on the application.
This includes lying about family medical history or certain medical conditions. Life insurance companies also won’t pay out the insurance if death happens due to alcohol or drug use or risky activities.
Life insurance coverage depends on your financial goals and needs. Your loved ones who may depend on your income are likely to deal with your funeral, pay off your remaining debts, and handle daily expenses.
Experts advise you to purchase 10 to 15 times your annual income in coverage. Another way to calculate the amount of insurance is to multiply the survivor’s living standard by 20.
A life insurance policy acts as a contract between a policyholder and the insurance company. It’s designed to pay out a death benefit to the people who depend on the person that passed.
The survivors can be paid in several ways, including lump-sum payments, installments, annuities, and retained asset accounts. In addition, some life insurance companies offer both death benefits and living benefits.
