Top Life Insurance Companies in U.S.

The US life insurance industry is both massive and highly competitive. Depending on their financial goals and budgets, buyers of life insurance have a wide range of options. There are different types of life insurance in US. Some, like term life insurance, have a predetermined duration. Some may offer lifetime protection coupled with extra saving or investing options, such as perpetual life insurance policies.

The average monthly cost of a life insurance policy in the US is between $40 and $55, however, rates might vary depending on the type of insurance and your medical history. Based on data from Quotacy for a 40-year-old buying a $500,000, 20-year term life insurance policy, which is the most frequent term length and sum covered by insurance calculation is made.

There isn't actually a universally accepted upper age limit for the issuance of life insurance plans because it typically relies on the specific life insurance provider. But, if you're 85 or older, you might not find many employers eager to provide you with a policy.

With hundreds of companies to select from, Americans looking to purchase life insurance are not short on options. To help you get started, we’ve compiled a list of the top life insurance companies in US:

MassMutual

MassMutual is among NerdWallet's top-rated life insurance providers because to its robust portfolio of policies and few customer complaints.

Pros

• Several term and permanent life insurance options
• Provides an immediate life insurance policy
• Supports statements made online

Cons

• A medical exam is typically required by policies

Pacific Life

For cash-value life insurance buyers, Pacific Life delivers a valuable combination of affordable pricing and dependable illustrations for most of its policies that can maximize your cash value accumulation. The company's investments, which support the increase in consumers' financial value, have also performed well.

Due to its affordable prices, Pacific Life should be considered by anyone looking to get term life insurance.

Pros

• Superior term life insurance prices
• For the most part, its cash value policies, it has very good cost competitiveness
• It has relatively affordable cash-value policies for smokers
• Policies will generate economic value even in the early years
• Policy examples are frequently trustworthy
• Wide variety of life insurance riders

Cons

• Only a universal life insurance policy is available to convert a Pacific Life term life policy

Penn Mutual

For a range of face amounts and term durations, Penn Mutual frequently provides very competitive rates.

It provides a fantastic combination of financial stability, cheap internal policy prices, and trustworthy policy illustrations for buyers of cash-value life insurance. This raises the death benefit relative to the premium paid, especially for senior citizens.

Pros

• Extremely affordable rates for its non-convertible term life insurance coverage
• Each available Penn Mutual permanent life insurance plan is an option for policyholders who decide to change their term life insurance to permanent life
• Some of Penn Mutual's cash value insurance is affordable
• A solid track record of financial stability

Cons

• A term life insurance policy that can be converted to permanent life insurance in the future must be purchased by term life insurance customers
• Some permanent life insurance policies don't develop cash value as quickly as others

Bestow

Bestow, a Dallas-based company that offers individual term life insurance plans was established in 2016. Bestow prides itself on making it quick and easy to apply for and acquire term life insurance. Individuals between the ages of 18 and 60 can purchase policies with coverage ranging from $50,000 to $1.5 million. These policies have terms ranging from 10 to 30 years, in five-year intervals.

Pros

• The range of coverage is $50,000 to $1.5 million
• No medical checkup is necessary
• It may just take a few minutes to approve

Cons

• Policyholders must be between the ages of 18 and 60
• There are no available riders or policies that increase coverage
• Maximum terms are 30 years

Protective

Protective offers level term lengths that are longer than the customary 30 years. There are term lengths of 10, 15, 20, 25, 30, 35, or 40 years available.

For the majority of clients' ages and health concerns, Protective's universal life insurance policies offer reasonable internal policy rates. The organization has demonstrated exceptional performance of the underlying cash value bonds and mortgages, and the drawings it provides for universal life insurance policies are typically accurate.

Pros

• The cost of term life insurance is reasonable
• If you decide to convert its term life insurance, you'll have a choice of up to 8 permanent life insurance plans
• The internal expenses of cash-value life insurance policies are often minimal

Cons

• Early on in a life insurance policy's duration, cash value accumulation could be slow

AIG

AIG provides underwriting that is largely accommodating to marijuana users.

Users of marijuana eight or fewer days per month might still be eligible for American General's best rate class when purchasing either term life insurance or cash value life insurance. Those who vape marijuana may be able to purchase it at "normal tobacco" prices.

Pros

• Great rates for term life insurance at various ages and levels of coverage
• Customers of term life insurance can choose a level term length between 10 and 35 years, such as 27 years
• Users of marijuana frequently should anticipate their life insurance applications to be rejected by American General
• The majority of cash value policies have great traits that can be found in all of them, including cheap internal expenses, dependable policy illustrations, and strong investment performance that supports cash value growth

Cons

• Has a poor overall track record of financial stability

Mutual of Omaha

For its cash value life insurance, Mutual of Omaha offers a remarkable combination of financial stability, internally competitive policy costs, and strong historical asset performance. These features make Mutual of Omaha a popular choice for younger buyers of cash-value life insurance.

Pros

• Superior financial strength
• Good for competitive costs within its cash value policies
• Investments have historically done quite well, which helps keep policy prices low for its permanent life insurance products

Cons

• The cost of term life insurance is rather expensive
• Early in a policy's life, there is frequently less access to monetary value

John Hancock

John Hancock is a better choice for smokers. If a person smoke 12 or fewer cigars per year, they may be eligible for John Hancock life insurance's best non-smoker rates.

Pros

• Strong ratings for financial strength
• Examples of cash value insurance policies typically, the accuracy of life insurance may be trusted

Cons

• Comparatively expensive term life insurance premiums
• Internal policy fees are frequently greater than those of competitors

Haven Life

Haven Life was established in 2014 and headquartered in New York City. Haven offers Haven Simple and Haven Term, two different types of term life insurance. After submitting an application and responding to a brief set of questions, Haven Simple policies can be purchased online. The moment your payment is authorized, coverage starts without the need for a medical exam. You can apply for Haven Term plans online as well, but before your purchase is approved you might require a medical exam.

Pros

• Depending on the policy, the coverage can be between $25,000 and $3,000,000
• Policy terms might range from 5 to 30 years

Cons

• Only available until either 55 or 64 years of age, depending on the policy

Transamerica

With its Trendsetter Living Benefits term life policy, the company provides first-rate features like the option to access your own death benefit early in the event that you are diagnosed with a chronic or serious disease.

Pros

• High age restrictions for converting or renewing term life insurance
• Normally, its cash value policies had highly trustworthy policy illustrations
• The early years of Transamerica's cash value policy saw generally good cash value development

Cons

• When compared to some of the top competitors, policy costs passed on to customers have been higher

State Farm

With 85 million active policies and accounts, State Farm, which was established in 1922 as a car insurance provider, now functions as a mutual corporation. Products include life insurance, renters' insurance, auto insurance, specialty vehicle insurance, health insurance, liability insurance, and disability insurance.

Pros

• Available policies include term, whole, and universal
• Temporary insurance policies can be changed into permanent ones
• Around 19,000 agents across the country

Cons

• Certain regulations disqualify candidates older than 65
• All insurance must be acquired via a State Farm representative

Purchasing a life insurance policy can help protect your loved ones financially, but selecting the best life insurance companies in US can be confusing. The best life insurance companies in the US are beneficial since they may give a feeling of security to the loved ones of a policyholder by offering money to cover bills and funeral costs.