2022
Personal Loans
6 min read
The best in life insurance for 2022
The 2022 Bankrate Awards
Written by
Lizzie Nealon
Edited by
Maggie Kempken
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You deserve the best in life insurance
Life insurance is designed to protect your loved ones financially if the unthinkable were to happen. As a major player in your long-term financial plan, your life insurance carrier should be the best of the best for your needs.
At Bankrate, we know finding the right provider for you and your family is a monumental decision, but it doesn’t have to be a stressful one. That’s why we analyzed the top life insurance companies on the market and examined their financial strength, customer satisfaction, accessibility, policy options and average premium cost. Through an objective and systematic scoring process, our team of experts determined the best life insurance companies for term, whole and universal life insurance.
These are the winners of the 2022 Bankrate Awards for Best Life Insurance.
How we picked these companies:
- Bankrate evaluated each carrier’s level of customization available for their product lines by tallying the number of riders available.
- We analyzed the availability of an online portal, digital app, customer service and local agents to determine each company’s level of accessibility.
- We looked at the maximum dollar amount of each company’s death benefit and the availability of a no-exam option to find the most competitive policy offerings.
Best term life insurer
State Farm
Read the full review
by our Bankrate reporters
Highlights
Exceptional customer satisfaction score
Offers business in nearly every state
Outstanding AM Best financial strength rating
Since term life insurance is the most common type of life insurance policy, we determined customer service and accessibility to be the most important measure in this category. State Farm’s top-notch customer satisfaction rating from J.D. Power shows that policyholders are generally happy with their experience at State Farm. In terms of accessibility, the company offers an easy-to-use mobile app and online portal, along with a 24/7 payment line and access to local agents across the country. The company also boasts the highest term coverage capacity (maximum dollar amount of each company’s death benefit) on Bankrate’s list of the seven best life insurance carriers we examined.
- Highly rated customer service
- Accessible local agents and digital resources
- Highest coverage limit on our list
To determine this ranking, we analyzed each company’s available riders, third-party ratings, overall accessibility, policy options and coverage capacity. Since term life insurance is the most popular type of life insurance, we weighted accessibility and third-party customer satisfaction ratings most heavily.
Best whole life insurer
MassMutual
Read the full review
by our Bankrate reporters
Highlights
Superior AM Best financial strength score
Numerous whole life riders available
High coverage capacity
We chose MassMutual as our pick for the best carrier for whole life insurance by analyzing several key categories. The company offers numerous whole life policy riders — the most of any company on Bankrate’s list of the seven best life insurance companies — which allows policyholders to customize their coverage. MassMutual earned the highest rating possible from AM Best, with a superior financial strength score. A high financial strength rating from AM Best shows the company’s financial history is strong and stable, which could give customers peace of mind. MassMutual has a strong customer satisfaction score from J.D. Power and ties with State Farm for the second-highest coverage capacity.
- Highest possible AM Best financial strength rating
- Offers the most whole life insurance riders on our list, making its policies highly customizable
- Tied with State Farm for the highest coverage capacity on our list for whole life policies
Whole life policies are designed to stay in place until you pass away. For that reason, policyholders may be especially conscious of customization and the company’s ability to pay out claims. As a result, we placed more weight on financial strength and number of available riders in this category.
Best universal life insurer
Nationwide
Read the full review
by our Bankrate reporters
Highlights
High J.D. Power customer satisfaction score
Numerous riders available
Several accessibility options
Nationwide stood out to us as the best universal life insurance provider on our list for its wide array of riders and high level of accessibility. The company earned a high J.D. Power customer satisfaction score and a superior AM Best financial strength rating. In addition to high third-party ratings, we think the company offers a top-notch mobile app and online portal along with accessible local agents.
- Easily accessible digital tools and local agents
- High coverage limits
- Highly customizable policies
Universal life insurance policies can be complex, so Bankrate placed the most weight on agent availability and digital accessibility. Since universal life policies take many forms and customization is important, Bankrate weighted riders as the second most important factor.
Find your winner
Ready to take the next step?
You've seen the best life insurance companies for 2022, now see how their quotes stack up.
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