The best in life insurance

For the second year in a row, State Farm won our Bankrate Award for best term life insurer. Many insurance companies offer term life insurance, so we determined that customer satisfaction and accessibility are the two most important features of a term life insurer. State Farm certainly stands out for those reasons; it has the highest score in the 2022 J.D. Power U.S. Individual Life Insurance Study, indicating that its customers tend to be highly satisfied with the service they receive. State Farm is also highly accessible, offering a mobile app, local agents, an online portal and a 24/7 payment phone line.

MassMutual is another two-time Bankrate Award winner, having won best whole life insurer in 2022. Whole life insurance is designed to stay in place until you pass away, so the ability to personalize a policy and a company’s financial strength — which shows the insurer’s historical ability to pay claims — are important. MassMutual offers an impressive list of riders for its whole life insurance policy, an A++ (Superior) AM Best financial strength rating and above-average customer satisfaction, according to J.D. Power.

Universal life, like whole life, is also a permanent type of life insurance. Universal life is much more flexible, though, allowing policyholders to update their coverage and premium. Because universal life insurance is more complex, working with a company with a strong financial foundation is important. Northwestern Mutual offers an array of financial products, including investments and financial planning services. The company also boasts an above-average J.D. Power customer satisfaction score for life insurance and an A++ (Superior) AM Best financial strength rating.