You deserve the best in life insurance
Life insurance can provide peace of mind and financial protection for your loved ones, but choosing a life insurance company can feel daunting. Because life insurance may be a crucial part of the long-term financial plan for you and your family, finding a company that meets your needs is imperative.
Bankrate conducted extensive research into the life insurance industry to find the best term, whole and universal life insurance companies. We analyzed factors like accessibility, number of riders, coverage capacity, if the company offered a no-exam option, financial strength ratings and customer service scores to identify the best life insurance companies for each main policy type.
How we picked these life insurance companies
- We began by researching companies and gathering information on several key metrics that affect customer experience.
- Next, we chose factors that we felt mattered most to consumers looking for term, whole or universal life coverage.
- We then weighed those most-important factors more heavily for each insurer to determine the best company in each category.
Best term life insurer
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.
- Has the highest score in the 2022 J.D. Power U.S. Individual Life Insurance Study
- Offers multiple points of contact for policyholders
- Offers the highest coverage capacity of the carriers reviewed
Best whole life insurer
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.
- Has the longest list of riders of the companies we analyzed
- Offers a high coverage capacity for whole life insurance
- Has strong third-party ratings
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Best universal life insurer
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.
- Has strong third-party ratings
- Offers financial planning services
- Is accessible via phone, local advisors or the online portal