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Best life insurance companies in 2024

Bankrate’s in-depth analysis identified MassMutual, Northwestern Mutual and State Farm as some of the best life insurance companies.

Updated Nov 01, 2024
Key takeaways

Life insurance should fit your needs, whether you need top-notch customer service, short-term coverage or high limits. Here are Bankrate's picks for the best life insurance companies based on various financial and consumer needs.

Life insurance is more than just a policy — it’s a way to protect the people who matter most. With so many companies and policies out there, it can be tough to know where to start. That’s why we’re here to make it easier.

At Bankrate, we’ve done the research to find the top life insurance providers for 2024. We’ve evaluated each company based on what matters most: customer experience, financial stability and a range of flexible coverage options. Whether you’re looking for affordable term life or a lifelong policy with added benefits, we’re here to help you find the best fit, so you can secure your loved ones' future with confidence.

Top life insurance companies

Company Best for J.D. Power Score in 2023 U.S. Individual Life Insurance Study AM Best Financial Strength Rating
Guardian Life insurance coverage without a medical exam 784/1,000 A++ (Superior)
Mass Mutual Whole life insurance 809/1,000 A++ (Superior)
Mutual of Omaha Digital accessibility 805/1,000 A+ (Superior)
Nationwide Customer satisfaction 840/1,000 A (Excellent)
Northwestern Mutual Universal life insurance 790/1,000 A++ (Superior)
Prudential Policy personalization 779/1,000 A+ (Superior)
State Farm Term life insurance 843/1,000 A++ (Superior)

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Advertising disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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How Bankrate picked the best life insurance companies for 2024

To find the best life insurance companies, Bankrate’s editorial team started by researching the largest life insurance carriers on the market. We analyzed life insurance company ratings,  including customer satisfaction scores and financial strength ratings from trusted, unbiased sources, including J.D. Power and AM Best. We also assessed ratings based on market share from the National Association of Insurance Commissioners (NAIC).

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10+
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53
carriers reviewed
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product types analyzed
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Compare the best life insurance companies

Shopping for life insurance can be intimidating, but Bankrate is here to make the process easier. When studying the largest life insurance carriers, there are some metrics that you can rely on to help effectively compare your options. Does one company offer a wide range of life insurance policy types, as well as riders to personalize your policy, compared to another? What does the qualification process look like, and what might your estimated life insurance premium be?

From there, you can also compare companies’ financial strength ratings and customer service scores from trusted third-party agencies, such as AM Best and J.D. Power, for an unbiased view of which providers may excel in these areas and give you the best experience.

Guardian

Life insurance coverage without a medical exam

The Guardian Life Insurance Company of America ranks well in customer satisfaction and financial strength and offers many life insurance riders to customize your policy. According to the NAIC, the company also has fewer than baseline policyholder complaints and offers multiple no-medical exam policy options.

Guardian provides easy policy management through its network of more than 3,000 financial representatives across the nation and online account management. Guardian carries an A++ (Superior) financial strength rating from A.M. Best and offers multiple coverage options depending on your life stage, goals, needs and budget.

Checkmark IconPros

  • Dividends available on some whole life policies
  • Easy online management
  • Policies available for HIV-positive applicants
  • Multiple no-medical exam policy options

Close X IconCons

  • Must purchase coverage through an agent
  • Rider details limited online

MassMutual

Whole life insurance

MassMutual won Bankrate’s 2024 Award for best whole life insurance thanks to its A++ (Superior) financial strength rating from AM Best and for offering 13 rider options with its whole life policy, the most of any company we analyzed. This is the third year in a row MassMutual has secured this honor.

MassMutual, also known as Massachusetts Mutual Life Insurance Co., is a U.S. life insurance company owned by its policyholders, allowing select policyholders to earn dividends when the company does well. MassMutual offers an online application process for term life policies. Coverage takes effect immediately upon application approval, and applicants must usually complete medical exams for all term, whole and universal life policies.

Checkmark IconPros

  • Free coverage for qualifying low-income families
  • Convenient mobile app
  • Numerous riders
  • Superior financial strength
  • High coverage capacity (the maximum dollar amount of a policy’s death benefit)

Close X IconCons

  • Limited online quotes
  • Medical exams may be required for term, whole and universal life policies
  • No final expense policies

Mutual of Omaha

Digital accessibility

Mutual of Omaha ranked just behind the overall winners of Bankrate’s best life insurance study. The company ranks well above average in J.D. Power’s customer satisfaction survey and earned a financial strength rating of A+ (Superior) from AM Best. Mutual of Omaha offers no-medical-exam life insurance options, and its digital features could make managing your life insurance policy easy.

Some people may be looking for the best online life insurance experience. In terms of accessibility, Mutual of Omaha offers a robust digital app, an online portal, local insurance agents and a 24/7 phone line for accepting your payments.

Checkmark IconPros

  • Easy online quote process
  • Offers digital money management app
  • High J.D. Power customer satisfaction score

Close X IconCons

  • Does not provide dividends
  • Not all life insurance can be quoted online

Nationwide

Customer satisfaction

Nationwide offers a user-friendly mobile app, streamlined online portal and a network of independent agents across the U.S. Combine those features with an above-average J.D. Power customer satisfaction rating, and Nationwide could be a great choice for customer satisfaction.

The multi-line insurer offers several riders. Nationwide also received an A (Excellent) financial strength rating from AM Best.

Checkmark IconPros

  • Offers no-medical exam options for whole and term life insurance, depending on eligibility
  • Above-average J.D. Power customer service score
  • Plentiful rider options

Close X IconCons

  • Limited online quotes
  • Policy acceptance not guaranteed
  • No 24/7 help line

Northwestern Mutual

Customer service

Northwestern Mutual won the 2023 Bankrate Award for Best Universal Life Insurance Company due to its high financial strength rating, highly-rated customer satisfaction and available financial planning services. Northwestern Mutual sells coverage through agents, which could be a good fit for those who prefer face-to-face interactions over a digital purchase process.

Earning an A++ (Superior) financial strength rating from AM Best, Northwestern Mutual shows a strong history of being able to pay claims. As a mutual company, it is owned by its policyholders. Northwestern Mutual offers a variety of term, whole and universal life insurance policies. Because universal life coverage is flexible, you may be contacting your agent more often. Northwestern Mutual ranks highly in Bankrate’s internal study of accessibility for providing a mobile app, online portal, local agents and a 24/7 customer service phone line that accepts premium payments.

Checkmark IconPros

  • Dividends available on whole life insurance policies
  • Flexible policy options
  • Wide range of riders
  • Easy-to-use online portal and mobile app

Close X IconCons

  • Must buy coverage through an agent
  • Limited information available online

Prudential

Policy personalization

Prudential is the fourth-largest U.S. life insurer based on market share rankings from the National Association of Insurance Commissioners (NAIC). In our study, Prudential Financial ranked just behind our overall best life insurance company winners in customer satisfaction and accessibility. It offers plentiful rider options, easy-to-use online tools and live agent support.

The company offers many rider options should you want to enhance your coverage. It also offers a variety of term life and universal life insurance policies, giving customers a greater level of flexibility than some of its competitors. However, keep in mind that Prudential does not offer whole life insurance or no-medical-exam policy options.

Checkmark IconPros

  • Live agent support available
  • Online tools
  • Plentiful rider options
  • Variety of term and universal life policies

Close X IconCons

  • Medical history required for quotes
  • Limited online quotes
  • Selective policy options
  • Below-average J.D. Power customer satisfaction score

State Farm

Term life insurance

State Farm is a three-time Bankrate Award winner for Best Term Life Insurer in 2022, 2023 and 2024, thanks to its top-notch customer service and accessibility tools. As one of the top life insurance companies, State Farm also received the highest customer satisfaction score from J.D. Power.

State Farm boasts a 24/7 customer helpline, an easy-to-use mobile app and online portal and more than 19,000 exclusive local agents across the U.S. With an A++ (Superior) rating from AM Best, State Farm has a history of financial stability, as well. The carrier offers a variety of term life insurance options, plus whole, universal and variable universal options. If you want to potentially save money by bundling life insurance with other services, State Farm is also ranked highly by J.D. Power for both home insurance customer satisfaction and auto insurance.

Checkmark IconPros

  • Numerous policy and rider options
  • No medical exams required for some policies
  • Highest J.D. Power customer satisfaction rating

Close X IconCons

  • $10,000 maximum for final expenses insurance
  • Age-dependent exam plans
  • Can only purchase from an agent; no online option

What is life insurance?

Life insurance serves as a cornerstone of financial security for your loved ones, offering a beacon of support in the wake of your passing. It operates on a simple premise: in return for regular premiums (which may be paid monthly, quarterly, semi-annually or annually), the life insurance company commits to providing a death benefit — a sum of money designed to ease the financial burdens that may arise. This benefit is not just a monetary gesture; it's a shield against the immediate financial implications of loss, covering essential costs from funeral expenses to outstanding medical bills.

What sets life insurance apart is the unique advantage that the death benefit is generally paid out income tax-free and avoids the probate process. This means that your beneficiaries can access the full amount promptly and without tax deductions. They have the flexibility to use these funds however they wish — be it clearing debts, investing in educational futures or managing daily expenses.

Different types of policies, for example, term, whole or universal life insurance, offer various features and flexibility. Some policies may allow you to receive funds during your lifetime under certain conditions, like being diagnosed with a serious illness or reaching a particular age. This adds a layer of versatility to the financial protection that life insurance can provide.

What does life insurance cover?

Life insurance is designed to cover the financial risks associated with the policyholder's death. Depending on the policy type, the death benefit can help cover funeral expenses and final medical bills and provide income replacement for the family. While most life insurance policies typically cover a wide range of causes of death, they also often include specific exclusions. Here's a closer look at what life insurance usually covers:

  • Accidental deaths: Life insurance policies cover accidental deaths, such as those resulting from car accidents or unforeseen injuries. However, accidental death and dismemberment (AD&D) policies offer additional benefits specific to certain types of accidental injuries.
  • Natural causes: Natural deaths due to old age, diseases and illnesses are generally covered, provided all policy requirements are met.
  • Terminal illness: If a policyholder is diagnosed with a terminal illness, some policies allow access to a portion of the death benefit while they are still alive through a living benefit or accelerated death benefit.
  • Suicide: Policies typically include a suicide clause that prevents payout if death occurs within a contestability period, often one or two years. After this period, death by suicide may be covered.

What does life insurance not cover?

Certain exceptions and exclusions apply to life insurance policies, meaning that not all causes of death are covered. Here are a few examples of situations where claims may be denied:

  • Criminal activities: If the policyholder dies while involved in illegal activities, such as drug trafficking or burglary, the insurer may deny the claim due to this common exclusion.
  • Hazardous activities: High-risk activities like skydiving, extreme sports or other dangerous hobbies are often excluded unless disclosed and covered by additional premiums. Some insurers might offer coverage for these activities if declared upfront. However, it’s important to note that if you take up any of these activities after buying a policy, your coverage won’t be negatively impacted.
  • Material misrepresentation: If the policyholder provides false or incomplete information to secure a policy (i.e., not disclosing a smoking habit or a chronic illness), the insurance company could void the policy or deny the claim if discovered, particularly during the contestability period.
  • Suicide clause: If death by suicide occurs within the contestability period, generally lasting one to two years from the policy's start, the insurance provider will typically deny the claim. However, death by suicide may be covered after this timeframe, depending on the specific insurer's terms.

How to choose the best life insurance company

When you are ready to buy life insurance, taking a few extra steps can ensure you find the best policy based on your wants and needs. Here are some things to look for when choosing the best life insurance company for you:

  • Ask for recommendations: Your friends and family may have life insurance with a company they love. You may want to ask them about their experiences with customer service at these companies.
  • Review customer satisfaction ratings: You can visit the J.D. Power website or check the carrier reviews in this article to review each insurance company’s customer satisfaction ratings. J.D. Power assigns each company a score out of 1,000 possible points.
  • Assess financial stability: We recommend looking at a company’s financial strength rating from a third-party agency such as AM Best, Standard & Poor’s (S&P), Fitch or Moody’s. These companies have their own rating criteria, so you may want to look at more than one company’s ratings before making a decision. A company with a low financial stability rating may have a poor history of being able to meet financial obligations and may struggle to pay life insurance death benefits to policyholders if a high volume of claims are filed simultaneously. It is important to have the assurance that your insurer has a history of strong financial stability.
  • Look at customer reviews: Dozens of consumer-oriented sites such as Google, Yelp and Trustpilot provide reviews from insurance companies’ customers. It may be most helpful to ignore the outlier reviews and focus on the overall average instead. What did the average customer say about the company you are considering? Are the items they complained about important to you? For example, if someone complained that the company does not offer a mobile app, but a mobile app is unimportant for your needs, you may not need to consider that review in your assessment.
  • Get multiple life insurance quotes: It can be beneficial to compare life insurance quotes from multiple carriers to help you find the best cheap life insurance policy. Each insurance company underwrites a bit differently so depending on your health and lifestyle factors, your rates may vary considerably from insurer to insurer. Keep in mind that prices will also vary more widely for different policy types, although additional policy features could be another cost-influencing factor.
  • Seek professional counsel: While a life insurance calculator can be useful, you may be better able to determine your needs by talking with a financial advisor or a licensed life insurance agent if you have more complex needs or questions. A life insurance agent can help you decide what type of life insurance coverage is right for you and how much life insurance you need. When choosing between the many types of life insurance, it may help to get a second opinion from a professional.

How much does life insurance cost?

When determining life insurance rates, several factors can influence the premiums you pay. Understanding these variables can help you find a policy that aligns with your financial and personal needs. Here are the key elements that typically affect life insurance rates:

  • Age: Younger applicants often benefit from lower rates as they pose a lower risk to insurers.
  • Health: Healthier individuals usually pay less, while those with pre-existing conditions may face higher premiums.
  • Policy type: Term life insurance tends to be more affordable than permanent life insurance.
  • Coverage amount: Higher coverage amounts generally result in higher premiums.
  • Lifestyle: Engaging in risky activities or having a hazardous occupation can increase your rates.
  • Smoking status: Smokers typically pay more due to the associated health risks.
  • Gender: Statistically, men often pay higher premiums than women due to shorter life expectancies.
  • Family medical history: A history of serious illnesses in your family can lead to higher rates.
  • Location: Insurance rates can vary based on state regulations and local cost of living.

Shopping around and reviewing different products and rates is a good strategy to find the best policy for your needs and budget. If you have a health condition, comparison shopping is especially beneficial as insurers underwrite risk factors differently, impacting the price you need to pay for coverage.

How much life insurance do I need?

The appropriate level of life insurance is different for everyone. Insurance experts recommend enough coverage to pay off any outstanding obligations the loss of your income might leave behind. Typical debts include mortgages, car loans, credit card debt, student loans, medical bills and funeral expenses. If you have young children or care for others who are financially dependent on you, consider future financial needs you may want to plan for.

For policyholders unable to afford typical life insurance, burial insurance may be a more cost-effective option. This type of policy would provide coverage for final expenses related to your funeral, such as cremation costs, a burial plot, flowers, etc. Coverage is usually available between $5,000 and $25,000 with a lower premium and fewer underwriting restrictions than standard life insurance.

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Bankrate’s take: Finding life insurance can be challenging if you have declining health or pre-existing conditions, but options are still available. It’s beneficial to comparison shop. Many employers offer group insurance to employees, which typically does not require a medical exam or individual underwriting. If this is not an option, guaranteed life insurance plans are another avenue worth exploring. While they can be costly, your medical status is not a qualifier for coverage.

Types of life insurance policies

There are many types of life insurance policies, but they all fall under two categories: term life insurance, which is only in force for a set time, and permanent life insurance, which is designed to be in effect for your entire life. Permanent life insurance comes with a cash value component. Depending on your individual needs and preferences, having one or both of these types of policies could be an integral part of your financial plan.

Term life insurance

With a term life insurance policy, you and the life insurance company enter into a contract for a specified death benefit amount for a set number of years. Unlike permanent life insurance, term life insurance doesn’t have a cash value component, and because it’s only active for a set number of years, it’s possible to outlive your policy and receive no benefits. However, you may be able to convert it into a permanent life policy at the end of your term.

Permanent life insurance

In contrast to term coverage, permanent life insurance stays in place for your entire life (although, technically, a maximum coverage age of 90 to 121 does exist, depending on the company) as long as you pay the premiums. There are many types of permanent coverage, but the two main forms are whole and universal.

Whole life insurance

Whole life insurance, a type of permanent life insurance, generally features fixed premiums and a cash value component. Although the policy terms cannot usually be changed once it is active, the cash value component could be advantageous, providing a financial cushion over time. Additionally, certain whole life policies offer the potential to earn dividends. These dividends, which are not guaranteed, may be used to enhance the cash value, pay premiums or be withdrawn as cash. However, keep in mind that the cash value typically accumulates slowly, so it's important to assess whether this feature aligns with your long-term financial goals.

Universal life insurance

Another form of permanent life insurance, universal life insurance, is known for its flexibility. The premium and death benefit can be adjusted as needs or lifestyles change. It also has a cash value component with earned interest based on a fixed rate or how indexed accounts perform, depending on the policy.

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Bankrate’s take: The premiums paid toward a permanent life insurance policy are portioned into three groups: the insurance company's cost and profits, the death benefit payout and the policy's growing cash value. Policyholders can access the cash value of the policy when needed by making a withdrawal, loan or canceling the policy in full. When money is withdrawn or the policyholder cancels the policy during the surrender period, most companies initiate a surrender fee, typically around 10 percent of the contributed funds. The surrender period varies between providers and can last up to 15 years.

Frequently asked questions

Written by
Ashlyn Brooks
Writer II, Insurance
Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
Edited by Editor II, Insurance
Reviewed by Expert Reviewer, CLU, LA, CPFFE