Purchasing life insurance can help provide financial security for your loved ones, but selecting the right policy can be difficult. Life insurance policies come in a variety of forms. Some, such as term life insurance, have a set number of years. Others, such as permanent life insurance policies, can provide coverage for a lifetime while also including savings or investment components.
To get you started, we’ve compiled a list of the top 2022 life insurance companies. We’ve also compiled information on various types of policies, how the life insurance quote process works, and how to buy a policy once you’ve found the right one.
Our Best Life Insurance Companies Rating
#1 Haven Life
#2 Bestow
#3 New York Life
#3 Northwestern Mutual
#5 Lincoln Financial
#5 John Hancock
#7 AIG
#7 State Farm
#9 Nationwide
#9 Banner Life
#11 Mutual of Omaha
#12 Prudential
#12 MassMutual
#14 Transamerica
#15 Guardian Life
Best Life Insurance Companies of 2022 in Detail:
Haven Life
Pros :
Purchaseable online
Some applicants do not need to take a medical exam.
Cons :
Only provides term life insurance.
Only those aged 64 and under are eligible.
Life in Haven
Policies: Haven Life provides two term life insurance policies. Haven Term provides coverage from 10 to 30 years with a maximum of $3 million. Haven Simple provides insurance for 5 to 20 years and up to $500,000. Haven Simple does not also require a medical exam.
Riders: Haven Life Plus is an optional rider for your term life insurance policy. It includes things like CVS MinuteClinic discounts and access to financial and estate-planning services.
Age Restrictions: Haven Term is only available to those aged 64 and under, while Haven Simple is only available to those aged 20 to 55.
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Bestow
Pros
None of its policies necessitate a medical examination.
Policies with terms ranging from 10 to 30 years in length
Cons
There are only term life insurance policies available.
There are no riders available.
Policies from Bestow: Bestow offers term life insurance policies with terms ranging from 10 to 30 years and death benefits ranging from $50,000 to $1.5 million. These policies do not require medical exams, but the company will review your credit and medical history, previous attempts to purchase policies, and driver records. North American Company for Life and Health Insurance issues all policies.
Bestow does not provide any riders for its policies.
Age Restrictions: The enrollment age limit for Bestow is 60 years old.
New York Life
Pros
Provides term, whole, and universal life insurance policies.
Term policies can be made permanent.
Cons
Policies cost more than many of the companies in our rating.
The company website does not fully explain its policies.
Life in New York
Policies: New York Life provides both term and permanent (whole and universal) life insurance. Policies can be converted from temporary to permanent. Its term policies are more expensive than those of the majority of the companies in our rating.
Rider options include disability premium waiver, accidental death benefit, and living benefits (allows access to policy funds in the event of terminal illness).
Age Restrictions: Check with a New York Life representative to see if age restrictions apply.
Northwestern Mutual
Pros
Policy options include term, whole, and universal.
Term policies can be upgraded to whole life policies.
Cons
Only available through an agent.
Pricing information is scarce online.
Policies from Northwestern Mutual: Northwestern Mutual offers term, whole, and universal life insurance policies. One of its universal policies allows you to customise your death benefits and premium. Although all policies must be purchased through an agent, you can start the application process online.
Riders: Northwestern Mutual provides some of the most common riders, such as premium waiver and accelerated care benefit.
Age Limits: The age limit for Northwestern Mutual policies varies depending on the type of policy you select. For more information, please contact a company representative.
Lincoln Financial
Pros
Provides both term and permanent policies.
Some policies may not necessitate a medical examination.
Cons
It does not provide whole life insurance policies.
Working with a Lincoln financial professional is required when applying for policies.
Policies from Lincoln Financial Group: Lincoln Financial Group provides term and permanent life insurance policies. Its term policies last 10 to 30 years and have coverage limits ranging from $100,000 to $2.5 million. In some cases, there is no need for a medical exam to purchase a policy.
Riders: The available riders from Lincoln Financial Group vary depending on the policy you select. Some policies, for example, allow you to add on the Accelerated Benefits rider or the Waiver of Premium rider.
Age Restrictions: The age restrictions for Lincoln Financial Group life insurance policies vary depending on the policy selected.
John Hancock
Pros
Term and universal life insurance policies are available.
Provides more coverage than many of the companies in our rating.
Cons
Does not provide whole life insurance.
Some policies require a large minimum amount of coverage.
John Hancock’s signature
Policies: John Hancock offers term and universal life insurance. The duration of term life insurance ranges from 10 to 30 years, with death benefits ranging from $750,000 to $65 million. It also provides three types of universal life insurance policies: universal life, indexed universal life (IUL), and variable universal life (VUL) (VUL).
Riders: John Hancock offers a variety of riders, including the Vitality Plus discount programme. This will allow you to earn discounts at various retailers by making healthier choices, such as going to the gym.
Age Limits: The age limits for John Hancock policies vary depending on the policy you choose.
Best Term Life Insurance Companies of 2022
Not everyone requires a life insurance policy that will last their entire lives. For example, you may only require life insurance to cover the time it takes to pay off a mortgage. This is where term life insurance comes in handy; you can choose how long your policy will last, usually between five and thirty years, and it is frequently one of the least expensive life insurance options.
How to Choose the Right Life Insurance Company for You
When attempting to select the best life insurance company, there are several factors to consider, including what policies are available and which companies provide the services you require. This may also include riders who will best meet your requirements.
It is also critical to read customer reviews and compare prices between insurers.
Policies: Not all businesses provide all types of insurance. Haven Life and Bestow, for example, provide term life insurance but do not provide permanent policies such as whole or universal life. Companies such as Nationwide, MassMutual, and Prudential, on the other hand, provide all three of these product types as well as policies that do not require a medical exam.
Consider how much life insurance coverage you require. This can help you narrow down your search. Companies with high minimum coverage amounts may charge you for more coverage than you require. For example, if you are young, have little or no debt, and no dependents, a policy with a minimum coverage amount of $750,000 may not make sense.
However, if you have a mortgage, a partner who does not work, and/or several dependents who want to go to college, a $50,000 policy may not provide adequate financial security.
Riders: Life insurance riders are typically add-ons that allow you to tailor a standard policy to your specific needs. Here is a list of some common riders and what they do:
A rider that allows you to access the money in your death benefit before you die, typically in the case of a terminal illness.
Term conversion rider — This allows you to convert your term life insurance policy to a permanent life insurance policy.
Accidental death and dismemberment — Provides a lump sum payment in addition to the regular death benefit in the event of an accident.
Waiver of premium rider — If you become disabled, this rider allows you to waive your policy’s premiums.
Price: Because there are so many insurance companies to choose from, one way to narrow your options is to compare prices. Some insurance companies may offer similar policies at different prices. State Farm and Nationwide, for example, may offer policies with the same coverage amount and riders at different prices. Check out our Life Insurance Quotes guide to get quotes from various life insurance companies.
Customer Satisfaction: It’s also important to consider how happy customers are with their insurer. Looking at customer reviews can help you find a company that is easy to work with. The number of complaints filed within a state can be found on the website of the National Association of Insurance Commissioners (NAIC).
Another factor to consider is whether the company will be able to pay the death benefit to your beneficiary if you die. One way to do so is to look at the company’s financial rating. A credit rating score is provided by a number of rating agencies, including AM Best. A credit rating is a rating agency’s assessment of whether a company is likely to default on its debts.
The lower a company’s credit rating, the less likely it is to default on its debts. All of the companies in our rating have an AM Best credit rating of A or higher. A high credit rating can indicate that a company is financially sound and will most likely be around to pay your beneficiary’s death benefit when you die.