Best Life Insurance Companies of 2023

Nationwide’s financial health and customer service are among the best. The company has a superior financial strength rating from AM Best, and it ranked second out of 21 companies for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study. Nationwide also received far fewer complaints with the NAIC than expected over the last three years, given the company’s size. Furthermore, you can get virtually any type of life insurance policy with Nationwide, although you’ll need to be an existing customer to get a simplified whole life policy (this is similar to a final expense policy and doesn’t require a medical exam).

Healthy applicants ages 18-50 may qualify for accelerated underwriting and can get up to $5 million in coverage without a medical exam. Nationwide also offers a variety of online tools to make the process more convenient: You can calculate how much life insurance you need, get a quote online, and apply online. Your beneficiaries can start a claim online, too. Furthermore, most policies include three living benefit riders at no additional upfront premium for terminal, chronic, and critical illnesses. These riders let you accelerate a portion of the death benefit to use during life if you experience a qualifying illness. However, term policies aren’t priced particularly well compared to competitors.

For more information, see our full Nationwide Insurance review.

Protective Life received fewer complaints than expected with the NAIC over the last three years given the company’s share of the market, despite ranking 16th out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study. The company also has an A+ (Superior) financial strength rating from AM Best. Protective offers cheaper coverage than any other provider except Banner, and it offers longer term policies than most other companies. Term policies from Protective also include a terminal illness rider and are renewable or convertible. However, people who want a more extensive selection of riders will be better served by Mutual of Omaha or Nationwide.

Protective has excellent online services, too. Through their website, you can get a quote, apply for coverage, and manage your policy. You can make payments with a credit card, which is not a given among the top companies. Protective also offers coverage without a medical exam to eligible applicants for death benefits up to $1 million. While this is a nice benefit, if you’re in good health and would like to apply for a higher death benefit amount, Nationwide offers no-medical-exam coverage up to $5 million.

MassMutual is one of the few insurers to get an A++ (Superior) from AM Best. The company was ranked above average for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study, too. Also, it had far fewer complaints than expected with the NAIC over the last three years for its size. Together, its J.D. Power ranking and NAIC complaint file indicate that policyholders are very satisfied with MassMutual’s customer service. 

MassMutual offers term coverage directly, along with whole, universal, and variable universal life. You can convert a MassMutual term policy to any of its permanent policy types. What’s more, MassMutual is one of the few of our top-reviewed companies to pay dividends to eligible policyholders. However, the company offers fewer living benefits at no upfront cost compared to some of its competitors. 

For more information, read our full MassMutual Review. 

Consumers had fewer NAIC complaints about Guardian—relative to the company’s size—than any of our other top-rated companies. Like MassMutual, Guardian also receives the highest possible AM Best grade, an A++ (Superior), which indicates superior financial strength. Another standout feature: The company offers dividends to eligible policyholders. In addition to whole and universal life insurance, Guardian offers competitively priced policies that are both renewable and convertible.

You can get a term quote online, but you’ll need to speak to an agent to apply. When you do, you can ask about Guardian’s no-medical-exam application, which offers up to $3 million in coverage for healthy applicants up to age 50. It’s hard to find policy details online, so you’ll need to ask a Guardian agent about coverage details and riders, as well. If you prefer an online application (without contacting an agent), want an online claims filing for your beneficiaries, or are hoping to pay your premiums with a credit card, you’ll need to choose a different company.

All Mutual of Omaha policies (except for guaranteed whole life insurance policies) include a terminal illness rider and a chronic illness rider. Some policies also include a critical illness rider. Mutual of Omaha is also one of the few companies to offer a disability income rider, and its list of riders for purchase is extensive. Pricing is excellent for term coverage, especially given the included benefits, and Mutual of Omaha offers online quotes for term coverage and guaranteed whole life insurance. You can even apply for a guaranteed whole life policy online. But you’ll need to speak to an agent to apply for a term or permanent policy. 

Mutual of Omaha is highly rated for financial stability—it received an A+ (Superior) financial strength rating from AM Best. As for customer service, the company received slightly more than the expected number of complaints over the last three years given its market share—but it ranked fifth for customer satisfaction in the J.D. Power 2021 U.S. Individual Life Insurance Study, beating the industry average. The company also stands out because it’s the only company in our rankings that offers live chat support.

USAA has been serving the military community with insurance, banking, and investment products for a century. In addition to the company’s longevity, it has an A++ (Superior) financial strength grade from AM Best, indicating superior reliability when it comes to paying claims. USAA also designs insurance products to meet the needs of military members. 

For example, the company’s Level Term V policy provides coverage during war and provides $25,000 to cover the costs associated with a severe injury. The policy comes with fixed, affordable premiums, and you can convert it to a permanent policy after the first year. If you’re deploying, you can even skip the medical exam typically required for Level Term V coverage. Policies also offer guaranteed insurability riders at no cost, which give you the opportunity to purchase additional life insurance coverage when a qualifying life event occurs within 10 years of when your policy is issued or before you turn 45, depending on the rider. This can help you get more coverage when your needs change without having to reapply for coverage. 

However, USAA’s option for no-medical-exam insurance won’t be the best choice for most people. You can only purchase $100,000 in coverage, and premiums increase annually until the policy expires at age 39. It’s often cheaper to buy more coverage with a fully underwritten policy. 

For more information, check out our USAA Review.

Seniors up to age 90 can get a policy from New York Life, while most companies have a maximum issue age of 85 or younger. The company has an A++ (Superior) financial strength grade from AM Best and a long history of paying dividends. New York Life also received far fewer complaints over the last three years than expected for the company’s size. The company offers a range of policy types, such as convertible term, whole, universal, and variable universal life insurance, and you can customize each policy with a range of riders. Additionally, New York Life has been around since 1845.

The main drawback is that it’s difficult to get all the information you need online, and there are no online quotes. You’ll need to call an agent to get assistance if you want to purchase a policy. Also, term policies only go up to 20 years. And while seniors have many options from New York Life, the company does not offer a guaranteed issue final expense policy. 

For more details, read our New York Life Review.