The best life insurance company for you depends on a number of factors, including your age, gender, overall health profile, and financial needs. To help you find the best life insurance for your particular situation, we selected the 10 top insurance companies on the market.
Our top picks for the best life insurance companies of October 2024
Methodology
How we ranked the top insurers of 2024
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our evidence-based reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right life insurance coverage for your circumstances at the most affordable price. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.
Company | Policies offered | Cost | Policygenius rating | |
|---|---|---|---|---|
No-exam term life | $ | 5.0/5 ★ | ||
Term life, no-exam term life, universal | $ | 4.9/5 ★ | ||
Whole life, term life, universal, VUL | $$$ | 4.9/5 ★ | ||
Term life, IUL, VUL | $ | 4.8/5 ★ | ||
Term life, no-exam term life, universal, IUL, VUL | $ | 4.8/5 ★ | ||
Term life, whole life, universal, guaranteed issue | $ | 4.6/5 ★ | ||
Term life, no-exam term life, final expense, universal, IUL | $$ | 4.5/5 ★ | ||
Term life, no-exam term life, whole life, universal | $$ | 4.3/5 ★ | ||
Term life, no-exam term life, whole life, IUL, final expense | $ | 4.3/5 ★ | ||
Term life, no-exam term life, short-term life, universal, IUL | $$ | 4.1/5 ★ |
Best overall life insurance company: Legal and General America
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Legal & General America, which also does business as Banner Life and William Penn, offers some of the cheapest life insurance rates on the market regardless of your health profile. The company also provides some of the longest term life insurance terms on the market — up to 35 and 40 years.
Legal & General America also offers the cheapest rates to smokers, who usually have to pay two to three times more for life insurance than people who don’t use tobacco products. Plus, you’ll be able to apply for lower premiums after one year if you quit smoking, whereas other insurers may not offer non-smoker rates for two years or more after you quit.
Best for whole life insurance: MassMutual
2024 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
MassMutual is our top pick for whole life insurance. The company pays higher dividends to its whole life policyholders than many competitors. It offers several additional permanent life insurance products as well, including universal and variable universal life insurance policies.
MassMutual has high customer experience ratings compared to other companies and consistently receives high third-party financial stability ratings, which is especially important when purchasing a lifelong policy.
Best for no-exam life insurance: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Our top pick for no-exam life insurance is Brighthouse Financial. No-exam life insurance policies let you skip the standard life insurance health test and use past health records instead to set your rates. Brighthouse Financial’s SimplySelect Term is a Policygenius-exclusive product that has been selected by Forbes as one of the best no-medical-exam options on the market. [1] You’ll simply complete a health interview over the phone, and your policy can go into effect in as little as a few days.
Brighthouse is also a great option for young adults. People in their 20s, 30s, and 40s can benefit from the company’s quick approvals, no-exam options, and affordable premiums.
Best for 20-year term life insurance: Pacific Life
2024 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Parents of young children, people with long-term insurance needs, homeowners paying off a mortgage, or adults planning their retirement can all benefit from a 20-year term life insurance policy — one of the most popular coverage options on the market. Pacific Life is our top pick for a 20-year term due to its flexible application guidelines for people with certain pre-existing conditions like sleep apnea, and for affordable rates for older adults.
Best for families: Transamerica
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Transamerica is a highly rated company with a customizable child rider, which is an optional add-on that pays out a small death benefit if any of your children were to pass away while the policy is active. You can add anywhere between $1,000 and $99,000 of coverage to your policy for your children.
Transamerica is also a good choice if you’re applying for life insurance while pregnant. The insurer will let you submit your application at any stage of pregnancy as long as there are no complications — even if you’re pregnant with twins. Other insurance companies may postpone applications during the second or third trimester until after delivery.
Read more about family life insurance
Best for visa & green card holders: Transamerica
Visa and green card holders in the United States are eligible for life insurance, but some insurers might be a better fit for them depending on their status and personal situation. Transamerica offers coverage for non-US citizens with a variety of different types of visas, as well as green card and conditional green card holders. Transamerica is also one of the only companies that doesn’t require a Social Security number to apply for coverage — although it does require a visa and any visa-related forms depending on your specific status.
Best for seniors: Prudential
2024 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
The older you are, the higher your life insurance premiums are likely to be. But some insurers, like Prudential, can offer cheaper rates to people age 60 and above than others. The company offers the most flexibility for people with health conditions associated with older age, like osteoporosis. It also offers more flexible income requirements than other insurers, making it easier for retirees to get the amount of coverage they need.
Best for people with pre-existing conditions: Lincoln Financial
2024 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Having a pre-existing medical condition likely won’t disqualify you from getting life insurance. Further, some companies might offer you better coverage than others depending on your specific condition. Lincoln Financial can offer better rates than other insurers to people with a wide array of pre-existing conditions, including stroke, depression, and heart conditions. Across the board, Lincoln Financial’s rates are consistently lower than the industry standard for people in their 40s and 50s — ages where pre-existing conditions are more common.
Best for final expense insurance: Mutual of Omaha
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
Final expense insurance, also known as burial insurance, is a type of policy that doesn’t expire and is designed to provide a small coverage amount to cover end-of-life costs, like a funeral or medical bills. Our top pick for final expense coverage is Mutual of Omaha due to its variety of burial insurance options, including simplified issue and guaranteed issue life insurance.
Best for living benefits: Foresters Financial
Foresters Financial
4.3
No-medical-exam option
Why we chose it
For people under age 55 and in relatively decent health, Foresters Financial's Your Term policy is a solid choice for a term life policy. You can get it without a medical exam and coverage can be offered within 24 hours.
Pros and cons
Pros
Accelerated death benefit rider includes coverage for critical, chronic, and terminal illnesses
Includes several no-cost riders that aren’t available through other insurers, including Family Health Benefit Rider and Charity Benefit Provision
No-medical-exam option available for people up to age 55
Cons
Not available in New York or Maine
People with complicated health histories will likely find their best rates elsewhere
Foresters stands out because it offers many different riders — policy add-ons that can supplement your coverage benefits under specific circumstances. The company is our top pick due to its living benefits riders included at no cost, which pay out if you’re diagnosed with a critical, chronic, or terminal illness. By comparison, most other insurers only include a terminal illness rider.
How to choose the right life insurance company for you
The best insurer for you might not be the best insurer for someone else. Your age, health, and ultimate needs for coverage are some factors to consider when shopping for life insurance to make sure your policy is the best fit for you.
“Selecting the best policy is like any other important purchase you make, you want to make sure that the life insurance company you select is the best option for your specific situation and needs,” says Christopher Galvez, licensed life insurance agent at Policygenius. “And that is exactly what we do for the families we serve on every single policy. We look at 10 to 12 different insurers and their different guidelines to advise where you will find the best fit. Finding the best policy and value has not been easier.”
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