Best Life Insurance Companies: After analyzing the term life and cash value policies from 16 companies, we found that Pacific Life and Protective stand out as top choices, both earning five stars in our evaluation. Our assessment, based on a database of over 9,000 policies, considered key metrics such as cost, historical performance, financial strength, and cash value.
10 Best Life Insurance Companies List
We comprehensively analyzed term and cash value life policies from 16 companies and found that Pacific Life and Protective are among the best life insurance companies, earning five stars in our analysis.
01. Pacific Life Insurance
- Overall Rating: 5.0
- Term Life Insurance Quotes Available Online: Yes
- Average Cost per Year:
- Women: $128
- Men: $145
- AM Best Financial Strength Rating: A+ (Superior)
Editor’s Opinion:
Pacific Life offers competitive Variable Universal Life (VUL) policies with reliable illustrations and strong cash value growth. However, its term life insurance rates are higher.
Pros:
- Cost-competitive cash-value policies
- Low costs for smokers
- Good early cash value accumulation
Cons:
- Higher rates for term life insurance
- Conversion of term policies limited to universal life
Types of Life Insurance:
- Term Life Insurance
- Whole Life
- Fixed Rate Universal Life
- Indexed Universal Life
- Variable Universal Life
Life Insurance Riders Available:
- Child Life Insurance Rider
- Chronic Disease Rider
- Advance/Enhanced Cash Value Rider
- Heritage Protection Clause
- Long-Term Care Rider
- Premium Return Rider
- Terminal Illness Accelerated Death Benefit Rider
- Waiver of Monthly Deduction
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02. Protective Life Insurance
- Overall Rating: 5.0
- Term Life Insurance Quotes Available Online: Yes
- Average Cost per Year:
- Women: $128
- Men: $145
- AM Best Financial Strength Rating: A+ (Superior)
Editor’s Opinion:
Protective’s Indexed Universal Life (IUL) policies offer competitive costs and strong cash value accumulation with good investment performance.
Pros:
- Low term life insurance rates
- Long useful life terms (up to 40 years)
- Superior investment performance
- Ability to choose from multiple cash value policies
Cons:
- Cash value accumulation can be slow
Types of Life Insurance:
- Term Life Insurance
- Whole Life
- Universal Life
- Indexed Universal Life
- Variable Universal Life
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Disability Rider
- Insurability Guarantee Annex
- Premium Return Rider
- Terminal Illness Accelerated Death Benefit Rider
- Waiver of Premium Rider
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03. Corebridge Financial Life Insurance
- Overall Rating: 4.8
- Term Life Insurance Quotes Available Online: No
- Average Cost per Year:
- Women: $129
- Men: $146
- AM Best Financial Strength Rating: A (Excellent)
Editor’s Opinion:
Corebridge stands out for its marijuana-friendly underwriting and good rates for a variety of ages and coverage levels.
Pros:
- Excellent term life rates
- Customizable term durations
- Low internal costs for cash value policies
Cons:
- High complaint levels from customers
- Historical financial issues (AIG’s 2008 financial collapse)
Types of Life Insurance:
- Term Life Insurance
- Whole Life
- Guaranteed Universal Life
- Indexed Universal Life
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Disability Rider
- Enhanced Cash Value Rider
- Expiration Extension Rider
- Premium Return Rider
- Terminal Illness Accelerated Death Benefit Rider
- Waiver of Premium Rider
Here’s a summary of the life insurance companies and their offerings:
04. Penn Mutual Life Insurance
- Overall Rating: 4.7
- Term Life Insurance Quotes Available Online: Yes
- Average Cost of Term Life Insurance per Year:
- Women: $129
- Men: $146
- AM Best Financial Strength Rating: A+ (Superior)
Editors’ Opinion:
- Penn Mutual provides competitive rates, especially for term life insurance and universal life policies. They also offer strong policy illustrations and financial strength.
- Great for senior buyers looking to maximize their death benefit from premiums.
Expert Opinion:
- Known for financial strength and reliable policy costs. However, term life insurance with conversion to permanent policies can be expensive.
- Cash value can take time to build in some permanent policies.
Disadvantages:
- Higher rates for term life policies convertible to permanent life.
- Some permanent policies do not generate good cash value initially.
Types of Life Insurance Sold:
- Term Life Insurance
- Whole Life
- Guaranteed Universal Life
- Variable Universal Life
- Indexed Universal Life Insurance
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Disability Rider
- Chronic Disease Rider
- Advanced/Enhanced Cash Value Rider
- And more.
05. Transamerica Life Insurance
- Overall Rating: 4.7
- Term Life Insurance Quotes Available Online: Yes
- Average Cost of Term Life Insurance per Year:
- Women: $130
- Men: $148
- AM Best Financial Strength Rating: A (Excellent)
Editors’ Opinion:
- Known for reliable cash-value policy illustrations and strong benefits with their Trendsetter Living Benefits term life policies.
- Offers flexible terms with high maximum renewal ages.
Expert Opinion:
- Transamerica’s product offerings have reduced in recent years, but they still provide competitive, stable internal costs and performance based on actual investment results.
Disadvantages:
- High complaint levels and inconsistent investment performance in recent years.
- Internal policy expenses are higher than some competitors.
Types of Life Insurance Sold:
- Term Life Insurance
- Whole Life
- Indexed Universal Life Insurance
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Disability Rider
- Overloan Protection Clause
- Terminal Illness Accelerated Death Benefit Rider
06. Symetra Life Insurance
- Overall Rating: 4.5
- Term Life Insurance Quotes Available Online: Yes
- Average Cost of Term Life Insurance per Year:
- Women: $128
- Men: $145
- AM Best Financial Strength Rating: A (Excellent)
Editors’ Opinion:
- Highly rated for competitive term life insurance rates. Symetra also offers a no-exam option for term life insurance for younger buyers with up to $3 million in coverage.
- Good value for both term and permanent life policies.
Expert Opinion:
- Competitive term life insurance with potential for policy conversion to permanent coverage. Their cash value accumulation is slower than some other insurers.
Disadvantages:
- Slow accumulation of cash value in some permanent life policies.
- Less historical financial strength compared to some competitors.
Types of Life Insurance Sold:
- Term Life Insurance
- Universal Life
- Indexed Universal Life Insurance
Life Insurance Riders Available:
- Accelerated Death Benefit
- Child Life Insurance Rider
- Waiver of Premium Rider
07. Lincoln Financial Life Insurance
- Overall Rating: 4.3
- Term Life Insurance Quotes: Available online
- Average Annual Cost:
- Women: $131
- Men: $148
- AM Best Rating: A+ (Superior)
Types of Life Insurance Sold:
- Term Life
- Guaranteed Universal Life
- Variable Universal Life
- Fixed Rate Universal Life
- Indexed Universal Life
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Long-Term Care Rider
- Waiver of Premium Rider
- Other clauses for conversion and protection
Editors’ Opinion: Lincoln Financial is strong for estate planning, particularly with joint life policies for couples. Offers reliable policy illustrations and low internal policy costs.
Expert Opinion: Ideal for joint life policies with estate tax planning needs. Somewhat high term life rates and mixed investment performance.
Disadvantages: High term life insurance rates, suboptimal investment performance impacting cash value.
08. Midland National Life Insurance
- Overall Rating: 4.1
- Term Life Insurance Quotes: Available online
- Average Annual Cost:
- Women: $140
- Men: $155
- AM Best Rating: A+ (Superior)
Types of Life Insurance Sold:
- Term Life
- Indexed Universal Life
- Variable Universal Life
Life Insurance Riders Available:
- Child Safe Rider
- Disability Premium Forgiveness
Editors’ Opinion: Midland National shines with its lifetime term life benefits and faster cash value growth.
Expert Opinion: Good option for seniors, with reliable quotes and investment performance.
Disadvantages: Less reliable policy illustrations than competitors.
09. MassMutual Life Insurance
- Overall Rating: 4.0
- Term Life Insurance Quotes: Available online
- Average Annual Cost:
- Women: $125
- Men: $144
- AM Best Rating: A++ (Superior)
Types of Life Insurance Sold:
- Term Life
- Whole Life
- Universal Life
- Variable Universal Life
Life Insurance Riders Available:
- Accidental Death Benefit
- Catastrophic Disability Rider
- Waiver of Premium Rider
Editors’ Opinion: MassMutual’s financial strength supports quick cash value growth, ideal for long-term policyholders.
Expert Opinion: Whole life products benefit from strong performance in bonds and mortgages. However, costs may be higher compared to competitors.
Disadvantages: Unreliable policy illustrations and higher internal policy costs.
10. Nationwide Life Insurance
- Overall Rating: 4.0
- Term Life Insurance Quotes: Available online
- Average Annual Cost:
- Women: $173
- Men: $180
- AM Best Rating: A+ (Superior)
Types of Life Insurance Sold:
- Term Life
- Whole Life
- Indexed Universal Life
- Guaranteed Universal Life
- Variable Universal Life
Life Insurance Riders Available:
- Accidental Death Benefit Rider
- Child Term Insurance Rider
- Long-Term Care Rider
- Premium Return Rider
Editors’ Opinion: Nationwide excels in providing stable cash value growth and reliable policy illustrations.
Expert Opinion: Great for young adults with long-term investment horizons. The variety of investment options supports higher returns.
Disadvantages: Poor historical investment performance and mediocre cost competitiveness.
Top Life Insurance Companies
Best-Term Life Insurance Companies
According to our findings, Corbridge Financial, Pacific Life, Protective, and Symetra stand out as the top providers of term life insurance. Term life insurance is ideal for addressing temporary financial needs, such as those occurring before retirement.
Best Whole Life Insurance Companies
In our analysis, State Farm emerged as the top choice for whole life insurance. Whole life insurance is known for its guarantees, including a fixed premium, a fixed death benefit, and guaranteed cash value growth.
Best Universal Life Insurance Companies
Penn Mutual is highlighted as the leading company for universal life insurance. Universal life insurance offers flexibility with adjustable premium payments and death benefits, providing customizable coverage options.
Best Life Insurance Companies Without an Exam
Our research indicates that Brighthouse Financial, Legal and General America, Pacific Life, and Transamerica are the top choices for no-exam life insurance. This type of policy allows you to skip the medical exam usually required for traditional life insurance.
Cheapest Life Insurance Companies
Symmetra is noted as the most affordable option among life insurance providers according to our evaluation.
Life Insurance Policy Costs
Based on our analysis, here are the average costs for life insurance policies:
- Term Life Insurance: For a $500,000, 20-year term policy, a 30-year-old woman pays about $207 annually, while a 30-year-old man pays approximately $251 annually.
- Whole Life Insurance: For a $500,000 policy, the average cost is $3,945 per year for a 30-year-old woman and $4,375 per year for a man of the same age.
Factors Influencing Life Insurance Costs
The cost of life insurance varies depending on the type of policy, the company, and personal factors such as age, health, gender, and coverage amount.
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Evaluation Methodology
To determine the best life insurance companies, we assessed:
- Term Life Insurance Rates (50%): We examined rates for healthy buyers in their 30s and 40s for policies with terms of 10, 20, and 30 years, with coverage amounts of $250,000, $500,000, $1 million, and $2 million. Source: Forbes Advisor Research.
- Financial Strength (10%): This includes ratings from AM Best, Fitch, Moody’s, and Standard and Poor’s, reflecting the insurer’s ability to pay claims long-term. Source: Veralytic.
- Cost Competitiveness of Cash Value Policies (10%): This evaluates premiums, internal charges, and coverage rates based on cash value. Source: Veralytic.
- Reliability of Policy Illustrations (10%): Measures how reliable the company’s policy claims are over time. Source: Veralytic.
- Historical Performance (10%): Assesses the company’s investment performance driving cash value growth. Source: Veralytic.
- Access to Cash Value (10%): Evaluate the liquidity of cash value and accessibility for policyholders. Source: Veralytic.
Additional Life Insurance Company Ratings
- Life in Minnesota: 3.8 stars
- Prudential: 3.6 stars
- Guardian: 3.5 stars
- USA: 3.2 stars
- Omaha Mutual: 3.2 stars
- State Farm: 3 stars
