9 Best Life Insurance Companies of April 2023

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• Offering term life policies from $100,000 to $5 million. Get a quote and apply online today

• Trusted by customers: rated ‘Excellent’ on Trustpilot (over 1,500 reviews)

• Ability to take advantage of discounts on auto insurance when you secure life insurance with Amica

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• No medical exams for policies under $2 Million. Just answer a few health questions online.

• A policy of up to $2 million in coverage starts around $32/month

• Get a quote in seconds with no obligation. Apply in minutes (most instantly approved)

• No need to talk to an agent unless you want to

• Rated “Excellent” by customers on Trustpilot

• Limited-time offer for new policyholders- access to estate planning tools at no extra cost ($449 value)

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• 100% online process from start to finish for coverage up to $3M.

• Instant coverage available for ages 20 to 60 if approved

• Policies available with 10- to 30-year terms

• Save money on premiums over time with Ladder’s flexible coverage feature

• No policy fees, 30-day money-back guarantee, cancel anytime

• Licensed and experienced customer service reps available to answer questions

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• Offers a suite of life insurance products from reliable carriers

• Term Coverage: Customizable increments from 10 to 30 years

• Death benefit from $100,000 to $2 million

• Policies Offered: Term, Universal, Guaranteed Issue Whole

• AM Best Rating: Partner Issuers hold ratings of A (American General Life Insurance) and A+ (Transamerica)

Life insurance can help your loved ones cover final expenses, funeral costs, education fees, loss of income, or any other financial need in the event of your death. For many, this kind of financial security is a critical part of financial planning.

Below, you’ll find our selection of the best life insurance companies in America for April 2023. We’ve called out their distinctions, along with the various policies and premiums provided. Read on to find the best insurance plan for your needs.

Our Top Picks for Best Life Insurance Companies

• Bestow – Best No-Exam Life Insurance

• Ethos – Best for Same-Day Coverage

• Policygenius – Best Online Broker

• Haven Life – Best Term Life Insurance

• Ladder – Best for Flexible Coverage

• State Farm – Best for Customer Satisfaction and Stability

• New York Life – Best Whole Life Insurance

• Nationwide – Best for Bundling Discounts

• Northwestern Mutual – Best for Policy Customization

With a Life Insurance policy, you can take care of your family the right way

Should anything happen to you, you’ll want to leave your loved ones a financial nest egg for their wellbeing. Click on your state to find out more.

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Best Life Insurance Companies Reviews

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• High coverage (up to $1.5 million) without a medical exam

• Online application and quick processing

• Terms range from 10 to 30 years

• Long (30-day) free look period

Cons

• No riders available

• Sells only one type of life insurance, term insurance

• Must be less than 60 to qualify for coverage

• Policies not available to residents of New York

Why we chose it: Bestow issues term life insurance more quickly and easily than most companies, and it offers an unusually high death benefit for policies that do not require a medical examination.

Bestow is our choice for individuals who want to get life insurance coverage but don’t want to go through the hassle of a medical exam. The life insurance agency sells term insurance policies (and only those), so you can apply online and purchase a policy without visiting a doctor or having tests such as blood work done. You can get up to $1.5 million in coverage, a higher maximum than other no-exam policies.

The company uses your personal information and medical history, hobbies and lifestyle to determine your eligibility and life insurance rates. In addition, Bestow claims you can get a quote and purchase a policy within minutes, all online.

Bestow policies are issued by top-rated insurer North American Company for Life and Health Insurance or by Bestow Life Insurance Company. Additionally, life insurance from Bestow is now embedded into Lemonade’s app and website. Bestow also offers a comprehensive library of helpful information.

HIGHLIGHTS

AM BEST RATING

A+ (superior) via North American Company for Life and Health Insurance

POLICY TYPES

No-exam term life insurance

RIDERS AVAILABLE

None

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Same-day coverage for most approved applicants

• No exams, process is entirely online

• Accelerated death benefit rider included on most policies

• Free will and estate planning tools with policy

Cons

• Little information publicly available about optional riders

• No policies for ages 18-10: term life eligibility starts at 20

• Guaranteed issue policy age range starts at 66, higher than some companies

• Not available in New York

Why we chose it: Ethos stands out as a life insurance provider for accommodating a wide range of potential applicants, including people who may have struggled to qualify for insurance in the past – such as older individuals. Prospective customers can also receive a quote within minutes without needing to talk to a life insurance agent.

With help from proprietary technology, Ethos has simplified its application and underwriting processes so that most applicants can get life insurance coverage the same day they apply. That’s a big reduction in waiting: many traditional insurance brokers and carriers can take weeks to complete underwriting.

Offered by Ethos are term life policies for people 20 to 65 years old at lengths of 10, 15, 20 and 30 years. Coverage ranges from $20,000 up to $2 million; the amount you qualify for will depend on your specific situation.

Medical exams aren’t required for most applicants. Those aged 66 to 85 automatically qualify for guaranteed issue policies — with no medical exam, and regardless of their medical history. The no-waiting-period feature is especially unique for guaranteed issues. It’s typical for a life insurance company to implement a waiting period of two years for guaranteed issue policies to go into effect.

HIGHLIGHTS

AM BEST RATING

a (excellent) via Legal & General

POLICY TYPES

Term, Guaranteed Issue

RIDERS AVAILABLE

Accidental Death Benefit

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Quickly and easily compare quotes from multiple insurers

• Agents don’t work on commission, the company says

• Multiple types of insurance available

Cons

• Online quotes are not available for all providers

• Takes more time than some other options to get a final price

Why we chose it: As a comprehensive online life insurance marketplace, Policygenius offers one-stop access to life insurance products from a wide range of partners, including some of the best life insurance brands mentioned on our list. Unlike some other comparison sites, this one pledges not to sell your information to third parties.

Policygenius takes the top spot as the best online life insurance comparison tool and broker for its satisfying provision of one-stop shopping from a range of insurers. Policygenius’s partners include such names as AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and Transamerica.

This online marketplace also offers an extensive library of educational resources for those new to life insurance, including recommendations for life insurance for people who suffer from depression and diabetes. Coupled with its broad range of coverage options such as term or permanent coverage policies, these resources make Policygenius a standout option for comparing life insurance quotes.

If you need help choosing the right policy or coverage amount, PolicyGenius’ agents can give you personalized assistance. They are paid by salary rather than commission, the company says, so they aren’t incentivized to oversell or to direct you to certain products that may earn them a higher commission.

HIGHLIGHTS

AM BEST RATING

N/A

POLICY TYPES

Term, Whole, Universal, No-exam

RIDERS AVAILABLE

Varies by carrier

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Offers two types of term policies: Haven Term and Haven Simple

• Haven Simple Issue doesn’t require a medical exam

• Up to $3 million in term coverage

• Haven Term includes Haven Plus with perks and discounts

Cons

• Medical exams required for over $500,000 of coverage

• Simplified issue policy not available in CA, DE, SD, ND or NY

• Haven Plus not available in FL, NY, ND, SD, and WA

• Policies cannot replace another life insurance policy

Why we chose it: Haven Life offers up to $3 million in coverage, which is higher than the standard for term life insurance. Additional perks such as online services to create a will are also available.

Haven Life gets our nod for the best term insurance coverage because of its expansive coverage amounts. Policies with terms of 10, 15, 20, 25 and 30 years can range from $25,000 to $3 million. Coverage is issued by the longstanding life insurance company MassMutual, or by C.M. Life (a subsidiary of MassMutual).

Haven Life offers two types of term life insurance policies: Haven Term and Haven Simple. Haven Term includes Haven Life Plus, a rider that provides access to an online service to develop a will or trust, fitness and sleep tracking apps and an online storage vault for important documents.

Applicants up to 64 years old can get up to $3 million of coverage through Haven Term. Haven Simple, which does not require a medical exam, is only available for applicants aged 20-55 and includes the Accelerated Death Benefit rider.

HIGHLIGHTS

AM BEST RATING

A+ (MassMutual)

POLICY TYPES

Term Life, No-Exam

RIDERS AVAILABLE

Varies by carrier

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Term coverage can be adjusted over time

• $100,000 to $8 million in term coverage available

• 30-day free look period, rather than the 10-day norm

• No medical exams for up to $3 million in coverage

Cons

• Plans limited to people aged 20 to 60

• Only term coverage is available

• No optional riders

Why we chose it: True to its name, Ladder’s appeal is its adjustability. As your needs change, you can increase or decrease your coverage. Also, its premiums start at only $5 a month, so you can purchase a life insurance plan even if you’re on a tight budget.

Despite writing only term policies for relatively young applicants, Ladder is the best life insurance company with a flexible option we’ve found. It uses a simple 3-step online application and offers affordable policies that start at $5 per month. The company also doesn’t charge any cancellation fees, which means you can cancel your coverage at any time, with no strings attached.

Another appealing feature for Ladder is that, unlike other insurers, it allows policyholders to change their coverage amount online at any time — with corresponding changes in premiums, of course. This perk can help policyholders maintain an affordable policy at all times, and might be especially attractive to those worried about possible changes in their financial circumstances down the road.

HIGHLIGHTS

AM BEST RATING

A (Fidelity Security Life Insurance Company), A+ (Allianz Life Insurance Company of New York), A+ (Allianz Life Insurance Company of North America)

POLICY TYPES

Term Life, No-Exam

RIDERS AVAILABLE

None

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $500,000 term-life policy of 20 years. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Top-ranked company for customer satisfaction

• Low number of customer complaints

• Multiple policy options

• Simplified-issue (no exam) policies available

Cons

• Online quotes not available for all policy options

• Most policies require medical exams

• No discounts if bundled with homeowners or auto insurance

Why we chose it: If a satisfying consumer experience is paramount for you, State Farm should be a leading option. It has an excellent reputation for customer service, along with an outstanding record for financial stability.

State Farm is a leading insurance company and our pick for the best insurer for customer satisfaction and reliability. In 2022, for the third year in a row, J.D. Power named State Farm as the top company in its U.S. Individual Life Insurance Study, which measures overall satisfaction based on responses from almost 6,000 customers.

The company has an A++ (superior) rating from AM Best — the highest rating possible — indicating that it’s very financially stable. And, State Farm received fewer complaints than is expected for a company of its size.

State Farm sells term, whole and universal life insurance policies. Although most of its plans require medical exams, it does have some simplified-issue options.

HIGHLIGHTS

AM BEST RATING

A++

POLICY TYPES

Term, No-exam, Whole, Universal

RIDERS AVAILABLE

Flexible Care Benefit, Level Term Rider, Children’s Term Rider, Guaranteed Insurability Option, Waiver of Premium for Disability

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $250,000 permanent life insurance policy. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Multiple term, whole and universal life policies available

• Several optional riders can be added to policies

• Highly rated company

• Potential to earn dividends

Cons

• Must work with an agent

• No online quotes available

Why we chose it: New York Life insurance options include both term and permanent life insurance policies. Its term policies include a conversion option if you decide you want permanent coverage later on. It also underwrites AARP’s life insurance program.

While it also sells term life insurance, New York Life is the best company for people seeking a permanent life insurance policy, including whole life. (Permanent life insurance is more costly but accumulates a cash value in addition to its death benefit.) The company offers multiple types of other insurance-for-life options, including universal and variable universal life plans. It also has several optional riders you can add to plans to customize your coverage.

New York Life has a strong reputation, and, because it’s a mutual insurance company, its policyholders own part of the company’s shares. Depending on the type of policy you have, you may be eligible to receive dividends.

However, New York Life doesn’t allow customers to get quotes online. For details on its policies and rates, you have to work with an agent.

HIGHLIGHTS

AM BEST RATING

A++

POLICY TYPES

Term, Whole, Universal, Variable Universal

RIDERS AVAILABLE

Spouse’s Paid-Up Insurance, Option to Purchase Paid-Up Additions, Disability Waiver of Premium, Living Benefits, Chronic Care, Accidental Death Benefit

Read full review>>>

*Sample pricing based on a 35-year-old female or male in excellent health for a $250,000 permanent life insurance policy. Your own rate will depend on your age, health and sex, among other factors.

Pros

• Discounts available when bundled with homeowners or auto insurance

• Multiple insurance plans and optional riders

Cons

• Most policies require medical exams

• Most policies must be purchased through agents

Why we chose it: It’s relatively rare to get a break on your life insurance rates by bundling it with other types of coverage a company offers, but Nationwide offers such discounts. It writes term, whole life and universal policies, and has strong ratings for customer satisfaction and financial stability.

Nationwide is a leading insurance company in America; it’s well-regarded by third parties like AM Best, which rates financial stability, and J.D. Power, which scores customer satisfaction. It offers multiple life insurance options, including term, whole and universal life coverage. It also has several optional riders you can use to adjust your policy to your needs.

Although Nationwide’s policies usually have to be purchased through an agent, the company does have a major perk over other companies: it offers a multi-policy discount when you bundle life insurance with homeowners and auto insurance, making your premiums more affordable.

HIGHLIGHTS

AM BEST RATING

A+

POLICY TYPES

Term, Whole, Universal

RIDERS AVAILABLE

Long-term Care, Chronic Illness, Critical Illness, Terminal Illness, Children’s Term Insurance, Premium Waiver, Waiver of Monthly Deductions Rider, Accidental Death Benefit, Extended No-Lapse Guarantee, Estate Protection, Guaranteed Insurability, Overloan Lapse Protection

Read full review>>>

*Northwestern Mutual does not provide quotes online. You must consult an advisor to get an estimate.

Pros

• Lengthy list of optional riders

• Multiple policy options

• Potential to earn dividends

• Highly rated by third parties

Cons

• Policies must be purchased through agents

• Medical exams required for most

• Limited online quote tools

Why we chose it: Insurance riders allow you to get coverage for loved ones, access your benefits under special circumstances or even waive your premiums if you become ill. Northwestern Mutual has more optional riders available than most insurers, allowing you to customize your policy as you like.

Like most insurers, Northwestern Mutual offers a broad range of life insurance types, including term, whole, universal and variable universal life insurance. Its distinction in its long list of riders that, when added to your policy, allow you to extend and customize your coverage to meet your unique needs.

As a mutual company, Northwestern Mutual also pays dividends to policyholders. If you purchase insurance through the company, you could be eligible for annual dividend payments.

Northwestern Mutual is a reputable company that is usually listed at the top of the life insurance industry rankings. It was third out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study, and it’s historically received fewer complaints than is typical for a company of its size.

HIGHLIGHTS

AM BEST RATING

A++

POLICY TYPES

Term, Whole, Universal, Variable

RIDERS AVAILABLE

Accelerated Death Benefit, Accidental Death, Waiver of Premium, Indexed Protection, Additional Purchase, Long-term Care Benefit

Read full review>>>

Other life insurance companies we considered

We evaluated life insurance vendors and companies based on customer service, product offering, simplicity of underwriting, ability to pay claims on time and high ratings.

The following companies have competitive offerings but are not part of our top picks because they did not excel in any of our requirements.

Lemonade

Lemonade offers term life insurance with no medical exam. Customers can complete the full online application in around five minutes and purchase 10- to 30- year term policies with up to 1.5 million in coverage. Policyholders must download Lemonade’s mobile app to manage their policy, submit claims and access customer service.

Why Lemonade didn’t make the cut: The company is not part of our top insurers because of its limited insurance offerings and lack of information about riders and policies on its website.

Pros

• Premiums start from $9 per month

• Completely online application

• Full refund if you cancel within the first 30 days

Cons

• Only people aged 18-60 can apply

• Term life is not available in NY

• If you have heart disease or cancer it’s unlikely that you’ll be approved by this insurer

Sproutt

Sproutt is a life insurance broker that connects customers with companies offering no-exam, guaranteed issue, universal and whole life policies.

The company, which has been in operation for about five years, works with a slew of carriers, including Legal & General, SBLI, TruStage, AIG, American Amicable, Gerber and Mutual of Omaha. Agents are aided by proprietary SmartRouting technology in helping find the best policy matches for applicants.

Why Sproutt didn’t make the cut: The website requires users to enter contact information to get estimates on coverage amounts and premiums.

Pros

• SmartRouting uses data and tech to make policy recommendations

• Wide variety of carriers to ensure almost anyone can find coverage

Cons

• No phone assistance over the weekend

• No quotes available without entering personal information

Health IQ

Health IQ partners with over 25 national insurers to offer term life insurance for individuals with a healthy lifestyle. Customers can obtain online quotes but have to purchase coverage through an agent. Terms, policies and riders vary by insurance provider.

Why Health IQ didn’t make the cut: This company is not part of our main list because of its limited online service and lack of information on its website.

Pros

• Compare rates from 30 different carriers

• Licensed agents guide you through the process

• Offers membership rewards program

Cons

• Online quotes require that users agree to calls from agents

• Must have a healthy lifestyle or pass a quiz to qualify for better rates

MassMutual

MassMutual’s insurance portfolio includes term and permanent life insurance, including a term life policy that can be purchased online. Customers can also convert their term life insurance to a permanent policy without a medical exam. MassMutual features a life insurance calculator to help prospective clients assess their insurance needs.

Why MassMutual didn’t make the cut: This company is not part of our main list because its policies have few or no optional riders.

Pros

• Young and/or healthy applicants may not need a medical exam

• Offer two whole life policies with long term care riders

• Direct Term life insurance can be purchased immediately online

Cons

• No conversion options for some policies

• You can only earn dividends with a whole life insurance policy

• Few or no policy riders

Guardian Life

Guardian Life’s insurance portfolio includes term, whole and universal life policies. Those interested in a term life policy can get an online quote on Guardian Life’s website but they must contact an agent or provider to purchase any policy or get quotes for permanent life insurance.

Why Guardian Life didn’t make the cut: Guardian’s below-average rating by JD Power and limited policy information and riders offerings kept it from our top list.

Pros

• Online quotes and account management

• Policies available for people with HIV

Cons

• Must apply (and cancel) through an agent

• Doesn’t offer no-exam (guaranteed issue) policies

• Term life options are basic

USAA

USAA offers term life policies starting at $12 a month. Customers can access online quotes for term and permanent policies. Though it wasn’t included in JD Power’s latest study or rated by rating agencies, it has a low complaint ratio of 0.11 — and a strong reputation in the insurance industry.

Why USAA didn’t make the cut: It isn’t part of our main list because other insurers with more attractive features bumped it out.

Pros

• Military members can get coverage during war

• Offer survivor support

• High cap on the value of their policies

Cons

• Medical exam required for all policies

• Some policies unavailable in New York

Mutual of Omaha

Mutual of Omaha stands out for being one of the few companies on this list that offers online quotes for both term and whole life insurance policies.

Why Mutual of Omaha didn’t make the cut: Its premiums are higher than the life insurance industry average for applicants who are healthy and/or older. Application and processing times are also slower than other insurance providers.

Pros

• Offers online quotes

• Affordable underwriting for health conditions, including cancer

• Offers a whole life insurance policy for children

Cons

• Policies for individuals in good health are pricier than average

• Must apply to discover whether a medical exam is required

• Sparse website resources

• New York residents have limited options

Liberty Mutual

Liberty Mutual’s insurance offerings include term and whole life policies. Customers can file claims over the phone, online or through Liberty Mutual’s mobile app.

Why Liberty Mutual didn’t make the cut: It lacks detailed information about policies and doesn’t offer a variety of term insurance options.

Pros

• Immediate online approval for Passport Term (simplified issue insurance)

• Continuing coverage once the term ends

Cons

• Monthly premiums are higher than average

• No detailed information about policies on the website

Life Insurance Guide

We created this life insurance guide to answer questions related to life insurance, its different policy types and policy options to help you select the best life insurance policy.

What is life insurance?

Life insurance is a contract between a policyholder and an insurer, in which the latter guarantees to pay a sum of money to the life insurance beneficiary upon his or her death. This sum of money, known as the death benefit, is funded by premium payments made by the insured throughout their lifetime.

How does life insurance work?

Life insurance is meant to provide financial protection for dependents and loved ones upon the death of a primary breadwinner. Yet, life insurance is not exclusively available for adults and the elderly.

Many companies also offer life insurance for children, which can cover any expenses in the case of death, help with future insurability and provide economic support through the cash value component of the policy. The life insurance experts at Money have also prepared a list of the best life insurance for seniors and best life insurance for young adults.

At its most basic, life insurance has two main components, a death benefit and a premium.

• The death benefit, also called the face value, refers to the lump sum of money the insurer agrees to pay out to named beneficiaries upon the policyholder’s death.

• Premiums are payments made by the policyholder to the insurer in exchange for the policy. Life insurance premiums are determined by the insured’s projected life expectancy. High-risk individuals, or those who purchase larger death benefit amounts or a permanent life insurance policy, generally pay higher premiums.

Permanent and whole life insurance policies offer insurance-for-life coverage. They also include a cash value component that can serve two functions:

• As a savings account in which cash accumulates on a tax-deferred basis, and which the insured can usually access during their lifetime. Some policies may restrict withdrawals, depending on how the withdrawn money will be used.

• The cash value can also be used to cover premiums or purchase additional coverage.

It’s important to note that the cash value is a living benefit that stays with the insurance company when the policyholder dies. Any outstanding loans against it will reduce the policy’s death benefit.

How to Choose the Best Life Insurance Company for You

Consider these factors when searching for the best life insurance policy for your needs.

• Policy types – Not every company offers both term and permanent life insurance plans. Some offer one or the other.

• Application process – Certain life insurance companies offer a fully online process. Others require you to work with an agent during the underwriting process.

• Medical exam requirements – Depending on the type of policy and carrier, a medical exam may be required. However, many companies offer no-exam life insurance.

• Riders – Some policies include additional, specific insurance benefits in the cost of a premium called riders. Others offer add-on riders, while some companies do not sell any.

• Coverage – Minimum and maximum amounts vary by life insurance company or life insurance agency.

• Pricing – Compare rates from various companies before committing to a policy.

• Company quality – Look to AM Best for info on the financial strength of virtually any life insurance company in the United States. For customer reviews (complaints included), look to The National Association of Insurance Commissioners (NAIC), the Better Business Bureau (BBB), the American Customer Satisfaction Index and the J.D. Power 2022 Individual Life Insurance Study.

What are the different types of life insurance?

• Term life insurance – This kind of life insurance plan lasts for a predetermined period (commonly 10, 15 or 20 years), and then it expires. You can renew for longer or, depending on the life insurance company, switch to a permanent policy that lasts your entire life.

• Whole life insurance – This is a type of permanent life insurance that covers the insured for the duration of their life as long as the premiums are paid. It includes a guaranteed cash value component, and fixed monthly premiums.

• Universal life insurance – Similar to whole life, this permanent policy protects the insured for the duration and their life as long as premiums are paid, and it includes a cash value component. The cash value component in this policy is not guaranteed and it will fluctuate with the market.

• No-exam life insurance – This policy doesn’t require a medical exam for approval. However, filling out a medical questionnaire may be required. No-exam life insurance may be term or permanent policies.

What is the difference between term, whole and universal life insurance policies?

How much life insurance do I need?

There’s no such thing as a hard and fast rule for figuring out a price tag on your life insurance needs and peace of mind. Still, a basic starting point is to determine your financial obligations and future and end-of-life expenses (such as funeral expenses) and subtract any liquid assets you may have.

Below are some common uses for life insurance. Consider whether or not they are relevant to you.

For beneficiaries, from death benefit:

• Funeral expenses

• Replace income of policyholder

• College tuition for children

• Debts, e.g. mortgage, loans

• Estate taxes

For living policyholders, from policies with cash value:

• Supplemental income during retirement

• Prepay funeral expenses

• Pay off debts, e.g. credit card, mortgage, loans, healthcare

• College tuition savings for children

In any case, it’s a good idea to consider life insurance within a larger financial context. If you can, talk with a financial advisor to find out how much life insurance you really need, what you can afford, and what policy types are best for you.

How much does life insurance cost?

Below you’ll find sample rates from multiple insurance companies in America. Some information was provided by representatives while additional data was sourced from company and agency rate calculators.

Disclaimer: The following are sample rates for a 35-year-old female or male in excellent health. Your own rate will depend on your age, health and sex, among other factors.

Term Life Insurance – $500,000 policy

 

Permanent Life Insurance – $250,000 policy

What’s the best place to get life insurance quotes?

The best place to get life insurance quotes is at an insurance marketplace company like Policygenius because it allows you to compare life insurance costs and products from different companies in one place. Also, most companies that are part of our top picks offer online life insurance quotes.

Life Insurance Glossary

Latest Life Insurance News

Between beneficiaries and annuity holders, United States life insurance companies paid out a record $200 billion in 2021, according to the American Council of Life Insurers (ACLI). The ACLI also reported that, in the same year, close to 46 million life insurance policies were purchased. That’s a 6% increase from 2020, with coverage overall exceeding $21 trillion.

Life insurance isn’t just for older Americans; policyholders span generations. Their needs and preferences vary greatly, too. People of all ages who want coverage fast or want to avoid a life insurance medical exam often choose no-exam life insurance. Some healthy people in their 20s opt for permanent life insurance in order to lock in coverage at a significantly lower cost than what they’d be offered at an older age.

Beyond the death benefit, some also look to whole life companies with the eventual goal of borrowing against their life insurance policy. Cash value earnings in a whole life insurance policy can be used to pay for college tuition, supplement retirement income, or for a down mortgage payment.

Life insurance agents can guide you toward getting approved for the ideal coverage for your needs. If you are a transgender or non-binary person, for example, an agent can help you navigate the application process and ensure the life insurance company receives a clear picture of your profile. If you are looking for supplemental coverage, an agent can also help you identify relevant riders, such as the accidental death benefit, which can provide beneficiaries with a larger payout if you die in a covered accident.

Consider starting your life insurance search by estimating how much life insurance you really need.

Best Life Insurance FAQs

What is the difference between term and whole life insurance?

The main difference between term and whole life insurance is that the former type of policy only lasts for a set number of years (its term). In contrast, a whole life insurance policy, also known as a permanent policy, provides policyholders with insurance for life (so long as premiums are paid).

What is the best life insurance?

There’s no one best life insurance policy or company for everybody. Your choices regarding life insurance will depend on your needs and how you plan to use the policy. Before making a selection, check the reviews for Money’s best life insurance vendors.

How much is life insurance per month?

The cost of a life insurance policy will depend on various factors including the type of policy and amount of coverage. The monthly premium will also depend on the applicant’s age, sex, lifestyle, and overall health. According to Haven Life, a 35-year-old non-smoking male, living in New York, in excellent health, will pay around a $20.72 monthly premium for a 20-year term life insurance policy with a $500,000 death benefit.

Can you get life insurance if you have cancer?

Yes. Depending on your specific situation, you may be eligible for term or whole life insurance. Another option is a no-exam, guaranteed issue policy. This kind of permanent policy does not require a medical exam and, with most carriers, you’re guaranteed approval. However, the premium will be higher and coverage amounts are often limited to $50,000 to $100,000. Some policies have a waiting period before coverage goes into effect, while others, like the Guaranteed Issue policy from Ethos, do not.

How do life insurance companies check medical background?

To get a life insurance quote, you’ll first provide basic information, such as your height, weight, current physical health and prescription use, and tobacco and/or nicotine usage. When you formally apply for a policy, you’ll likely be asked for contact information for your medical providers. The life insurance company will get your medical records directly from your doctors.

Depending on the life insurance company, policy type and your specific situation, you may be required to take a medical exam. This can include a pulse and blood pressure check, blood work and urinalysis collection, X-rays, and a treadmill stress test. For older applicants, an electrocardiogram and a cognitive ability test may also be required. Some medical exams are conducted in your home or workplace. Others may be conducted in the office of an exam company.

How We Chose the Best Life Insurance Companies

Our methodology for creating our Best Life Insurance Companies list includes the following factors:

• The ability to pay claims on time

• Customer experience and product offerings

• Customer satisfaction and the life insurance company ratings reported in J.D. Power’s latest U.S. Life Insurance Satisfaction Study, and the A.M. Best financial strength ratings

• The number of complaints regarding their individual life insurance policies, based on National Association of Insurance (NAIC) data

• The selection of insurance plans and related products

• Simplicity of underwriting

We also interviewed representatives from companies as part of our research process. Still, though we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Rates are subject to change. As always, we recommend you do your own research as well.

Summary of Money’s Best Life Insurance Companies of April 2023

• Bestow – Best No-Exam Life Insurance

• Ethos – Best for Same-Day Coverage

• Policygenius – Best Online Broker

• Haven Life – Best Term Life Insurance

• Ladder – Best for Flexible Coverage

• State Farm – Best for Customer Satisfaction and Stability

• New York Life – Best Whole Life Insurance

• Nationwide – Best for Bundling Discounts

• Northwestern Mutual – Best for Policy Customization

Best Life Insurance Companies

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