Selecting the best life insurance policy can be a daunting task. We break it all down and give you our top picks.
Buying a life insurance policy can help provide financial protection for your loved ones, but choosing the right policy can be confusing. There are several types of life insurance policies available. Some, like term life insurance, last for a set number of years. Others, like permanent life insurance policies, can provide coverage that lasts a lifetime while offering additional savings or investment components.
To help you get started, we’ve compiled a list of the top life insurance companies of 2022. We’ve also gathered information about different types of policies, how the life insurance quote process works, and how to purchase a policy once you find the right one.
Our Best Life Insurance Companies Rating
#1 Haven Life
#3 New York Life
#3 Northwestern Mutual
#5 Lincoln Financial
#5 John Hancock
#7 State Farm
#9 Banner Life
#11 Mutual of Omaha
#15 Guardian Life
Haven Life is a digital insurance agency that offers two term life insurance options: Haven Term and Haven Simple. Haven Term offers policies with durations of 10 to 30 years and coverage up to $3 million. Haven Simple offers policies with durations of 5 to 20 years and coverage up to $500,000. While many life insurance policies require a medical exam prior to coverage, Haven Life’s Simple plan doesn’t.
One restriction to note, however, Haven Term is limited to those 64 and under and Haven Simple eligibility cuts off at 55.
- Can be purchased online
- No medical exam required for some applicants
- Only offers term life insurance
- Limited to age 64 and under.
Bestow is an online insurance agency that sells term life insurance policies. It doesn’t offer any other types of life insurance or riders. But, none of the policies it sells require a medical exam.
The term life policies that Bestow sells are for between 10 and 30 years in length with coverage amounts between $50,000 and $1.5 million. There is an enrollment age limit of 60 years old.
As mentioned, there are no medical exams required during the application process, but Bestow will look at your credit and medical history, prior attempts at buying insurance, and driving records.
Bestow doesn’t issue the life insurance policies it sells. Instead, the policies are issued by North American Company for Life and Health Insurance.
- None of its policies require a medical exam
- Terms policies between 10 and 30 years in duration
- Only term life policies available
- Doesn’t offer any riders
New York Life
New York Life is the highest-rated company in our rating to offer both term and permanent policies. Its permanent life insurance options include both whole and universal policies. The term policies it offers can also be converted to a permanent policy.
You also have the option of adding riders such as Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits.
The New York Life website doesn’t necessarily provide a lot of information on its policies, so you may have to contact a New York Life agent for more detail. Also, its term policies are more expensive than most of the companies in our rating.
- Offers term, whole, and universal life policies
- Term policies can be converted to permanent
- Policies are more expensive than many companies in our rating
- Policies aren’t fully explained on the company website
Northwestern Mutual offers both term and permanent life insurance options. Its term policies range in length from 10 to 20 years. Among its permanent life insurance policies, Northwestern Mutual offers universal and whole life insurance. You can start out with a term life policy from Northwestern Mutual and then later, without additional fees or medical exam, convert it to a whole life policy.
There is limited pricing information available on its website, and policies must be purchased through a life insurance agent. The type of riders available to customize your policy will depend upon the type of policy you choose, so make sure to ask your life insurance agent.
- Offers term, whole, and universal policies
- Term policies can be converted to a whole life policy
- Can only be purchased through an agent
- Limited online pricing information
Lincoln Financial Group
Lincoln Financial Group offers both term and universal policies. Its two term policies, TermAccel and LifeElements, have durations of between 10 and 30 years with coverage options ranging from $100,000 to $1 million. Some policyholders may also be able to convert their term coverage to a permanent life insurance policy. starting at $100,000. Depending on your application, you may not be required to take a medical exam.
Lincoln offers three types of permanent life insurance: universal life, variable universal life, and indexed universal life.
Applying for a policy requires reaching out to Lincoln Financial.
- Offers term and permanent policies
- Some policies may not require a medical exam
- Doesn’t offer whole life insurance policies
- Applying for policies requires working with a Lincoln financial professional
John Hancock sells term policies and three different types of universal life insurance. It offers term policies that range in duration from 10 to 30 years and provide coverage of between $750,000 to $65 million. Both the minimum and maximum coverage amounts are higher than you might find with other companies. For example, Haven Life’s Haven Term policy starts at $100,000 and tops out at $3 million.
While John Hancock doesn’t have any whole life policies it does offer three different types of universal policies; universal life, indexed universal life (IUL), and variable universal life (VUL).
It also offers a way to save money with its Vitality Plus program. By making healthy decisions, such as watching a webinar on nutrition or going to the gym and recording your results in its mobile app, you can earn discounts with various retailers.
- Offers term and universal life insurance policies available
- Offers higher coverage levels than many of the companies in our rating
- Doesn’t offer whole life insurance
- Some policies have high minimum coverage amounts