Best life insurance companies (August 2024)

Legal & General America, MassMutual, and Brighthouse Financial top our list of the best companies for life insurance in August 2024.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Tory CrowleyAssociate Editor & Licensed Life Insurance AgentTory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Patrick Hanzel, CFP®Patrick Hanzel, CFP®Certified Financial Planner™ & Advanced Planning ManagerPatrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

Updated|5 min read

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How we choose the best life insurance companies

We use industry data, pricing from policycentral carrier partners, and ratings from third parties like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.Read more about our reviews methodology

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 August 2024

Methodology

How we ranked the top insurers of 2024

Our recommendations are based on internal and external expert analysis, as well as our policycentral 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 policycentral 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.

Read more about our reviews methodology

Company

Policies offered

Cost

policycentral rating

Brighthouse Financial

No-exam term life

$

5.0/5 ★

Legal & General America

Term life, no-exam term life, universal

$

4.9/5 ★

MassMutual

Whole life, term life, universal, VUL

$$$

4.9/5 ★

Lincoln Financial

Term life, IUL, VUL

$

4.8/5 ★

Pacific Life

Term life, no-exam term life, universal, IUL, VUL

$

4.8/5 ★

Corebridge Financial

Term life, whole life, universal, guaranteed issue

$

4.6/5 ★

Mutual of Omaha

Term life, no-exam term life, final expense, universal, IUL

$$

4.5/5 ★

Foresters Financial

Term life, no-exam term life, whole life, universal

$$

4.3/5 ★

Transamerica

Term life, no-exam term life, whole life, IUL, final expense

$

4.3/5 ★

Prudential

Term life, no-exam term life, short-term life, universal, IUL

$$

4.1/5 ★

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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

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2024 policycentral award winner

MassMutual

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

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

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2024 policycentral award winner

Brighthouse Financial

Brighthouse Financial logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

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2024 policycentral award winner

Pacific Life

Pacific Life logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

Transamerica logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

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2024 policycentral award winner

Prudential

Prudential logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

award icon

2024 policycentral award winner

Lincoln Financial

Lincoln Financial logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

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

Mutual of Omaha logo

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

policycentral rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.3

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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.

Compare quotes from top insurers — for free

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.”

  1. Consider any health conditions Not all life insurance companies treat all health conditions the same way when it comes to setting rates. It’s important to consider your unique health profile when shopping for a policy because you could end up paying much cheaper premiums with one insurance company than another.

  2. Consider your age Age is one of the biggest factors that influence your life insurance rates. Age can also impact what types of life insurance options are available to you because we all become riskier to insure as we get older. For example, no-medical-exam options for seniors can be limited because insurance companies want to minimize risk.

  3. Explore policy options & riders Riders are policy add-ons that offer supplemental coverage under special circumstances — for example, if you’re diagnosed with a critical illness or if you want to extend coverage to a family member, like a child or your spouse. But not all riders are cost-efficient and not all policies offer every type of rider, so working with a non-commissioned agent or independent broker can be helpful if you’re considering which riders might be useful for you, if any.

  4. Consider the company’s financial strength Arguably the most important piece of choosing your life insurance company is knowing that they’ll be around and able to pay the proceeds to your loved ones if you should pass away. Applying with a company that has strong financial ratings will help ensure this. That doesn’t necessarily mean choosing the biggest life insurance company, though larger insurers tend to have bigger cash reserves.

  5. Consider customer satisfaction Over the lifetime of your policy, you might need to change payment frequency, a beneficiary, or a number of other details on your paperwork. It’s important to have resources for customer service to make sure you’re up-to-date with your policy. A company with strong customer satisfaction ratings can benefit you in this way. This is another reason why working with an independent broker like policycentral can help you get access to support for the entire duration of your policy — not just when you apply.

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References

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policycentral uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Forbes

    . "

    Best No-Exam Life Insurance

    ." Accessed April 01, 2024.

Authors

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Tory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.

Editor

Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Patrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

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