The life insurance market in the U.S. is competitive, made up of a mix of long-standing insurers and newer “insurtechs” that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaints data, consumer experience and financial strength. We also assessed the types of policies on offer, and the ways you can buy coverage.
Based on these factors, these are our top life insurance companies for 2024.
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NerdWallet's best life insurance companies for September 2024
These are our expert picks for the best life insurance companies. All of the companies listed below scored 5 out of 5 stars. There are hundreds of insurers competing for your business, often selling very similar products, so it’s smart to compare life insurance quotes from a few before making a decision.
Insurer | NerdWallet rating | Policies offered |
MassMutual | 5.0 NerdWallet rating | Term, whole, universal and variable universal. |
Guardian | 5.0 NerdWallet rating | Term, whole, universal and variable universal. |
Northwestern Mutual | 5.0 NerdWallet rating | Term, whole, universal and variable universal. |
New York Life | 5.0 NerdWallet rating | Term, whole, universal and variable universal. |
Pacific Life | 5.0 NerdWallet rating | Term, universal, variable universal and indexed universal. |
State Farm | 5.0 NerdWallet rating | Term, whole and universal. |
AARP | 5.0 NerdWallet rating | Term, whole and guaranteed issue whole life. |
Best life insurance companies in 2024: Pros and cons
Jump to:
MassMutual: Best overall
Guardian: Best for applicants with a history of HIV
Northwestern Mutual: Best for consumer experience
New York Life: Best for high coverage amounts
Pacific Life: Best range of permanent life insurance
State Farm: Best for customer satisfaction
AARP: Best for older applicants
Best life insurance company overall: MassMutual
Best overall 5.0 NerdWallet rating Bottom line: MassMutual offers a solid range of term, whole, universal and variable universal life insurance, plus free coverage for low income parents. on Nerdwallet Financial strength rating Exceptional Online purchase Yes NAIC complaints Far fewer than expected Policies offered Term, permanent & no-exam Best overall on Nerdwallet 5.0 NerdWallet rating Bottom line: MassMutual offers a solid range of term, whole, universal and variable universal life insurance, plus free coverage for low income parents. Financial strength rating Exceptional Online purchase Yes NAIC complaints Far fewer than expected Policies offered Term, permanent & no-exam
MassMutual
MassMutual
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
Overview: Massachusetts Mutual Life Insurance Co., or MassMutual, is one of the largest life insurers in the country. Founded in 1851, it offers a wide range of products, from term life to variable universal life insurance — a type of permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual life insurance company, which means it’s owned in part by its policyholders and pays out dividends to qualifying members. Its 2024 dividend payout is set to be the highest yet at almost $2.2 billion.
» Read the full review: MassMutual life insurance
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Best life insurance company for health conditions: Guardian
Best for applicants with a history of HIV 5.0 NerdWallet rating Bottom line: Guardian sells term, whole, universal and variable universal policies, and caters for people living with HIV with tailored coverage. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent Best for applicants with a history of HIV on Nerdwallet 5.0 NerdWallet rating Bottom line: Guardian sells term, whole, universal and variable universal policies, and caters for people living with HIV with tailored coverage. Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected
Guardian Life
Guardian Life
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Overview: Guardian was founded in 1860 and has paid life insurance dividends to its eligible policyholders since 1868. The company is set to pay out $1.4 billion in dividends in 2024, the largest sum in the company’s history. The insurer stands out for its lenient underwriting standards and is known for making life insurance accessible for people living with certain health conditions, like HIV.
The insurer drew fewer complaints to state regulators than expected for a company its size. Aside from life insurance, Guardian also sells a range of products including dental, vision and cancer insurance.
» Read the full review: Guardian life insurance
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Best life insurance company for customer experience: Northwestern Mutual
Best for consumer experience 5.0 NerdWallet rating Bottom line: The biggest insurer in the country, Northwestern Mutual offers term and permanent life insurance, and has the lowest complaint ratios of the life insurers we review. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent Best for consumer experience on Nerdwallet 5.0 NerdWallet rating Bottom line: The biggest insurer in the country, Northwestern Mutual offers term and permanent life insurance, and has the lowest complaint ratios of the life insurers we review. Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent
Northwestern Mutual
Northwestern Mutual
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Overview: Founded in 1857, Northwestern Mutual is the largest seller of individual life insurance in the United States, according to the latest data from S&P Global Market Intelligence. Universal life policyholders have flexible payment and coverage options, while term life customers have the opportunity to convert their policy to permanent coverage without taking a medical exam.
The company is set to pay $7.3 billion in dividends to qualifying policyholders in 2024. Northwestern Mutual received fewer complaints to state regulators than expected for a company of its size, making it a trustworthy choice for shoppers.
» Read the full review: Northwestern Mutual life insurance
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Best life insurance company for flexibility: New York Life
Best for high coverage amounts 5.0 NerdWallet rating Bottom line: New York Life offers term, whole, universal and variable universal life insurance. Their level term policy offers 10-, 15-, and 20-year terms. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term & permanent Best for high coverage amounts on Nerdwallet 5.0 NerdWallet rating Bottom line: New York Life offers term, whole, universal and variable universal life insurance. Their level term policy offers 10-, 15-, and 20-year terms. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term & permanent
New York Life
New York Life
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
Overview: New York Life is a mutual company, which means it’s owned by its policyholders. As such, you may be eligible to vote in board elections if you’ve held a permanent policy for more than a year and earn dividends — the insurer is set to pay out $2.2 billion in 2024.
The company is one of the largest life insurance companies in the U.S. and drew fewer complaints to state regulators than expected for a company of its size. It ranked above average in J.D. Power’s 2023 customer satisfaction study for life insurance. One of its whole life policies includes a flexible payment option, allowing you to pay off your premiums early.
» Read the full review: New York Life insurance
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Best company for permanent life insurance: Pacific Life
Best range of permanent life insurance 5.0 NerdWallet rating Bottom line: Pacific Life sells a broad range of policies, and stands out for providing detailed and easy-to-digest information about each type on its website. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent Best range of permanent life insurance on Nerdwallet 5.0 NerdWallet rating Bottom line: Pacific Life sells a broad range of policies, and stands out for providing detailed and easy-to-digest information about each type on its website. Financial strength rating Exceptional Online purchase No NAIC complaints Far fewer than expected Policies offered Term & permanent
Pacific Life
Pacific Life
Pros
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Offers a variety of term and permanent policies with many riders to choose from.
Cons
Select policies are not available in New York.
Quotes are not available online.
Overview: Pacific Life has been in business for more than 150 years, and has drawn significantly fewer complaints than expected for a company of its size over the past three years. It has a stellar lineup of permanent life insurance policies, including a competitive indexed universal life insurance policy. These policies typically grow investments based on stock market indexes like the S&P 500. They also have a guaranteed floor, which means your life insurance cash value won’t fall below a certain value if the stock market dives.
» Read the full review: Pacific Life insurance
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Best life insurance company for customer satisfaction: State Farm
Best for customer satisfaction 5.0 NerdWallet rating Bottom line: State Farm topped the list in J.D. Power’s 2023 U.S. Life Insurance Study for customer satisfaction, and offers highly customizable term, whole and universal policies. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam Best for customer satisfaction on Nerdwallet 5.0 NerdWallet rating Bottom line: State Farm topped the list in J.D. Power’s 2023 U.S. Life Insurance Study for customer satisfaction, and offers highly customizable term, whole and universal policies. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam
State Farm
State Farm
Pros
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Overview: When you think of State Farm, you probably think of its auto insurance products. But it also offers a decent range of life insurance policies, including return-of-premium life insurance — if you outlive the term, you get a refund of the premiums you paid into the policy. State Farm also offers a single premium option for its whole life policy and a final expense policy that can help cover funeral costs.
State Farm ranked first out of 22 companies in J.D. Power’s 2023 U.S. Life Insurance Study for customer satisfaction, and has consistently topped this list in recent years — pointing to its positive reputation among policyholders.
» Read the full review: State Farm life insurance
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Best life insurance company for older applicants: AARP
Best for older applicants 5.0 NerdWallet rating No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one. on Nerdwallet Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam Best for older applicants on Nerdwallet 5.0 NerdWallet rating No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one. Financial strength rating Exceptional Online purchase No NAIC complaints Fewer than expected Policies offered Term, permanent & no-exam
AARP
AARP
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
Overview: AARP’s Life Insurance Program offers coverage to its members in all 50 states and Washington, D.C. The policies are underwritten by New York Life, one of the biggest life insurance companies in the U.S.
Members can apply for a term or whole life policy by answering a few health questions, with no life insurance medical exam required. AARP also sells a guaranteed issue whole life policy via New York Life, which bypasses both the questionnaire and medical exam for eligible applicants.
» Read the full review: AARP life insurance
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Best term life insurance companies in September 2024
Term life insurance provides temporary coverage for a set number of years, usually one to 30. It’s the cheapest and most popular type of coverage, and insurers can stand out in the market for offering competitive prices, riders and more.
Guardian | 5.0 NerdWallet rating | Term lengths: 1, 10, 15, 20 or 30 years. |
MassMutual | 5.0 NerdWallet rating | Term lengths: 1, 10, 15, 20, 25 or 30 years. |
Northwestern Mutual | 5.0 NerdWallet rating | Term lengths: 1, 10 or 20 years. |
New York Life | 5.0 NerdWallet rating | Term lengths: 1, 10, 15 or 20 years. |
Pacific Life | 5.0 NerdWallet rating | Term lengths: 10, 15, 20, 25 or 30 years. |
State Farm | 5.0 NerdWallet rating | Term lengths: 10, 20 or 30 years. |
AARP | 5.0 NerdWallet rating | Term lengths: Until age 80. |
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its term life insurance policies specifically. | ||
Best whole life insurance companies in September 2024
Whole life insurance typically lasts your entire life. As a type of permanent life insurance, it also builds cash value over time. We’ve compared whole life companies based on factors like coverage flexibility and the potential to earn dividends.
Guardian | 5.0 NerdWallet rating |
MassMutual | 5.0 NerdWallet rating |
Northwestern Mutual | 5.0 NerdWallet rating |
New York Life | 5.0 NerdWallet rating |
State Farm | 5.0 NerdWallet rating |
AARP | 5.0 NerdWallet rating |
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its whole life insurance policies specifically. | |
Best no medical exam life insurance companies in September 2024
With no medical exam life insurance, the application process is streamlined. Depending on the policy you choose, you might have to answer some questions about your health and lifestyle, though some policies skip both the exam and questionnaire.
AARP | 5.0 NerdWallet rating | No exam or medical questions (whole life). No exam but you may have to answer medical questions (term life). |
Country Financial | 4.5 NerdWallet rating | No exam but you may have to answer medical questions. |
Nationwide | 4.5 NerdWallet rating | No exam but you may have to answer medical questions. |
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its no-exam insurance life policy specifically. | ||
Follow these four steps to find the best life insurance company for your family.
1. Look at customer satisfaction scores
Other customers’ experiences can help you decide whether you want to do business with a company. You can get clues about an insurer’s reputation through complaints filed with state regulators, which are visible on the National Association of Insurance Commissioners website. All of the companies listed above have had fewer complaints to state regulators than expected for insurers of their size, according to three years’ worth of data from the NAIC.
2. Consider financial strength
It’s especially important to look into life insurance companies’ financial strength because you’ll want a company that can pay claims many years down the road. NerdWallet’s insurance reviews use weighted averages of financial strength ratings. For additional information about life insurance companies, try a ratings agency like AM Best. We recommend looking at insurers with an AM Best rating of A- or better.
3. Evaluate the policy options
Term and permanent are the two main types of life insurance.
Term life insurance lasts a set number of years and is typically sufficient for most families.
Permanent life insurance lasts your entire life and often includes an investment component. Under the umbrella of permanent life insurance, there are several different types of policies, such as whole life insurance and universal life insurance.
4. Get prices from a handful of companies
The cost of coverage varies among companies, so it’s smart to compare life insurance quotes from multiple insurers.
Although many companies sell similar policies, some focus on certain products — such as whole life — or on particular customers, such as seniors who need life insurance. You can narrow down your options by focusing on the companies that specialize in the type of insurance you’re looking for.
More about top-rated life insurance companies
Looking for a specific type of life insurance policy? Check out NerdWallet’s top picks across these categories:
Best burial life insurance companies.
Best life insurance for seniors.
Best instant life insurance.
Best return-of-premium life insurance.
Best life insurance for children.
Best accidental death and dismemberment insurance.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Frequently asked questions
How much does life insurance cost?
The average cost of life insurance is $26 a month, according to Covr Financial Technologies. This is based on a healthy, nonsmoking 40-year-old buying a 20-year, $500,000 term life policy. Life insurance rates vary between policies and insurers, so it's important to compare life insurance quotes from a handful of companies to make sure you're getting the best possible price for the coverage you need.
What types of life insurance can I get?
There are two main types of life insurance. Term life insurance offers temporary coverage for a set period of time, like 10, 20 or 30 years, and pays out if you die within that time frame. Permanent life insurance typically lasts your entire life. It also has a cash value component that grows over time, and once it reaches a certain level, you can begin to take out loans against your policy.
Can I get life insurance without a medical exam?
If you want to skip the life insurance medical exam, you can still buy life insurance, though your options may be more limited. Some types of no-medical-exam life insurance may still require you to answer questions about your health and lifestyle, while others bypass both the questionnaire and medical exam.
What's the cheapest life insurance company?
The cheapest life insurance companies can vary based on your age, gender, smoking status and the type of coverage you want. It's worth comparing quotes from multiple companies to get the most competitive rate.
