When it comes to life insurance partners, hundreds of companies are at your disposal. Life insurance lets you have peace of mind after you pass away, knowing your loved ones are well cared for.
However, choosing one can be overwhelming. That's why we've created this list of the eight life insurance companies as of February 2023 to help you narrow down the list. This list comprises industry giants and smaller, newer companies making waves in insurance.
Whether you're looking for term or permanent insurance, discover the top best life insurance companies to consider. However, before we got to the list, we looked out for these things when making this list.
- Financial strength - what does their rating look like? A high financial rating ensures they can fulfill their obligations to all policyholders when the time comes.
- Customer complaints - the number of complaints per year should be reasonable.Not too high.
- Customer service - how fast and responsive are their customer service departments
- Industry experience and reputation - companies with a proven track record of providing quality services may be better equipped than younger companies that are still inexperienced.
- Policy features and riders -what features do they offer, and can they be customized?
- Premiums and fees - we looked for companies that offer competitive rates while still offering high-quality services and products.
1. State Farm
The first company on this list is State Farm. State Farm is a well-known insurance partner offering its customers permanent, whole, and term life insurance.
- Customer satisfaction and financial strength ratings are good
- Offers a wide range of customizable coverage options
- It has a mobile-friendly app and website where customers can access services such as billing and quotes
- Offers both permanent Life and term life insurance
- Most plans require a medical evaluation
2. Protective Life
Protective life insurance is an insurance company that has been offering services for over 100 years. It provides various policies with flexible options and riders. One of the critical strengths of Protective LifeLife is its diverse product offerings, i.e., Term life, variable universal LifeLife, fixed-rate universal, Whole LifeLife, and Guaranteed universal LifeLife.
Protective Life Insurance is also known for its strong financial rating. It has an A+ excellent financial strength rating from A.M. Best, indicating its strong financial stability and ability to meet its policyholder obligations.
Additionally, Protective offers terms of up to 40 years.
3. Haven Life
A newer player in the game, Haven Life is a Mass Mutual subsidiary created in 2015. However, the company has quickly gained a reputation thanks to its user-friendly digital platform and affordable term life policies, among other things.
A unique feature of Haven Life is its fully digital application process, allowing customers to complete the entire process online in as little as 25 minutes. This makes it convenient for people who prefer handling business online.
Haven Life offers term life insurance for up to 10,15,20, and 30 years with various coverage ranges. In addition to the user-friendly platform, Havel Life is backed by MassMutual, a high-rated insurance company that's been in business for over 160 years. This gives policyholders extra financial stability.
Haven Life has an A+ rating from the AM Best, indicating strong financial strength.
4. Northwestern Mutual
One of the best companies for customization, Northwestern offers its customers a wide range of riders they can use to customize their life insurance. Similar to other companies, Northwestern offers Whole LifeLife, universal, and Term life insurance:
- Potential for dividend payouts to its policyholders
- It has fewer complaints when compared to other companies of its size
- Excellent customer service ratings
5. Mass Mutual
Mass Mutual is the perfect insurance company for individuals seeking Term or Permanent life insurance without too much hassle.
- Mass Mutual offers its customers the ability to convert their Term policy into a permanent one without a medical exam.
- They offer two whole-life policies with long-term care riders
- Direct-term life insurance can be bought online
- Provides a life insurance calculator to help you assess your insurance needs
6. New York Life
One of the best companies for people looking for permanent life insurance, New York life offers a range of life insurance products, including universal, term life insurance, whole life insurance, and variable universal life insurance.
Pros of New York Life
- Potential to earn dividends
- Various optional riders can be added to the policy
- Tax-free death benefits for all policies
Founded in 1926, Nationwide is a leading company in the insurance world, offering a wide range of services. Nationwide offers life insurance, including whole, term, and universal life coverage.
- Offers a wide range of coverage
- Has a strong rating for customer satisfaction and financial strength
- Discounts are available if you bundle with homeowners insurance or auto insurance
- It provides several riders to adjust your policy according to your needs.
- Excellent customer service rating by JD Power
- Offers long-term care riders
8. Mutual of Omaha
Founded in 1909, Mutual of Omaha has a long history of offering insurance services to individuals and businesses.
Here are some pros of Mutual of Omaha:
- Offers numerous riders to help customers customize their policy to their specific needs
- Has excellent financial strength
- Has competitive costs within cash value policies
Mutual of Omaha is known for its strong customer service and support. The company has received high ratings from A.M. Best.
There are many companies out there that offer life insurance. Whether in the market for term life insurance, whole life insurance, or any other type of coverage, you should consider your options carefully and choose a provider that will meet your needs and budget without too much hassle.