Top 5 Best Life Insurance Companies

A good life insurance policy will help you to plan for the financial future of your loved ones as well as cover any expenses that might arise in the event of your demise.

Choosing a reputable life insurance policy is can be a challenge without proper research. Here is a summarized list of some of the best life insurance companies throughout the nation.

1. Northwestern Mutual

Northwestern Mutual is our top-rated life insurance company the offers 17 different life insurance policies to its customers.

With CompLife and Whole Life Plus life insurance policies, Northwestern Mutual is the only life insurance company that offers blended protection with permanent and term benefits. It is considered one of the largest life insurers in the USA.

Northwestern Mutual has obtained a very high customer satisfaction ranking with a very low number of complaints.

Northwestern Mutual offers life insurance plans for 10-80 years with renewable terms. You can get universal life and whole life insurance policies as well from Northwestern Mutual.

Pros

  • Offers both permanent and term life insurance policies
  • The option for converting term policies into permanent policies gradually over time without any health conditions
  • 10-20 years term length premium options with fixed rates
  • Dividends can be earned on all policies

Cons

  • Fixed time window for the conversion of term policy into a permanent policy
  • Life Insurance policies can be purchased from licensed agents only

Nationwide is one of the life insurance companies which has the highest customer satisfaction rate with a very low number of complaints. It offers different types of life insurance policies like whole, variable and universal life insurance.

The term life insurance policy offered by Nationwide is valid for 15-to-30-year periods. In all these life insurance policies, the coverage can be up to $100K with feature-level monthly premiums.

You can get variable riders from these life insurance policies including accelerated death benefit, children’s term insurance, and premium waiver.

The residents of New York can get three universal life policies while the residents of other states have four options.

These four options include YourLife CareMatters, Survivorship Indexed UL, Indexed Universal Life Accumulator, and Indexed Life Protector with tax protection.

Nationwide is the best life insurance provider for grandparents as it provides life insurance policies up to the ages of 80-85 years of people.

Pros

  • Easy conversion of term policies into whole life ones with no medical exam and fee.
  • Credit Wellness Points
  • Several Life Insurance policy options with investment options
  • Multiple available riders

Cons

  • No Online quotes for most of the policies
  • Different life insurance policy options are somewhat confusing

Competitive rates, easy underwriting process, and pre-existing medical conditions are some major features due to which Mutual of Omaha stands out among other life insurance companies.

The use of tobacco won’t necessarily influence the whole life insurance policies offered by the Mutual of Omaha. It offers 11 different life insurance policies to its customers including term, universal, and whole life insurance.

Mutual of Omaha offers a wide range of riders including disability income, accelerated death, waiver of premium, terminal illness, residential damage, accidental death, and critical illness, etc.

Pros

  • Medical Exam is not required for applying for term coverage
  • Online Quotes are available
  • Affordable Underwriting for health conditions like Cancer
  • Highly Customizable Policies
  • Multiple Riders
  • Refunding of premiums in some policies in case of passing of the policyholder during the period

Cons

  • Expensive Life insurance policies for healthy individuals
  • Sparse Website resource
  • Limited options for New York residents

Being the nation’s oldest mutual insurer, New York Life Insurance company has paid out 1.9 billion dividends up to 2020.

It offers both permanent and term life insurance options that are interconvertible at any time during the policy period.

Most of the shares of this company are owned by the policyholders. For this reason, policyholders are the beneficiaries of annual dividend payouts.

Pros

  • The best option if you are looking for a flexible life insurance policy
  • Yearly and level premium convertibles term are available in term coverage options
  • The life insurance rates increase gradually with every year, with no sudden increase in premium rates.

Cons

  • The policy cost increases on the ending of the level premium convertible option term

According to J.D. Power’s US Life insurance study of 2020, State Farm is at the top of the ranking in terms of customer service records.

People of ages between 16-45 years can easily qualify for the Instant Answer Term Insurance policy offered by State Farm. This life insurance policy has a $50,000 amount of coverage.

A medical exam is not required also for the underwriting process. Select Term and Return of premium life insurance is also offered by State Farm. The Select Term is available for 10-30 year term length. The benefits are guaranteed.

Pros

  • No increase in monthly premiums
  • Customizable policies with add-ons
  • High cash value with the return of premium option
  • You can convert your term life insurance policy into the permanent one up to the age of 75 regardless of health conditions

Cons

  • No live chat options
  • Not available in Massachusetts