Select Page

Best Life Insurance Companies

Who are the best life insurance companies for your specific situation? This is the perfect place to start.

Buying life insurance from the right company is one of the most important steps in the buying process. The best life insurance companies usually provide excellent financial strength and often have high scores with regards to financial stability. Choosing the best life insurance company will involve comparing prices of policies, customer service, and financial strength.

It’s always wise to compare life insurance quotes from multiple companies before you choose one to apply with.

Shopping around is one of the most important strategies when buying life insurance. We’ve included a life insurance quoting tool on our website to help you with this part of the process.

Want to compare rates?

Get instant life insurance quotes now.

Best life insurance companies

Finding you the best life insurance companies and plans at the best price is always our number 1 goal.

We analyzed dozens of the best and most well known life insurance companies in the market. Our grading methodology included analyzing the scores and rankings of several reputable ratings services such as:

  • A.M. Best
  • BBB Rating
  • Total Assets (In billions of dollars)

Best life insurance companies in the USA

Life Insurance CompanyA.M. BestBBBAssets (In billions)
Life Insurance CompanyA.M. BestBBBAssets
MetLifeA+B-$611
PrudentialA+A$573
New York LifeA+B-$303
American GeneralAA+$277
Lincoln FinancialA+A+$235
Mass MutualA++A+$235
TransamericaA+A+$213
AXA EquitableA+A+$178
NationwideA+A+$147
Principal LifeA+A+$171

How to pick a good life insurance company

As a smart shopper, you need to look at a few things in order to know if a life insurance company is good and worth your business.

Financial strength

The financial strength of a life insurance company is very important. You will want to feel secure that the company you choose will still be in business and be able to pay out a death benefit if you were to die. Ratings agencies such as A.M. Best and Moody’s are a few resources that consumers can use to quickly evaluate a life insurance company’s financial strength.

Products

Most companies offer policies and options that are similar. However, what separates companies are in the details. Some life insurance companies will target certain areas or niches. These niches can provide you significant value and savings if you are shopping wisely.

For example, some companies focus on a certain product type, be stronger with underwriting risks, or benefit amounts. One company may be a great fit for someone who is age 45, has diabetes and looking for a 30 year term and $750,000 benefit amount. That same company might be the 5th best company for someone without diabetes. Every variable can make a difference.

Cost

The price you will ultimately pay for your life insurance policy will vary considerably when comparing similar policies across all companies.

Make sure you work with an independent agent who can compare rates and shop your case for you. Only then will you be confident you’re getting the best price for your life insurance policy.

Convenience

Life insurance companies vary considerably in how they operate. From applying to updating your policy- some companies are modern and some are antiquated with how they operate. Many life insurance companies are becoming modernized with the advances in computer and internet technologies. Make sure you apply with a modern company that can get your policy to you as quickly as possible with online and over the phone applications. This will reduce the long approval process and the hassle & stress of completing paper applications.

How to pick the best life insurance company for your needs

Are you working with an independent life insurance agent who can shop your case to multiple companies?

Yes? Ok good.

When trying to narrow down several life insurance companies, it’s always a good strategy to do the following:

Budget

You need to know your premium tolerance.

You’ll have a budget for life insurance and you’ll need to let your agent know it. Find out how much you can afford and what is the maximum amount you can pay for a policy. Once approved, your agent can still shop your case and make sure you’re getting the best deal based on your budget.

Details

You’ll need to prioritize what is most important to you and list them for your agent.

For example,

  • Do you need a life insurance policy as quickly as possible?
    • Some policies can be approved in the same day you apply. Some policies can take over a month.
  • Is the lowest price the only thing that matters?
  • Is the convenience of the application process important?
    • Some companies are very slow, very demanding with paperwork, very strict with underwriting.

Underwriting

Qualifying for your policy through underwriting is possibly the most confusing part of buying life insurance. Some companies are much more strict with their underwriting guidelines depending on your specific health and lifestyle.

This is another reason to use an independent life insurance agent who has access to multiple companies. If you have any risk – you can get rated up or declined depending on your risk based on the underwriting criteria of the company.

But I’m in great health!

There’s a difference in how you define healthy and how life insurance companies define heathy.

Life insurance companies are in the business of evaluating risk. Your health and lifestyle is evaluated as how risky you will be to them now and in the future. Your rate is determined by the amount of risk you present them. If you’re extremely risky, they’ll even deny you.

Make sure you don’t withhold any details to the agent you’re working with. Your agent is trying to help you find the company that gives you the best chance at coverage at the best rate.

Bottom line

We understand that the process of selecting the best life insurance company can be a bit overwhelming. The main thing that you need to take away is that you shouldn’t try and choose a company on your own.

Make sure you contact an independent life insurance broker like Life Insurance Blog. They will help you sort through the confusing research and find the best policies and best life insurance companies at the best rates you can qualify for.

 

 

Life insurance tips

Additional reading

How does the underwriting process work?

Underwriting can be a very complex subject for consumers. What are the underwriters looking at before they offer you a policy?
Read more

How do I find my health class rating?

Your health class rating will determine what you’ll ultimately pay once approved. Figure out your health rating before you get quotes. Read more

How much life insurance do I need?

Too little life insurance can be a disaster and too much coverage can be a waste of money. Let’s figure out the appropriate amount.
Read more

What now?

Life insurance types

Learn about all the different types of life insurance
Read more

Life insurance companies

Reviews from over 40 of the best life insurance companies
Read more

Life insurance with health conditions

Find out how preexisting conditions affects life insurance
Read more

Life insurance rates by age

Get information and sample rates based on your exact age
Read more