It is possible that thinking about your mortality is not your favorite subject. However, if you have decided you need life insurance, it is worth taking a little more time to verify you are satisfied with the business you are dealing with.
A life insurance policy might give assurance if you are the primary provider for your household or are concerned about their financial prospects if you pass away. Your family can use life insurance to pay last costs, education costs, lost income, or any other financial necessity.
With our list of the five best life insurance companies, we have you covered. These top life insurance firms have achieved success and are widely regarded as the best in the industry. We want you to be able to make an informed decision when choosing a life insurance company. So, we will cover all of the important details and useful information.
Read on to learn everything there is to know about coverage options, including policy types and premiums.
List of Top Life Insurance Companies with the Best Insurance Policies
- Haven Life: Overall Best Life Insurance Company
- Agile : Best Term Life Insurance Policies
- Northwestern Mutual: Premium Services for Life Insurance Coverage
- Guardian: Best Life Insurance for Seniors
- MassMutual: Ideal for Universal Life Insurance
#1. Haven Life: Overall Best Life Insurance Company
Haven Life’s team is made of a varied group of professionals dedicated to improving the life insurance experience for everyone. They listen to what their clients want and then employ current technologies to meet those demands.
Haven Life’s term life insurance products are divided into two categories — Haven Term and Haven Simple. Haven Life Plus is a rider that gives you the opportunity to an individual’s or couple’s trust, will, or guardianship plan. Subscribers to a fitness app, a sleep tracking app, and an online vault where you may preserve papers are also available through Life Plus.
Clients between the ages of 20 and 59 can acquire up to $3 million in coverage, whereas the ones between the ages of 60 and 64 can get up to $1 million in coverage with Haven Term. Haven Simple is only offered to those between the ages of 20 and 55, and it comes with the Accelerated Death Benefit rider. Numbers and features of policy and rider forms may differ from state to state, and they may not be accessible in all states.
Why We Chose This Company
Haven Life sells term life insurance through MassMutual or its subsidiary C.M. Life, one of the oldest existing insurers. As a Haven Term policyholder, you will benefit from the personalized service of a modern life insurance agency, and you will have peace of mind knowing you are covered.
Haven Life offers a wide range of insurance options, including no-medical-exam term life insurance. Its Haven Plus term insurance provides free bonuses and state-specific and legally acceptable digital wills, fitness app subscriptions, and an online vault to keep vital documents electronically.
Haven Life Plus provides you with free or reduced services that can help you lead a more guarded life. Nevertheless, some or all of its insurance options are not accessible in several of the country’s most populous states. A $250,000 Haven Term coverage with a 20-year term starts at $14.99 per month. Communication is crucial in building the trust required to commit to an insurance provider. All of your questions will be addressed promptly and entirely by Haven Life, providing you the assurance that your policy is in full force, not only supported by a strong insurer but also facilitated by a caring team.
- Two types of term policies available
- Medical examination not required for Haven Simplified Issue
- Term coverage of up to $3 million
- Haven Plus with privileges and discounts is included in the Haven Term
- Not available in all states
Customer reviews show that this is a trustworthy insurance company, and they like it because they feel like there is no pressure or hustle. They feel respected and that their feedback is essential. The insurance jargon is kept to a minimum, and they were able to understand the terms and conditions during the process.
#2. Agile – Best Term Life Insurance Policies
The notable team at Agile is dedicated to providing the most easy life insurance and cancer insurance at the ease of your demands. They listen to what their client needs while applying for the insurance, and act in a customized manner using the technology they have in the given time.
Insurance offered by Agile is divided into two categories, namely life insurance and cancer insurance. All you have to go through is a quick application form which gets approved within 24 hours. Agile Life offers term life insurance that lasts until you retire, reach the age of 70, or request cancellation. Loss of life benefits are available up to 100% of the whole insurance value (either $10,000, $25,000, or $50,000, depending on your preference).
Why We Chose This Company
The monthly premiums for Agile’s life insurance coverage range from $29 to $49. The least expensive plan is the $10,000 Freedom Elite 10K plan, which costs $21 a month plus $8 in fees. The Freedom Elite 50K plan is the most expensive, costing $41 + $8 in fees. These costs are subject to change without prior notice. Always check the website first for the latest rates and offers.
There is no health check or medical history necessary, and the prices are the same regardless of region, however there are some states that have policies otherwise. According to Agile, acceptance is automatic.
Agile offers a variety of insurance products, including term life insurance with no medical exam. Its term insurance offers free incentives, as well as state-specific and legally acceptable digital wills, fitness app subscriptions, and an online vault to save important papers. Building the trust necessary to commit to an insurance company requires communication. Agile will answer all of your inquiries swiftly and completely, giving you the peace of mind that your policy is in full force, supported not only by a strong insurer but also by a compassionate team.
- There are two types of term life insurances available
- Insured amount can go up to $50,000
- Often medical exams are not required
- Only selectively available in certain states
Customers seem to think highly of this insurance business based on online comments and reviews. They claim that this was the simplest and most straightforward insurance they have ever purchased, and that competitors must improve their performance to keep up with this company.
#3. Northwestern Mutual: Premium Services for Life Insurance Coverage
Northwestern Mutual, being one of the top-rated insurance firms in the country, offers a variety of financial solutions to customers across the country. Although policies may only be obtained through authorized agents, Northwestern Mutual offers a diverse range of life insurance plans, each with the possibility to accumulate cash returns over time.
Northwestern Mutual is a life insurance company that is one of the oldest, largest, and greatest in the field. They cover all 50 states as well as the District of Columbia, making them available to clients all over the country.
You can contact one of their 6,400+ agents for a bespoke estimate or to design a policy, which may put off some clients (especially those who prefer to buy online). To be honest, with a near-zero complaint index, a number-one J.D. Power rating, and the best possible ratings from businesses like AM Best and Moody’s, your odds of having a very positive experience are going to be quite high.
There are several different types of coverage to choose from. Northwestern Mutual now has 12 different life insurance plan alternatives (among 7 different policy categories), making it simple to select one that meets your needs.
Dividends are available on all policy types (term, entire, and universal life), and all three types of life insurance provide policyholders with the option of receiving dividends or regular payouts.
The company has excellent consumer and financial strength ratings, and three of the main industry rating firms, AM Best, Moody’s, and Fitch, have given Northwestern Mutual the best possible ratings.
There are policy possibilities for term-to-universal conversion, and you can change your term insurance to a whole life policy, which offers guaranteed acceptance and eliminates the requirement for a medical exam.
Northwestern Mutual offers life insurance coverage in all 50 states, although not all plans and riders are accessible throughout every state and the District of Columbia.
You can acquire more life insurance coverage at particular times using the additional purchase benefit (APB) without having to take another medical exam or present fresh proof of insurability.
- Seniors and smokers can get low-cost term life insurance
- Combining term and permanent insurance is an option
- Excellent financial strength and customer satisfaction ratings
- The lengths of term life insurance policies are limited
From the online comments and reviews, we notice customers think highly of this insurance company. They say this was the simplest and easiest insurance they have purchased and that competitor insurance companies need to improve their performance if they want to keep up with this company.
#4. Guardian: Best Life Insurance for Seniors
Guardian Life Insurance Company is a mutual insurance company, which means that policyholders own it. Customers who purchase whole life insurance are eligible to receive annual dividends. Since its founding in 1868 by a group of German-American immigrants in New York, the company has paid dividends every year. In 2021, it will pay policyholders a record $1.05 billion.
It now serves over 29 million customers, providing life insurance and other services to individuals, businesses, and government-sponsored projects all over the world. It is responsible to its clients rather than investors because it is a communal insurance company.
When you are seeking term life insurance, you have the option of selecting a term of 10, 15, 20, or 30 years. Guardian also has an online price calculator that will help you determine how life insurance works into your plan. In addition, the organization offers a variety of different types of insurance, ranging from dentistry to hospital indemnity policies, so you can get all of your coverage from one place.
At its most foundational sense, their life insurance provides death benefits, which are payments sent to your beneficiaries when you depart. But that is not all, as Guardian offers a variety of policy types and riders so you can get insurance tailored to your specific needs.
Guardian Life offers term life insurance policies with terms of 10, 15, 20, or 30 years. On the firm’s website, you can acquire an estimated term life insurance quote, but you must contact a company representative to purchase a policy.
Guardian offers a variety of life insurance plans, including:
Permanent Life Insurance: Guardian Life offers universal and whole life insurance, as well as Guardian EstateGuard, a whole life survivorship policy. Survivorship life insurance covers two people on one policy, usually a married couple. After the second individual dies, the death benefit is paid to the beneficiary. After the first person dies, the monetary value of the EstateGuard coverage increases. Another unique aspect is that policyholders can increase their coverage throughout the policy’s early years.
Guardian Life additionally provides whole-life insurance to HIV-positive patients who are otherwise healthy. A candidate must meet the following criteria to be considered:
- Between the ages of 20 and 60
- Free of any AIDS-defining diseases
- On antiretroviral medication
- Under the supervision of an HIV specialist
- Term life insurance quotes are available online
- Wide range of policy types available, including survivorship life insurance
- Account administration via the internet
- HIV-positive patients can get life insurance
- For smokers, reasonable rates are available
- On the internet, there is a lack of information about policy riders
The company’s customer service responses and attentiveness are frequently praised by customers. With a score of 3.9 out of 5, Guardian is ranked seventh on our list of the Best Life Insurance Companies of 2021, alongside Primerica, Nationwide, and MassMutual.
#5. MassMutual: Ideal for Universal Life Insurance
MassMutual is a life insurance company that has been providing for its policyholders since 1851. It does not have shareholders because it is a mutual company. Instead, its members and participating policy owners own a portion of the company, have the right to vote for its board of directors, and can even receive dividends. In reality, the business has agreed to pay policyholders nearly $1.7 billion in dividends in 2021.
MassMutual, one of the best life insurance companies, offers whole, term, and universal life insurance plans, which can be a suitable choice for someone looking for a robust policy to support their family’s requirements or to boost their retirement money.
There are five distinct life insurance plans available from MassMutual, including term life and variable universal life. Although all of its plans need medical tests, MassMutual Direct Term policies allow you to get a quote and a decision right away. You can purchase high-coverage insurance to ensure your family has long-term support after you are gone, depending on your needs.
For low-income families, there is a free life insurance scheme. The LifeBridge program, run by MassMutual, gives free $50,000 10-year life insurance plans to income-eligible families (those earning between $10,000 and $40,000). A $50,000 death benefit is paid into a trust to compensate for the child’s educational fees if the insured parent dies during the term.
The mobile app allows you to manage your account, and you may use your insurance policy to make payments, see statements, and even request a loan.
You can speak with a financial expert about your requirements. Unlike other organizations, MassMutual links customers with financial specialists rather than selling through agents or the internet. Develop a comprehensive plan with the help of insurance and financial experts that meets your objectives.
MassMutual offers a comprehensive range of financial products and services, as well as employee benefits. Disability and lengthy care insurance, along with annuities, investments, asset management, and trust services, are all available through the organization.
- Wide range of term life options to meet a variety of requirements
- For customers aged 50 to 75, the company offers a guaranteed acceptance full life product
- A++ financial strength rating from A.M. Best, indicating it is very likely to pay out on future claims
- Term insurance can be converted
- In some situations, conversion credit is available
- For most policies, online quotes are not available
From reading the online customer reviews, we realized customers are mostly happy with this company and give it high ratings. For those between the ages of 50 and 75, MassMutual gives a whole-life guarantee, and customers are thankful to be provided with such an opportunity.
#5. AARP: Best Term Life Insurance Policies
The American Association of Retired Persons, founded in 1958, is a formidable advocate for senior citizens. AARP now has approximately 38 million members who benefit from a variety of perks, including discounts on dining, travel, and entertainment. AARP, in collaboration with The Hartford, offers vehicle and home insurance products tailored to the needs of senior citizens. The Hartford has been in the insurance industry for almost 200 years, providing AARP insurance an extra degree of legitimacy.
The AARP Life Insurance Program offers a variety of New York Life Insurance Company plans to the group’s members. AARP is a non-profit organization that fights for older adults, and anybody over the age of 50 is welcome to join. AARP Services Inc., a taxable subsidiary of the charity, makes money through insurance and many other services it promotes.
Only AARP membership clients and their partners are eligible to apply for policies, but anybody who satisfies the minimum age can join by paying the $16 annual membership fee when they apply.
Although most insurance companies give a 10-day free look time, AARP’s insurance plans include a 30-day free look period. In addition, all premiums paid will be refunded in full.
Permanent and term life insurance with simplified underwriting are available through the AARP program, which requires applicants to answer health questions but not to take a medical test. Except for people who are terminally ill, the program also offers complete life insurance with guaranteed acceptance.
Permanent coverage rates will be determined by age. The AARP term life plan offers coverage amounts ranging from $10,000 to $100,000, while larger coverage amounts can be obtained by phoning New York Life. Applicants must answer a few health questions and give other health data, but no medical test is required.
The online application for whole life insurance offers up to $50,000 in coverage, but higher amounts can be obtained by phoning New York Life. Acceptance is determined by responses to a few health-related questions.
Between the ages of 50 and 80, AARP members, as well as their spouses between the ages of 45 and 80, are eligible to apply, and approval is ensured unless you have a fatal disease. Candidates only need to respond to one health question. If the insured dies of natural causes within the first two years of the policy, just part of the death benefit is paid out.
- No medical exam is needed for the application
- AARP membership allows anybody over the age of 50 to get life insurance
- Transparent pricing
- Get coverage for children at a low cost
- Premiums for term life insurance increase every five years
Customers share mostly positive comments in their reviews about this insurance company. They like the fact that with the AARP membership, anybody over the age of 50 can get life insurance.
They believe this is a trustworthy insurance company that provides excellent service.
Life Insurance Guide
We created this life insurance guide to help you understand life insurance and the various policy kinds and added features so you can choose the best coverage for your budget and requirements.
What Is Life Insurance?
A policyholder and an insurer enter into a contract wherein the latter promises to repay an amount of money to the named life insurance beneficiary following the policyholder’s death. This amount, known as the death benefit, is paid out of premiums paid throughout the insured’s life.
How Does Life Insurance Work?
When a key earner dies, life insurance protects family members and loved ones from financial trouble. Adult individuals and the elderly, however, are not the only ones who can benefit from life insurance. Many firms also offer life cover for children, which can pay any bills in the event of death, aid future term insurance, and provide financial assistance through the policy’s dollar value component.
What Are the Many Kinds of Life Insurance Policies?
The following are the most common types of life insurance:
- Term life insurance
- Whole life insurance
- Universal life insurance
How to Choose a Company from Among the Best Life Insurance Companies
When looking for a life insurance company, here are a few things to think about:
- The ability to make timely payments on claims
- Customer service and product selection
- Customer satisfaction and ratings
- Insurance plans and related products are available in a variety of options
- Underwriting simplicity
Frequently Asked Questions: Life Insurance
Q1. How to get life insurance?
A life insurance policy can be acquired in person or online through an insurance company. Before choosing an insurance broker, you should consider the following factors:
- What is the best sort of life insurance for you and your funds?
- Beneficiaries and the amount of death benefit you want.
- Look for quotes after you have decided on the type of insurance you want to get.
- Compare various offerings, companies, and benefits.
- Choose the policy that is the most convenient for you.
- Submit your paperwork to get your life policy.
Q2. How much does travel insurance cost?
Travel insurance costs vary, but the average rate is between 5% and 15% of the total cost of your trip. The age and number of travelers, the length of your trip, and the coverage options you choose are all factors that influence your final cost.
When traveling with a large group, several insurers offer group travel plans that might save you money. If you travel frequently, many firms offer annual travel insurance policies, which eliminate the need to purchase new coverage each time you travel.
Q3. How much life insurance should you have?
You have the option of purchasing multiple life insurance policies. Insurance companies can still refuse coverage if they believe an applicant is over-insured.
Q4. What is the best life insurance?
There is no one-size-fits-all life insurance policy or provider. Your life insurance options will be determined by your needs and how you intend to use the policy.
Goals might differ from one person to the next, and with the help of a good life insurance policy, you must plan for your life insurance goals. If your primary goal is to protect your family’s financial security, you can get a term insurance plan that provides substantial coverage at low prices.
Consider investing in a unit-linked insurance plan if you want to save for your child’s education or if you want to buy a dream home for yourself. You can also purchase a retirement plan that will provide you with a steady stream of income once you retire.
Q5. How to find the best price?
Term life policies, like any other form of coverage, are affected by a variety of factors that affect the cost of coverage. The monthly premium is affected by your age, health, location, and the amount of support you require. Every one of these aspects will be considered differently by the firm you choose, resulting in varying pricing for each company and policy.
You should review and compare rates to get the greatest bargain on life insurance. Some companies on this list do not provide online quotations, so this may be easier for some than for others. However, if four or five quotations are available, comparing them to get the best bargain could be a good way to save a few dollars every month on your premium. Because you will be paying for life insurance for 20 or 30 years, you will save a lot of money.
Q6. How do I find out how much coverage I need?
The conventional rule of thumb is to buy life insurance for ten times your yearly income. So, if you make $75,000 per year, you would obtain $750,000 in coverage.
However, other experts believe that figure is too low, particularly if you want your life insurance payout to fund your child’s college tuition or if you have a mortgage to pay off. Instead, some people opt for a million-dollar policy.
Generally speaking, you should buy as much insurance coverage as you can reasonably afford each month. It is probably too much for you if making your premium payments is a hardship.
Q7. What is the average monthly cost of life insurance?
The monthly cost of coverage differs according to the firm, the policy, and the policyholder. According to Policygenius, a healthy 35-year-old man can expect to spend roughly $49 per month for a 20-year term life insurance policy.
However, the cost of life insurance is influenced by a variety of circumstances. The cost of coverage is influenced by your overall health, interests, gender, age, and the amount of coverage you require.
Q8. Is it better to have term or permanent life insurance?
The majority of people only require term life insurance, which provides coverage for 10 to 30 years. This is usually the best life insurance policy option for families with young children, people who have mortgages, or anyone who is in debt. At the same time, the coverage will eventually expire after your debts have been paid and your children have grown up and moved out. It protects you when the stakes are the highest. They typically cost $20 to $40 per month, depending on your health and age when you begin.
Permanent life insurance, on the other hand, functions differently. It features a monetary value component in addition to the death benefit but never terminates. You can use the cash value to grow wealth or create a legacy throughout your lifetime. Whole life, universal life, and variable universal life insurance are all examples of permanent life insurance.
Permanent life insurance is more costly every month, but it is guaranteed to be paid when you die, regardless of your age. It also has a cash value. For most young families, a term life insurance policy provides adequate coverage while remaining reasonable.
Q9. How is financial stability rated?
Moody’s, A.M. Best, and Fitch Ratings are among the organizations and agencies that grade insurance companies’ financial strength, stability, and prospects. A.M. Best provided ratings for each life insurance provider to Insider.
Q10. Is life insurance a good investment?
If you need to safeguard the financial future of your family or business if you pass away prematurely, life insurance is well worth the investment. If no one would be financially harmed if you died, life insurance may not be necessary. The value of life insurance is frequently underestimated. So, getting life insurance quotes is the only way to find out if it is genuinely worth it for you.
Concluding On Best Life Insurance
We hope that after going through this list of the best life insurance companies and the detailed information we have provided you with about these companies, you are now ready to make an informed decision about which is the right one for you. The ideal sort of life insurance for you and your family is tailored to your specific needs. This involves determining how much coverage you require and what the funds will be used for if you die.
You should also think about whether you want temporary or permanent coverage. You may want lifetime coverage but then discover that term plans might save you a lot of money while also covering you for the years when you are most at risk.
Finally, determine how much you can afford. Most insurance charges a monthly or annual premium, with riders incurring additional charges. Term policies may be a better fit if you want a low monthly cost, but whole or universal life policies may be a suitable match if you like to use your insurance policy to develop your wealth (although it is more expensive). After making all of these decisions, you are ready to decide. And if you choose one from the list above, we are sure you cannot go wrong.