In this article, we take a look at the 5 best life insurance companies. If you want to check out our detailed analysis of the insurance industry, head directly to 12 Best Life Insurance Companies.
5. MassMutual
Number of Positive Ratings: 3
Average Score: 4.3
AM Best Grade: A++
MassMutual is one of the most versatile insurers on the list. It offers term, whole, universal, variable universal and survivorship-universal life insurance policies. It is rated highly by the likes of Investopedia for its financial strength, term-conversion options, and no-medical-exam policies.
MassMutual has a complaint index of 0.07 from National Association of Insurance Commissioners (NAIC). A complaint index below 1 implies that an insurer has lower than baseline complaints from policyholders.
The company’s term-life policies range from 10 to 30 years, with the option to convert them to permanent policies. Whole-life policyholders are eligible for annual dividends based on the company’s financial performance.
4. State Farm
Number of Positive Ratings: 3
Average Score: 4.4
AM Best Grade: A++
State Farm is another one of the most popular insurance companies on the list. It has an A++ rating from AM Best for financial strength. It also ranked in the first position in J.D. Power customer satisfaction survey of 2021.
State Farm offers four life insurance policies. These include term life, whole life, universal, and final expense policies. Moreover, there are six riders available with the company, with select-term, level-term and waiver-of-premium being some of the most prominent ones.
3. Haven Life
Number of Positive Ratings: 3
Average Score: 4.6
AM Best Grade: A++
Haven Life is one of the best life insurance companies. It is a subsidiary of another highly regarded life insurer, MassMutual, which insures its policies. Haven Life has a rating of 4.2 stars on US News, 4.6 stars on Investopedia and a 5-star rating on Nerdwallet.
Haven Life offers an accelerated death benefit in both its term-life and simple policies. Two of the drawbacks of the company are that there are no optimal riders that allow you to customize your policy and no whole life and universal policies are offered.. The company’s coverage range is from $25,000 to $3 million.
2. Guardian Life
Number of Positive Ratings: 3
Average Score: 4.6
AM Best Grade: A++
Guardian Life is a dividend-paying life insurance company that sells term, whole and universal life insurance policies. Bankrate describes it as one of the best companies for life insurance without a medical examination.
It is also known for being among the top insurance companies in the US that offers the most term-life riders. Another advantage for the company is that it has fewer than baseline complaints from policyholders as per National Association of Insurance Commissioners.
1. Northwestern Mutual
Number of Positive Ratings: 4
Average Score: 4.5
AM Best Grade: A++
Northwestern Mutual is the top consensus pick. It is also the largest insurance company in the US, with a 10% market share. It has a 150-year dividend-paying history. In terms of advantages, the company offers $1 million of coverage requiring no medical exam.
Northwestern Mutual ranks third on J.D. Power for customer satisfaction. Forbes Advisor likes it for reliability on policy illustration, financial strength, good pricing on whole life policies as well as early building of cash value. Northwestern Mutual also has far fewer than baseline complaints from policyholders.
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