Best Life Insurance Companies In USA 2023

Of the 23 life insurance companies we evaluated, our analysis determined that the best life insurance company is Bestow. We researched and compared several key factors in choosing a life insurance company, such as price, policies, coverage, riders, the application process, the company’s financial strength, and customer satisfaction.

Review: Bestow offers term life insurance policies that don’t require a medical exam, though applicants must answer a health questionnaire prior to purchase. Unlike most companies in our rating, you can get a quote and apply for a policy through its website without needing to go through a separate agent. This is because Bestow is a digital life insurance agency. Its policies are issued and administered by the North American Co. for Life and Health Insurance.

Policies: Term only

Coverage limits: Bestow offers policies with coverage ranging from $50,000 to $1.5 million.

Similar to Bestow, Haven Life offers term life policies and an online application process. Unlike Bestow, Haven offers one complimentary add-on, an accelerated death benefit that is included in both the Haven Term and Haven Simple policies. There aren’t any optional riders to customize your policy.Haven Life is considered an insurance agency. The policies it sells are issued by MassMutual and C.M. Life Insurance Co., a subsidiary of MassMutual.

Policies: Term only

Coverage limits: Haven Life offers coverage ranging from $25,000 to $3 million.

State Farm is the highest-rated company in our study to offer both term and permanent life insurance policies. It also offers several optional riders, such as waiver of premium for disability and a children’s term rider. There are also two policies that don’t require a medical exam: Instant Answer Term and Guaranteed Issue Final Expense. You will need to work with an agent to purchase a policy.

Policies: Term, whole life, final expense, universal, survivorship universal, and joint universal

Coverage limits: Coverage starts at $10,000 for its Final Expense policy and goes up from there. Its term life policies provide coverage starting at $50,000. You’ll need to speak to a State Farm agent about what the upper coverage limits for any individual policy are.

Most of USAA’s policies, such as car or homeowners insurance, are available only to members of the military, veterans, and immediate family, but all U.S. citizens and permanent residents can apply for its life insurance policies. USAA life insurance policies have some features that benefit members of the military, such as expediting your application if you’re getting ready to be deployed and providing coverage if the insured person dies during war or because of an act of terrorism.

USAA’s universal life policy is issued by John Hancock and isn’t available in New York. Its guaranteed whole life policy is underwritten by Mutual of Omaha and isn’t available in Montana.

Policies: Term, universal, and whole life

Coverage limits: USAA’s term policies start at $100,000 and go up to $10 million for the Level Term V policy. Its whole policies start at $2,000 and go up to $10 million, while its universal policy can also provide coverage up to $10 million.

Nationwide has both term life insurance and several whole and universal life policies. There are riders available to customize your policies, including long-term care, accidental death benefit, accelerated death benefit, and conditional return of premium. While you can get a quote and apply for its term policy online, you’ll need to work with a Nationwide agent to get quotes or apply for its permanent policies.

Policies: Term, whole, universal, variable universal, indexed universal, and survivorship indexed universal

Coverage limits: Nationwide’s policies have coverage starting at $10,000 and going up from there. To learn the maximum amount of coverage available for a policy, contact a Nationwide insurance agent.

MassMutual has a wide variety of available policies. If you purchase its term policy through a MassMutual agent, it can be converted to a permanent policy. There is also the option to purchase a term policy online, but it will be through Haven Life, a MassMutual subsidiary, and cannot be converted. You can also start the process of filing a claim online.

Policies: Term, whole, universal, variable universal, and survivorship universal

Coverage limits: Coverage limits will depend on the type of policy. The upper limit for many of its policies will be dependent on the results of the underwriting process. The set maximum amount of coverage for a term policy purchased through an agent is $10 million.

What Is Life Insurance?
Life insurance is a type of insurance that provides money to your chosen beneficiary when you die. You choose a life insurance company that offers a type of policy and death benefits that you want, apply, and if you are accepted the insurance company promises to provide the specified amount of money to your beneficiary (this can be a relative, loved one, or even an organization) when you die, as long as you paid the required premiums.

This money is often used to cover burial expenses and replace lost income. For example, if the primary wage earner in a family dies the money would help the remaining family members pay their bills.