The Best Life Insurance Companies In 2024

There can only be one true best life insurance company, and in 2021 this is Northwestern Mutual.

Northwestern has affordable coverage and the highest financial ratings any carrier could obtain, with outstanding customer service and user experience ratings, superior variety in its product line, and one of the strongest brand names, period.

If their top-of-the-line life insurance products weren’t enough, they can accommodate your full financial planning needs, too.

J.D. Power & Associates places them at #1 for this year, and they’ve been in the Top 5 for five consecutive years, the only life insurance company to have done so. Fortune has also recognized them as a Top 5 Most Admired Company in 2020.

The closest competitor to Northwestern, New York Life Insurance Company is very similar in a lot of ways.

They, too, have affordable coverage, the highest possible financial ratings, superior customer service and user satisfaction ratings, life insurance products right in line with Northwestern Mutual, and the ability for full financial planning.

In addition, they own NYLAARP, the life insurance program for AARP, which is very well known and positioned for the senior market, and New York Life is currently the largest mutual life insurer. NYLife paid nearly $2 billion in dividends to shareholders in the past year.

If you want permanent coverage, ask an agent about their participating whole life insurance policies.

If you’re looking for AARP, you’ll need to contact them separately.

Pacific Life has been doing a phenomenal job in the past few years, and has really moved up the ranks in the life insurance industry.

Over the breadth of life insurance products it offers, it’s one of the more competitive companies you may have access to, though some of its term products for younger crowds fall a little short.

With a wider selection than the mutual companies above, and a new policy not requiring an exam, it’s a tough contender.

Its financial ratings fall short of those above, however, as does its brand recognition. In either scenario, both are still ahead of most of the competition.

Consumers report positive feedback with Pacific, and the company’s proactivity and diversity for their customers has locked them in as an excellent option for a wide majority of people.

If you want extremely affordable term life insurance, Banner Life is your company.

Banner has by far the best bang-for-the-buck life insurance coverage you can buy if you want a cheap term policy, especially for young adults and middle aged folk. If you’re older, they do have a final expense option with up to $15,00 in coverage.

Even if you’re not the most healthy, you might find Banner Life is still cheaper than its competitors, and you’ll still get the financial stability of an insurer who has garnered “A” or better rankings, and an “A+” by the Better Business Bureau.

Banner has exceptional underwriting leniency in several categories, and employs an unique table rating format to capture better pricing for those not in perfect health.

Banner is a division of Legal & General Group, so don’t be confused by the name when you apply. They’re also called William Penn in the state of New York.

Guardian is a highly notable life insurer throughout the industry, who is extremely safe and conservative.

They also boast a very high consumer satisfaction rating, nearly perfect financial stability ratings by all major credit agencies, and an “A+” from the Better Business Bureau. But what’s holding them back?

Among the top competitors here, it came down to price.

Guardian has all the most widely used products and the brand to back up their storied history, but competitive pricing is their kicker currently.

One big positive, though, is they have other lines of insurance many of these others don’t have, which can be a big differentiating factor if you like having your insurance policies in one place.

Principal is yet another fiscally strong company, with four credit ratings of “A” or better and an impressive outlook, with insurance benefits and investing for people, businesses, and even institutional investors.

In the life insurance space, Principal stands out not only for its term, universal and variable universal products, but also for no medical exam underwriting on disability insurance and up to $1,000,000 of life insurance coverage.

Principal is a slightly lesser known brand, though they have many different products which are very competitively priced, and are among our top 10 carriers for user experience and customer satisfaction.

If you’re looking for a great value with the ability to skip the typical exam, Principal is a great fit. There are other carriers who have these products, too, though Principal is competitively priced.

Tied with Banner and Principal for some of the most affordable coverage options available, Protective Life is an especially great option for those who are looking for long-term or permanent coverage which is affordable and flexible.

Like its name alludes, Protective has become a staple in longer term and universal life insurance protection, and it resides in the top quartile for financial safety and security, with “A” or better ratings from all credit rating agencies.

If you feel as though you need flexibility in your life insurance coverage, look no further.

Offering lots of product options is a specialty, among customizable policies which are typically top-tier in pricing and value, so you’ll get coverage for as long as you want at a price you can afford.

Users report a strong affinity to working with Protective, though the brand image is still modest when compared to some of the larger brands.

Yet another strong mutual insurer on our list, Mutual of Omaha is a staple for anyone looking for a final expense life insurance policy.

Financially strong and stable with a long-standing history, Mutual of Omaha has been perfecting small whole life and guaranteed policies for over a hundred years.

But on top of the best-in-class product, they have term, universal, whole, and even other types of coverage like disability, long term care, dental, medicare, and more.

Mutual of Omaha also has some of the industry’s highest user satisfaction ratings, a complete portfolio of life insurance products to choose from, and a moderately well-known brand.

You’ve got a safe bet in Mutual of Omaha, and if you’re seeking a small burial policy, this carrier is a no-brainer.

USAA is perhaps one of the better-known insurance companies, but more so because of its clout with veterans and servicemembers, and less-so within the life insurance industry.

Many people know about USAA for their extremely wide range of products and financial services tailored toward those who are active-duty, have served previously, or have close relatives who have. It’s become a one-stop-shop for millions of Americans.

Their life insurance products are modestly competitive, though easy to obtain for those who are already utilizing USAA. They do lack in variety, despite having the basic three: term, universal, and whole.

If you just want life insurance, you may find cheaper prices somewhere else, but if you’re a USAA member, it might be simplest to keep your coverage under one roof.