Buying a life insurance policy can help provide financial protection for your loved ones, but choosing the right policy can be confusing. There are several types of life insurance policies available. Some, like term life insurance, last for a set number of years. Others, like permanent life insurance policies, can provide coverage that lasts a lifetime while offering additional savings or investment components.
To help you get started, we’ve compiled a list of the top life insurance companies of 2022. We’ve also gathered information about different types of policies, how the life insurance quote process works, and how to purchase a policy once you find the right one.
- Haven Life
- Bestow
- New York Life
- Northwestern Mutual
- Lincoln Financial
- John Hancock
- AIG
- State Farm
- Nationwide
- Banner Life
- Mutual of Omaha
- Prudential
- MassMutual
- Transamerica
- Guardian Life
Haven Life »
- AM BEST RATING
- A++
- ONLINE TOOLS
- Available for all policies
Pros
Can be purchased online
No medical exam required for some applicants
Cons
Only offers term life insurance
Limited to age 64 and under
Haven Life
Policies: Haven Life offers two term life policies. Haven Term has coverage from 10 to 30 years and up to $3 million. Haven Simple has coverage from 5 to 20 years and up to $500,000. Haven Simple also doesn’t require a medical exam.
Riders: Haven Life Plus is a rider that can be added to your term life insurance policy. It adds things like discounts on CVS MinuteClinic services as well as access to financial and estate-planning services.
Age Limits: Haven Term is limited to those 64 and under; Haven Simple is limited to those between the ages of 20 and 55.
Read more in our Haven Life review.
Bestow »
- AM BEST RATING
- A+
- ONLINE TOOLS
- Available for all policies
Pros
None of its policies require a medical exam
Terms policies between 10 and 30 years in duration
Cons
Only term life policies available
Doesn’t offer any riders
Bestow
Policies: Bestow sells term life insurance policies with terms ranging from 10 to 30 years and death benefits of $50,000 to $1.5 million. Medical exams are not required for these policies, but the company will look at your credit and medical history, past attempts at buying policies, and driver records. All policies are issued by North American Company for Life and Health Insurance.
Riders: Bestow doesn’t offer any riders for its policies.
Age Limits: Bestow has an enrollment age limit of 60 years old.
Read more in our Bestow review.
New York Life »
Best Whole Life Insurance (tie)
- AM BEST RATING
- A++
- ONLINE TOOLS
- Not Available
Pros
Offers term, whole, and universal life policies
Term policies can be converted to permanent
Cons
Policies are more expensive than many companies in our rating
Policies aren’t fully explained on the company website
New York Life
Policies: New York Life offers term and permanent (whole and universal) life insurance policies. The term policies can be converted into permanent policies. Its term policies are more expensive than most companies in our rating.
Riders: Some rider options include disability waiver of premium, accidental death benefit, and living benefits (allows access to policy funds in the event of terminal illness).
Age Limits: Contact a New York Life representative to find out if age limits apply.
Read more in our New York Life review.
Northwestern Mutual »
Best Whole Life Insurance (tie)
- AM BEST RATING
- A++
- ONLINE TOOLS
- Not Available
Pros
Offers term, whole, and universal policies
Term policies can be converted to a whole life policy
Cons
Can only be purchased through an agent
Limited online pricing information
Northwestern Mutual
Policies: Northwestern Mutual offers term, whole, and universal life insurance policies. One of its universal policies gives you the option to customize death benefits and your premium. All policies must be purchased through an agent, but you can begin the application online.
Riders: Northwestern Mutual offers some of the most common riders, including waiver of premium benefit and accelerated care benefit.
Age Limits: The age limit for Northwestern Mutual policies can vary based on the kind of policy you choose. Contact a company representative for more detail.
Read more in our Northwestern Mutual review.
Lincoln Financial »
- AM BEST RATING
- A+
- ONLINE TOOLS
- Available for all policies
Pros
Offers term and permanent policies
Some policies may not require a medical exam
Cons
Doesn’t offer whole life insurance policies
Applying for policies requires working with a Lincoln financial professional
Lincoln Financial Group
Policies: Lincoln Financial Group offers term and permanent life insurance policies. Its term policies have durations of 10 to 30 years, with coverage limits ranging from $100,000 to $2.5 million. In some cases, no medical exam is required to purchase a policy.
Riders: Lincoln Financial Group’s available riders depend on which policy you choose. For example, some policies have the option of adding on the Accelerated Benefits rider or the Waiver of Premium rider.
Age Limits: Age limits for Lincoln Financial Group life insurance policies vary depending on which policy you choose.
Read more in our Lincoln Financial Group review.
John Hancock »
- AM BEST RATING
- A+
- ONLINE TOOLS
- Available for some policies
Pros
Offers term and universal life insurance policies available
Offers higher coverage levels than many of the companies in our rating
Cons
Doesn’t offer whole life insurance
Some policies have high minimum coverage amounts
John Hancock
Policies: John Hancock has term and universal life policies. With term life insurance, the duration ranges from 10 to 30 years, with death benefits of $750,000 to $65 million. It also offers three different universal life policies: universal life, indexed universal life (IUL), and variable universal life (VUL).
Riders: John Hancock has various riders, including a discount program called Vitality Plus. This will help you earn discounts at different retailers by making healthier decisions, like going to the gym.
Age Limits: The age limits with policies from John Hancock will vary depending on what policy you choose.
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