Our Best Life Insurance Providers of 2024

Su Guillory Business and Finance Expert

Choosing the right life insurance can be overwhelming, but it’s a crucial step in securing your financial future and protecting your loved ones. Whether you're considering term life insurance for its affordability or whole-life insurance for its lifelong coverage and cash value benefits, understanding the nuances of each option is essential. 

This guide will break down various life insurance companies, helping you make an informed decision that aligns with your financial goals and personal needs. By comparing features, costs, benefits, and other factors, you'll be better equipped to choose a policy that provides peace of mind and financial stability.

Our Best Life Insurance Companies of 2024 

1. Legal & General America: Our Best for Adding Riders 
2. Ladder: Our Best for policy Laddering 
3. Ethos Life Insurance: Our Best for Customer Satisfaction 
4. MassMutual: Our Best for Affordability 
5. Fabric by Gerber Life: Our Best for Families with Young Children 
6. SelectQuote: Our Best for Permanent Life Benefits
7. Guardian Life: Our Best for Comprehensive Coverage Options 
8. Fidelity Life: Our Best for No-Exam Policies 
9. TruStage: Our Best for Digital Account Management

Methodology: How We Reviewed the Best Life Insurance Companies

To determine the best life insurance companies, we considered various factors to cater to different types of customers, ranging from young professionals just out of college to individuals with chronic illnesses. Our evaluation included customer demographics, financial stability and solvency, company reputation, coverage options, pricing and discounts, and policy customization. 

We assessed the insurance companies' financial health and long-term viability and reviewed their reputations and business histories. We examined the variety and comprehensiveness of coverage options available, compared pricing structures and available discounts, and looked at the flexibility of policies to be tailored to individual needs.

For our reviews, we used a “sample consumer” profile to compare policy costs: a 35-year-old female, 5 feet 3 inches tall, 145 pounds, non-smoker.

Finally, we looked at review sites, singling out companies that offer great customer service and an easy claims process, easy-to-use digital tools, and a user-friendly website. Here’s a complete list of the criteria we considered:

• Customer satisfaction and reviews: Indicates reliable service and support.
• Financial strength: Crucial for policy reliability; ensures the company can pay claims and fulfill long-term obligations.
• Coverage options: Lets you choose a policy that meets your specific needs and financial goals.
• Pricing and discounts: Helps you find affordable coverage without sacrificing benefits.
• Underwriting process: Transparent and efficient underwriting simplifies application approval, ensuring quicker coverage initiation.
• Conversion options and policy flexibility: Allows you to adjust your policy as needs change.
• Payout reliability and terms of settlement: Ensures your beneficiaries receive benefits promptly and without complications.
• Customer service: Provides support and guidance throughout the policy's life, from application to claims.
• Policy customization: Allows you to tailor coverage to your needs, adding riders or additional benefits as necessary.
• Additional benefits and features: Additional benefits, such as accelerated death benefits or living benefits, enhance the policy's value and provide extra protection.
• Accessibility and digital tools: Makes managing your policy easy and convenient.
• Industry reputation and longevity: Indicates stability and trustworthiness in handling claims and policies.
• Legal and compliance standing: Demonstrates ethics, regulation adherence, and fair practices.
• Geographical availability: Ensures the company can provide coverage and support in your region.

Our Best Life Insurance Companies — Quick Reviews:

1. Legal & General America - Our Top Pick For Adding Riders

Legal & General America has been providing life insurance for 70 years. Like most other insurance companies, it offers both term life and universal life insurance policies. It also offers retirement annuities.

If this is your first foray into purchasing a life insurance policy, the company's website offers comprehensive educational content on life insurance basics, common insurance terms, and types of policies.

Why we chose Legal & General America: Legal & General America stands out for the two types of riders it offers. Its child rider is an optional add-on that pays out a death benefit if one of your children passes away. The accelerated death benefit rider, free for all policies, allows the policyholder to request part of their death benefit in advance when diagnosed with a qualifying terminal illness.PROS

Read Legal & General America review

Legal & General America Visit Site

2. Ladder - Our Top Pick For Policy Laddering 

Ladder Life Insurance offers term life policies and is a 100% digital company, meaning everything you need to apply for a policy of $3 million in coverage or less can be done online. No medical exam, bloodwork, or medical paperwork is required. For over $3M, you may be asked to complete an at-home health check.

Why we chose Ladder: With Ladder, you can “ladder” your policy when your needs change. For example, when your children are older, you may not require as much coverage to provide for them financially, so you can reduce your coverage as needed. We also liked that Ladder offers a 30-day guarantee — if you’re unhappy, you can get a full refund.

Read Ladder  review

Ladder Visit Site

3. Ethos Life Insurance - Our Top Pick For Customer Satisfaction

While Ethos itself doesn’t offer life insurance policies, it aggregates policy options from insurers including Legal & General America, Ameritas Life Insurance Corp., and TruStage™ with a single application. Many policies don’t require a medical exam, and you can get coverage up to $2 million.

Why we chose Ethos: As noted below, Ethos customers are overwhelmingly satisfied with the company's customer service. We also like that, with a single application, you can compare offers from multiple insurers. Borrowers can speak to an agent if they need help deciding, and there’s a 30-day money-back guarantee.

Read Ethos Life Insurance review

Ethos Visit Site

4. MassMutual - Our Top Pick For Affordable Plans

MassMutual has been providing financial services since 1851. Today, it offers life insurance, retirement and investment services, and financial planning.

While you can’t open a life insurance policy without speaking with a financial professional, you can manage your account on MassMutual’s website and mobile app. And if you are unsure of how much coverage you need, MassMutual has a handy calculator on its site.

Why we chose MassMutual: MassMutual offers the lowest price for a comparable policy in this list of the best life insurance companies. When you just need a policy with great coverage but don’t want to spend too much, MassMutual is a solid choice.

Read MassMutual review

MassMutual Visit Site

5. Fabric by Gerber Life - Our Top Pick For Families With Young Children

Gerber Life has long been known for providing life insurance policies for young families, and now Fabric falls under the Gerber umbrella. The website is intuitive and easy to use, and there’s a mobile app that lets you apply for coverage, access your policy, create a free will, and share access to family finances.

Why we chose Fabric by Gerber Life: We like Fabric’s modern attitude: Not only does it offer policies to families with young children, but it also welcomes stay-at-home parents and transgender or nonbinary policyholders. It also offers a 30-day grace period on payments.

Read Fabric by Gerber Life review

Fabric by Gerber Life Visit Site

6. SelectQuote - Our Top Pick For Permanent Life Benefits

SelectQuote aggregates policy options from a dozen or more different life insurance carriers so you have plenty of options to choose from. In addition to offering life insurance policies, SelectQuote also offers final cost plans, as well as auto, home, and medicare policies. 

Why we chose SelectQuote: While many people opt for term life policies because they’re more cost-effective, SelectQuote stands out with its many permanent life options. Rather than having an expiration date, the way a term policy of 20 or 30 years does, this policy will last your lifetime. Both whole and universal life insurance policies can be used to provide financial security, particularly in your retirement years.

Read SelectQuote review

SelectQuote Visit Site

7. Guardian Life - Our Top Pick For Comprehensive Coverage Options

Guardian Life has been offering life insurance policies for 160 years. You can purchase a policy online or through a financial professional, and you can manage your account online or through the mobile app. Guardian Life also offers employers life insurance policies for their staff.

Why we chose Guardian Life: In addition to offering several types of life insurance policies, Guardian Life is also a bit of a one-stop shop insurance provider, offering disability, dental, vision, accident, critical illness, and hospital indemnity insurance policies, making it a great one-stop shop for all your insurance needs.

8. Fidelity Life - Our Top Pick For No-Exam Policies

Founded as Mystic Workers of the World in 1896, Fidelity Life knows insurance. The company offers term and permanent life insurance and also final expense and accidental death insurance policies. Unlike many other insurance companies, Fidelity Life also offers policies for seniors aged 50 to 85.

Why we chose Fidelity Life: Fidelity Life’s RAPIDecision® policies require no medical exam for policyholders aged 18 to 65, with coverage up to $2 million. The best part is that you can get same-day coverage.

Read Fidelity Life review

Fidelity Life Visit Site

9. TruStage - Best For: Digital Account Management

Founded more than 100 years ago as CUNA Mutual Group, TruStage offers the usual life insurance policies as well as guaranteed-acceptance whole-life policies. The company also offers auto, property, funeral, and accidental death and dismemberment insurance policies.

Why we chose TruStage: If you prefer to handle your insurance tasks online, TruStage is for you. Not only can you file a claim online, but you can also make payments, manage your account, upload documents, or contact customer service. The site also has a wealth of educational content, calculators, and quizzes that help you make important financial decisions.

Read TruStage review

TruStage Visit Site

Compare Our Top Life Insurance Company Picks

How to Find the Best Life Insurance For You

Finding the best life insurance involves understanding your unique needs and comparing various options. Start by determining the amount of coverage you need based on your income, debts, and family expenses. Decide whether term life or whole life insurance suits you better; term life offers affordable coverage for a specific period, while whole life provides lifelong protection with a cash value component.

Next, evaluate the financial strength of insurance companies by checking ratings from agencies like AM Best, Moody's, and Standard & Poor's. Strong financial ratings indicate a company's reliability in paying claims. Review customer feedback on reputable sites like the Better Business Bureau and Trustpilot to gauge customer satisfaction and service quality.

Compare policy features and riders, such as accelerated death benefits, waiver of premium riders, or child riders, which can be tailored to your needs. Finally, consult a financial advisor or use online comparison tools to get personalized quotes and understand policy nuances. This approach ensures you choose a policy with the best coverage, financial stability, and benefits.

How Much Does Life Insurance Cost?

Life insurance costs vary widely based on age, health, coverage amount, and policy type. For example, a healthy 30-year-old might pay around $25 monthly for a $500,000 term life policy. By 50, that cost jumps significantly to around $100 or more. Whole-life insurance is more expensive, costing five to 10 times more than term policies. 

Premiums increase with age, and any pre-existing health conditions can also raise the cost. To get the best rate, compare quotes from multiple insurers. This way, you can find a policy that fits your budget and provides the necessary coverage.

What Types of Life Insurance Can I Get?

When choosing the type of life insurance you should buy, you have several options and factors to consider:

Term Life Insurance

• Provides coverage for a specific period (10, 20, 30 years)
• Payouts benefit beneficiaries if the policyholder dies within the term
• Affordable premiums

Whole-Life Insurance

• Offers lifelong coverage
• Includes a cash value component that increases over time
• Higher premiums but accrues savings you can borrow against

Universal Life Insurance

• Flexible premiums and death benefits
• Allows adjustments to coverage and payments
• Cash value grows based on market conditions

Variable Life Insurance

• Permanent policy with investment options
• Cash value and death benefit can fluctuate based on investment performance
• Increased risk but there is potential for better returns

Guaranteed Issue Life Insurance

• No medical exam required
• Higher premiums/lower coverage amounts
• More attainable for those with health issues

No matter what life insurance policy you choose, always compare policies and consult with an insurance advisor to make the best decision for your needs.

What's the Cheapest Life Insurance Company?

On this list of the best whole life insurance and term life insurance policies, MassMutual had the lowest price. However, given the criteria for creating a quote, that doesn’t necessarily mean it will be the cheapest for you.

It's also important to keep in mind that while finding the cheapest life insurance company might save you money initially, it's critical to consider factors beyond price, including financial stability, customer service, policy features, and coverage and terms. 

Ultimately, the best life insurance policy balances cost with reliability and quality. 

What Factors Affect Life Insurance Premiums?

In addition to things like coverage amount and policy type, there are more personal factors that can affect life insurance costs. Here are the main elements that insurers consider:

• Age: Younger applicants generally pay lower premiums because they are less likely to file a claim soon. As you age, the risk of health issues increases, raising the cost of life insurance.
• Gender: Women often pay less for life insurance because they statistically live longer than men.
• Health: Healthier individuals receive better rates. Insurers assess your medical history, current health, and lifestyle habits such as drinking and smoking. Pre-existing conditions can significantly increase premiums.
• Activities and lifestyle: Engaging in high-risk activities (e.g., skydiving), having a high-risk job, and your driving record can affect premiums. Less risky lifestyles and habits lead to lower rates.
• Location: Where you live can also play a role. Life insurance companies may also look at your location to assess access to quality healthcare, crime rates, natural disasters, and more. 

By understanding these factors, you can take steps to improve your health and lifestyle, potentially reducing your life insurance premiums. 

What Are the Benefits of Adding Riders to Your Policy?

In addition to offering term and whole-life insurance policies, many of the best life insurance companies also offer riders. These are add-on features that customize your insurance policy with additional benefits or coverage options. Riders can include things like accelerated death benefits, accidental death coverage, or waiver of premium in case of disability, offering extra protection tailored to specific needs.

Riders typically incur an added cost to your policy, though some are free. A financial professional or insurance agent can help determine what riders are right for you.

When Should You Consider Whole-Life Insurance Over Term Life? 

Term life insurance provides coverage for a fixed number of years, so you won’t receive benefits after that period, and there’s no cash value for term life policies. If you want to access cash when you've retired, you should consider a whole-life policy.

Seth Sherry, practice development coordinator at M&O Marketing, a life insurance and annuity wholesaler, says: “Term insurance is more like renting coverage for a period of time. When that period ends, you no longer have coverage. Whole-life insurance is a contract you own. It will cost a bit more per year to own whole-life insurance, but it is something you keep for your lifetime.”

What Are the Pros and Cons of No-Exam Life Insurance Policies?

Because health plays such an important role in the price you pay for a life insurance policy, most insurance carriers will require you to undergo a medical exam to gauge your overall health and lifestyle.

However, many of the best life insurance companies, including some on this list, offer no-exam life insurance policies. These require you to answer a few questions about your health during the application process. The benefit of a no-exam policy is that you can get coverage faster and won’t have to schedule a medical exam to qualify. 

These policies are ideal for individuals with pre-existing conditions or those who may have trouble passing a medical exam — they provide an opportunity for coverage that might otherwise be difficult to obtain. The drawback is that sometimes, these policies have lower coverage limits, higher premiums, and age restrictions.

Common Pitfalls to Avoid When Choosing Life Insurance

When selecting life insurance, it's crucial to steer clear of some common pitfalls:

• Underestimating coverage needs: Ensure your policy covers all financial obligations, including debts, living expenses, and future needs like education costs.
• Ignoring policy types: Don't choose a policy without understanding the differences between term and whole life insurance. Each serves different purposes and has unique benefits.
• Overlooking Riders: Failing to consider additional riders, such as critical illness or disability waivers, can limit your policy’s flexibility and usefulness.
• Neglecting Financial Strength: Choose an insurer with strong financial ratings to ensure they can pay out claims in the future.
• Skipping Professional Advice: Consulting a financial advisor can help tailor a policy to your specific needs and avoid costly mistakes.

Finally, never focus solely on price. Notes Sherry: “I see all too often where agents and clients believe the best possible product on the market is the least expensive … We don't buy the cheapest car. We don't buy the cheapest house. So, don't buy the cheapest life insurance contract. Instead, you need to understand how the product works and choose the one that works best for you.”

Bottom Line: Your Life Insurance Should Suit Your Circumstances 

Choosing the best life insurance policy is highly personal. What’s right for others might not be the best fit for your needs. Start by asking yourself why you want coverage. Is it to provide financial security to your loved ones after you are gone? Create a nest egg for your child’s educational future?

Once you know what motivates you, research different reputable life insurance companies. Don’t rush the process. Compare companies and quotes and consult professionals. 

This is an important financial decision, and one that will impact both you and your family for decades to come.

Frequently Asked Questions (FAQs)

What is term life insurance?

A term life insurance policy provides coverage for a fixed number of years. The benefit is only paid out in the event of the policyholder's death during that time. The best life insurance companies will offer options like a lump sum or an annuity on the payout.

What is whole-life insurance? 

Whole-life insurance is a policy that provides coverage for the duration of your lifetime. It also has a cash value, which you can borrow from at any time. Some of the best life insurance companies offer whole-life policies that also pay dividends.

How does life insurance work?

Life insurance provides a payout to your designated beneficiaries upon your death. You pay regular premiums to the insurance company, and in exchange, the insurer guarantees a death benefit to your beneficiaries, which can help them cover expenses and financial obligations. The amount and duration of coverage depend on the policy type and the specifics you choose when purchasing the policy.

Is life insurance taxable?

Generally, the payout you receive from a life insurance policy isn’t taxable. If you receive dividends or interest from a whole life policy, that needs to be reported to the IRS. Most life insurance companies will provide tax forms.

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Written by Su Guillory

Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, Nav, SoFi, and AllBusiness. She writes about business and personal credit, insurance, loans, and credit cards.