How We Rate and Select the Best Life Insurance Companies

We’ve created the following process to identify the most suitable life insurance providers for your needs and deliver on our mission to help you make informed decisions.

Life Insurance Review Categories

Our team of experienced writers, editors, and insurance experts evaluates and rates life insurance providers across the following five categories, using the detailed criteria outlined below.

Coverage Options

• Policy Types: What types of life insurance policies does the company offer? We examine whether they provide term life, whole life, universal life, and other permanent life insurance policies.

• Coverage Limits: What are the minimum and maximum coverage amounts? Are there customizable options to match various needs and budgets?

• Policy Lengths: For term life policies, what is the range of term lengths offered? Does the company allow flexible term options?

• Riders and Add-ons: Does the insurer offer policy riders that allow customers to tailor their coverage—such as accelerated death benefits, waiver of premium, child protection riders, or accidental death benefits?

• Eligibility Requirements: Are policies available to applicants of all health statuses, or are there restrictions for age, pre-existing conditions, or lifestyle?

Availability

• State Coverage: In how many U.S. states are policies offered? Are there any restrictions at the state or ZIP code level?

• Age Range: What is the minimum and maximum age for eligibility? Are there options for seniors or older applicants?

• No-Exam Policies: Does the insurer offer no-medical-exam life insurance or simplified issue options?

• Specialty Markets: Does the company serve niche groups like smokers, those with health conditions, or veterans?

Rates and Value

• Affordability: How do the company’s premium rates compare to national and industry averages for similar coverage?

• Quote Transparency: Can prospective policyholders get a quote easily online? Are premiums clearly broken down with no hidden fees?

• Discounts: Does the insurer offer discounts for bundling, healthy living, paying annually, or maintaining coverage over time?

• Value for Features: Does the policy’s price reflect its features, coverage amount, and benefits? Are premium increases explained clearly (e.g., with renewable term life)?

Application Process and User Experience

• Online Experience: Can applicants receive a quote, apply for a policy, and manage coverage fully online?

• Ease of Use: How intuitive and user-friendly is the insurer’s website and/or mobile app?

• Application Speed: How long does it take to apply and receive a decision or approval?

• Medical Requirements: Does the application involve a medical exam or health questionnaire? Are there flexible underwriting processes?

• Transparency: Are policy details, exclusions, and terms clearly outlined online?

Customer Service

• Reputation: What is the insurer’s Trustpilot score, BBB rating and accreditation, and other third-party ratings?

• Support Channels: What support channels are available (chat, phone, email)? Are agents available 24/7 or during extended hours?

• Claims Experience: How easy is it to file a claim? What is the average claims processing time?

• Response Time: When tested by our team, how quickly and thoroughly did the insurer respond across its support channels?

• Review Themes: Are there recurring themes in customer feedback—either positive or negative? How wide-ranging and consistent are these trends?

Rating and Reviewing Life Insurance Providers

Our experts score each life insurance company in the five categories above on a scale of one to 10, based on how well they meet our detailed evaluation criteria. One is the lowest possible score, and 10 is the highest. We then average these scores to determine the company’s overall BestMoney Editorial Score.

Life insurers with high Editorial Scores are considered for our list of top life insurance companies. We may also highlight a provider for this list if it offers unique or industry-leading benefits—such as no-exam policies, highly rated customer support, or low rates for specific demographics.

Disclaimer:

The information, coverage terms, and rates included in our reviews are based on publicly available data and sample evaluations conducted at the time of review. Life insurance pricing and availability may vary based on factors such as age, health, location, policy type, and coverage amount. We recommend obtaining personalized quotes and consulting a licensed insurance professional to find the best plan for your specific needs.