Best Life Insurance Companies For May 2024: Reviewed By Agents

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

How We Evaluated the Best Life Insurance: An Independent Perspective Since 2009

Leveraging our extensive experience dating back to 2009, we represent 30 premier life insurance companies as independent agents. Our evaluations are rooted in comprehensive research, firsthand expertise, and an unwavering commitment to serve your best interests.

Our Picks For Best Life Insurance Companies By Catagory

The following list is the best life insurance companies, according to licensed life insurance agents:

Life Insurance for Specific Age Groups and Family Situations

  • Seniors
    • Best Guaranteed Universal Life Insurance: Pacific Life offers top rates. Nationwide features a long-term care Rider.
    • Most Affordable Coverage: North American Company provides affordable coverage with eligibility for applicants up to 85.
    • Best Term Life Insurance: Transamerica Term offers the best life insurance for seniors. They offer 10YR Term up to and including age 80 and a 15YR Term up to and including age 78, which is higher than most.  A permanent policy might benefit someone at that age, so they ensure they do not outlive their term policy.
  • Young Adults and Families
    • Best for Young Families with No Children: Banner Life offers the most affordable term rates.
    • Best for Young Families with Kids: Banner Life provides a Guarantee Issue Child Rider that is accessible on most of their term policies.
  • Singles
    • The best insurance for single adults would likely be a permanent whole life policy.  Term is designed to cover a specific short to moderate-term need, such as a mortgage, but if there are no dependents, that may not be necessary.  A good dividend-paying whole life policy would allow a single adult to accumulate some cash value that they can use later on for care such as Long Term Care, and in the event they do not have someone to help care for them, having a cash value policy could be beneficial as a way to help pay for care.

Life Insurance Based on Health Conditions

  • Heart Conditions
  • Cancer Patients
  • HIV Patients
    • Pacific Life is open to considering applicants with HIV.
  • Diabetics:
    • Banner Life and Pacific Life offer advantageous underwriting guidelines for individuals with diabetes.

Life Insurance for Special Groups

  • Veterans and Military Spouses
    • Transamerica considers people with prior military backgrounds, and they are aggressive on medical conditions that could include former military activities such as disabling injuries and PTSD, which is a common hurdle veterans have getting through underwriting on a life insurance policy.
  • Children

Life Insurance with Special Features

  • Living Benefits
    • Transamerica and North American Companies offer Term and Permanent policies with built-in Riders for Terminal, Chronic, and Critical Illness coverage.
  • Cash Value
    • Best Whole Life Policy: MassMutual has an A++ rating, is attractive to most customers, and offers multiple limited pay period options (5YR/10YR/12YR, etc.), which allows customers to tailor their premium payment schedule to fit their needs. Also, MassMutual has never not paid a dividend in its long history.  
    • Best Universal Life Insurance: North America also has a strong financial rating of A+ and offers competitive indexing strategies to earn cash in the policy.  Another feature is their IUL has a guarantee feature, which means as long as the premiums are paid, the policy will never lapse even if the index does not perform
  • Riders
    • Permanent Insurance with Multiple Riders: The best permanent insurance with multiple riders would be Assurity Life Whole Life. Their dividend history is strong, and they offer multiple riders, such as a spouse and child rider, disability rider, and critical illness rider. This allows someone to be underwritten for multiple policy types simultaneously, add family members to their policy, and cover multiple insurance needs via one policy.

Life Insurance for Specific Needs

  • Qualifying Life Events
    • Securian Financial and SBLI provide guaranteed purchase options for certain life events, including marriage, divorce, graduation, home purchase, and childbirth.

Term Life Insurance Options

  • Top Companies
    • Pacific Life & Banner Life are known for competitive term rates.
  • Best 10-Year Term
    • Pacific Life because they offer the most competitive rates, are an A+ Rated company from AM Best, and offer flexibility when it comes to your death benefit amounts.  They are unique because they will go down to a $50,000 death benefit on a term policy and up to millions on the high end. This allows you to tailor your death benefit to meet your needs.
  • Best 20-Year Term
    • Banner Life stands out for its competitive rates and its conversion option. They allow the consumer to convert to a competitive Universal Life that builds cash value and is guaranteed never to lapse as long as the premiums are paid.
The Best Life Insurance Policies

Criteria for Choosing the Best Life Insurance Company

  • Financial Stability: Look for companies with high ratings from independent agencies like A.M. Best or Standard & Poor’s.
  • Policy Options: There is a variety of life insurance products offered, like term life, whole life, or universal life.
  • Premiums: Compare the cost for similar coverage across different companies.
  • Customer Service: Quality of customer support and ease of filing claims.
  • Reviews and Reputation: Customer reviews and company reputation in the market.
The Best Life Insurance For

Compare The Best Life Insurance Prices

Compare the best rates for both permanent and term life insurance policies below. Comparisons include life insurance premiums and financial strength ratings.

Conclusion

Choosing the best life insurance company involves evaluating financial stability, policy options, premiums, customer service, and reputation. Companies like Banner Life, Pacific Life, Nationwide, and North American are notable for their excellence in these areas. Reviewing and comparing these aspects helps ensure you select a provider that best meets your insurance needs. Contact us today for a free quote.

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Frequently Asked Questions

What is the best life insurance to get?

The best life insurance to get depends on an individual’s specific needs and circumstances. Term life insurance, for example, offers affordable coverage for a specific period, while whole life insurance provides lifelong protection with a cash value component. It’s important to consider factors such as budget, coverage amount, and future financial goals when selecting the best life insurance policy.

Who has the best life products with cash value?

Savings Bank Life Insurance Company (SBLI) and The Lafayette Life Insurance Company have some of the best life policies with cash value, which offers both a death benefit and cash value accumulation.

Who is the best company for applicants who are bipolar?

Pacific Life Insurance Company is the best company for underwriting applicants with bipolar depression.

Who is the best company for diabetics?

Banner Life and AIG offer the best products for those with diabetes. Type 1 and Type 2 diabetics can find great coverage and rates with these companies.

Who offers the best life insurance for stroke survivors?

Pacific Life and Banner Life offer the best products for stroke survivors.

Who offers the best life insurance for non-US- citizens?

Bestow life insurance offers the best for non-US citizens, foreign nationals, and immigrants.

What is the best life insurance policy with a long-term care rider?

OneAmerica AssetCare Recurring Whole Life Insurance is the best product with a long-term care rider.

Which life insurance company accepts felons?

Foresters is the best insurance company for felons wanting to apply for a life insurance policy.

Which life insurance company is the best for teachers?

Banner Life and AIG offer the best products for teachers.

Who is the best company for physicians?

Pacific Life and Lincoln National are the two best companies for physicians applying for a policy.

Who offers the best life insurance for obese adults?

Prudential and Banner Life are the best companies for people who are obese.

Which life insurance company is best for pilots?

Pilots should apply for life insurance through AIG and Banner Life.

Who has the best life insurance if I’m HIV positive?

American National and John Hancock are the best companies for HIV-positive applicants.

Who is the best company for federal employees?

Banner Life is an excellent company for federal employees.

Who provides the best life insurance for applicants over age 80?

Life insurance applicants over age 80 should apply for coverage Nationwide.

For low-income applicants, who offers the best life insurance?

Low-income applicants should apply for life insurance products at Banner Life.

Who is the best company for smokers?

Marijuana and tobacco smokers should apply for life insurance with Banner Life or AIG.

Who is the best company for cancer survivors?

We recommend AIG, Pacific Life, and Lincoln Financial as the best companies for cancer survivors.

Which companies are the best for married couples?

Banner Life is our recommendation for married couples because of its affordable prices.

What is the best and cheapest life insurance?

The best and cheapest life insurance is a term insurance policy with an A-rated company.

What does the best life insurance for young adults include?

The best life insurance for young adults often includes term life policies, as they provide coverage for a specific period at an affordable price. These policies offer financial protection for dependents and can help cover debts in the event of untimely death. Young adults need to compare quotes from reputable providers to find the most suitable coverage for their needs.

What is the best term life insurance?

The best term life insurance provides coverage for a specified period, typically 10-30 years, at a fixed premium rate. It offers a death benefit to the policyholder’s beneficiaries if they pass away during the term. This type of insurance is affordable and straightforward, making it a popular choice for those seeking temporary coverage.

What is the best whole life insurance?

Best whole life insurance is a type of permanent life insurance that offers lifelong coverage and a cash value component. It provides financial protection for loved ones and can also be used for estate planning or as an investment tool. The policyholder pays premiums throughout their life, and beneficiaries receive a death benefit when the insured passes away.

Who provides the best life insurance for veterans?

The best life insurance for veterans is often provided by specialized insurance companies that cater specifically to veterans’ unique needs. These policies typically offer competitive rates and comprehensive coverage options, considering veterans’ health history and military service. Veterans need to compare quotes and consider factors such as financial stability and customer reviews when choosing the best life insurance policy.

What is the best life insurance for seniors?

The best life insurance for seniors is typically guaranteed issue or final expense insurance. Guaranteed issue policies don’t require a medical exam and have guaranteed acceptance, but they usually have lower benefit amounts. Final expense policies are designed to cover end-of-life expenses and have higher benefit amounts, but may have a waiting period. Seniors need to evaluate their needs and compare quotes to find the best option for them.

Why get life insurance for my parents?

Life insurance for parents is a financial safety net that protects them in the event of their death. It offers coverage to cover funeral expenses and outstanding debts and provides financial support for the surviving family members. Whether it’s term life or whole life insurance, it offers peace of mind and financial stability during difficult times.

How to select the best life insurance for singles?

The best life insurance for singles is a policy that offers adequate coverage and flexibility. It should provide financial protection to cover outstanding debts, and funeral expenses, and support loved ones in case of an unfortunate event. Additionally, singles should consider policies that can be converted to joint coverage if their relationship status changes in the future.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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