Updated: November 20, 2024
Advertising & Editorial Disclosure
Topping the list as the best life insurance company is Nationwide, with a MoneyGeek score of 97 and an average monthly cost of $16. GEICO comes in second place, scoring a MoneyGeek score of 96. Nationwide edged ahead thanks to its better buying process and diverse product lineup.
As consumers continually seek the best life insurance companies that pay out reliably and offer exceptional service, comparing these top life insurance providers helps highlight the strengths that set them apart.
BestLife InsuranceCompaniesBest Life Insurance Companies
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction ratings, financial stability reports, product offerings and more to determine the best life insurance companies for a variety of needs.
Coverage costs and company information for life insurance providers were updated in 2023.
Nationwide is the best company for life insurance with a MoneyGeek score of 97, reflecting affordable premiums, a smooth buying process and a wide range of available products. The company’s term life insurance policy, a top-rated life insurance policy, is competitively priced at $16 monthly. The table below compares MoneyGeek scores and costs of reviewed companies, highlighting Nationwide’s standing.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies:
Costs are based on quotes gathered for a $250,000 life insurance policy with a 10-year term. MoneyGeek used the following sample profile to gather life insurance quotes:
| Nationwide | 97 | $16 |
| GEICO | 96 | $13 |
| Mutual of Omaha | 95 | $17 |
| State Farm | 95 | $22 |
| Protective | 95 | $13 |
| Transamerica | 94 | $12 |
| Allstate | 94 | $12 |
| Prudential | 93 | $17 |
| AAA | 93 | $17 |
| Haven | 91 | $22 |
| Progressive | 90 | $31 |
| Bestow | 89 | $27 |
| Fidelity | 88 | $20 |
Check out our life insurance cost calculator to estimate your monthly premiums based on personal factors such as your gender, age and health profile. You can also adjust your desired coverage amount and explore quotes from various insurers.
Affordable monthly cost
Comprehensive product diversity, including no-exam options
Low rate of customer complaints
Financial stability score slightly lower than competitors
Term length offerings may be limited compared to some competitors
Nationwide is the best life insurance company in our study, with a MoneyGeek score of 97. The company offers policies at a budget-friendly monthly cost of $16, on average, providing an accessible option for term life insurance. Its A+ AM Best rating underscores its financial stability, assuring policyholders of a secure investment.
With 97 years in the industry, Nationwide boasts a low rate of customer complaints and a streamlined buying process, with 24/7 chat support and multiple payment options. Its diverse product offerings include term life, whole life, universal life and final expense coverage, as well as no-exam options. Term life coverages range from $250,000 to $1.5 million.
Nationwide not only excels as the best life insurance company for standard policies but also stands out for policies offering high coverage amounts. The company achieved a MoneyGeek score of 98 in the high coverage category, offering a 10-year term life policy with $1 million coverage at an average cost of just $33 per month.
Explore the table below to see life insurance companies' ratings for a $1 million coverage amount.
| Nationwide | 98 | $33 |
| State Farm | 96 | $48 |
| GEICO | 96 | $26 |
| Mutual of Omaha | 95 | $46 |
| Protective | 95 | $31 |
| Transamerica | 94 | $26 |
| Allstate | 94 | $29 |
| AAA | 93 | $42 |
| Prudential | 91 | $63 |
| Haven | 90 | $70 |
| Progressive | 90 | $93 |
| Bestow | 88 | $88 |
| Fidelity | 85 | $93 |
If you have health concerns, Nationwide is also the best company for life insurance. It received a MoneyGeek score of 97 in this category. Its 10-year term life insurance policy with a $250,000 coverage amount averages $18 per month, reinforcing its reputation as the best company for life insurance across diverse needs.
The table below shows the best life insurance companies' ratings for people with poor health.
| Nationwide | 97 | $18 |
| GEICO | 96 | $14 |
| Mutual of Omaha | 95 | $18 |
| State Farm | 95 | $24 |
| Protective | 95 | $15 |
| Transamerica | 94 | $13 |
| Allstate | 94 | $13 |
| Prudential | 93 | $19 |
| AAA | 93 | $19 |
| Haven | 91 | $24 |
| Progressive | 90 | $34 |
| Bestow | 89 | $30 |
| Fidelity | 88 | $23 |
GEICO, with a MoneyGeek score of 97, is the top life insurance company for seniors. The company offers senior-friendly policies at an average monthly premium of $176, making it an affordable choice for older adults.
GEICO tied with Progressive for the best customer satisfaction — both earned perfect scores in the category. However, GEICO's higher overall MoneyGeek score makes it the best life insurance company for customer satisfaction.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies for seniors:
Costs are based on quotes gathered for a $250,000 life insurance policy with a 10-year term. MoneyGeek used the following sample profile to gather life insurance quotes:
Low customer complaint rate
No-exam products available with quick approval
Strong financial stability
GEICO does not issue its own policies
Limited product diversity, mainly offering term life
Multiple payment options may not be available
GEICO is a leading life insurance provider for seniors and those seeking top-notch customer service. GEICO earned a MoneyGeek score of 97 for seniors, offering term policies for an average monthly cost of $176 for older individuals. GEICO issues policies through Ladder and other partners.
Ladder’s AM Best rating of A++ and low rate of customer complaints back GEICO’s financial stability and strong customer satisfaction record. While the product offerings are limited mainly to term life and no-exam options, the coverage is substantial, ranging from $100,000 to $8 million. With 87 years of industry experience and a user-friendly mobile app, GEICO is a dependable choice for diverse needs.
State Farm ranks as the best life insurance company for whole life insurance policies and no-exam coverage, with a MoneyGeek score of 99 in both categories. Noted for its strong financial stability, high customer satisfaction and diverse range of life products, it's a trusted choice for lifelong coverage and financial security.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies for whole life policies:
And we used the following weights to score and rank the best life insurance companies for no exam policies:
We did not weigh affordability as we did not collect whole or no-exam life insurance quotes.
Comprehensive product offerings, including whole life and no-exam options
Exceptional financial stability
Multiple payment options and user-friendly buying process
No 24/7 online chat support available
Limited Pay Whole Life terms may not suit all needs
State Farm is our top choice for whole life and no-exam life insurance, with a MoneyGeek score of 99 in both categories. State Farm's diverse offerings include a Limited Pay Whole Life product with level terms for 10, 15 or 20 years, as well as no-exam term life and guaranteed issue final expense policies. Its term life policies offer flexibility in coverage amounts — starting at $100,000 — and durations, ranging from 10 to 30 years. Backed by an A++ AM Best rating and a low rate of customer complaints, State Farm combines financial stability with 101 years of reliability, flexibility and convenience in one package.
Understanding the factors that influence the cost of life insurance is vital when choosing a policy from the best insurance companies for life insurance. These factors, which can significantly affect your premium rates, include:
Age
One of the most impactful cost factors when you apply for life insurance is your age. The older you are, the more expensive your policy will be. Generally, the younger you are, the healthier you will be, which can positively affect your life insurance premium and allow you to lock in a lower rate.
Gender
Women usually pay less for life insurance than men because they tend to have a longer life expectancy and are statistically less likely to participate in risky activities, based on actuarial data. However, some states prohibit the use of gender as a basis for determining life insurance premiums. Shopping around and comparing life insurance companies can help find the most equitable rates.
Height and Weight
Your height and weight can give a life insurance company an idea of your overall health. Body mass index (BMI) is a key measure used to determine life insurance rates.
Medical History
Your overall health is another significant factor that affects your eligibility for and cost of life insurance. The healthier you are, the less likely you are to pass away during your policy term, which poses a lower risk to the life insurance company. When applying for life insurance, expect to provide a detailed history of current and past illnesses, medications and hospital visits.
Smoking and Tobacco Use
People who smoke, vape or chew tobacco or smoke marijuana pay more for life insurance than nonsmokers and non-tobacco users. Even occasional use can negatively affect life insurance rates. If you're looking for competitive rates, comparing policies from different life insurance companies that vary in how they rate smokers is beneficial.
Family History
Your family genetics and health history are also used to determine your life insurance eligibility and pricing. Health conditions like cancer, diabetes, heart disease and Alzheimer’s in your family put you at greater risk of developing these illnesses, which could shorten your life expectancy.
Occupation and Hobbies
Your work and hobbies can affect how much you pay for life insurance. The riskier your occupation and hobbies, the more expensive life insurance may be. Examples of high-risk occupations include first responders, construction workers and active-duty military. Activities like racing, bungee jumping, skydiving and scuba diving are hobbies that could also make you a riskier applicant to an insurance company.
To find the most suitable and affordable coverage, you can create a list of life insurance companies to research. Compare the life insurance companies' product offerings and make sure they align with your needs to secure optimal coverage.
Navigating the variety of life insurance options can be a significant decision, and understanding the different types available can help tailor your choice to your specific financial goals and personal circumstances.
These policies are limited to a fixed duration, typically 10 to 30 years. This makes it suitable for those needing coverage during critical financial years, such as while raising a family or paying off a mortgage. Term life insurance is a straightforward and cost-effective option, often making it the best life insurance plan for budget-conscious individuals or those with temporary coverage needs.
As a permanent life insurance option, whole life insurance offers coverage that spans your lifetime, coupled with an investment component that builds cash value over time. This feature is advantageous for those interested in merging financial protection with an opportunity for savings accumulation.
Distinguished by its flexibility, universal life insurance permits adjustments to your premiums and death benefits according to your evolving financial needs. The policy also grows cash value, which can be utilized to manage premiums or as a loan source during your lifetime. Reputable life insurance companies often offer it as one of the best life insurance policies for adults who value versatility.
These policies offer immediate coverage without needing a medical exam, streamlining the application process. Many top life insurance companies provide no-exam life insurance, though it may come at a higher premium due to the increased risk to the insurer.
Selecting the best life insurance policy requires evaluating what each type offers and its alignment with your long-term financial aspirations. Consulting with well-regarded life insurance providers can help you choose a plan that best fits your circumstances.
Life insurance can serve as a comprehensive financial safety tool, providing benefits under various circumstances, not limited to the policyholder's death. Understanding what life insurance can cover is critical in selecting the right policy from the best life insurance companies.
By choosing from good life insurance companies, you ensure that your policy covers these essential aspects, providing peace of mind and financial security for the future.
While life insurance provides extensive coverage, there are specific circumstances and events that typically fall outside its scope. Understanding these exclusions is important when selecting a policy. Knowing what is not covered can help prevent claim denials and ensure beneficiaries receive the intended benefits without disputes.
Thoroughly reviewing policy details can prevent claim denials by ensuring that all terms and exclusions are clearly understood and met.
Assessing your needs can help you find the best life insurance company and policy. Unless you die prematurely, you can expect to keep a life insurance policy for many years. Follow the steps below to make sure you get the best life insurance for you.
Begin by assessing your current financial situation, including income, debts and future obligations like your children's education. This will help you gauge how your family would manage without your income.
Based on your financial assessment, decide the amount of coverage you'll need. A general guideline is to choose a coverage amount that's 10 to 15 times your annual income. However, your specific circumstances and long-term commitments can influence this figure.
Familiarize yourself with the different types of life insurance available — mainly term and permanent insurance. Term insurance offers coverage for a specific period, while permanent insurance provides lifelong coverage and may include a cash value component. The best life insurance is the one that aligns with your financial health and life stage.
Don't rush into the first offer that comes your way. Use online tools to compare quotes from multiple companies that offer life insurance to find the lowest price. Pay attention not just to the rates but also to the company's financial stability and customer service reputation. It may also help to look at life insurance company reviews.
Consider adding policy riders that suit your specific needs, such as a critical illness rider, and adopting a healthy lifestyle to lower your premiums. You can also consider consulting a financial advisor with insurance expertise to ensure your policy aligns with your overall financial strategy.
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable coverage available.
Essentially, anyone responsible for others’ financial security can benefit from a life insurance policy. This includes:
Parents
Whether you’re a single parent or part of a couple, ensuring your children are financially secure in your absence is paramount. Life insurance can cover future expenses like education and living costs.
Homeowners
If you have a mortgage, life insurance can help ensure your family can maintain their home without financial strain if you're no longer there.
Business Owners
For those who own a business, life insurance can protect your partners and the company itself, allowing operations to continue smoothly.
Spouses
Life insurance can help maintain the standard of living for the surviving spouse, especially if they rely on your income for daily expenses and future plans.
Individuals With Debt
If you have significant debts, a life insurance policy ensures that these are not passed on to your family, securing their financial future.
Choosing the right policy involves finding the best companies for life insurance that offer policies aligned with your needs. Consulting life insurance rating companies and exploring top-rated life insurance policies can help you secure the best coverage at competitive rates.
The best place to get life insurance depends on your specific needs and preferences. Online platforms often provide a convenient way to compare policies and rates from multiple companies that sell life insurance. These platforms allow for easy comparison of coverage options and premiums, helping you find the best life insurance rate available.
Consulting with the best life insurance agencies can offer personalized service and expert advice, ensuring you select a policy that aligns perfectly with your financial goals. Always ensure you are dealing with the highest-rated life insurance companies to secure reliable coverage.
Find out which company offers the best life insurance and learn how you can make sure you get the right coverage for your needs.
Nationwide is the best overall life insurance company, receiving a MoneyGeek score of 97. Offering $250,000 in coverage with a 10-year term at $16 per month, it couples affordability with exceptional service.
Life insurance provides a benefit to beneficiaries upon the policyholder's death, assisting with income replacement, debt repayment and final expenses. However, it typically doesn't cover situations involving fraud, certain types of death — like suicide within a specific period after policy initiation — or unpaid premiums. Specific exclusions vary by policy.
The best life insurance policy is typically offered by top-rated life insurance companies known for robust financial stability, excellent customer service and policies that provide comprehensive coverage at competitive rates.
A good life insurance company demonstrates reliability, strong ratings and a history of timely payouts. The best-rated life insurance companies prioritize transparent terms and tailor their policies to meet diverse client needs.
Generally, the most trustworthy life insurance providers are those with high life insurance company rankings, a reputation for ethical practices and consistent positive reviews from policyholders. These companies often get high life insurance company ratings due to their integrity and reliability.
The best life insurance may vary per person. It should align closely with an individual's financial goals, coverage needs and budget. The best life insurance to buy offers flexibility in terms of premium payments and benefits, ensuring that they adapt to changing life circumstances. Engaging with the best life insurance providers who offer transparent terms and comprehensive coverage can significantly aid in selecting the optimal policy.
About Mandy Sleight
Mandy Sleight is a licensed property, casualty, life and health insurance agent with 20 years of experience in the industry. She has worked for major insurance companies like State Farm and Nationwide, and most recently as the Operations Coordinator for a startup employee benefits company.
Sleight holds a business administration and management degree from the University of Baltimore and a master's in business administration from Southern New Hampshire University. She uses her vast knowledge of insurance and personal finance to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.
