Best life insurance Companies
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 1:38 p.m. ET Nov. 7, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Of the dozens of life insurance companies we reviewed, Protective is the best life insurance company of 2024. Pacific Life also earns a 5-star rating in our analysis. Both companies offer competitive rates, a low ratio of complaints, historically strong portfolio performances and an array of coverage options.
Why trust our life insurance experts
To help you find the best life insurance for your unique needs, our life insurance experts analyzed thousands of life insurance policies, evaluating data points that matter, such as rates, a company’s financial strength, policy features and customer complaints. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 9,000+ life insurance policies evaluated.
- 38 million data points analyzed.
- 5 levels of fact-checking.
Top-rated life insurance companies
Protective
Pacific Life
Corebridge Financial
Transamerica
Symetra
Penn Mutual
Compare the best life insurance companies
| COMPANY | TYPES OF LIFE INSURANCE OFFERED | AM BEST RATING | BLUEPRINT RATING | LEARN MORE | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Term Whole Indexed universal Variable universal | A+ (Superior) | – | ||||||||
| ||||||||||
 Pacific Life | Term Universal Indexed universal Variable universal | A+ (Superior) | – | |||||||
| ||||||||||
 Corebridge Financial | Term Whole Universal Guaranteed issue Final expense | A (Excellent) | – | |||||||
| ||||||||||
 Transamerica | Term Whole Indexed universal Final expense | A (Excellent) | – | |||||||
| ||||||||||
 Symetra | Term Indexed universal Variable universal | A (Excellent) | – | |||||||
| ||||||||||
| Term Whole Universal Indexed universal Variable universal | A (Excellent) | – | ||||||||
|
Best type of life insurance by coverage type
Our best life insurance companies of 2024 analyzed both term life insurance and permanent life insurance policies. To help you find the right insurer and policy, we also analyzed life insurance policies for different needs and coverage types.
The table below can help you further your search and compare life insurance companies based on your unique needs.
| LIFE INSURANCE COMPANY | AM BEST RATING | |||||
|---|---|---|---|---|---|---|
| Best term life insurance | Symetra | A (Excellent) | ||||
| ||||||
| Best whole life insurance |  State Farm | A++ (Superior) | ||||
| ||||||
| Best no exam life insurance |  Legal & General America | A+ (Superior) | ||||
| ||||||
| Best life insurance over 50 |  Protective | A+ (Superior) | ||||
| ||||||
| Best senior life insurance | Protective | A+ (Superior) | ||||
| ||||||
| Best cheap life insurance | Symetra | A (Excellent) | ||||
| ||||||
| Best for smokers |  Midland National | A+ (Superior) | ||||
|
How to choose the best life insurance company
Consider the following factors to compare coverage and choose the best life insurance policy for your needs.
- Policy and product availability. When comparing life insurance companies, look at the types of policies they offer, as well as variable details like term lengths, life insurance riders and eligibility criteria. These can differ by insurer and by policy.
- Financial strength. Check the financial strength of insurers you are considering. Companies like AM Best, Standard & Poor’s and Moody’s assess the creditworthiness of insurers, applying letter grades to insurers based on their financial strength.
Life insurance providers are evaluated on several factors, including their balance sheet, enterprise risk management (ERM) and operating performance. Top life insurance companies generally receive A or higher grades, such as A++ (Superior), which means they are more likely to be able to pay out your policy’s death benefit to your life insurance beneficiaries. - Cost. The cost of life insurance is determined by several variables. When an insurer underwrites your policy to determine your insurability and premium, it takes into consideration your age, health, family health history and other factors. Insurers weigh factors differently, so you may find that your costs vary by company.
Life insurance premiums also include fees and internal costs. If you’re shopping for permanent life insurance, those fees can impact how your cash value account grows. A good life insurance company can provide you with a schedule of those fees.
“Life insurance is a single financial product with a very specific purpose, but it’s also a piece of a larger financial puzzle. If you’re purchasing a policy, I always recommend that you examine your life insurance needs in the context of your overall financial circumstances, including your budget and other financial vehicles you may (or may not) have, such as a retirement plan or emergency fund.
Whenever I examine my own life insurance needs or consider making a change to my policy, I typically work with a financial advisor, and that’s something I recommend to anyone purchasing a new policy or augmenting an existing one. They can analyze your total financial situation and help you pinpoint the exact type and amount of coverage that is beneficial for your circumstances.”
– Jennifer Lobb, Lead Editor of Insurance, USA TODAY Blueprint
Methodology
To determine the top-rated life insurance companies, our life insurance experts evaluated term life and permanent life insurance policies. To analyze term life insurance, we used our research and data provided by AccuQuote, a national online life insurance agency. For our cash value life insurance analysis, we used data provided by Veralytic, an independent publisher of life insurance research and analytics.
Each life insurance company included in our evaluation had the opportunity to earn up to 100 points based on the following factors:
If you’d like to dig in deeper, head over to our life insurance ratings methodology page.
See more life insurance ratings
- Best term life insurance
- Best whole life insurance
- Best no exam life insurance
- Best life insurance over 50
- Best senior life insurance
- Best cheap life insurance
Frequently asked questions (FAQs)
Term life insurance may be a good choice if you’re looking for financial protection for a certain period of time, such as until you pay off your mortgage or your child graduates school. It is also typically more affordable than whole life insurance, which may make it a better option if you’re on a limited budget.
Whole life insurance is a better option if you want coverage that lasts a lifetime or you’re interested in having a cash value component that you can access while you’re alive.
Yes, you can buy life insurance on someone else, but only if they know about it and consent to the purchase. People commonly purchase policies for their:
- Spouses or ex-spouses, to replace income, alimony or child support when that person dies.
- Child or grandchild, to ensure their insurability down the road, even if they develop a health condition, and to provide a jump start on cash value accumulation.
- Parents, to cover end-of-life expenses or other bills you may inherit upon their passing.
- Siblings, particularly if they care for a parent or other dependent for whom you will be responsible should they pass.
- Business partner, as part of a buy-sell agreement.
Shopping for coverage? How life insurance works
The average cost for a 20-year, $1 million life insurance policy ranges from $420 per year to $2,341 per year, depending on your age and gender.
A healthy, non-smoking 30-year-old woman pays an average of $420 per year for coverage. A male of the same age, health and smoking status pays an average of $543 per year.
The older you are when you purchase a policy, the more expensive it will be. The same $1 million, 20-year term life insurance policy costs a healthy, non-smoking 50-year-old woman an average of $1,681 per year. A healthy, non-smoking 50-year-old man pays an average of $2,341 for the same policy.
Other factors that could influence your cost include your health, family’s medical history and the type of policy you purchase. For instance, a $1 million whole life insurance policy will cost more than a 20-year term life insurance policy, when all other factors are the same.
The best insurance policy to have depends on your reason for purchasing coverage and your budget.
- If you want coverage for a specific period of time, such as until a mortgage is paid off or your children are out of school, a term life insurance policy may be the best option.
- If you want life insurance that remains in place for your lifetime, consider a permanent life insurance policy, such as whole life insurance or universal life insurance.
- If you want life insurance that includes a cash value component that you could tap into while you’re alive, consider permanent policies, such as universal life, indexed universal life and whole life insurance. Term life insurance does not have a cash value.
- If you want life insurance to cover end-of-life expenses, consider final expense or burial insurance. These are typically whole life insurance policies that offer a small death benefit that can be used to cover expenses such as a burial, funeral or any remaining medical bills.
USA TODAY Blueprint is not a licensed insurance agency. Insurance offerings are powered by Marketplace P&C LLC, NPN 20753534 and CA Lic. # 6011227.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial or medical decisions. Individual results may vary. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
