Top Rated Life Insurance Companies

Top Rated Life Insurance Companies

Life insurance comes in a wide variety of plans and coverage depending on your needs, physical health, and financial situation.

Due to this, the best life insurance company for your given situation can be difficult to identify without first doing comparisons.

We comprised this list of the Top 10 Best Life Insurance Companies based on their financial strength, claims history, and range of coverage.  

While they may not have the best rates for highly specific situations due to health issues and finances, throughout their history
, they have demonstrated strength, consistency, reliability, and flexibility for their clients.  

If you are new to life insurance, here are a few articles that can help you better understand the context of this article, and the factors included in our rankings of these companies:

  • How your lifestyle affects your life insurance premiums
  • Different types of life insurance
  • What type of life insurance is best for you and your family
  • Various stages of life require various coverage levels

Without further ado, let’s take a dive into the ten best life insurance companies in the US:

Best Life Insurance Companies 2018

Company A.M. Best Rating Customer Reviews Our Review
Protective A+ 4.4 Protective Review
Banner Life A+ 4.1 Banner Review
Prudential Life A+ 4.3 Prudential Review
AIG A+ 4.0 AIG Review
Mutual of Omaha A+ 4.0
Lincoln Financial A+ 3.9 Lincoln Review
North American A+ 4.0 North American Review
Ameritas A+ 3.9 Ameritas Review
American National A+ 4.2
Cincinnati Life A 4.0 Cincinnati Life Review

Ranking Methodology

We ranked the best life insurance companies on our list based on the following criteria:

JD Power – Customer satisfaction ranking based on a 1- 1,000 scale.

A.M Best – A ranking derived from an assessment of the company’s financial strength and credit ratings.  These rankings range from the highest (A+++) to lowest (F).

Consumer Rating – This 5-star rating is based on an average of 250+ reviews for each company found online from a combination of reliable consumer review platforms.

 

#1 Protective Life

Protective Life insurance comes in at number one on our list of best life insurance companies.

Having been around for over 100 years now, Protective has made a name for itself as one of the best term life insurance companies on the market.  With affordable rates and great coverage for a myriad of health classes, Protective is an affordable life insurance solution for most people.

They also have a wide selection of Universal Life Insurance products that can be used to build estates, and accumulate wealth over the life of the policy.

Lastly, they are very highly regarded by their customers, and consistently receive above average customer reviews for their life insurance products.

Some of the core Protective Life insurance products are:

Life Policies Other products and services
Term Life Insurance Annuities
Variable Life Insurance
Universal Life Insurance

Some Additional Types of Life Insurance Offered by Protective Life:

Protect My Child 

Protective offers life insurance for children.  This protection can range in policies from $10,000 to $100,000, from 14 days to 17 years old, and doubles once age 18 is reached.  No medical examination is required for this policy.  Protective is considered one of the best life insurance companies for children.

Survivorship Universal Life 

This type of life insurance coverage is also called second-to-die life insurance or joint survivorship life.  It is designed for aging couples who are looking for a whole life insurance vehicle that can be used for estate planning.  The policy includes both partners and is a less expensive alternative to purchasing two individual policies.  Policies are paid out to beneficiaries upon the death of the remaining partner.

#2 Banner Life

Banner Life is owned by Legal & General. For over 150 years, Banner Life has been providing superior customer satisfaction.  When compared to the competition, Banner Life averages about 8 times fewer complaints than the industry average.

Banner Life manages a $50B+ portfolio and supports over 70,000 clients across all 50 states. Banner’s term life insurance products are some of the most affordable in the industry.  Banner Life is perhaps best known for their ability to offer superior term and whole life insurance rates to people with health problems like obesity, long-term smokers, diabetes, and more.

The core offerings for life insurance policies offered by Banner Life are:

Life Policies Other products and services
Term Life Insurance Annuities
Whole Life Insurance

Some additional life insurance policies offered by Banner Life are:

Universal Life 

Banner’s Universal Life policies are very flexible, and offer plenty of riders and policy options that allow for the adjustment of premiums.

Their universal life policies offer the following riders:

  • Waiver of Premium
  • Flexible Payment Options
  • Accelerated Death Benefit
  • Children’s Rider

#3 Prudential

Prudential has A+ ranking from AM Best for it’s financial stability and ability to pay out claims, so it’s a solid performer with sound financial backing. Prudential has been offering life insurance and investment opportunities since 1875 and has been a strong performer ever since. In 2001, the company became the first IPO on the New York Stock Exchange after the 9/11 attacks.

Prudential currently has 1.389 trillion in assets and provides life insurance for individuals and through companies in over 40 countries around the world, making them a global powerhouse in the insurance industry.

Among their investment products are investment and wealth management, mutual funds, annuities and retirement planning services.

Life Policies Other products and services
Term life Annuities
Universal Life Investments
Indexed variable Life Workplace Benefits
Variable Universal Life LifeAnnuities

Six Term Life Options

Prudential offers six different types of term life insurance policies to meet the needs and budgets of their customers:

Term Essential   

This is the most basic term coverage offered and is a good option for anyone on a strict budget.

My Term®

Coverage of anywhere between $50,000 and $250,000 that can be applied for without a medical exam.

TermElite®/Term Essential®

Each of these policies cover a variety of options that include life insurance coverage on minors and a one year premium credit if you convert your TermElite policy to permanent coverage before the five year cut-off date.

PruLife Return of Premium®

With this coverage, you’ll get your premiums returned to you if you’re still alive when the policy expires. The premiums are higher to cover the risk, but if you want to use your life insurance policy as a sort of savings account, this is an interesting option.

PruTerm WorkLife 65™

This Prudential life insurance policy covers policy holders through the age of 65. A unique feature here is the premium waiver you get if you become disabled, which stays in place until you’re back on your feet or until you’re 65. There is also a one year premium waiver if you are laid off or unemployed.

PruTerm™ One

Life insurance coverage that is paid for and lasts just one year. At the end of each year, you can renew the policy or switch to a different type of coverage. It’s less expensive and doesn’t tie you to a long-term commitment.

Universal Life Policies

Prudential currently offers eleven kinds of universal life policies. These are policies that gain cash value with every premium paid. The growth of the cash value depends upon the type of coverage. The three indexed universal life policies base the value on financial indexes such as the S&P 500. Variable universal policies allow customers to choose the investments that will be the basis for their policy’s cash value.

Other Life Insurance Product offered by Prudential

The company’s life insurance offerings have been progressive in the past (they were the first US life insurance provider to offer HIV+ individuals life insurance coverage) and the company continues to update its offerings today.

Prudential offers several types of rider for their policies to provide additional coverage for specific needs. Among these are:

  •         Living Needs Benefit
  •         Terminal Illness Rider
  •         Waiver of Premium
  •         Accidental Death Benefit
  •         Children’s Protection Rider

#4 AIG

AIG serves over 90 million customers in about 80 countries worldwide. They have excellent financial strength and are rated well in customer satisfaction.

Some of the core AIG life insurance products:

Life Policies Other products and services
Term Life Insurance Annuities
Whole Life Insurance Long Term Care Insurance
Universal Life Insurance Travel Insurance
Variable Life Mutual Funds

AIG is best known for their affordable prices across a multitude of products. An in depth look at some of AIG’s life insurance products:

AG Select Term

Level term life insurance from 10 to 30 years, with any number of years in between being acceptable (19, 24, etc..) This policy offers an option to convert into permanent life insurance policy.

Return or Premium

This is a Policy rider that can be very beneficial for people who are purchasing life insurance at a young age.

As the name implies, the return of Premium Rider allows the policy holder to receive back all premiums paid into the policy once the policy has ended.

While this rider can be very useful, it is important to understand that the premiums you pay are usually more expensive than those without this rider to mitigate risk on the insurers part.

20 year minimum, 35 year max, renewable to age 95, policy loans available for cash value

Guaranteed Universal Life

Guaranteed universal life insurance policies stay in place even if the cash value in them is zero.

Upon death, a lump sum death benefit is paid out to the insured’s beneficiaries tax free.

Variable Universal Life

Universal life insurance policies allow the policyholder to use the cash value of their account to invest in various different investment vehicles similar to mutual funds.

AIG has an amazing history of returning shared profits with their policy holders, much like Northwestern and Brighthouse.

Guaranteed Issue Whole Life

For those with pre-existing health conditions that make obtaining life insurance difficult and expensive, AIG also offers a very affordable guaranteed issue whole life insurance policy.

Policies have $25,000 of Maximum coverage and are available for people ages 50 to 85. Death benefit is available after 2 years of the policyholder’s death.

AIG Life Insurance Policy Riders

AIG is also known for their wide range of policy riders that can be added to life insurance policies.

Some of these riders include:

  • Accelerated death benefit
  • Policy conversion for those under 70
  • Accidental death rider
  • Disability income rider
  • Waiver of premium rider

#5 Mutual of Omaha

Mutual of Omaha was founded in 1909 as the Mutual Benefit Health & Accident Association and consolidated with the Omaha Health & Accident Association in 1918. By 1939, the company was licensed in all (then) 48 states.

Today Mutual of Omaha offers a wide range of annuities, health insurance coverages, life insurance options, long-term care insurance and group plans and investments for businesses. In 2017, the company was ranked 367th in the list of Fortune 500’s top companies.

As of 2017, Mutual of Omaha ranked 367th on Fortune 500’s top companies. The company is owned by its policyholders and has consistently kept pace with other top mutual companies in paying dividends to shareholders. In 2017, Mutual’s retained earnings reached $6.4 billion.

The company is known for its participation in a variety of worthy ventures, including hosting Mutual of Omaha’s Wild Kingdom on television, and now the Internet, for years. The company earns high marks in the area of customer service, where it was ranked better than most by consumers.

A quick look at some of the Mutual of Omaha life insurance products and services:

Life Policies Other products and services
Term Life Accidental Death Insurance
Whole Life Annuitiess
Variable Life Long-Term Care Insurance
Universal Life Medicare Supplement Plans

A Wide Range of Life Insurance Offerings

If you’re looking for a lot of life insurance options, Mutual of Omaha is consistently ranked high in various rankings for the top fifty life insurance companies in the U.S. Part of this is due to the lengthy menu of life insurance policies the company offers, including whole life, whole life for children, term life and universal life insurance policies.

Term life coverage caps at $100,000 online, but consumers can purchase higher amounts through a Mutual of Omaha insurance agent. Whole life policies top out at $50,000 and tend to be marketed as plans to cover final expenses for the deceased and any funeral costs so that families don’t have to take on that economic burden themselves.

Universal life insurance can be purchased for just about any amount. In 2016, the company launched its initial indexed universal life policy, which offers cash value accumulation tied to the Standard & Poor’s 500 index performance.

 

For those who prefer the Internet rather than speaking to an agent for initial information, the Mutual of Omaha website is easy to navigate and has a lot of information for anyone shopping for insurance. In some cases, you can apply for the policy you’re interested in online.

#6 Lincoln Financial

Lincoln Financial is a US-based holding company that is in the Fortune 250. It operates multiple investment and insurance companies under the name Lincoln Financial Group. The original insurance company was founded in 1905 and expanded quickly into financial services. The annual revenue in 2017 was over $14 billion. The company is highly diversified, owning radio stations and a variety of other investments that keep it strong financially.

A quick overview of some of the core life insurance products offered by Lincoln Financial:

Life Policies Other products and services
Term Life College Saving Plans
Universal Life Retirement Planning
Variable Universal Life Annuities

Life Insurance Offerings from Lincoln Financial

TermAccel Level Term 

Coverage of up to $500,000 if you are 50 years old or younger.

LifeElements Level Term 

Coverage of $500,000 and up if you are 45 years old or older.

Universal Life Insurance

Permanent life insurance policy that covers you until death and gives you some flexibility in choosing coverage amount. Some also have cash value based on interest and premiums.

Variable Universal Life

Insurance that combines the flexibility of universal coverage with strong investment growth potential based on investment options.

#7 North American

North American Company has been around since 1890.  Since its inception, North American has developed itself into one of the premier providers of insurance for people with chronic illness and high-risk health classifications.

Industry reviews from experts suggest that North American is one of the hidden gems amongst life insurance companies, regularly scoring higher on company reviews like the Comdex score as well as financial ratings and customer reviews.

A quick look at some of the life insurance products offered by North American:

Life Policies Other products and services
Term Life Annuities
Universal Life Mutual Funds
Indexed Universal Life

Lots of Term Life Insurance Possibilities

North American offers an impressive selection of policy choices, including term life, whole life, universal life, and indexed universal life, but the feature that puts in in our top ten list is the range of universal life policies available. While most companies offer just one or two options, North American offers four different universal life policies and four indexed universal life policies

Life Insurance Offerings from North American

Universal Life

North American’s Universal Life Insurance Policies include:

1. Custom Accumulator

This policy allows you to receive up to 95% of the premiums paid in within the first 6 years of the policy.  It also has the ability to build cash value that can be borrowed against. Allows you to receive an accelerated death benefit in the event of a terminal illness.

2. Custom GrowthCV

Has a guaranteed death benefit and also builds cash value that can be borrowed against.  Allows you to receive an accelerated death benefit in the event of a terminal illness.

3. Custom Guarantee

Guaranteed life insurance coverage that can be purchased at any age up to 120.  Premiums are not payable after age 100.  Allows flexible payments for convenience. Allows you to receive an accelerated death benefit in the event of a terminal illness.

4. Custom Term GUL

Guaranteed life insurance that can be borrowed against.

Indexed Universal Life

1. Builder IUL

A universal life insurance policy that builds cash value over time relative to market indices that can be borrowed against. Allows you to receive an accelerated death benefit in the event of a terminal illness.

2. Guarantee Builder IUL

A cash value policy that is offered up to age 120, that makes gains on the market indices also. Cash value can be accessed through loans or withdrawals. Allows you to receive an accelerated death benefit in the event of a terminal illness.

3. Rapid Builder IUL

Offers a more rapid growth curve than the other two UL policies listed above.  Same access to cash value and accelerated death benefit available.

4. Survivorship GIUL

This is a guaranteed indexed universal life insurance designed for two people.  Payout is made upon the death of the surviving partner. Cash value is accumulated and can be accessed just the same.

North American Company Review

Overall, North American is a great life insurance provider, especially for those who are in poor health conditions, or for those looking for a wide range of universal life insurance options that are customizable.  They are certainly one of the best life insurance companies, which is why they made our list at #7.

#8 Ameritas

Ameritas was first founded in 1887.  Since then, they have focused mostly on life insurance, health insurance, and annuity products.

Ameritas is a mutual company, serving its policyholders first.  This has driven a culture of customer satisfaction and helped build their universal and whole life policies to be some of the best in the industry.  Ameritas also has great term life coverage, with options to convert along the way.

A quick look at some of the types of life insurance offered by Ameritas:

Life Policies Other products and services
Whole Life Business Insurance
Universal Life Retirement Planning
Term Life Mutual Funds
Variable Universal Life Banking Products

Types of Available Life Insurance

Ameritas offers an impressive selection of life insurance policies, including:

Keystone Term Life

Term life insurance for 10-30 year terms.  Coverage is renewable up to 100 years of age.  The option for conversion to a whole life policy is available. Additional add-ons and riders include Waiver of Monthly Premiums and Children’s Insurance Rider.

Keystone Whole Life 

Whole life policy with cash value that accumulates over time and that can be borrowed against when needed. These policies also offer annual dividends.  lastly, the Keystone Whole Life policy offers Accidental Death Benefit and a Flexible Paid-Up Rider which allows you to pay off premiums sooner to allow you to accumulate cash value faster.

Universal Life

Ameritas offer 3 different types of universal life insurance policies: universal, index universal and variable universal.

Each one of these policies provides for people in specific situations, for instance, their Excel LifeValue Survivor policy is a survivorship or joint life insurance policy that protects the insured in the event of the death of their spouse.

Each of their universal life policies has a 15-year guarantee with payment of minimum premium, after which time the policy will stay in force as long as the cash value is greater than $1.

Ameritas Life Insurance Review

Overall, Ameritas offers a significant amount of life insurance coverage in the form of both term and whole life policies.

Their rich financial history, solid customer satisfaction history, and flexible universal life insurance plans make them a great option for anyone looking to build cash value with a reliable whole life insurance policy.

Ameritas’ flexibility, dependability, and low life insurance rates are what make it one of the best life insurance companies, and bring it in as #8 on our list.

#9 American National (ANICO)

American National was founded in 1905 by the Moody family.  They provide a wide arrangement of insurance products from car insurance, life insurance, to homeowners insurance, as well as annuities and investment products.

Their life insurance options include term, universal, whole life, indexed universal, variable universal, and credit life.

A quick look at some of the types of life insurance offered by American National:

Life Policies Other products and services
Whole Life Home Insurance
Universal Life Car Insurance
Term Life Annuities
Variable Universal Life Health Insurance

Types of Available Life Insurance

American National offers an impressive selection of life insurance policies, including:

No Exam Whole Life Insurance

American National also has a wide array of whole life insurance products.  Their no exam whole life insurance policy can provide up to $150,000 in coverage.

They also have an options for guaranteed whole life insurance that can offer coverage as high as $25,000 for those between the ages of 50 and 80.

No Exam Term Life Insurance

American National is one of the premier providers of no medical exam life insurance.  They offer low no medical exam life insurance rates to people in high-risk health classes.

Their term life policies are available in the standard 10-30 year terms, and offer conversion options as well as additional riders and add-ons.

Credit Life Insurance

American National is one of the few life insurance companies that offer credit life insurance.  This type of life insurance policy is paid out directly to the policyholders’ creditors in the event of their death.  It is an affordable way to pay off debts you may have in order to leave your family financially stable in the event of your death.

American National Life Insurance Review

American National is one of the best life insurance no exam life insurance companies.  They have over 100 years of history, in which they have consistently been able to offer some of the best no medical life insurance rates in the industry.

They offer both term and whole life insurance policies for no exam, and as fully underwritten policies.  Their credit life insurance also offers a very affordable life insurance option for people in poor health or who are terminally ill.

American National’s history, rates, and reviews are what puts it at number nine on our list of Best Life Insurance Companies.

#10 Cincinnati Life

Cincinnati Life is relatively new to the insurance industry when compared to the other giants we have mentioned in this list so far, but that does not mean they don’t belong as one of the 10 Best Life Insurance Companies.

Cincinnati Life was founded in 1950, and today has roughly 3,000 associates working for them.  They manage assets totaling over $20B, and provide some of the most affordable life insurance rates in the country for term and whole life insurance to their 5,000+ policyholders.

A quick look at some of the types of life insurance offered by Cincinnati Life:

Life Policies Other products and services
Whole Life Auto Insurance
Universal Life Home Insurance
Term Life Business Insurance

Types of Available Life Insurance

Cincinnati Life offers an impressive selection of life insurance policies, including:

LifeHorizons Termsetter

This term policy is available for the standard 10, 15, 20, 25, and 30 year terms.  Cincinnati Life offers some of the most affordable term life insurance rates in the country.

They offer their LifeHorizons Termsetter in level term life insurance policies as well. This policy can also add the Termsetter ROP option as a return of premium rider, and also has the ability to be converted into a type of permanent life insurance before the end of the term.

LifeHorizons Guaranteed Whole Life

Cincinnati Life offers this affordable guaranteed whole life insurance with guaranteed cash value, guaranteed premiums, and guaranteed paid-up values.

LifeHorizons Simplicity Universal Life

A standard universal life insurance policy with flexible benefits and premiums to help with some of the curve balls life can throw. This policy has very competitive rates, and also has a lot of riders that allow for policy customization.

Some of the perks of this policy include guaranteed insurability through age 120 and tax-deferred cash value accumulation.

LifeHorizon Lifesetter UL

Cincinnati life offers this level premium universal life insurance policy as a low-cost permanent life insurance alternative to term life.

While term becomes more expensive over time and is limited to 30 years and usually a max age of 80 (sometimes 95), this product offers permanent life coverage through age 121.

Cincinnati Life is able to provide some of the best permanent life insurance rates by providing low cash value accumulation and level premiums.

Cincinnati Life Insurance Review

Overall, Cincinnati Life is one of the best life insurance companies because of its stellar customer reviews, rich financial backbone, and affordable life insurance rates.

Though it has only been around for a little over 65 years, an infant compared to some of the life insurance giants mentioned in this list, in its youth, Cincinnati life has truly earned its spot on this list.

For people looking for affordable term, whole life, and universal life insurance, Cincinnati Life may be the right choice.

10 Best Life Insurance Companies 2018 – Recap

When looking for the best life insurance policy for you, you want to consider a number of factors in order to be sure you have chosen the best life insurance company for your situation. You want to go with a company you know you will be able to count on, with a rich financial and claim history.

You also want a company that specializes in the type of life insurance coverage you are looking for.

Lastly, you want to be sure that the life insurance company reviews left by customers match the type of service you are looking for. Purchasing life insurance is a huge investment that can impact your family.

For this reason, when purchasing life insurance, we always recommend speaking to an insurance agent who knows the ins and outs of the industry and will be able to guide you through the life insurance application process.

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Best Life Insurance Companies Honorable Mentions

American Mayflower Great American Insurance
Banker’s Life North American Company
Banner Life Insurance Presidential Life
Clarica Life Protective Life
Empire General Transamerica Occidental Life
First Colony Life West Coast Life
AIG Life William Penn Life Insurance
American General Midland National
Ameritas Life Insurance Corp National Guardian
Cincinnati Life Nationwide
Fortis Insurance Pacific Life
GE Life and Annuity Penn Mutual
Guardian Life Insurance Phoenix Life
Indianapolis Life Pruco
Jackson National Prudential Life Insurance
Jefferson Pilot Life Insurance Security Mutual
John Hancock State Life
Lincoln Benefit Life Insurance Sun Life of Canada
Lincoln National
Mass Mutual Life Sunset Life
MetLife Transamerica

Not Sure Which Company is Best For You?

Top 50 Life Insurance Companies

Visit our different company pages to view more information on each and find the best company for your individual insurance needs. We have provided term life insurance company reviews to make it easy to begin educating yourself with expert information.

Use our comparative quote engine on the side to compare quotes in one easy to use solution. If you are not sure what company is best for you, you may want to view our different types of life insurance.

For life insurance for mortgage protection, you can purchase a 30-year life insurance policy from a company that is double-A rated and competitive for longer length terms.

If you have paid off your mortgage but currently have children who are still dependent off you, for instance, they are in primary school or secondary school you may want to look at a shorter term policy, such as 5-15 years. Certain companies have much lower ratings on short-term policies but are not competitive for long term.

If you are not sure whether a term policy or a permanent (whole or universal) policy would benefit you more, we have provided comparisons on term vs whole life insurance.

If you are over 50 and looking for life insurance, it may be best to research whether a term or whole policy is more economical and more practical for you as a senior.

Due to the fact we are a brokerage firm we can shop senior life insurance quotes with every company to find you the best rates available.

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