Best Life Insurance Companies of 2023

Overview

Nationwide provides term and permanent life insurance. Term life will provide 10, 20, or 30 years of coverage. Permanent life insurance is divided into three types: whole, variable, and universal. Whole life insurance starts at a minimum coverage of $10,000 along with two payment options: your premiums can be steady for the first 20 years or until the time you reach 100 years old. Moreover, the whole life insurance policy will give term life coverage to any of your children, including a benefit from an accidental death in which the payout is increased. Universal and Variable life insurance policies are best if you want to cover your spouse. Term life insurance comes in 10, 15, 20, or 30-year terms, but you can always switch to a permanent policy. Nationwide’s customer satisfaction is deemed excellent according to J.D. Power’s 2021 U.S. Life Insurance Study, where the company ranked in second place. Nationwide’s website contains thorough information about every policy, such as informative PDFs. Although Nationwide offers ample data for their consumers to scan through, they do not offer online purchasing.

Overview

Northwestern Mutual’s policies allow consumers to explore flexible coverage options, while premiums stay constant for the rest of the policy. Northwestern Mutual provides whole, universal, and term life insurance policies. The term life insurance policies are divided into two types: level premium and annual renewable. Annual renewable starts at low premiums but gradually increase each year the policy renews. The level premium policy doesn’t begin low like annual renewable; its rates are steady and stay the same during the duration of the policy. Moreover, there are two types of universal life insurance: the Custom Universal Life and the Single Premium policies. The Single Premium policy allows you to purchase in a collective sum of payment, whereas the Custom Universal Life allows you to customize your death benefit as time goes on. One of the notable cons to Northwestern Mutual is that you can’t purchase a policy online, and their website doesn’t make the thorough details of each policy easy to find.

Overview

Haven Life insurance is incredibly accessible to consumers, with a streamlined process that takes no more than half an hour. The application process on the company’s website uses its quality algorithm to evaluate which policy works best for you. Haven Life insurance offers two policies: Haven Term and Haven Simple. Haven Term Insurance offers up to $3 million coverage for those below 60 and $1 million coverage for those ages 60-64. Though most applicants will not need to go through a medical exam, many cases differ and it entirely depends on your age, health, and so on. However, Haven Simple’s policy strives to allow applicants to avoid a medical exam completely. Haven Simple provides up to $500,000 in coverage just as long as your online application is approved. Unfortunately, Haven Simple is not available to those living in New York, Delaware, North Dakota, South Dakota, and California.

Overview

Bestow is a fairly new company that was established in 2017 and is marketed as a purely online insurance company. Similar to the process with Haven Life, Bestow allows applicants to fill out a series of questions and personal data so algorithms can pull the best plan for you. However, Bestow does not offer policies to New York residents and doesn’t allow riders to be added to your coverage. Bestow offers only term policies, and it depends on your age and the time frame. A 10-year term applies to ages 18-60, a 15-year term applies to ages 18-55, a 20-year term applies to ages 18-50, a 25-year term applies to a dependable audience depending on tobacco use, and a 30-year term also applies to a dependable audience depending on tobacco use. Moreover, it is important to keep note that Bestow may deny coverage if you’ve been treated or diagnosed with cancer (except for minor skin cancer) within the past decade.

Overview

John Hancock’s wellness programs make it unique among some of its competitors. The wellness programs offer rewards on Amazon, discounted subscriptions, and inexpensive produce. However, you’ll need to seek and contact an advisor to begin the application process, as John Hancock does not support online quotes. The term life insurance policy lasts 10, 15, 20, or 30 years. To get a large sum of coverage (from $750,000 to $65 million), you’ll need to go through a medical exam. Permanent life insurance branches out to universal, variable, and indexed universal life insurance ranging from $50,000 to $65 million.

Overview

Although State Farm is primarily known for its auto and home insurance, the company’s broad nature and a wide variety of products garnered the use of life insurance. State Farm offers both term and permanent life insurance, both types are divided into various policies. Among term life insurance, there’s Select, Instant Answer, and Return of Premium Terms Life. Select Term Life is accessible in 10, 20, or 30-year segments and depending on your age can be renewed up to the time you’re 95. Instant Answer Term Life doesn’t require a medical exam, however, the $50,000 of coverage is unavailable for those over 50 or 10 years following the initial issue of the policy. Return of Premium Term Life has a starting coverage cost of $100,000 and is accessible in 20 or 30-year terms. State Farm’s permanent life insurance is divided into Whole Life insurance and Universal Life insurance. Although State Farm offers a plethora of variations to policies, you can’t acquire State Farm if you live in Massachusetts, and accessing the online portal via an Android smartphone comes with some restrictions.

Overview

Navy Federal is unique for its target consumers, which are those within or associated in various forms with the United States military. Navy Federal offers both permanent or “whole” life insurance and term life insurance. Both policies offer flexibility and accessibility to both military-associated members and all members. If you want to purchase a policy without having to take a medical exam, Navy Federal allows its policyholders to do so under varying circumstances.

Overview

Metlife has a wide array of policies regarding term and universal plans. Metlife’s term life insurance is divided into three policies: Basic Term Life, Supplemental Term Life, and Dependent Term Life. Basic Term is an employer-paid coverage choice. Supplemental Term is an employee-paid coverage choice and you’re able to buy increased protection as time goes by. Moreover, a spouse, dependent, or domestic partner coverage might be applicable. Dependent Term supplies your spouse, domestic partner, children, or civil union partner with coverage. Metlife’s permanent Life Insurance is split between Group Variable Universal Life and Group Universal Life. Group Universal Life Insurance maintains safety over your family’s financial security well after your death, which includes saving options and flexible coverage. Group Variable Universal Life still offers your family financial security while combining solid protection for the future, with a tax delay.

Ladder offers term Life Insurance for consumers ages 20-60. It’s relatively easy to apply online and depending, most people will not need to go out of their way to have a medical exam. Moreover, Ladder has policies with up to $8 million in coverage for 10, 15, 20, 25, and 30-year terms. However, riders can’t be added to your policy. If your application coverage is under $3 million, all the rest can be finished online and completed without a medical exam.

Overview

Ethos offers both term and permanent life insurance policies without going through a medical exam and purchasing a policy online. Moreover, the application process can take as little as 15 minutes to complete for those who qualify. If you’re looking to include riders in the coverage, it’s best to avoid Ethos, except for accelerated death benefits. Ethos’ term life insurance is offered to ages 20 to 65 in all 50 states except for New York. Applicable terms are 10, 15, 20, and 30 years. Ethos’ whole life insurance is offered to people ages 66 to 85, and policyholders of this category are automatically approved regardless of their history.