Best Life Insurance Companies of 2022
- Best Overall: Prudential
- Best Instant Issue: State Farm
- Best Value: Transamerica
- Best Whole Life: Northwestern Mutual
- Best Term Policies: New York Life
- Best for No Medical Exams: Mutual of Omaha
- Best for Military: USAA
Most insurance companies require new applicants to choose either "male" or "female" when applying for insurance, and they don't always offer an option for those who identify as nonbinary or transgender. While being nonbinary doesn't disqualify you from getting insurance, you should be aware that most insurance companies haven't updated their underwriting processes to reflect an awareness of gender issues.
BEST OVERALLPrudential
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Prudential was chosen as the best life insurance company overall based on the company history dating back to 1873, the broad selection of policies available, and excellent ratings for financial strength.
Get an instant quote for term life insurance online
Excellent ratings for financial strength
Multiple riders can be added to your policy
No online quote for permanent life insurance coverage
Prudential Financial dates back to 1873, which bodes well for its reliability. The Prudential Insurance Company of America also boasts an A+ rating with AM Best, as well as an AA- rating with Standard & Poor’s in terms of its financial strength.2
Prudential offers term life insurance coverage, universal life insurance, indexed universal life insurance, and variable universal life insurance, and you can add riders to your policy that include an accidental death benefit, a living needs benefit, and a children’s protection rider.
Prudential does let you apply for an instant online quote for term life insurance. To learn more about life insurance from Prudential, have a look at our full review.
Read the full Prudential life insurance review.
BEST INSTANT ISSUEState Farm
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We chose State Farm as the best company for instant issue policies based on the fact you can apply online and get term life coverage without a medical exam or any hoops to jump through. State Farm’s excellent ratings and long history also helped it gain a spot in our ranking.
State Farm extends some term policies without a medical exam
Free quotes for term life insurance coverage online
Excellent ratings for financial strength and customer satisfaction
No life insurance offered in Massachusetts
State Farm is another insurance company with a long and storied history. Founded in 1922 by a retired farmer, State Farm has grown from humble beginnings to offer a broad range of insurance products today. At the moment, State Farm comes in at number 39 on the Fortune 500 list of largest companies.4 This company also boasts an A++ rating for financial strength from AM Best, which is the highest rating possible.5
Also, note that State Farm secured the highest ranking in the J.D. Power 2020 U.S. Life Insurance Study, which compared the experiences of life insurance and annuity customers nationwide.6
When it comes to the life insurance products it offers, State Farm lets consumers purchase term life insurance coverage, whole life insurance, and universal life insurance. State Farm also makes it easy to enter your information and get a free quote online for term life.
State Farm extends instant answer term life insurance coverage you can apply for online, and these policies can be purchased with no medical exam. You do have to answer health questions in your application, however.
How much does life insurance with State Farm cost? Request a quote online or speak to an agent to find out.
Read the full State Farm life insurance review.
BEST VALUETransamerica
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Transamerica offers very affordable term life insurance coverage and has a long history of financial strength and reliability, which helps the company stand out as the best value in life insurance in our review.
Premiums for term life insurance represent a significant value
Strong ratings for financial strength
Must speak with an agent to get a quote for some products
While Transamerica may not be a household name, this company has been around since 1904 and boasts solid ratings for financial strength, including an A rating with AM Best and an A+ rating with S&P Global.78 Transamerica scored well below average in the J.D. Power 2020 U.S. Life Insurance Study, though, with only 734 points out of 1,000 possible.6
Transamerica also offers a broad selection of life insurance coverage including term policies, whole life insurance, universal life insurance, index universal life insurance, and final expense life insurance.
Transamerica has you speak to an agent in order to get a quote for most of its life insurance products. However, you can get quotes for term life online. Its premiums for term coverage tend to be an excellent value. To learn more about Transamerica Life Insurance check out our full review below.
Read the full Transamerica life insurance review
BEST WHOLE LIFENorthwestern Mutual
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While Northwestern Mutual is known for quality overall, its whole life insurance policies are especially popular. The company paid out a record $6.2 billion in dividends to its policyholders for the year 2020.10 Not only do its policies tend to pay generous dividends, but you get the benefit of working with a financial advisor who can help guide you to the best whole or another type of life insurance policy for your situation.
Excellent ratings for quality and financial strength
Term life, whole life, and universal life insurance offered
Must work with a financial advisor to get a quote
Northwestern Mutual has been in business since 1857, and it has solid ratings that show its commitment to offering quality products and services. Not only does Northwestern Mutual boast an A++ rating from AM Best and an AA+ rating from S&P Global, but it also earned high marks for customer satisfaction in the J.D. Power 2020 U.S. Life Insurance Study.611
Northwestern Mutual offers term life insurance coverage, whole life insurance coverage, and universal life insurance coverage. However, due to the fact it employs financial advisors who oversee your full financial picture, you will need to go through a complete financial review to get a quote.
This means you’ll need to work with one of Northwestern Mutual's financial advisors and provide more information on your finances and your life. This can be a major benefit if you need some help with comprehensive financial planning and want to make your whole life insurance a part of your overall financial picture.
Read the full Northwestern Mutual life insurance review.
BEST TERM POLICIESNew York Life
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New York Life boasts excellent ratings for financial strength, as well as flexible term life insurance policies that you can convert to permanent insurance in the future—and the company makes it easy to tailor your term life coverage for your own specific needs.
Company has excellent financial ratings
A long history that began in 1845
Four main types of life insurance coverage are available
No online quotes
Must speak with a financial advisor for coverage options
New York Life has been in business since 1845, which is a testament to its reliability in the market. This company also reports very solid ratings for financial strength, including an A++ rating from AM Best and an AA+ rating from Standard & Poor’s.13 Furthermore, New York Life sits in the sixth spot in the J.D. Power 2020 U.S. Life Insurance Study, which compared 23 companies based on customer service satisfaction and other factors.6
New York Life offers four main types of life insurance coverage—term life insurance, whole life, universal life, and variable universal life. It also offers an array of helpful life insurance resources on its website, as well as charts that can help you compare its policies and offerings.
We chose New York Life as best for term life coverage based on the fact it offers term life insurance that can convert to permanent life later on. It also offers customizable add-ons for disability or terminal illness, which you can utilize in order to build the type of coverage that best fits your needs.
Unfortunately, New York Life does not offer free quotes online. Instead, it asks you to enter your information in a form, after which a financial professional will speak with you to go over your full financial picture.
Read the full New York life insurance review.
BEST FOR NO MEDICAL EXAMSMutual of Omaha
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Mutual of Omaha offers term and whole life insurance policies with no medical exam for applicants who qualify. This means you may be able to fill out a health questionnaire from the comfort of your home, with no invasive health exam, and get coverage when you pay your first month’s premiums.
Excellent ratings for financial strength
Easy to get a quote online
Apply for certain term and whole life products without a medical exam
Must apply for eligibility of coverage with no medical exam
Originally founded in 1909, Mutual of Omaha has grown tremendously over the years and is now a provider of life insurance, long-term care insurance, annuities, investments, and more. In terms of financial strength, Mutual of Omaha has an A+ rating with AM Best and an A+ rating with S&P Global.15 Also, Mutual of Omaha secured the fifth spot out of 23 in the J.D. Power 2020 U.S. Life Insurance Study with 789 points out of a possible 1,000.6
Mutual of Omaha offers a selection of life insurance policies to choose from including term life insurance, whole life, universal life, children’s whole life insurance, and accidental death insurance. You have the option to speak with an agent in your area if you prefer, but Mutual of Omaha also lets you get a free quote or apply for any of its policies online. Mutual of Omaha also offers term and whole life coverage options with no medical exam, although not all applicants will qualify.
How much does its coverage cost? Request a quote or speak with an agent to find out. For more information, check out our full review of Mutual of Omaha.
Read the full Mutual of Omaha life insurance review.
BEST FOR MILITARYUSAA
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USAA auto and home insurance and banking products are only available for military members and veterans, but it's life insurance products are available to the public. USAA boasts excellent ratings for financial strength, and it offers an array of riders you can add to your policy to bolster your benefits. Finally, USAA focuses primarily on military members, so it understands the lifestyle and risks and can make the underwriting process easier as a result.
Easy to get quotes for life insurance online
Purchase term coverage or permanent life insurance
Excellent ratings for financial strength
Life Insurance products are available to the public
Premiums may be higher than some competing companies
USAA is a provider of insurance and banking products for U.S. military members and veterans. Founded in 1922, the company has grown from humble beginnings to become a provider of life insurance, auto insurance, checking and savings accounts, and many other products military members need in their lives.
Currently, USAA has just less than 13 million members and the life insurance component of the company boasts excellent ratings. These include an A++ rating from AM Best as well as an AA+ rating from Standard & Poor’s.17
When it comes to life insurance coverage, USAA offers term life insurance coverage for up to 30 years as well as permanent life insurance products that last a lifetime. It also makes it possible to get a free quote for both term and permanent coverage online, which means it is more transparent on pricing than many of its competitors.
USAA also offers some premium rider options to its customers, including a term life event rider that lets you increase coverage by up to $100,000 without a medical exam. Other available riders include a military severe injury rider, a future insurability rider, a waiver of premium rider, and the ability to add coverage for a spouse and children.
One detail to note about USAA is the fact that you have to be a member to apply for its auto and home insurance and bank products, and that membership requires some level of military service or veteran status. With that in mind, USAA life insurance products do not require membership and are available to the public.
Prices for policies vary, so if you're eligible for USAA get a quote and see what it would charge you. To learn more, check out our full review below.
Read the full USAA life insurance review.
Final Verdict
When looking for a life insurance company, it’s important to find a provider that has a strong and stable history, offers a full gamut of insurance options, and gives the added support and resources, including articles and calculators, to help you make an educated decision.
Prudential Financial checks all these boxes and even makes it convenient by allowing you to quote policies online for up to $250,000. Of all the companies we reviewed, Prudential can fulfill the life insurance needs of more people when compared side by side to the competition.
Compare the Best Life Insurance Companies
| Company | AM Best Rating | Coverage Capacity | Issue Ages | Policies Offered |
|---|---|---|---|---|
| Prudential Best Overall | A+ | Not Stated | 18-75 | Term, variable, and universal |
| State Farm Best Instant Issue | A++ | Not Stated | 18-75 | Term, whole, and universal |
| Transamerica Best Value | A | Not Stated | 18-80 | Term, whole, universal, and final expense |
| Northwestern Mutual Best Whole Life | A++ | Not Stated | 0-80 | Term, whole, and universal |
| New York Life Best Term Policies | A++ | $5,000,000 and up | 0-90 | Term, whole, and universal |
| Mutual of Omaha Best for No Medical Exams | A+ | $100,000 and up (term life) | 0-85 | Term, whole, universal, children’s, and accidental death |
| USAA Best for Military | A++ | $10,000,000 | 0 |
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