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Best Life Insurance Companies of 2022

If you’re the main provider for your family and are worried about their financial future if you were to die, a life insurance policy can provide peace of mind.

Life insurance can help your family cover burial expenses, education costs for your children, loss of income or any other financial need.

Below, you’ll find our selection of the best life insurance companies for April 2022. We’ve called out their distinctions, along with the various types of policies and premiums they provide.

If you were looking for a Life Insurance it’s better for you must compare the rates from different companies to choose the best available rates for you.

Best Life Insurance Companies Reviews

1. Bestow

Why we chose it: Bestow issues term life insurance more quickly and easily than most companies, and it offers an unusually high death benefit for policies that do not require a medical examination.

PROS

  • High coverage (up to $1.5 million) without a medical exam
  • Online application and quick processing
  • Terms range from 10 to 30 years
  • Long (30-day) free look period

CONS

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  • No riders available
  • Sells only one type of life insurance, term insurance
  • Must be less than 60 to qualify for coverage
  • Policies not available to residents of New York

Bestow is our choice for individuals who want to get life insurance coverage but don’t want to go through the hassle of a medical exam. The company sells term insurance policies (and only those), so you can apply online and purchase a policy without visiting a doctor or having tests such as bloodwork done. You can get up to $1.5 million in coverage, which is a higher maximum than for many other no-exam policies.

Also Read: Best Car Insurance Companies of 2022

The company uses your personal information and your answers about your medical history, hobbies and lifestyle to determine your eligibility for life insurance and your rates. Bestow claims you can get a quote and purchase a policy within minutes, all online.

Bestow policies are issued by top-rated insurer North American Company for Life and Health Insurance. Additionally, life insurance from Bestow is now embedded into Lemonade’s app and website. Bestow also offers a comprehensive library of helpful information.

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2. Ethos

Why we chose it: Ethos stands out as a life insurance provider for accommodating a wide range of potential applicants, including those who may have struggled to qualify for insurance in the past – such as older individuals. Also, prospective customers can receive a quote within minutes without needing to talk to an insurance agent.

PROS

  • Sells term and permanent coverage
  • Guaranteed issue policies available
  • Quotes and application process entirely online
  • Accelerated death benefit rider included on most policies

CONS

  • Little information publicly available about optional riders
  • Limited permanent life insurance options

Ethos offers three types of underwriting:

  • Simplified issue: Simplified issue policies require you to answer questions about your health and medical history, but medical exams are not necessary.
  • Guaranteed issue: With guaranteed issue policies, you cannot be denied based on your medical history or health.
  • Fully underwritten: Fully underwritten policies require medical exams and bloodwork.

Ethos uses either simplified issue and fully underwritten methodology for its term policies, and guaranteed issue underwriting for its whole life insurance policies (no company we know of offers term policies with guaranteed coverage).

The guaranteed issue whole life policy is available to individuals between 65 and 85. Applicants can obtain instant approval for up to $25,000 of coverage, regardless of their medical history.

Most include an accelerated death benefit rider that allows policyholders to tap into a portion of their benefits if they’re diagnosed with a terminal illness.

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3. Sproutt

Sproutt is an online, independent life insurance broker offering a simple and tech-oriented approach to choosing and purchasing traditional, no-exam and guaranteed life insurance policies.

Its three-step process is fast and easy, making it an attractive choice for people who want life insurance but don’t want the headaches that usually come with applying for it.

Sproutt has a three-step process for getting life insurance online. First, you answer a number of simple questions about yourself and your lifestyle, including where you live, your age, your general health, your income, your credit score and your activity level.

Sproutt uses this information in the second step to generate a “Quality of Life Index” (QL Index), which employs data and artificial intelligence to develop unique insights and pricing.

The final step is to select the plan and price that works best for your lifestyle. It takes about 15 minutes from start to finish to go through the online application and get rates from leading providers.

Also Read: Best Car Insurance Companies of 2022

PROS

  • Options available for those who identify as non-binary
  • Uses technology to match people with the right policy coverage
  • Uses Quality of Life Index to underwrite policies
  • Extremely easy process
  • Highly personalized
  • No-exam and guaranteed options

CONS

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  • No-exam policies may be denied if you’ve filed for bankruptcy
  • No in-person assistance

Apply for Sproutt Life Insurance

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4. Policygenius

Why we chose it: As a comprehensive online life insurance marketplace, Policygenius offers one-stop access to both term and whole life policies from a wide range of partners, including some of the best life insurance companies mentioned on our list. Unlike some other comparison sites, this one pledges not to sell your information to third parties.

PROS

  • Quickly and easily compare quotes from multiple insurers
  • Agents don’t work on commission, the company says
  • Multiple types of insurance are available

CONS

  • Online quotes are not available for all providers
  • Takes more time than some other options to get a final price

Policygenius takes the top spot as the best comparison tool and broker for its satisfying provision of one-stop shopping from a range of insurers. Policygenius’s partners include such names as AIG, Banner Life, Brighthouse, John Hancock, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and Transamerica.

This online marketplace also offers an extensive library of educational resources for those new to life insurance, including recommendations for life insurance for people who suffer from depression and diabetes. Coupled with its broad range of coverage options such as term or permanent coverage policies, these resources make Policygenius a standout option for comparing life insurance quotes.

If you need help choosing the right policy or coverage amount, PolicyGenius’ agents can give you personalized assistance. They are paid by salary rather than commission, the company says, so they aren’t incentivized to oversell or to direct you to certain products that may earn them a higher commission.

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5. Haven Life

Why we chose it: Haven Life provides an unusually wide range of term life insurance options, including plans with especially high death benefits. Its plans also come with additional perks such as online services to create a will.

PROS

  • Offers two types of term policies: Haven Term and Simplified Issue
  • Haven Simplified Issue doesn’t require a medical exam
  • Up to $3 million in term coverage
  • Haven Term includes Haven Plus with perks and discounts

CONS

  • Medical exams are required for over $500,000 of coverage
  • Simplified issue policy not available in CA, DE, SD, ND or NY
  • Haven Plus is not available in FL, NY, ND, SD, and WA
  • Policies cannot replace another life insurance policy

Haven Life gets our nod for the best term insurance coverage because of its impressive array (10-, 15-, 20-, 25- and 30-year) of policy terms, along with coverage amounts that range from $100,000 to $3 million.

Haven Life offers two types of term life insurance policies: Haven Term and Haven Simple. Haven Term includes Haven Life Plus, a rider that provides access to an online service to develop a will or trust, fitness and sleep tracking apps and an online storage vault for important documents.

Applicants who are younger than 64 can get up to $3 million of coverage through Haven Term. Haven Simple is only available for applicants aged 20-55 and includes the Accelerated Death Benefit rider.

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6. Ladder

Why we chose it: True to its name, Ladder’s appeal is in its adjustability. As your needs change, you can decrease or apply to increase your coverage. Its premiums also start at just $5 a month*, so you can purchase a policy even if you’re on a tight budget.PROS

  • Term coverage can be adjusted over time
  • $100,000 to $8 million in term coverage available
  • 30-day free look period, rather than the 10-day norm
  • No medical exams for up to $3 million in coverage

CONS

  • Plans limited to people between 20 and 60
  • Only term coverage is available
  • No optional riders

Despite writing only term policies for relatively young applicants, Ladder is the best flexible insurance option we’ve found. It uses a simple three-step online application and offers affordable policies that start at $5/month. The company also doesn’t charge any cancellation fees, which means you can cancel your coverage any time, with no strings attached.

Another appealing feature for Ladder is that, unlike other insurers, it allows policyholders to change their coverage amount online at any time — with corresponding changes in premiums, of course. This perk can help policyholders maintain an affordable policy at all times, and might be especially attractive to those worried about possible changes in their financial circumstances down the road.

*Based on a 20-year old female rated Preferred-Plus for a $100k policy with a 10-year term.

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7. State Farm

Why we chose it: If a satisfying consumer experience is paramount for you, State Farm should be a leading option. It has an excellent reputation for customer service, along with an outstanding record for financial stability.

PROS

  • Top-ranked company for customer satisfaction
  • Low number of customer complaints
  • Multiple policy options
  • Simplified-issue (no exam) policies available

CONS

  • Online quotes not available for all policy options
  • Most policies require medical exams
  • No discounts if bundled with homeowners or auto insurance

State Farm is a leading insurance company, and our pick for the best insurer for customer satisfaction and reliability. In 2021, it was ranked by J.D. Power as the top life insurance company based on consumer responses. It beat out 21 other life insurance companies based on its product offerings, communication, pricing and customer interactions.

The company has an A++ (superior) rating from AM Best — the highest rating possible — indicating that it’s very financially stable. And, State Farm received fewer complaints than is expected for a company of its size.

State Farm sells term, whole and universal life insurance policies. Although most of its plans require medical exams, it does have some simplified-issue options.

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8. New York Life insurance

Why we chose it: New York Life insurance options include both term and permanent life insurance policies, including whole term policies. Its term policies include a conversion option if you decide you want permanent coverage later on. It also underwrites AARP’s life insurance program.PROS

  • Multiple term, whole and universal life policies available
  • Several optional riders can be added to policies
  • Highly rated company
  • Potential to earn dividends

CONS

  • Must work with an agent
  • No online quotes available

While it also sells term life insurance, New York Life is the best company for those seeking a permanent life insurance policy – including those of the whole life type. (Permanent life insurance is more costly but accumulates a cash value in addition to its death benefit.) The company offers multiple permanent options, including universal and variable universal life insurance plans. It also has several optional riders you can add to plans to customize your coverage.

New York Life has a strong reputation, and, because it’s a mutual insurance company, its policyholders own part of the company’s shares. Depending on the type of policy you have, you may be eligible to receive dividends.

However, New York Life doesn’t allow customers to get quotes online. For details on its policies and rates, you have to work with an agent.

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9. Nationwide

Why we chose it: It’s relatively rare to get a break on your life insurance rates by bundling it with other types of coverage a company offers, but Nationwide offers such discounts. It writes term, whole life and universal policies, and has strong ratings for customer satisfaction and financial stability.

PROS

  • Discounts available when bundled with homeowners or auto insurance
  • Multiple insurance plans and optional riders

CONS

  • All policies require medical exams
  • Most policies must be purchased through agents

Nationwide is a leading insurance company that is well-regarded by third parties like AM Best, which rates financial stability, and J.D. Power, which scores customer satisfaction. It offers multiple life insurance options, including term, whole and universal life coverage. It also has several optional riders you can use to adjust your policy to your needs.

Although Nationwide’s policies usually have to be purchased through an agent, the company does have a major perk over other companies: it offers a multi-policy discount when you bundle life insurance with homeowners and auto insurance, making your premiums more affordable.

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10. Northwestern Mutual

Northwestern Mutual. (PRNewsFoto/Northwestern Mutual)

Why we chose it: Insurance riders allow you to get coverage for loved ones, access your benefits under special circumstances or even waive your premiums if you become ill. Northwestern Mutual has more optional riders available than most insurers, allowing you to customize your policy as you like.

PROS

  • Lengthy list of optional riders
  • Multiple policy options
  • Potential to earn dividends
  • Highly rated by third parties

CONS

  • Policies must be purchased through agents
  • Medical exams required for most
  • Limited online quote tools

Like most insurers, Northwestern Mutual offers a broad range of life insurance types, including term, whole, universal and variable universal life insurance. Its distinction in its long list of riders that, when added to your policy, allow you to extend and customize your coverage to meet your unique needs.

As a mutual company, Northwestern Mutual also pays dividends to policyholders. If you purchase insurance through the company, you could be eligible for annual dividend payments.

Northwestern Mutual is a reputable company that is usually listed at the top of industry rankings. It was third out of 21 companies in the J.D. Power 2021 U.S. Individual Life Insurance Study, and it’s historically received fewer complaints than is typical for a company of its size.

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Lemonade

Lemonade is not among our top insurers because of its limited insurance offerings. It also lacks information about riders and policies on its website.

PROS

  • Premiums start from $9/mo
  • Completely online application
  • Full refund if you cancel within the first 30 days

CONS

  • Only people aged 18-60 can apply
  • Term life is not available in NY
  • If you have heart disease or cancer it’s unlikely that you’ll be approved by this insurer

Health IQ

Broker Health IQ is not part of our main list, in part because its online service is more limited than some, and its website offers less detailed information than is the norm, too. (We note, though, that the company partners with over 25 national insurers, including Prudential, Mutual of Omaha, and Transamerica, and terms, policies and riders depend on the provider the customer selects.

PROS

  • Compare rates from 30 different carriers
  • Licensed agents guide you through the process
  • Offers membership rewards program

CONS

  • Online quotes require that users agree to calls from agents
  • Must have a healthy lifestyle or pass a quiz to qualify for better rates
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Guardian Life

Guardian Life didn’t make it to our main list because of its below-average JD Power rating and the limited riders available for its policies.

PROS

  • Online quotes and account management
  • Policies available for people with HIV

CONS

  • Must apply (and cancel) through an agent
  • Doesn’t offer no-exam (guaranteed issue) policies
  • Term life options are basic

USAA

USAA isn’t part of our main list because it’s only available for military members and their families. Though it isn’t included in JD Power’s latest study of customer satisfaction or rated by rating agencies, the company has a strong record in this regard, including favorable complaints records with insurance regulators.

PROS

  • Military members can get coverage during war
  • Offer survivor support
  • High cap on the value of their policies

CONS

  • Medical exam required for all policies
  • Some policies unavailable in New York
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