What are the 10 best life insurance companies? Life insurance is one of the best ways to protect your family and leave a legacy. It can help cover medical bills, funeral expenses, or long-term cost like home loans, and payments, while the costs estimated, is sorted out. As we move to the year 2023, there is no better time than now to purchase life insurance to give your loved one financial protection.
There are lots of insurance companies out there, and you might not even know the one to go for. So, to help you find the best life insurance companies easily, we have compiled the 10 best life insurance companies. We looked at their consumer experience, customer complaint, financial strength, coverage, and policies they offer. Read through this guide and choose the best life insurance company for yourself.
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Top 10 Best Life Insurance Companies For 2023
Without much ado, below are the top 10 best life insurance companies for the year 2023. Check them out;
MassMutual
Massachusetts Mutual Life Insurance Co. often referred to as MassMutual is one of the best and largest life insurance companies in the country. Founded in the year 1851, this insurance company offers a wide range of insurance products from variable universal life to term life insurance. It offers a permanent policy with investment opportunities and flexible premiums. MassMutual insurance is a mutual company, which means it is owned by the policyholders and pays dividends to its eligible members. The year 2022 dividend payout is the highest at the moment.
Nationwide
Nationwide is a good financial life insurance provider that has been in existence for nearly a century. This company offers a range of policies that can be available with fast approval and no medical exam. It is our top pick for the best no-medical life insurance companies. And this insurance company has good customer satisfaction.
Nationwide boasts of a large range of policies Ride and most of its policies include 3 accelerated death benefit riders at no upfront cost for critical, terminal, and chronic illness. Also, this company boasts of no exam life insurance for healthy applicants. This life insurance provider’s host of amazing features puts it at the second spot on our best life insurance companies list.
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Bestow
Bestow is another term life insurance company that offers policies without a medical exam. However, applicants must fill health questionnaire before they purchase. Unlike some life insurance companies, you can get a quote and apply for a policy through their official website without going to a separate agent. And the reason is that it is a digital life insurance agency. Bestow policies are administered and issued by the North American Co. for life and health insurance.
MetLife
Founded in the year 1875, this provider is a fortune Global 500 and fortune 500 company and financial services leader. MetLife is headquartered in Newark, NJ. And its main products are life insurance, mutual funds, annuities, and retirement plan services. This life insurance company has operations in the USA, Europe, Asia, and Latin America. It is known as one of the largest insurers in the USA in terms of its total assets. If you want cheap life insurance, then this is your guy.
Ethos
Ethos makes use of guaranteed used underwriting for whole life insurance policies and simplified issues and fully underwritten methodology for its term policies. Its guaranteed issue whole life policy is made available to people between the age of 65 and 85. And applicants can get instant approval of $25,000 of coverage, regardless of their medical record. Ethos is known as one of the best life insurance companies in terms of customer satisfaction.
Guardian
Guardian Life Insurance Company ranks well in financial strength and customer satisfaction and offers the most term life insurance riders on this list. This company also has fewer than baseline policyholder complaints and provides multiple no-medical exam policy options for applicants according to the National Association of Insurance Commissioners (NAIC). Guardian offers easy policy management through its online account management and network of more than 3 thousand financial representatives across the nation. Also, it offers multiple coverage options depending on your budget, needs, goals, and life stage
State Farm
State Farm is one of the biggest and best companies in the home, auto life, and other insurance options. It also ranked well for its financial stability with universal, term, and whole life insurance options. According to customer reviews, state farm ranks 800/1000 for customer satisfaction. All its policies have to be bought through a state farm agent. And the agent can help you save money or purchase on policy. This insurance company is also among the providers that offer survivorship universal life insurance. This means the policy covers 2 individuals and it starts when the second person dies.
Haven Life
Haven Life provides term life insurance using accelerated underwriting. This is a process that makes use of data and algorithms to assess your insurability quickly. The application process is conducted online and it is completed within 25 minutes. While haven life focuses on one type of life insurance, it offers different choices for its customers. These company policies are issued by MassMutual, which drew fewer than expected complaints for a provider of its size.
Protective
Protective is another cheap life insurance company. Its amazing price and policy option make it our pick for the most affordable life insurance company and the best life insurance company for young people. This company offers 40-year term policies, which is not common in the insurance industry where most companies cap terms at 30 years. Protective received few complaints than expected for a provider of its size over the last few years. It also offers generous child riders on its policies option. And this makes it a good life insurance option for children.
USAA
Most of the USAA policies such as homeowners or auto insurance are available for only members of the military, veterans, and their qualified families. But when it comes to its life insurance policies, all USA permanent residents and citizens can apply. This company’s life insurance policy has some perks that benefit the members of the military.
