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The Ascent’s best life insurance companies for 2022
Buying the right insurance is essential to protecting yourself and your loved ones. Life insurance is one of the most important types of insurance if you have people depending on you. This guide will help you find the best life insurance companies and the right type of policy for your needs.
- Bestow: Best for – No medical exam life insurance
- Northwestern Mutual: Best overall life insurance company
- State Farm: Best for – Bundling insurance coverage to save money
- Liberty Mutual: Best for – Getting covered quickly
- New York Life: Best for – Customising your coverage
- Principal Financial: Best for – Survivor-ship life insurance
Bestow
BEST FOR – NO MEDICAL EXAM LIFE INSURANCE Bestow Rating image.
Bestow is very different from other insurance providers because it allows you to buy a substantial amount of insurance coverage without having to undergo a traditional medical exam. Premium prices are competitive and you can obtain policy quotes online, as well as get approved for a policy worth up to $1 million within just minutes. The convenience can’t be beaten, but you’ll only be able to get insurance for either a 10-year or 20-year term so you should look elsewhere if you need more flexibility in your coverage term.
Pros
- A wide array of coverage limits ($50,000 and $1 million)
- No medical exam required
- Alternative eligibility criteria (credit history, driving record, and prescription history, among others)
- Fast online application
- High customer satisfaction
Cons
- Only offers term life insurance, no whole life coverage
- Coverage is generally restricted to younger, healthier people who are employed and who have no serious medical conditions
Stand-Out Coverage Options
Term life insurance
No Medical Exam Option
Yes
Northwestern Mutual
BEST OVERALL LIFE INSURANCE COMPANY Northwestern Mutual Rating image.
Northwestern Mutual’s mix of different coverage options, its strong customer service, and its long history in the life insurance market make it a top pick for anyone seeking life insurance. Its premiums are very competitive and those who buy permanent life insurance are also eligible to receive dividends. While the insurer doesn’t allow you to apply online as some of its competitors do, its network of agents is helpful and make the process easy. Its customers don’t see this as an issue –96% of its 4.5 million customers remain with the company from year to year. So, it still earns our top spot as the best overall life insurance provider.
Pros
- Wide range of coverage options
- High overall customer satisfaction
- Affordable premiums
- Longstanding, 160-year reputation
- Northwestern has been providing insurance for 160 years and 96% of its 4.5 million customers remain with the company from year to year
Cons
- Little available policy information online
- No online application process
- No coverage options without a medical exam
Stand-Out Coverage Options
Term life insurance; whole life insurance; universal life insurance
No Medical Exam Option
No
State Farm
BEST FOR – BUNDLING INSURANCE COVERAGE TO SAVE MONEY State Farm Rating image.
State Farm offers a huge variety of life insurance policies, including multiple different term life policies, as well as an Instant Answer policy that doesn’t require a medical exam. Premiums are competitive and you can save substantially on insurance costs by bundling your coverage with your home, auto, liability, or other policies. The wide variety of different insurance policies State Farm makes available makes it the best option if you want to get all your coverage from one trusted insurer with a solid reputation for customer service.
Pros
- Wide variety of insurance options, including life, homeowners, auto, liability, disability, and health
- High customer satisfaction
- Online application
- A vast network of in-person insurance agents
Cons
- No medical exam policies are available only for people ages 16 to 45
- Policies aren’t available in all states
Stand-Out Coverage Options
Term life insurance; whole life insurance; universal life insurance
No Medical Exam Option
Yes (Instant Answer term life policy)
Liberty Mutual
BEST FOR – GETTING COVERED QUICKLY Liberty Mutual Rating image.
If you want to get quick approval on a term life insurance policy that you have the option to convert to a whole life policy, Liberty Mutual is an optimal choice. Its streamlined online application makes getting covered easy within just minutes so you can get the protection your loved ones need now.
Pros
- Instant approval with the Passport Term policy
- Online application
- Some term life policies can be converted to whole-life policies
- High customer satisfaction
Cons
- Higher premiums than some competitors
- Limited policy information online
- Limited options for managing your policy online
Stand-Out Coverage Options
Term life insurance; whole life insurance
No Medical Exam Option
Yes (Passport Term policy)
New York Life
BEST FOR – CUSTOMISING YOUR COVERAGE New York Life Rating image.
When you want a customizable policy, New York Life has you covered. There are multiple choices for the term, whole life, and universal life policies and you aren’t limited to pre-selected terms such as a 10-year or 20-year term of coverage. You can also opt for convertible term life policies so you can change to permanent coverage if your needs change — all without undergoing another medical exam.
Pros
- Customizable insurance policies for the term, whole, and universal life
- High customer satisfaction
- Online educational account management resources
Cons
- No online application
- Sells only life insurance and long-term care insurance
Stand-Out Coverage Options
Term life insurance; whole life insurance; universal life insurance
No Medical Exam Option
Yes (AARP Easy Acceptance Life Insurance through New York Life)
Principal Financial
BEST FOR – SURVIVORSHIP LIFE INSURANCE Principal Financial Rating image.
Survivorship insurance is just one of several coverage options from Principal, including both term and universal life policies. However, the insurer generally offers competitive premiums for all policies and, when appropriate, couples can save even more by opting for second-to-die coverage. Those who get covered through Principal will also benefit from its strong customer service and comprehensive online account management tools.
Pros
- Offers survivorship insurance
- High customer satisfaction
- Online quote
- Online account management
Cons
- Offers limited types of insurance, including life insurance and income protection policies
- Not very customizable
Stand-Out Coverage Options
Term life insurance; whole life insurance; survivor-ship life insurance
The Best Life Insurance Companies for 2022
