Best Life Insurance Companies
Ethos Life Insurance4.5(364)
Sproutt4.4(73)
Lemonade Life4.3(49)
No one likes to dwell on worst-case scenarios, but it is wise to financially plan for them. One way you can protect yourself and your loved ones is to invest in life insurance.
In our best life insurance buyers guide, we’ve highlighted features of the top-rated companies by our reviewers. You’ll also learn what life insurance is and how to compare types and companies for the right coverage you need.
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Compare our top 4 picks for life insurance
| Ethos Life Insurance | Sproutt | Lemonade Life | Bestow | |||||
|---|---|---|---|---|---|---|---|---|
| Primary |  | Ethos Life Insurance | Read reviews | Customer Rating 4.5 | Maximum coverage
Up to $2 million
| Additional riders | Medical exam needed | Availability
All states except New York
|
| Primary |  | Sproutt | Read reviews | Customer Rating 4.4 | Maximum coverage
Varies by company
| Additional riders | Medical exam needed | Availability
38 states
|
| Primary |  | Lemonade Life | Read reviews | Customer Rating 4.3 | Maximum coverage
Up to $1.5 million
| Additional riders | Medical exam needed | Availability
48 states
|
| Primary |  | Bestow | Read reviews | Customer Rating 4.7 | Maximum coverage
Up to $1.5 million
| Additional riders | Medical exam needed | Availability
All states except New York
|
Read life insurance company reviews | ||||||
|---|---|---|---|---|---|---|
Purchase term life insurance online and get coverage within minutes. No medical exam required. Policies are available in 10-, 15-, 20-, 25- or 30-year terms and start at $10 per month. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers only term life insurance. Coverage up to $3 million available online. Prices start at around $10 a month. Backed and owned by MassMutual. Instant coverage up to $1 million available for healthy applicants under 59. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Term life and whole life policies with benefits up to $1.5 million. No medical exams or blood tests. Same-day coverage. Noncommissioned sales representatives. Policies for ages 20 to 85. Backed by top carriers. | | Chat with a ConsumerAffairs decision guide Live agent | ||||
Online life insurance company offering three life insurance options: traditional, no-exam and guaranteed. Independent broker. Simple application process. Provides benefit amounts between $50,000 and $5 million. | | Chat with a ConsumerAffairs decision guide Live agent | ||||
Fully licensed and regulated digital insurance company. Provides 10-, 15-, 20-, 25- and 30-year term life insurance policies. Locks rates upon approval. No medical exam requirement. Rates start at $9 monthly. | | |||||
Provides term and permanent life insurance policies to New York residents through in-home sales. Terminal illness rider available at no cost. Specializes in supporting and working with labor and credit unions. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides term, whole and universal life insurance plans. Select coverage policies come with fixed premiums and limited flexibility in changing policy details and monthly payment amounts. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, whole, universal and variable life insurance policies. Optional long-term care coverage riders available. Provides term life quotes and life insurance applications online. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers two term life insurance policies for coverage of up to $5 million and terms of up to 35 years. No online quotes or pricing information. Applicants can be up to 70 years old. Maximum coverage age is 95. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term and whole life insurance policies in addition to auto insurance. Coverage terms up to 30 years for amounts up to and potentially exceeding $5 million. Quotes available online and through agents. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
What is life insurance and how does it work?
Contrary to its name, life insurance is actually death insurance. It will cover your loved ones financially, with an agreed sum of money, in the event of your death. This coverage can provide a safety net for your family, ensuring they have the necessary funds to cover bills, debts, funeral costs and living expenses.
When you sign up for life insurance, you will designate a beneficiary, a term length for the insurance (which can include the rest of your life) and the amount of the payout. If you die, the life insurance coverage will deliver a payout to your designated beneficiary.
A life insurance policy requires you to pay a small monthly premium. If you buy term life insurance, you will pay a premium for a set number of years, usually up to 30. If you purchase whole life insurance, you will need to pay premiums for the rest of your life to receive a payout.
Who needs life insurance?
Life insurance is beneficial for anyone who has financial dependents or obligations. The following people should strongly consider life insurance to protect their loved ones:
- Parents with minor children: If a parent dies, the loss of their income or caregiving abilities could create financial hardship. Not only will your children and partner benefit from your life insurance payout for everyday bills like the mortgage payment, but it can also help fund future needs like college tuition.
- Adults responsible for siblings or aging parents: If you are financially responsible for siblings or aging parents, life insurance can provide for them after your death.
- Individuals who want to protect their family from costs: Even for those who are not married or don’t have children, life insurance can provide funds for your funeral or to pay off your mortgage so your family does not have to deal with selling your home while grieving.
- High-income individuals looking for a tax break: Certain types of life insurance policies come with tax advantages. For example, the death benefit is typically tax-free, and some policies offer a cash value component that can grow on a tax-deferred basis.
» COMPARE: Types of life insurance
What are the different types of life insurance?
There are two main types of life insurance: term life and whole life. Typically, term life insurance costs less and doesn’t require a medical exam, but will end after a set term. Whole life insurance tends to cost more and requires a medical exam, but it will cover the policyholder for their entire life.
Term life insurance
“Term life insurance is like your auto or home insurance — it only pays out if there is a claim made,” said Keith Hawsey, principal agent at Hawsey Insurance Group.
“Term life insurance does not offer any value other than the death benefit. Many people would like to have a policy that they could get more benefits from while living, so carriers have developed ‘term life with living benefits’ that will pay out a portion of the benefit before dying when there is a loss of activities of daily living: eating, bathing, dressing, eating, transferring, toileting and cognitive impairment.”
Additionally, term life insurance has age restrictions, with many companies limiting coverage for those 65 years or older. You can choose a 10-, 20- or 30-year term, and once that term is up, you might be able to take out another policy at a higher cost.
Whole life insurance
“Whole life insurance is a type of permanent life insurance that allows the policyholder to accrue a cash value in a tax-deferred account,” said Kate Long, consumer financial wellness advocate at Assurance.
“Whole life insurance can be a good fit for risk-averse consumers who know they will have lifelong dependents, such as a child with a disability, because they protect your money with little risk and provide coverage for your entire life.”
» MORE: Term vs. whole life insurance
How to compare life insurance companies
When comparing life insurance companies, there are several factors to consider:
Policy types and features
Different companies may offer different types of policies — some with additional riders or add-on life benefits. Make sure the company you're considering offers the type of policy you need. Also, look at the features each policy offers, such as riders for disability or critical illness.
Premiums
The cost of life insurance can vary widely between companies. Compare like-for-like policies (same term length, coverage amount, etc.) to get an accurate price comparison.
You want to do the math to make sure your policy is worth the monthly premium to avoid the situation Theresa's aunt experienced. She said, “My 91-year-old aunt will be paying this policy, which only has a value of $5,000 until she is 95.”
She explained that the aunt had already paid $10,850 into the policy. “They do not stop it after a certain point, she will have to pay for it until the age of 95 or lose it.”
Customer service
Look for reviews and ratings about the company's customer service. Jennifer from Florida was able to get her life insurance quote immediately and finished her application in an hour.
“The representatives were very efficient and followed through afterwards making sure that I have resources to contact if I have some questions and clarifications throughout the process,” she said.
Company reputation
Research the reputation of the insurance companies you're considering. Look for any major complaints or legal issues and consider the company's history and longevity in the industry. When searching for company reviews, look for reviews about the signup process and the claim process, since many reviewers have issues with a company once it comes time to request a payout.
How much does life insurance cost?
Life insurance probably isn’t as expensive as you think. Many of the life insurance companies featured on our site have term life insurance policies starting at $11 per month.
The cost of life insurance varies based on your age, gender, health and lifestyle. The longer the term or higher the payout will also increase your monthly premiums.
After the age of 40, you can expect life insurance costs to increase by about 10% each year. Life insurance for women is often 15% to 40% cheaper than life insurance for men.
Pros and cons of life insurance
Having life insurance can bring peace of mind to anyone who has dependents or who just wants to ensure their loved ones aren’t burdened with their bills after they’re gone. Life insurance can be costly, though, and your beneficiaries won’t know if a company is easy to work with until they need to make a claim.
Consider these pros and cons of life insurance before signing up for a policy.
Pros
- Financial protection
- Affordability (term life insurance)
- Predictability (whole life insurance)
Cons
- Lower rate of return on cash value
- Higher premiums for older policyholders
- Complexity
FAQ
When should you get life insurance?
Technically, the best time to buy life insurance is the day you are born because life insurance gets more and more expensive as you go through life. If you’re worried about the cost, always remember that today is the youngest you’ll ever be. Fortunately, if you are over the age of 35, it’s not too late to buy life insurance. If you are 50 or over, you can still get life insurance, but the options will be limited, and it will cost more.
Can I change my life insurance policy later?
Yes, many life insurance policies allow you to adjust your coverage as your needs change. However, changes may result in higher premiums or may require a new medical exam.
What happens if I miss a premium payment?
If you miss a premium payment, you typically have a grace period (usually 30 days) to make the payment without losing your coverage. If you don't pay within the grace period, the policy may lapse, and you could lose your coverage.
How much life insurance do I need?
This depends on your circumstances. A common rule of thumb is to get coverage that's 10 times your annual income. You should also consider your debts, future expenses like college tuition for your kids and funeral costs.
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Read life insurance company reviews | ||||||
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Offers whole and term life insurance policies exclusively in Maine, Michigan, New Hampshire, Ohio and Vermont. Quotes available via local independent insurance agents. Provides an online life insurance calculator. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides term, whole and universal life insurance policies. Online quotes and local agents available. Life Compass feature helps you find a policy. Issues coverage to adults up to the age of 75. Term coverage starts at $75,000. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term life, whole life and children’s life insurance policies with coverage up to $100,000 in some states. No medical or physical exam required. No waiting period. Rates start at $3.49 per month for adults. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Independent affiliate of the Gerber baby food brand offering life insurance for children and adults. Grow-Up Plan protects children under 14 with a coverage policy they take ownership of when they turn 21. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides term life, group variable universal life, and accidental death and dismemberment insurance. Doesn’t offer life insurance policies for individuals (at the time of publishing). |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides whole, term and universal life insurance, including whole life insurance policies for children. Lets you get a quote or apply for select policies online. Helps determine your life insurance needs online. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers group voluntary life insurance that includes a living benefit option, an accidental death and dismemberment rider and a disability waiver. Employee coverage up to $250,000. Quotes available through representatives. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Life insurance coverage up to $50,000 with no medical questions, excluding the accidental death benefit rider. Take policy with you if you retire or change jobs. Provides quotes and a coverage calculator on the website. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Helps you compare life insurance quotes from 13 different providers in minutes. Lets you choose from multiple offers. Doesn’t charge additional fees for its services. Apply directly on the website. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, universal and permanent life insurance plans starting at $16 per month. Also helps people with retirement and estate planning. Some policies require a medical exam. Online quotes not available. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides permanent and term life insurance with nine optional riders. Covers people ages 18 to 64. No medical exams required. Monthly term rates typically $25 to $90. Whole life rates around $40 to $120. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, whole and universal life insurance with up to $2 million in whole life coverage and up to $10 million in term life coverage. Adults up to 80 years old can apply. Term policies typically cost $31 to $177 per month. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Sells term and permanent life insurance. Offers the Aspire program for people with diabetes. Vitality program rewards healthy living with up to 15% in savings. Term coverage is available for up to 20 years and $65 million. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers life insurance for AARP members through New York Life. Term and permanent group coverages available. No medical exam required. Coverage varies up to $100,000 for adults up to the age of 80. Rates fixed for select policies. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides term, universal and guaranteed-issue whole life insurance policies. Online policy management available. Guaranteed acceptance for whole life insurance policies for applicants 50 to 80 years old with no medical exam. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Term and permanent life insurance available. Choose policy terms between 10 and 30 years. Provides free medical exams, a 30-day money-back guarantee and flexible payments. Sample monthly rates range from $24.64 to $310.41. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term life insurance directly and issues a multitude of insurance products through partnered brands, including AIG. Online quotes and policy management available. Issues policies in New York through a partner company. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Provides quotes in less than a minute. Offers permanent and 10-, 15-, 20- or 30-year term life insurance policies. Buy insurance online if you qualify. Features a calculator to help you estimate your life insurance needs. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers permanent and term life insurance policies. Provides local support services along with 24/7 telephone support. Not available in Massachusetts. Term life rates start at $15.02 per month for a 10-year term. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Insures members of the military and their families. Offers term and permanent life insurance policies with the option to update your policy over time. Online quotes available. Life insurance rates start as low as $12 per month. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers death benefit protection with four types of annuity products and two types of life insurance. Hybrid policy option available. Prices vary based on factors like age, health and selected coverage. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term and whole life insurance policies. Gives rate reductions of up to 25% for new term life insurance policies. Get a quote and apply online. Whole life insurance coverage can exceed $1 million. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers a variety of supplemental health, group and special risk insurance policies. Doesn’t offer all its products in every state or provide online quotes. U.S.-based customer service. Family-operated for over 80 years. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers life insurance and other products through its three subsidiary insurance companies: Bankers Life, Colonial Penn and Washington National. Subsidiaries have more than 3.2 million policies total. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Partners with Life Quotes Inc. to offer term, whole and universal life insurance policies. Medical interview required for coverage over $250,000. Get a free quote online or by phone. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term and whole life insurance policies, plus two types of annuities. Guarantees level premiums. Customizable riders and add-on benefits available. Provides life insurance quotes online or by phone. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Matches you with independent agents for term and permanent life insurance policies. Works with over 250,000 qualified agents in the U.S. to evaluate options from up to 45 insurers. Apply in as little as two minutes. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, whole and universal life insurance with coverage ranging from $5,000 to $1 million. Burial insurance also available. Helps you get and compare quotes online. Rates start as low as $14 per month. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers six life insurance policies, including term, whole, children’s, senior and DreamSecure Flexible insurance. Doesn’t always require a medical exam. Provides a discount for bundling life and car insurance. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, whole, universal and indexed universal life insurance. Provides a life insurance coverage calculator on its website. Contact an agent for a quote. Agents available in just six states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers term, whole, universal and ERIExpress life insurance policies in just 12 states and Washington, D.C. Quotes and a coverage calculator available online. Get $250,000 of coverage for as little as $14.24 per month. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
No longer offers life insurance. Provides car, motorcycle, homeowners and renters insurance policies. Free online quotes within an average of six minutes. An Allstate company. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Offers life insurance and complimentary will creation. Provides free online quotes and applications. Adjustable term lengths and coverage options. Financial organizational tools for families. Not available in all states. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Term-life insurance company. Not available in all states. Annual income protection up to $500,000 per year/$10 million per plan. Must be between 18 and 50. Must be a U.S. citizen or permanent resident. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Life insurance matching tool. Partners with Fidelity Life, Mutual of Omaha, Prudential and others. Easy application process online or by phone. Free to use. Live customer support. Quote ranges not disclosed. |  | |||||
Life insurance policies. Permanent and term life insurance. Accidental death coverage. Final expenses coverage. Life insurance riders. Online life insurance calculator. Same-day approval and coverage. |  | |||||
Offers term life insurance coverage online. Decrease or increase your coverage as often as you need. Cancel at any time. No cancellation or alteration fees. Provides a price-lock guarantee and online applications. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Mutual insurance company. Wholly owned by policyowners, not shareholders. Pays annual dividends to qualifying policyowners. Term and whole life policies. Disability and long-term care insurance. |  | Chat with a ConsumerAffairs decision guide Live agent | ||||
Information in this guide is general in nature and is intended for informational purposes only; it is not legal, health, investment or tax advice. ConsumerAffairs.com makes no representation as to the accuracy of the information provided and assumes no liability for any damages or loss arising from its use.
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