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The best life insurance company of 2024 is Protective, based on our analysis of rates, historical performance, coverage options and customer complaint levels. Pacific Life also gets 5 stars in our rating.

The best life insurance companies of 2024

Why trust our life insurance experts

Our team of life insurance experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

  • 9,000+ life insurance policies evaluated.
  • 38 million data points analyzed.
  • 5 levels of fact-checking.

Top-rated life insurance companies of 2024

Compare the best life insurance companies

To help you compare life insurance companies and choose the best one for your budget and needs, our team of experts analyzed several key factors, including each life insurance company’s product offerings, life insurance rates, historical performance and financial strength.

Life insurance companyOur ratingAM Best financial strength ratingLEARN MORE
Protective5.0 starsA+ (Superior)Compare RatesCompare quotes offered by participating partners
Pacific Life5.0 starsA+ (Superior)Compare RatesCompare quotes offered by participating partners
Corebridge Financial (formerly AIG)4.5 starsA (Excellent)Compare RatesCompare quotes offered by participating partners
Transamerica4.0 starsA (Excellent)Compare RatesCompare quotes offered by participating partners
Symetra4.0 starsA (Excellent)Compare RatesCompare quotes offered by participating partners
Penn Mutual4.0 starsA+ (Superior)Compare RatesCompare quotes offered by participating partners

How we choose the best life insurance companies

To choose the best life insurance companies, we analyze over 9,000 life insurance policies and 38 million data points. Our evaluation of policies takes into account several key factors, including rates, internal fees and charges, the insurer’s historical performance, policy illustration reliability, financial strength and customer complaints.

Methodology

To determine the best life insurance companies, our life insurance experts evaluated term life and permanent life insurance from each company. For term life insurance rate analysis, we used our research and data provided by AccuQuote, a national online life insurance agency. For cash value life insurance analysis, we used data provided by Veralytic, an independent publisher of life insurance research and analytics.

Each life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the following factors:

Term life insurance rates: 35 points. Since term life insurance is often the most affordable coverage option, we evaluated rates for both 30- and 40-year-old males and females for term lengths of 10, 20 and 30 years and coverage amounts of $250,000, $500,000, $1 million and $2 million.

Cost competitiveness of cash value policies: 15 points. Most permanent life insurance policies have a cash value component, but not all are created equal. We looked at internal policy costs, such as administrative fees and policy charges, to determine the competitiveness of permanent life policies offered by insurance companies in our review.

Historical performance: 10 points. The growth of cash value policies depends on several factors, including the historic performance of an insurance company’s investments. Our analysis took into account this metric to determine how an insurance company’s performance and therefore cash growth potential compared to others.

Complaints: 5 points. The customer experience is an important factor when identifying the best life insurance companies. To determine which life insurance companies offer the best service, we analyzed complaints submitted to the National Association of Insurance Commissioners.

Reliability of policy illustrations: 10 points. Permanent life insurance companies should provide an illustration to show how the cash value is projected to grow over time. We evaluated the accuracy of each insurer’s policy illustration to determine which companies provided the most reliable outlooks.

Financial strength: 10 points. There are four major rating agencies — AM Best, Fitch, Moody’s and Standard and Poor’s — that evaluate an insurer’s financial strength, a factor that indicates an insurer’s ability to pay out a claim years from now. We considered these life insurance company ratings to account for the likelihood an insurance company is able to fulfill claim obligations.

Access to cash value: 10 points. Cash value policies grow at different rates, and we factored the liquidity of a cash value policy into our analysis. Some policies have a cash value that grows faster in the early years. Others have slower cash value growth in the early years, and policyholders must wait a significant period of time before having access to a sizable cash value.

Term life conversion availability: 5 points. Some life insurance organizations allow policyholders to convert their term coverage to a permanent life insurance policy. We factored this in to help those considering term life insurance policies identify companies that provide this option.

Best term life insurance companies of 2024

If you’re shopping for term coverage, be sure to get quotes from Symetra and Pacific Life. Both insurers offer term life insurance products that earn 5 stars in our rating of the best term life insurance companies.

Term life insurance companyTerm life insurance policyTerm life insurance ratingLife insurance coverage amounts with top-scoring policyAM Best financial ratingLEARN MORE
SymetraSymetra SwiftTerm5 stars$100,000 to $3 millionA (Excellent)Compare RatesCompare quotes offered by participating partners
Pacific LifePL Promise Term5 stars$50,000 to $10 million+A+ (Superior)Compare RatesCompare quotes offered by participating partners
ProtectiveClassic Choice Term4.5 stars$100,000 to $10 million+A+ (Superior)Compare RatesCompare quotes offered by participating partners
Corebridge Financial (formerly AIG)Select-a-Term4.5 stars$100,000 to $65 millionA (Excellent)Compare RatesCompare quotes offered by participating partners
Penn MutualNon-Convertible Term4.5 stars$250,000 and upA+ (Superior)Compare RatesCompare quotes offered by participating partners
Midland/North AmericanPremier Term4.0 stars$100,000 to 5 million+A+ (Superior)Compare RatesCompare quotes offered by participating partners
Banner Life/Legal & General AmericaOPTerm4.0 stars$100,000 to $65 millionA+ (Superior)Compare RatesCompare quotes offered by participating partners
TransamericaTrendsetter Super4.0 stars$25,000 to $10 million+A (Excellent)Compare RatesCompare quotes offered by participating partners

Best whole life insurance companies of 2024

State Farm earns the highest rating in our analysis of the best whole life insurance companies, but getting quotes from any of the insurers in the table below can help you jump start your search and find a whole life policy that meets your needs and budget.

Whole life insurance companyWhole life insurance ratingAM Best financial strength ratingLEARN MORE
State Farm5.0 starsA++ (Superior)Compare RatesCompare quotes offered by participating partners
Northwest Mutual4.5 starsA++ (Superior)Compare RatesCompare quotes offered by participating partners
Ohio National4.5 starsA (Excellent)Compare RatesCompare quotes offered by participating partners
Penn Mutual3.5 starsA+ (Superior)Compare RatesCompare quotes offered by participating partners

Best no-exam life insurance companies of 2024

If you’re looking for the best companies for life insurance but would prefer to skip a medical exam, consider Banner Life and Lincoln Financial. Both top our analysis of the best no-exam life insurance companies.

No-exam life insurance companyNo-exam life insurance ratingMedian time to approvalLEARN MORE
Banner Life 5.0 stars8 daysCompare RatesCompare quotes offered by participating partners
Lincoln Financial 5.0 stars5 daysCompare RatesCompare quotes offered by participating partners
Brighthouse 4.0 starsSame dayCompare RatesCompare quotes offered by participating partners
Transamerica 4.0 stars12 daysCompare RatesCompare quotes offered by participating partners
Ethos4.0 starsInstantCompare RatesCompare quotes offered by participating partners
SBLI4.0 stars29 daysCompare RatesCompare quotes offered by participating partners

Cheapest life insurance companies of 2024

Shopping around for life insurance can help you find an affordable policy that meets your needs. If you’re looking for good life insurance companies that offer affordable coverage, consider a policy from one of the insurers that earned a spot in our cheapest life insurance companies rating.

Average cost of a $250,000, 20-year term life insurance policy, by company

Cheapest life insurance companyAverage rate for 30-year oldAverage annual rate for 40-year-oldLEARN MORE
Banner/Legal & General America$136$193Compare RatesCompare quotes offered by participating partners
Pacific Life$136$191Compare RatesCompare quotes offered by participating partners
Protective$136$191Compare RatesCompare quotes offered by participating partners
Symetra$136$191Compare RatesCompare quotes offered by participating partners
Corebridge Financial (formerly AIG)$137$192Compare RatesCompare quotes offered by participating partners
Penn Mutual$138$192Compare RatesCompare quotes offered by participating partners
Transamerica$139$194Compare RatesCompare quotes offered by participating partners

How much does life insurance cost?

The average rate for an individual of average health buying a $250,000, 20-year term life insurance policy is:

  • $217 per year, or $18 per month at age 25.
  • $246 per year, or $21 per month at age 35.
  • $483 per year, or $40 per month at age 45.
  • $1,106 per year, or $92 per month at age 55.
  • $3,473 per year, or $289 per month at age 65.

In general, men pay more for life insurance than women, and you’ll also pay more for life insurance policies with a higher coverage amount. The tables below provide an overview of the average cost of term life insurance for females and males by age and coverage amount. 

Average annual cost of a term life insurance policy for a female by age

The following quotes reflect the average annual rate for a $250,000 20-year term life insurance policy and a $500,000 20-year term life insurance policy for women of average health. 

Age (female)Annual cost of a $250,000, 20-year term life policyAnnual cost of a $500,000, 20-year term life policy
25$192$314
35$225$374
45$424$770
55$906$1,733
65$2,712$5,346

Average life insurance rates are based on the three lowest term life insurance quotes found online.

Average annual cost of a term life insurance policy for a male by age

The following quotes reflect the average annual rate for a $250,000 20-year term life insurance policy and a $500,000 20-year term life insurance policy for males in average health.

Age (male)Annual cost of a $250,000, 20-year term life policyAnnual cost of a $500,000, 20-year term life policy
25$242$377
35$267$458
45$541$1,015
55$1,307$2,547
65$4,234$8,246

Average life insurance rates are based on the three lowest term life insurance quotes found online.

If you’re considering permanent life insurance, you’ll typically pay more for coverage than a term life insurance policy. The table below provides the average cost of coverage for a whole life insurance policy or universal life insurance policy based on gender, age and coverage amount. 

Average annual cost of whole life insurance by age

Age$250,000 policy - female$250,000 policy - male
30$2,314$2,563
40$3,364$3,760
50$5,024$5,639

Average annual cost of universal life insurance by age

Age$250,000 policy - female$250,000 policy - male
30$1,141$1,254
40$1,644$1,783
50$2,360$2,589

Factors that affect your life insurance costs

The cost of life insurance varies by person. How much you pay for life insurance depends on several factors, including:

  • Your age and gender.
  • Type of policy you choose.
  • Smoking status.
  • Height and weight.
  • Your health (past and current).
  • Prescription history.
  • Family medical history.
  • Driving record.
  • Criminal record.
  • Occupation and hobbies.

How to choose the best life insurance company

When shopping for life insurance, here are a few factors that can help you narrow down your options. 

  • Policy and product availability. Companies can sell both term and permanent life insurance policies, but product availability varies. Some companies may sell multiple types of life insurance while others may specialize in one or two types. Even when multiple companies sell the same product, things like term lengths, life insurance riders, and eligibility criteria can vary. The best life insurance policy and insurer offers products with the features you need.
  • Financial strength. Companies like AM Best, Standard & Poor’s and Moody’s assess the creditworthiness of insurers, applying letter grades to insurers based on their financial strength. Life insurance providers are evaluated on several factors, including their balance sheet, enterprise risk management (ERM) and operating performance. Top life insurance companies generally receive A or higher grades, such as A++ (Superior), which means they are more likely to be able to pay out your policy’s death benefit to your life insurance beneficiaries
  • Cost. We recommend you get at least three life insurance quotes before making your decision. The cost of life insurance isn’t limited to the face value of your premium, however. Life insurance premiums also include fees and internal costs. If you’re shopping for permanent life insurance, those fees can impact how your cash value account grows over time. A good life insurance company can provide you with a schedule of those fees.

Do I need life insurance?

Life insurance is an essential tool for protecting your family and loved ones financially in the event of your death — especially if you have anyone financially dependent on you. For example:

  • You’re a primary wage earner. If you’re the primary wage earner in your household, life insurance ensures that your family can still maintain their current lifestyle if something happens to you.
  • You’re a stay-at-home spouse. If one partner stays home while the other works, it’s still a good idea to have coverage for the stay-at-home person. If that person were to pass away, the working spouse may have difficulty affording childcare and other services that their partner provided.
  • You’re a caregiver. If you provide financial or physical care to a loved one, such as a child, sibling or parent, life insurance can help pay for ongoing care in the event of your death.
  • You have debts another person would be responsible for if you die. For instance, your spouse or partner may be on the hook for your mortgage. 
  • You own a business. Consider a life insurance policy to provide financial assistance in a buy/sell or succession plan. 

What does life insurance cover?

As long as the life insurance premiums are paid and the policy is active, life insurance generally covers death as a result of:

  • Natural causes, such as from a disease or ailment.
  • Accidents and traumatic injuries.
  • Homicide (in most cases).
  • Suicide (in some cases).

Note that life insurance policies typically include a suicide clause, which states that the insurer will not pay out on the life insurance claim if the death by suicide occurs within the first few years of opening a policy, often two years. 

If you or someone you love is contemplating suicide, contact the 988 Suicide and Crisis Lifeline by dialing or texting 988. Help is available 24/7 and the service is free and confidential. 

What doesn't life insurance cover?

A life insurance company will typically not pay out a death benefit if any of these are true at the time of the insured’s death:

  • The policy has lapsed, such as due to unpaid premiums.
  • The policy term has expired and the insured did not renew or convert the policy.
  • The beneficiary is under investigation for, or accused of causing the insured’s death. 
  • The insured died by suicide within the first few years of purchasing the policy. 
  • The insured died while committing a crime.

Is life insurance worth it?

Life insurance may be worth the investment if any of the following are true.

  • You have people who financially depend on you. Financial stability for dependents is one of the leading reasons people purchase a life insurance policy. The proceeds from a life insurance policy can be used to help a surviving spouse, partner or dependents to cover expenses such as mortgage or rent payments, tuition, utilities, groceries and other necessities. 
  • You want your final expenses covered. The national median cost of a funeral is $7,848, according to the most recent data from the National Funeral Directors Association, and that number can increase as you account for monuments and end-of-life medical expenses. Even a small death benefit, such as that offered by burial insurance, can help your loved ones cover expenses. 
  • You think your loved ones may need to pay estate taxes. Beneficiaries do not typically have to pay taxes on life insurance death benefits, and that can make a policy useful in managing your estate. If the value of your estate exceeds IRS estate tax limits, your loved ones can use the proceeds to cover the tax bill. 
  • You are a business owner. If you own or co-own a business, life insurance can play a vital role in your success or continuity plan, such as a buy/sell agreement. It can also be used to equalize inheritances. For instance, if you are leaving the family business to one child, you can leverage a life insurance policy to leave a financial inheritance to another child/children.

Despite the benefits, there are some reasons you may not want to consider a life insurance policy. For example, if your dependents don’t rely on your income, and there are no extenuating circumstances, such as a large debt (e.g., a mortgage that will pass to a loved one), estate tax concerns or business succession needs, then a life insurance policy may not be worth it for you. 

2024 life insurance trends

When compared to home insurance and car insurance, life insurance is less likely to be vulnerable to major market shifts, like the rising cost of housing or increasing auto repair prices. But here are some trends that may affect your life insurance shopping experience this year.

  • Buying life insurance will get easier for many buyers as technology, including AI, expedites the underwriting process.
  • Life insurance companies will continue efforts to decrease the coverage need gap, which is highest among women (44%), millennials (47%) and members of Gen Z (49%), black (49%) and hispanic (49%) individuals and households with an annual income less than $50,000 (56%).
  • Younger consumers may see more products and processes geared toward their purchasing preferences. Efforts may include embedded products, such as long-term care or financial services, or more opportunities to bundle life insurance with other coverage needs, such as home or car insurance.

Best life insurance FAQs

Based on our analysis, the following are the best life insurance companies in the United States. Each receives 5.0 stars in its category, the highest score available: 

Protective and Pacific Life each receive a 5.0-star rating — the highest score available — in our expert analysis of life insurance companies. 

But life insurance companies are not one-size-fits-all, and you may find that another insurer is best suited for your needs, budget and coverage preferences. 

To find the best life insurance company for you, compare life insurance quotes from at least three insurers. Don’t just compare rates, though. Make it a point to compare life insurance reviews, available features and benefits and each company’s financial strength rating.

Term life insurance may be a better choice if you want financial protection for a certain period of time, such as until you pay off your mortgage or your child graduates school. It’s also a good option if you want to purchase life insurance but are on a limited budget. 

Whole life insurance is better if you want coverage that lasts a lifetime and you don’t want to have to worry about renewing a life insurance policy — which often means paying a higher rate. Whole life insurance may also be a better option if you want a life insurance policy that includes a cash value component.

Term and whole life insurance policies accounted for 86% of life insurance sales in the first three quarters of 2022, according to recent data released by LIMRA.

  • Term life insurance is often the most affordable option for buyers, making it a popular choice among individuals and families who want to protect their loved ones but want to stay within their budget. 
  • Whole life insurance is often more expensive, but it’s a straightforward popular choice among people who are looking for permanent coverage.

There is no time limit by which you need to file a life insurance claim. However, it’s important to keep in mind that life insurance companies can’t keep death benefits indefinitely. 

According to the Insurance Information Institute (Triple-I), unclaimed life insurance benefits will be turned over to the state after a set number of years, based on the unclaimed property laws in the state in which the policy was issued. 

If you are the beneficiary of a life insurance policy that has been turned over to the state as unclaimed property, you can typically search the state’s unclaimed property database, typically found on the state’s treasury department. You can also visit the National Association of Unclaimed Property Administrators (NAUPA) website to get started.

A life insurance policy may not cover deaths under the following circumstances:

  • Cause of death is homicide and the beneficiary was involved.
  • Insured dies by suicide within the first few years of opening the policy.
  • Insured dies after their term life insurance policy has expired.
  • Insured dies after a lapse in their life insurance premium payments.
  • Insured dies during the contestability period and it’s determined the insured lied on their application.

Coverage and exclusions can vary by life insurance company, so it’s important to thoroughly read your policy and contact your insurer if you have questions regarding your coverage.

Yes, you can buy life insurance on someone else, but only if they know about and consent to the purchase. People commonly purchase policies for their:

  • Spouses or ex-spouses to replace income, alimony or child support when that person dies.
  • Child or grandchild, to ensure their insurability down the road, even if they develop a health condition, and to provide a jump start on cash value accumulation.
  • Parents, to cover end-of-life expenses or other bills you may inherit upon their passing.
  • Siblings, particularly if they care for a parent or other dependent for whom you will be responsible should they pass.
  • Business partner, as part of a buy-sell agreement.

Shopping for coverage? How life insurance works

Life insurance is designed to provide financial protection for your loved ones when you pass away. A life insurance policy pays out a death benefit to the beneficiary when the policyholder dies. 

The death benefit can be spent in any way the beneficiary chooses. They may choose to use the money to cover mortgage payments, tuition or everyday expenses such as utilities and groceries. 

Life insurance can also be an estate-planning tool and the death benefit can be used to cover end-of-life expenses, such as the cost of burial or cremation. 

Exactly how life insurance works, especially at the policy level, often depends on the type of coverage you choose. 

There are two primary types of life insurance:

Term life insurance locks in rates and coverage for a set amount of time, such as 10 or 20 years. 

Permanent life insurance policies offer coverage for life, or until an advanced age, such as 105. Permanent life insurance also usually includes a cash value account that grows over time and can be accessed while you’re alive. 

There are several types of permanent life insurance, including

  • Whole life insurance.
  • Universal life insurance.
  • Indexed universal life insurance. 
  • Variable universal life insurance. 

Many life insurance companies also sell variations of the main types of life insurance, such as:

  • Burial life insurance, which is designed to cover end-of-life needs.
  • No-exam life insurance, which allows eligible applicants to secure coverage without undergoing a medical exam.

Life insurance isn’t a one-size-fits-all financial tool. Learn more about the types of life insurance and which one is best structured for your goals.

More life insurance ratings

Editor’s Note: This article contains updated information from previously published stories:

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Kat Tretina

BLUEPRINT

For the past seven years, Kat has been helping people make the best financial decisions for their unique situation, from finding the right insurance policies to paying down debt. Kat holds certifications in student loan and financial education counseling, and her expertise lies in insurance and student loans. She has written about life and disability insurance, health insurance, pet insurance, loans and credit cards for a variety of publications, including the Buy Side from Wall Street Journal, Money, Reader's Digest, The Huffington Post, Forbes Advisor and more.

Jennifer Lobb

BLUEPRINT

Jennifer Lobb is deputy editor at USA TODAY Blueprint and is an experienced insurance and personal finance writer. Jennifer served as an insurance staff writer and editor at U.S. News and World Report and deputy editor of insurance at Forbes Advisor. She also spent several years covering finance and insurance for various financial media sites, including LendingTree and Investopedia. For nearly a decade, she’s helped consumers make educated decisions about the products that protect their finances, families and homes.

Heidi Gollub

BLUEPRINT

Heidi Gollub is the USA TODAY Blueprint managing editor of insurance. She was previously lead editor of insurance at Forbes Advisor and led the insurance team at U.S. News & World Report as assistant managing editor of 360 Reviews. Heidi has an MBA from Emporia State University and is a licensed property and casualty insurance expert.