8 Biggest Life Insurance Companies

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The best life insurance companies are financially sound, have the life insurance products you need, excel at customer service, and have affordable rates. We found that the best life insurance company overall is Nationwide, but other options might be a better fit, depending on your needs. For instance, Protective is our top choice for term coverage, and State Farm is the best for customer satisfaction.

For our life insurance ratings, we evaluated dozens of life insurance carriers in the following categories, giving each category a specific weight percentage based on its importance: policy types and features (21%), financial stability (17%), application process (16%), customer satisfaction (15%), customer service (14%), riders and living benefits (9%), and life insurance rates (8%). Analyzing these key categories helps us identify which life insurance companies could be the best fit for your particular life insurance needs.

In the company information below, we mention NAIC complaint index scores. The NAIC complaint index is a tool in which the National Association of Insurance Commissioners (NAIC) shows whether a company has received more or fewer complaints than other insurers, after adjusting for market share.



12 Best Life Insurance Companies of November 2023: Compare Rates & Coverage

Why Trust Us
0px;">91
Companies reviewed
55
Features considered
5,005
Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.
Read our Full Methodology

Compare life insurance quotes with our partner Covr Financial from multiple providers before buying.

12 Best Life Insurance Companies Of November 2023

" style="box-sizing: border-box; display: inline; font-size: 0px; line-height: 0; margin: 0px 0px 0.5rem; visibility: hidden;">BEST OVERALLNationwide

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
  • Accepts Credit Cards: Yes
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1" style="box-sizing: border-box; counter-reset: section 0; margin-bottom: 1.75rem; margin-top: 0px;">For the most personalized quote experience, call Nationwide directly at 844-457-7984. And if you're over 50 or in poor health, it's best to work with a licensed agent.

Why We Chose It

Three living benefits included with most policies, generous no-exam requirements, strong financials, and satisfied customers make Nationwide our top pick.

Pros & Cons
Pros

  • No-exam life insurance available to very healthy applicants

  • Low NAIC complaint index

  • Living benefits included on most policies

  • Allows credit card payments

Cons

  • No live chat available

Overview

Nationwide is a financially stable life insurance company that's been in business for nearly a century. It offers a wide range of policies that may be available without a medical exam and with fast approval. It's also our top pick for best whole life insurance companies, best no-medical-exam life insurance companies, and best life insurance companies for people over 50.

The company garnered an A+ (Superior) financial stability rating from AM Best and had the number of complaints you'd expect for a company of its size in 2022, though the two prior years saw fewer complaints.1 It boasts a wide range of policy types and 

-text-decoration-line); text-decoration-thickness: var(--config-prm-link-text-decoration-thickness); text-underline-position: auto; transition: var(--transition-prm-link);">riders, no-exam life insurance for healthy applicants, and most policies include three 
k-text-decoration-line); text-decoration-thickness: var(--config-prm-link-text-decoration-thickness); text-underline-position: auto; transition: var(--transition-prm-link);">accelerated death benefit riders at no upfront cost for chronic, critical, and terminal illnesses. This was a rare offering among the insurance companies we considered. Its host of exceptional features puts it squarely at the top of our best life insurance companies list. 

Plans & Pricing

Nationwide offers term policies as well as traditional whole life insurance, universal life insurance (UL), variable universal life insurance (VUL), and indexed universal life insurance (IUL).

  • Guaranteed Level Term
  • Whole Life 100 and 20Pay Whole Life
  • Simplified Whole Life
  • No-Lapse Guarantee UL II (universal life insurance)
  • VUL Accumulator (variable life insurance)
  • VUL Protector
  • Advisory VUL
  • IUL Accumulator II 2020 (indexed universal life insurance)
  • IUL Protector II 2020
  • Survivorship IUL 2020

Nationwide's indexed policies let you participate in stock market gains, but without direct market exposure. Cash value growth is tied to the S&P 500, NASDAQ-100, and/or the Dow Jones Industrial Average. Though not as risky as variable life insurance, these policies are complex and can still lose value when market gains aren’t enough to offset policy expenses. 

Term pricing

A healthy 40-year-old female would pay $26.25 per month for a $250,000 30-year term policy.

Available Riders

Depending on your policy, you may have access to the following:

  • Chronic illness accelerated death benefit rider
  • Critical illness accelerated death benefit rider
  • Terminal illness accelerated death benefit rider
  • Long-term care accelerated death benefit rider 
  • Accidental death benefit rider
  • Children's term insurance rider
  • Guaranteed insurability benefit rider
  • Waiver of premium riders
  • Return of premium riders
  • Overloan lapse protection rider
Read the Full 
m-link-text-decoration-line); text-decoration-thickness: var(--config-prm-link-text-decoration-thickness); text-underline-position: auto; transition: var(--transition-prm-link);" target="_blank">Nationwide Life Insurance Review
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  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A+
  • Accepts Credit
     Cards:         Yes
GET A QUOTE
Why We Chose It

gin-top: 0px;">Protective's term policies are the most affordable of all insurers we reviewed (tied with two others), and it offers terms up to 40 years, which is uncommon.

Pros & Cons
Pros

  • Lowest pricing along with Banner and Haven among 91 companies

  • Offers term coverage for up to 40 years

  • Allows credit card payments

  • Offers no-medical-exam coverage

Cons

  • Ranked 15th out of 22 companies for customer satisfaction in J.D. Power's life insurance study

Overview

Protective has the cheapest term life coverage of all the companies we reviewed (along with Banner and Haven Life). Its excellent pricing and policy options make it our pick for best term life insurance company, most affordable life insurance company, and 

.investopedia.com/best-life-insurance-for-young-adults-4846337" style="box-sizing: border-box; outline: 0px; text-decoration-line: var(--config-prm-link-text-decoration-line); text-decoration-thickness: var(--config-prm-link-text-decoration-thickness); text-underline-position: auto; transition: var(--transition-prm-link);">best life insurance companies for young adults.

Protective offers longer-than-average term policies and it received fewer complaints than expected for a company of its size over the past three years.2 The company also offers generous child riders on its policies, which makes it a good life insurance company for children.

However, Protective did not rank well in J.D. Power’s 2023 U.S. Individual Life Insurance Study, coming in at #18 out of 22 companies. This is an indication that you may have issues with Protective's customer service, as J.D. Power rankings are based on five factors: communication; interaction; price; product offerings; and statements.3

Plans & Pricing

Protective offers term, whole life, universal life, variable universal life, and indexed universal life insurance policies.

  • Protective Classic Choice Term
  • Non-Participating Whole Life
  • Custom Choice Universal Life (UL)
  • Advantage Choice UL
  • Lifetime Assurance UL
  • Survivor UL
  • Executive UL
  • Strategic Objectives II VUL (variable universal life insurance)
  • Indexed Choice UL

Term Pricing

A healthy 40-year-old femal

e would pay $22.88 per month for a $250,000 30-year term policy.

Available Riders
  • Accidental death benefit rider
  • Accelerated death benefit rider (for chronic, critcal, or terminal illnesses)
  • Disability rider
  • Children’s term rider
  • Waiver of premium rider
ink infocat-review-link link" data-click-action="OffPageClick - Internal [FullProductReview]" data-tracking-container="true" data-tracking-id="PRM Roundup | ProductRecordBlock" id="tabbed-sc-block--review-link_1-0-33" style="box-sizing: border-box; font-family: var(--font-prm-primary); padding-top: 1rem;">Read the Full Protective Life Insurance Review
  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.A++
  • Accepts Credit Cards: Yes
GET A QUOTE
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Why We Chose It

Haven Life offers a smooth online quote, application, and buying experience. Plus, it's backed by the

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A++ (Superior) financial strength rating of MassMutual.

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