After decades in the insurance business, we have all the information you need to find the best life insurance company for YOU.
Our agents spent more than 200 hours per month analyzing over 50 of the largest life insurance companies and narrowed the list down to the 10 best life insurance companies.
Our research took into account the most important factors including:
- Financial strength
- Underwriting leniency
- Common medical conditions
- Type of policies offered
- Customer satisfaction
This article will provide you with a list of the 10 best overall life insurance companies, and also break down the best providers for some of the most commonly seen situations.
10 Best Life Insurance Companies in the U.S for 2020
Here are the top 10 best life insurance companies for 2020:
- Haven Life
- American National
- Mutual of Omaha
Judge For Yourself
Compare policies instantly from 12+ top-rated insurers with our online tool.
Read in-depth agent-written reviews for all life insurance companies considered.
AIG is not only the largest insurance company but probably the most trusted with its strong financial backing and excellent customer reviews. With 49,000 employees in 80 countries, you know that AIG is financially strong and not going anywhere.
- Wide Selection of Policies
- Favorable Underwriting
2. Haven Life
Haven Life is one of the few life insurance companies that does not require a medical exam to qualify for their term life insurance policies.
- No Exam for Term Policies
- Up to $3 Million in Coverage
3. Banner Life
Banner Life has been selected as one of our top overall life insurance companies for their price, financial strength, and ease of approval. Our clients routinely qualify for their “preferred plus” health category (their best health class).
- Best for Family History of Illness
- Easy Approval Process
4. American National
American National (ANICO), founded in 1905, offers all types of life insurance policies including 10, 15, 20 year policies with competitive premiums and the ability to switch from term insurance into permanent insurance. Their plans are very customizable with various riders available to cater to the individual’s needs.
- Customizable Plans
- Competitive Premiums
5. Health IQ
Health IQ is unique among life insurance companies as they cater to active people to reward their good health with better rates. Health IQ will still reward individuals who have a low BMI even in heart disease runs in their family. They put the healthiest applicants, up to 70%, in the preferred plus category.
- Discounted rates for healthy individuals
- Backed by strong life insurance institutions
6. Mutual of Omaha
Mutual of Omaha’s strength is providing life insurance for people who are not eligible for traditional life insurance. The company receives outstanding ratings from third-party rating services. Mutual of Omaha offers several different life insurance plans, aimed mostly at consumers who might have difficulty getting coverage elsewhere due to health considerations.
- Best for Final Expense Plans
- Approvals with Health Conditions
Metlife is well-established and sells a wide range of life insurance products. They offer a variety of coverage options and have some of the most competitive term life insurance rates available. Metlife’s underwriting guidelines allow for competitive rates for several pre-existing medical conditions, like type 1 and type 2 diabetes.
- Competitive Term Rates
- Wide Variety of Coverage Options
Transamerica is a financially strong company that excels at covering seniors and individuals with high cholesterol but is often more strict with some other medical conditions. They do not have the most aggressive underwriting, and are very lenient when it comes to seniors over age 70.
- Lenient Underwriting for Seniors
- Best for Individuals with High Cholesterol
Protective Life is rich with tradition and has an exemplary track record. Though they have multiple lines of coverage, Protective Life traces its roots to life insurance, with term policies being one of its most noted products. Protective Life may be a better option for customers looking to take out larger policies, as amounts can range from $100,000 to $50 million.
- Policy Conversion Without Medical Exam
- Accelerated Living Benefits
What sets Ladder apart from the rest is their flexibility in plans offered as well as the ability to decrease or increase coverage at any time. Founded in 2015, Ladder Life offers term life insurance policies, with an easy online application process and a nearly instant quote. Ladder is one of the few companies that waive application fees and is underwritten by Fidelity Security Life Insurance Company.
- Flexible Plans
- No Application Fees
Best Life Insurance Online Marketplaces
Online marketplaces allow individuals to find and compare the most affordable rates and coverage options from the best life insurance companies all in one place.
With Policy Genius, you can get quotes from the top 12 insurance providers within minutes.
National Family Assurance
National Family Assurance offers consumers the opportunity to get multiple quotes as well as many online tools to educate applicants to get the best deal possible.
Best Life Insurance Companies By Category
These are the top life insurance companies broken down by category.
- Best for: Term Coverage
- Best for: Pre-Existing Conditions
- Best for: Smokers
- Best for: High Cholesterol
- Best for: Diabetics
- Best for: History of Family Illness
- Best for: Final Expense
- Best for: No Exam
Best Life Insurance Company for Term Coverage
Haven Life offers term life insurance up to as high as $3,000,000 which is generally the preference of most applicants today.
Best Life Insurance Company for Pre-Existing Conditions
Prudential is by far the best life insurance company for pre-existing medical conditions.
They will even approve applicants with specific kinds of cancer.
Best Life Insurance Companies for Smokers
The best life insurance companies for smokers depends on the type of tobacco.
|E-Cigarettes, Vaping, Chewing Tobacco, Pipe Smoking||Prudential|
Best Life Insurance Company for High Cholesterol
American General allows for what some might consider pretty high cholesterol (290) in the best health class they offer if your ratio of total to good cholesterol (HDL) is lower than 4.5.
Best Life Insurance Company for Diabetics
Banner Life Insurance is our favorite carrier for diabetics. They routinely approve clients at a “standard” to slightly substandard rating.
If you’re diabetic, “standard” would be a great approval given it’s the rating for someone with an average life expectancy!
Best Life Insurance Company for Family History of Disease
If you have a father, mother, brother or sister who has had (or died from) a medical condition, give Banner a shot. They may be able to still qualify you for their best rate, saving you about 50%!
Banner doesn’t penalize you for a parental death due to cancer.
Best Life Insurance Company for Final Expenses
Mutual of Omaha
Mutual of Omaha is our top life insurance company for final expenses.
Final expense insurance policies (also known as burial insurance policies) are quick and easy to purchase. They don’t require an exam and are a great choice for seniors age 65 and older who need a small policy (typically $50,000 or less).
Best No Exam Life Insurance Company
- No Exam or Blood Tests
- Easy Online Application
- Affordable Rates
Best Life Insurance Providers By Financial Strength
The 10 best life insurance companies based on financial strength are:
|Berkshire Hathaway Life Ins Co of NE||A++||Positive|
|C M Life Insurance Company||A++||Positive|
|Guardian Insurance & Annuity Co||A++||Positive|
|Massachusetts Mutual Life Insurance Co||A++||Positive|
|New York Life Insurance and Annuity Corp||A++||Positive|
|Northwestern Mutual Life Ins Co||A++||Positive|
|State Farm Life Insurance Company||A++||Positive|
|TIAA-CREF Life Insurance Company||A++||Positive|
|Thrivent Financial for Lutherans||A++||Positive|
|USAA Life Insurance Company||A++||Positive|
Each received A.M. Best’s highest rating, but keep in mind that financial ratings only indicate a company is financially strong and should not be the sole criteria used when judging the best life insurance company for you.
What’s The Best Life Insurance Company For Your Age?
The best life insurance company for a 35 year old is completely different than the best life insurance company for a senior over 60 years old.
Read our in-depth comparisons of life insurance prices by age:
- 20 to 29 Year Olds
- 30 to 39 Year Olds
- 40 to 49 Year Olds
- 50 to 59 Year Olds
- 60 to 69 Year Olds
- 70 Year Olds and Over
Here is a list of the best life insurance companies, broken down by age and ranked overall:
|20 to 29||30 to 39||40 to 49||50 to 59||60 to 69||70 to 79|
|North American Co.||6||6||7||6||8||8|
|United of Omaha||3||5||11||14||13||14|
|New York Life||16||18||21||20||20||16|
List of Life Insurance Companies Reviewed
While there are thousands of life insurance companies in the U.S., we have taken the time to review over 50 of the most reputable ones to determine the best life insurance companies for 2020.
Here is a complete list of our in-depth, agent-written life insurance company reviews:
- American Amicable
- American General
- American Integrity
- Colonial Penn
- Comprehensive Kansas City
- Federal Trust
- Forester’s Financial
- John Hancock
- Liberty Mutual
- Life Insurance Company of the Southwest
- Lincoln Financial Group
- Matrix Direct
- Midland National
- National Agents Alliance
- National Life Group
- Navy Mutual
- New York Life
- North American
- Northwestern Mutual
- Select Quote
- State Farm
- West Coast