Life insurance serves as a financial safety net, offering protection for your loved ones by replacing lost income, settling debts, or creating a financial legacy after you’re gone. Navigating the world of life insurance can feel complex, with a multitude of providers, policy types, coverage limits, and optional riders to consider.
CNBC Select has compiled a list of the best life insurance companies in various categories based on thorough research and analysis. (See our methodology for more information on how we made our choices.)
Best Life Insurance Companies
Here are our top picks:
- Best for affordability: Amica
- Best for seniors: Mutual of Omaha
- Best for term life insurance: Protective
- Best for whole life insurance: MassMutual
- Best for universal life insurance: Pacific Life
- Best for long-term care insurance: Nationwide
- Best for smokers: Ethos
- Best for riders: Northwestern Mutual
- Best for final expense coverage: State Farm
- Best for no medical exam: Ladder
Best for affordability: Amica
Amica offers competitive rates and a straightforward application process.
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: Yes
- Policy highlights: Amica provides level term life insurance as well as whole life insurance options, payable for 20 years or until ages 65 or 100. Both include a terminal illness rider without any added cost.
- Pros:
- Term life quotes and applications available online.
- A 10% discount for bundling with auto insurance.
- Terminal illness rider included.
- Cons:
- Not all policies and features are available in all states.
- No universal or variable life insurance options.
- Limited availability of other riders.
- Who’s this for? Amica is a good fit for those looking for affordable premiums. Policyholders who bundle with home or auto insurance can potentially save up to 30%.
- Standout benefits: Amica’s policies include a free terminal illness rider, a feature for which many other providers charge extra.
Best for seniors: Mutual of Omaha
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: No
- Policy highlights: Mutual of Omaha offers term, whole, indexed universal life, and universal life policies.
- Pros:
- Policies are available up to age 85.
- No-medical-exam policies are available.
- The option to convert term life to whole life without a medical exam.
- Cons:
- Guaranteed whole life policies have a limit of $25,000.
- Online term life quotes are not available.
- Who’s this for? Mutual of Omaha’s no-exam whole life policies cater to seniors up to age 85, while term life is accessible up to age 80. These are higher age limits compared to many competitors.
- Standout benefits: Long-term care insurance is available to applicants aged 30 to 79, with a 15% discount for couples who enroll together and a 5% discount if only one partner gets coverage..
Best for term life insurance: Protective
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Cost: The best way to estimate your costs is to request a quote.
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Online quote for term policy: Yes
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Policy highlights: Term life insurance policies offer coverage for up to 30 years with coverage ranging from $100,000 to $5 million.
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Pros:
- Competitive rates.
- A policy with premiums payable up to age 100.
- Costco members can save an average of 15%.
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Cons:
- Offers only one term-life policy.
- Not available in New York.
- May require a medical exam.
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Who’s this for? Protective is ideal if you are looking for coverage for a set period, with terms available for up to 40 years—a rare offering in the industry.
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Standout benefit: Protective’s term life insurance can be converted into any permanent policy within the first five years. Afterward, conversion to whole life is an option.
Best for whole life insurance: MassMutual
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: No
- Policy highlights: MassMutual offers diverse whole life insurance options, including a survivorship policy, as well as universal and variable life insurance products.
- Pros:
- Variety of term and permanent policies.
- High customer satisfaction rankings.
- Cons:
- Online quotes are not available.
- Policies must be purchased through an agent.
- Who’s this for: MassMutual provides several whole life insurance options, including a survivorship whole life insurance policy. The Whole Life Legacy 65 policy enables you to stop premium payments at age 65 and still receive a guaranteed death benefit, a cash value component, and the chance to earn dividends.
- Standout benefits: MassMutual has paid dividends to eligible policyholders annually since 1869, with a record 6.4% interest rate set for 2025.
Best for universal life insurance: Pacific Life
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: No
- Policy highlights: Pacific Life provides term, permanent, and no-exam life insurance, with an accelerated death benefit at no extra charge.
- Pros:
- Most plans have age limits extending to 90 for enrollment.
- Term policies can convert to permanent life without requiring an exam.
- Cons:
- Online quotes are not available.
- Must be purchased through an advisor.
- Who’s this for? Pacific Life is notable for providing both indexed and variable universal life insurance. Plans begin building cash value early on and cater to specific needs, such as supplementing retirement income.
- Standout benefits: Pacific Life doesn’t set maximum coverage limits for its plans, with some policies paying out over $10 million.
Best for long-term care insurance: Nationwide
- Cost: The best way to estimate your costs is to request a quote.
- Standout benefits: Nationwide’s CareMatters and CareMatters Together policies combine life insurance and long-term care benefits.
- Pros:
- Highly rated for customer service.
- Cash indemnity benefit with no restrictions on spending.
- Cons:
- Standalone policies are not available.
- A medical exam may be required.
- Nationwide CareMatters Together is not available in California or New York.
- Who’s this for? Nationwide provides two hybrid long-term care insurance policies, CareMatters and CareMatters Together, which offer payouts for up to seven years and feature a cash indemnity benefit, eliminating the need for reimbursement.
- Standout benefits: Nationwide offers an advanced underwriting program that allows healthy applicants to get approved for up to $5 million in term life coverage without needing an exam. You can choose to make one-time, monthly, or annual payments, or payments over five or ten years, as well as until age 65 or 100.
Best for smokers: Ethos
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: Yes
- Policy highlights: Ethos offers term and permanent policies from top providers like Ameritas, TruStage, Mutual of Omaha, CMFG, and Legal & General America. Most policies include will and estate planning tools.
- Pros:
- No medical exam.
- Guaranteed acceptance option.
- Instant coverage.
- 100% online application.
- Cons:
- Limited customization.
- Whole life policies are only available to adults aged 66 to 85.
- Not available in New York.
- Who’s this for? Smokers pay more for life insurance, however, Ethos offers reasonable rates for smokers in good health and with no additional risk factors. In most cases, you may get up to $2 million in coverage without taking a medical exam.
- Standout benefits: Adults aged 65 to 85 can qualify for a whole life policy that can be used for final expenses, with a payout of up to $25,000.
Best for riders: Northwestern Mutual
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: No
- Policy highlights: Northwestern Mutual offers five different term, whole life, and universal life policies. Dividends have been paid to eligible policyholders annually since 1872.
- Pros:
- Highly rated for customer satisfaction.
- Has paid dividends annually since 1872.
- Standalone long-term-care policies and riders available.
- Cons:
- Policies cannot be purchased online.
- All policies necessitate a medical exam.
- Customer service is unavailable on weekends.
- Who’s this for? Northwestern Mutual provides a generous array of useful riders, including a long-term care rider, an additional purchase benefit, and a waiver of premium rider, which can prevent coverage from lapsing if you are unable to pay due to illness or disability.
- Standout benefits: You can choose to convert a term life insurance policy into a whole life policy with no underwriting or medical exam.
Best for final expense coverage: State Farm
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: Yes
- Policy highlights: State Farm provides almost a dozen term, whole, and universal life insurance products, including survivorship and no-medical-exam plans.
- Pros:
- Reasonable rates.
- Top-rated for customer service.
- Return of premium benefit available.
- Term policies can be converted to permanent.
- Cons:
- Policies must be purchased through a State Farm agent.
- Not for sale in Rhode Island or Massachusetts.
- Fewer riders than other companies.
- Accelerated death benefit costs extra.
- Who’s this for: State Farm offers affordable final expense plans that can cover funeral arrangements, outstanding legal or medical bills, and other expenses your loved ones might encounter. These policies are available with death benefits up to $15,000 for those between the ages of 45 and 85 (50 to 75 in New York).
- Standout benefits: Final expense coverage is a guaranteed issue policy, meaning your approval is virtually instant and doesn’t depend on responses to medical inquiries or a medical exam.
Best for no medical exam: Ladder
- Cost: The best way to estimate your costs is to request a quote.
- Online quote for term policy: Yes
- Policy highlights: Ladder provides term life insurance without a medical exam. Coverage can go up to $3 million.
- Pros:
- No-exam term life with coverage up to $3 million.
- Online application process.
- The option to adjust premiums and coverage free of charge as needs change.
- Cons:
- No riders.
- No permanent life insurance.
- Enrollment age limit is 60 years old.
- Who’s this for? Ladder’s term life insurance offers no-medical-exam coverage for as much as $3 million, which is triple the amount some competitors offer.
- Standout benefits: Ladder’s most unique characteristic is its adjustable coverage, allowing you to reduce it later in life when you have met goals such as paying off your mortgage.
Choosing the right life insurance policy is a significant decision. Consider your specific circumstances, financial goals, and the needs of your loved ones when comparing policies. Getting quotes from multiple providers will ensure that you get the best possible coverage at the most affordable price.
