Life insurance is a deeply personal purchase; the ideal policy varies based on individual circumstances, financial goals, and family needs. Therefore, there isn’t a single “best” life insurance company for everyone.
Business Insider’s editorial team has evaluated more than 30 life insurance companies to determine top providers based on insurance premiums, policy terms, overall benefits, and customer satisfaction. Below are Business Insider’s recommended life insurance companies for 2025:
Best Life Insurance Companies
- Best for whole life insurance: Northwestern Mutual Life Insurance
- Best no-exam life insurance: Guardian Life Insurance
- Best for universal life insurance: State Farm Life Insurance
- Best for older adults: Prudential Life Insurance
- Best for long-term care: Brighthouse Financial Life Insurance
- Best for high returns: Allianz Life Insurance
- Best for affordability: New York Life Insurance
- Best for term life: Ladder Life
Company Reviews
Ethos Life
- Insider’s Rating: ★★★★★ (4.37/5)
- Perks: Application process is online with quotes in minutes; no medical exams are needed.
- JD Power Customer Satisfaction Rating: Not Rated
- AM Best Financial Strength Rating: A
Corebridge Direct
- Insider’s Rating: ★★★★ (4.25/5)
- Perks: Offers guaranteed life insurance for seniors (50-80); high financial and exceptional customer service ratings.
- JD Power Customer Satisfaction Rating: 762
- AM Best Financial Strength Rating: A
Amica Life Insurance
- Insider’s Rating: ★★★★ (3.87/5)
- Perks: Level term and whole life policy options, with potential for discounts and bundling benefits.
- JD Power Customer Satisfaction Rating: Not Rated
- AM Best Financial Strength Rating: A+ (Superior)
Detailed Company Profiles
Northwestern Mutual Life Insurance: Best Life Insurance for Whole Life
Northwestern Mutual provides term life, whole life, and universal life insurance. It boasts a JD Power customer satisfaction rating of 790/1,000. The company’s whole life insurance is available for individuals up to 85 years old and offers dividend payouts to policyholders annually. In 2025, Northwestern Mutual is projected to pay out $8.2 billion in dividends.
Guardian Life Insurance: Best Life Insurance with No Medical Exams
Guardian Life Insurance, holding a JD Power customer satisfaction rating of 743/1,000, offers term, whole, and universal life insurance products. It distinguishes itself through its no-exam life insurance options, providing up to $3 million in coverage. Furthermore, Guardian’s term life policies are convertible to whole life insurance plans.
State Farm Life Insurance: Best Life Insurance for Universal Life
Consistently a top performer in the industry, State Farm Life Insurance earned the top ranking in JD Power’s Individual Life Insurance Study with a score of 843/1,000. Additionally, the company holds an A++ rating from AM Best. All State Farm policies require purchase through an agent.
Prudential Life Insurance: Best Life Insurance for Older Adults
Prudential Life Insurance’s VUL (Variable Universal Life) plan allows for withdrawals to cover nursing home expenses. Its cash value policy premiums are fixed, providing cost certainty. Given the age demographic, many older adults seek stable investment options. Prudential’s VUL Protector aims to minimize risk by focusing on loss avoidance. The company offers plans in all states except New York, where residents have access to the Pruco Life of New Jersey VUL Protector plan.
Brighthouse Financial Life Insurance: Best Life Insurance for Long-Term Care
Brighthouse Financial offers term and indexed universal life insurance options. Its SmartCare policy, an indexed universal life insurance, provides long-term care benefits through an LTC accelerated death benefit rider. LTC benefits can be determined at the policy’s inception, allowing policyholders to choose between growing benefits at a set rate or with an index, or keeping them level. Benefits are paid out up to two years after a claim, but can potentially be extended.
Allianz Life Insurance: Best Life Insurance for High Returns on Income
Allianz targets high-income individuals looking for tax-free income. The company’s plans include a 40% multiplier bonus with a 1% annual assets charge, resulting in returns that may exceed what one would get from conventional policies. Allianz also offers specialized plans designed to boost income by up to 20%, according to estimates, and offers plans for foreign nationals, including those with H-1B visas.
New York Life Insurance: Best Life Insurance for Affordability
New York Life Insurance agents undergo extensive training. The company’s agents are trained to offer comprehensive support. The company receives a JD Power customer satisfaction score of 794/1,000.
Ladder Life: Best Life Insurance for Term Life
Ladder Life offers affordable term life insurance policies with 10 to 30-year terms. Coverage of up to $3 million is available without a medical exam (up to $8 million with exam). Ladder’s unique “laddering” function allows policyholders to adjust their death benefits—and therefore their premiums—unlimited times, providing flexibility not often seen with term life insurance.
Types of Life Insurance Available
There are two primary types of life insurance:
Temporary Life Insurance
Often referred to as term life insurance, this type of policy provides coverage for a set period, typically 10-30 years. If the policyholder dies within the term, the beneficiaries receive a death benefit. Unlike permanent policies, term life insurance does not accumulate cash value. Term life insurance is generally more affordable than permanent life insurance.
Permanent Life Insurance
Permanent life insurance provides coverage indefinitely, guaranteeing a payout as long as the policy is maintained. Types include:
- Whole life insurance: Offers permanent benefits, fixed premiums, and accumulates cash value over time. Some providers pay dividends.
- Universal life insurance: Provides permanent benefits with flexible premiums and death benefits. Cash value grows based on market interest rates.
- Variable life insurance: Cash value can be invested in assets, often mutual funds, or placed in an account with guaranteed interest.
- Variable universal life insurance: Combines the flexibility of universal life with investment choices.
- Indexed universal life insurance: Similar to universal life, but cash value growth is tied to an index.
- Simplified life insurance: Doesn’t always require medical exams.
- Guaranteed issue life insurance: Acceptance is guaranteed, but death benefits are limited.
How to Pick the Best Life Insurance Policy for You
Selecting the right life insurance policy involves the following considerations:
- Age: Early sign-up often means more policy for lower premiums.
- Price: Only agree to premiums you can realistically afford.
- Limits: Determine the level of coverage needed to meet your goals.
- Living Benefits: Consider policies with living benefits.
- Penalties: Understand the penalties for early withdrawal.
- Exclusions: Be aware of policy exclusions, such as suicide clauses.
- Flexibility: Assess the policy’s flexibility in case of job loss or financial hardship.
- Payment Type: Choose between fixed or variable rates.
- Plan: Define your intended use for the policy.
Why You Should Trust Us: How We Reviewed the Best Life Insurance Companies
To ensure accurate information and the most objective financial advice, Business Insider’s Personal Finance team ensures content accuracy.
The Experts’ Advice on Choosing the Best Life Insurance for You
To inform our choices for the best life insurance companies, we spoke with experts from major insurance organizations and financial planning. They offered the following advice:
Paul LaPiana, Head of Product at MassMutual: “There are different approaches to determining how much life insurance you need. One is the ‘human life’ approach, which estimates the current value of your future earning potential. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement.”
Barbara A. Pietrangelo, Chair of Life Happens: “There is no one-size-fits-all life insurance policy because everyone is different. Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what’s right for you.”
Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life: “To determine how much death benefit makes sense, it’s helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner’s income to maintain a lifestyle, pay rent or a mortgage, or fund a child’s education and for how long.”
FAQs
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What is the #1 life insurance company?
According to JD Power’s 2024 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction.
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Are medical exams required for life insurance?
No, medical exams are not necessarily required. But, you can find our guide on the best no-exam life insurance here.
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What happens if I lie on my life insurance application?
Lying on an application can raise red flags and potentially be denied. Even if approved, the company could refuse to pay your death benefit.
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How do I find the best life insurance policy for me?
Each situation is different so seek guidance from a life insurance agent to assess your best options.
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What happens if my life insurance is paid up?
It means you no longer have to make regular premium payments.
