10 Best Life Insurance Companies in 2025
Nationwide claims the top position in Investopedia’s ranking of the best life insurance companies, praised for its diverse range of products and features, strong financial stability, and excellent customer satisfaction. Additionally, Nationwide was recognized as the best in two other categories; however, other insurance providers might better suit your specific needs.
Life insurance is a crucial product that ensures your loved ones are financially secure after your passing. Given its complexity, Investopedia evaluated 70 different factors across 45 life insurance companies, considering aspects such as pricing, policy types and features, customer service, and more, to determine the top life insurers.
10 Best Life Insurance Companies
- Overall Best, Best for Children’s Life Insurance, Best for People Over 50: Nationwide
- Best Term Life Insurance: Banner by Legal & General
- Best Whole Life Insurance: Lafayette Life
- Most Affordable Term Premiums: SBLI
- Best No-Medical-Exam Insurance: Penn Mutual
- Best for Financial Strength, Best for Customer Satisfaction: Thrivent
- Best for Universal Life Insurance: Pacific Life
- Also Excellent for No-Medical-Exam Life Insurance: Symetra
- Also Excellent for Children’s Life Insurance: Protective Life
- Also Excellent for Whole Life Insurance: MassMutual
This list highlights the top life insurance companies across various categories, ensuring there’s an option tailored to different needs and preferences.
1. Nationwide
Why We Chose It
Best Overall
Nationwide stands out as our top choice for life insurance due to its extensive selection of product types and features, high customer satisfaction, and unlimited coverage options for many policies. The company also boasts an impressive rating from credit agency AM Best. Additionally, Nationwide’s three complimentary living benefit riders significantly enhance its appeal, contributing to its leading position among life insurance providers.
Best Life Insurance for Children
Nationwide is an excellent option for insuring children for several reasons. First, it allows you to purchase a whole life policy of any size for a child. Second, the child can assume ownership of the policy once they reach adulthood. Third, a child term rider attached to your policy can provide coverage until age 22 and later convert into a permanent life insurance policy for the child without requiring a medical exam.
Best Life Insurance for People Over 50
The qualities that make Nationwide our top overall pick also make it an ideal choice for individuals over 50. It excels in this category because it offers up to $1.5 million in coverage without a medical exam and provides instant approval decisions. Furthermore, there is no minimum age requirement for final expense policies, which can cover up to $50,000, making it highly accessible for older applicants.
Overview
Nationwide distinguishes itself from competitors in numerous ways. Among the 45 companies evaluated by Investopedia, it offers one of the broadest selections of products. Its array of riders is also extensive, matched only by Ameritas and Brighthouse Financial. Notably, Nationwide provides three complimentary living benefit riders that allow policyholders to access their death benefit while still alive if they are diagnosed with a chronic, critical, or terminal illness.
Customers tend to be highly satisfied with Nationwide, as evidenced by the relatively few complaints filed with state regulators. This satisfaction is further reflected in its ranking as the fourth-best company out of 22 in the 2024 J.D. Power U.S. Individual Life Insurance Study.
There are, however, a couple of drawbacks. Nationwide does not offer dividend payments on its whole life policies, which may lead those seeking this feature to consider mutual companies like Lafayette or MassMutual. Additionally, the company does not sell term life insurance to individuals over the age of 70.
Founded in 1925, Nationwide is headquartered in Columbus, Ohio.
Pros & Cons
Pros
- Offers an exceptional variety of product options.
- Boasts a top-tier financial strength rating (A+).
- Includes 3 living benefits in many policies at no extra cost.
- Provides standout features for child life insurance.
- Receives very few complaints from customers to state regulators.
Cons
- Does not offer dividend payments on whole life policies.
- Does not provide term life insurance to applicants over the age of 70.
- Lacks live chat support for customer service.
- Does not allow claims to be initiated online.
Policy Types & Riders
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- Universal life
- Indexed universal life
- Variable universal life
- No-medical-exam life (term)
- Final expense
Available Riders
- Term conversion rider
- Child term rider
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
- Long-term care rider
- Chronic illness rider
- Critical illness rider
This comprehensive selection of policy types and riders allows policyholders to customize their coverage to meet a wide range of needs, from basic term life insurance to more specialized options like indexed universal life and critical illness protection.
Why We Chose It
Banner emerged as our top choice for term life insurance due to its low premiums and terms that can extend up to 40 years, a feature many competitors do not offer. The minimum death benefit is set at $100,000, with no maximum limit, making these policies suitable for individuals with diverse coverage requirements. Additionally, Banner’s term policies can be renewed annually and converted into permanent life insurance without the need for an additional health exam. The application process is straightforward, offering online quotes and applications for convenience.
Overview
Many individuals opt for term life insurance due to its affordability compared to permanent life insurance, and Banner by Legal & General stands out for its highly competitive premiums. Among the 45 life insurance providers we reviewed, Banner’s rates are among the most attractive. It is one of only two companies, alongside Protective Life, that offers 40-year term policies, potentially covering your entire working life—most companies cap term coverage at 30 years.
Banner also shares similarities with Nationwide, boasting a low rate of consumer complaints and an excellent financial stability rating from AM Best. However, its product offerings are limited. Besides term life insurance, the only other option available is universal life, which may not be a concern if you’re focused on term coverage. Additionally, the company offers few riders to tailor your policy.
Headquartered in Frederick, Maryland, Banner is a subsidiary of Legal & General, a company with a long history dating back to 1836.
Pros & Cons
Pros
- Offers competitive premiums for term life insurance.
- Provides lengthy terms of up to 40 years.
- No-medical-exam policies come without coverage limits.
Cons
- Offers fewer permanent policy options compared to competitors.
- Limited selection of riders.
- Lacks live chat support for customer service.
Policy Types & Riders
Available Policy Types
- Term life
- Universal life
- No-medical-exam life
Available Riders
- Term conversion rider
- Child term rider
- Waiver of premium rider
- Terminal illness rider
These policy types and riders offer flexibility, allowing policyholders to choose between traditional term and universal life options, as well as no-medical-exam policies. The available riders provide additional benefits, such as the ability to convert term policies, cover children, waive premiums in certain situations, and access benefits early in the event of a terminal illness.
Why We Chose It
Lafayette Life emerged as the top choice for whole life insurance due to its extensive selection of whole life policies and riders, many of which are offered at no additional cost. The company also stands out for its high coverage limits, allowing you to purchase a policy of any size, as long as you meet the qualification criteria based on your income.
Pros & Cons
Pros
- Provides seven whole life insurance options.
- No limits on whole life coverage amounts.
- Offers dividend payments on whole life policies.
- Includes three free living benefit riders with policies.
Cons
- Some top competitors offer more attractive dividend rates.
- Does not provide universal or variable life insurance options.
Overview
Lafayette Life provides seven distinct whole life insurance policies, catering to a wide range of needs. One of its key advantages is the absence of a cap on the death benefit amount, along with a variety of free riders that allow policyholders to access their coverage during their lifetime in case of a serious illness.
However, Lafayette Life’s dividend rate is lower compared to competitors like MassMutual and Guardian Life. Additionally, the application process requires a phone call or an in-person meeting with an agent, as there is no online application option available.
Established in 1905, Lafayette Life is based in Cincinnati, Ohio.
Policy Types & Riders
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- No-medical-exam life (whole life)
- Final expense
Available Riders
- Term conversion rider
- Child term rider
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
- Chronic illness rider
- Critical illness rider
This range of policy types and riders offers flexibility, allowing customers to choose from various life insurance options, including term and whole life coverage, as well as specialized policies for children and final expenses. The available riders provide additional protections, such as the ability to convert term policies, cover children, ensure future insurability, and access benefits for critical, chronic, or terminal illnesses.
4. SBLI
Why We Chose It
SBLI stands out for offering some of the lowest premiums on term life insurance, along with a solid history of customer satisfaction over the past three years. Additionally, it allows policyholders to convert their term policies to permanent insurance without requiring a medical exam, and this valuable option comes at no additional cost.
Pros & Cons
Pros
- Affordable premiums for term insurance.
- Offers useful online features and tools.
- Receives few customer complaints.
Cons
- Does not provide universal or variable universal life insurance options.
- Whole life dividend rate is relatively low.
Overview
When it comes to affordable term life insurance, SBLI is a top contender. Among the 45 companies evaluated by Investopedia, SBLI offered some of the lowest premiums. Its user-friendly website allows you to obtain a personalized quote, apply for a term policy, and even chat with a live representative—all online. Customers appear satisfied with SBLI, as the company receives relatively few complaints from state regulators given its size.
While SBLI excels in providing cost-effective term insurance, it falls short in the realm of permanent life insurance. It does not offer universal or variable universal life policies, and its whole life insurance dividend rate is on the lower side. Additionally, Investopedia noted that SBLI’s selection of riders is somewhat limited.
Founded in 1907, SBLI is headquartered in Woburn, Massachusetts.
Policy Types & Riders
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- No-medical exam life (for both term and whole life)
- Final expense
Available Riders
- Term conversion rider
- Child term rider
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
SBLI offers a variety of policy options, including term and whole life coverage, as well as specialized policies for children and final expenses, with no-medical exam options available for both term and whole life plans. Additionally, several riders are available to enhance coverage, such as term conversion, guaranteed insurability, and benefits for terminal illnesses or accidental death.
5. Penn Mutual
Why We Chose It
For those seeking a large life insurance policy without the need for a medical exam during the application process, Penn Mutual is the top choice. The company offers no-medical-exam policies with coverage amounts of up to $10 million, which is the highest limit we discovered in our research.
Overview
Penn Mutual stands out for its generous no-medical-exam coverage limit, which reaches up to $10 million—the highest in the industry. This cap is twice as high as the next-best limits offered by competitors like Nationwide or Symetra ($5 million) and significantly surpasses those of other providers, some of which cap their coverage at just $25,000.
For whole life policyholders, Penn Mutual offers attractive dividends, with a dividend interest rate of 5.75%, one of the highest among the companies researched by Investopedia. While dividends are never guaranteed, Penn Mutual has a remarkable track record of paying them continuously for 175 years. In 2024 alone, the company distributed a record-breaking $200 million in dividends to its policyholders.
Pros & Cons
Pros
- Offers substantial policies without requiring a medical exam.
- Provides a high dividend rate for whole life policies.
- Boasts an excellent customer complaint record.
Cons
- Does not offer final expense insurance.
- Lacks an online application or quote system.
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- Universal life
- Indexed universal life
- Variable universal life
- No-medical-exam life
Available Riders
- Spouse rider
- Guaranteed insurability rider
- Accidental death benefit rider
- Terminal illness rider
- Chronic illness rider
- Children’s term rider
- Waiver of premium rider
Penn Mutual offers a wide range of policy options, including various types of term and permanent life insurance, as well as no-medical-exam coverage. Additionally, policyholders can customize their plans with several riders, such as those for spousal coverage, guaranteed insurability, accidental death benefits, and protection for terminal or chronic illnesses.
6. Thrivent
Thrivent, founded in 1902 and headquartered in Minneapolis, boasts the highest possible financial strength rating of A++, ensuring its long-term ability to honor claims. The company offers a broad selection of life insurance products, including term, whole life, and universal policies. Thrivent is known for its high customer satisfaction, with policyholders often reporting few issues after purchasing coverage.
However, the application process is less convenient compared to other providers, as it cannot be completed online. Instead, applicants must contact an agent by phone or in person. Additionally, Thrivent requires applicants to identify as Christian or affirm their alignment with Christian values to qualify for coverage.
One drawback is Thrivent’s limited selection of riders, particularly the absence of a child term rider, which we find less impressive compared to competitors.
Pros & Cons
Pros
- Holds the highest possible financial strength rating.
- Received the best complaint score among all insurers reviewed by Investopedia.
- Provides a broad range of policy types.
Cons
- Limited to applicants who identify as Christian or declare Christian values.
- Does not offer online applications, requiring in-person or phone contact.
- Offers a limited selection of riders.
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- Universal life
- Variable universal life
- No-medical-exam life (term)
Available Riders
- Term conversion rider
- Guaranteed insurability rider
- Waiver of premium rider
- Terminal illness rider
Thrivent offers a variety of life insurance policies, including term, whole, and universal life options, as well as no-medical-exam term coverage. Policyholders can also enhance their plans with several riders, such as term conversion, guaranteed insurability, waiver of premium, and terminal illness protection.
7. Pacific Life
Why We Chose It
Pacific Life stands out in the realm of universal life (UL) insurance, providing a wide range of policies covering all major UL types, including traditional, indexed, and variable universal life. The death benefits offered by Pacific Life start as low as $25,000 and have no significant upper limit. Additionally, the company provides a variety of riders to customize policies, including a child term rider specifically available for UL plans.
Overview
Pacific Life is one of the few insurers that offer universal life, indexed universal (IUL), and variable universal life insurance (VUL). While companies like Nationwide, Prudential, and John Hancock also provide these types of policies, Pacific Life stands out by offering a wider variety of options within each category. In certain markets, the company provides two UL, four IUL, and five VUL products.
However, these products can be complex, and Pacific Life does not allow online applications. Customers must connect with an agent either by phone or in person to apply. Additionally, the company does not offer whole life insurance.
Headquartered in Newport Beach, California, Pacific Life was established in 1868.
Pros & Cons
Pros
- Provides all major types of universal life insurance.
- Death benefits have no upper limits.
- Receives few customer complaints relative to its size.
Cons
- Does not offer online quotes or applications.
- Does not provide whole life insurance options.
Available Policy Types
- Term life
- Universal life
- Indexed universal life
- Variable universal life
- No-medical exam life
Available Riders
- Term conversion rider
- Child term rider
- Waiver of premium rider
- Disability income rider
- Terminal illness rider
- Long-term care rider
- Chronic illness rider
Pacific Life offers a range of policy options, including term and various types of universal life insurance, as well as no-medical exam life coverage. Policyholders can enhance their plans with several riders, such as term conversion, child term, waiver of premium, and protection for disability, terminal illness, long-term care, and chronic conditions.
8. Symetra
Why We Chose It
Symetra offers the second-highest coverage limit of $5 million for no-medical-exam life insurance policies that Investopedia found during its research. Additionally, applicants can receive approval in just a few minutes, making the process quick and convenient.
Pros & Cons
Pros
- No-medical-exam policies offer high coverage limits.
- Features a fast approval process.
- Receives few customer complaints considering its size.
Cons
- Offers a limited variety of policy types.
- Provides a small selection of riders.
Overview
Symetra is an excellent option for no-medical-exam insurance, alongside Penn Mutual. While its coverage limit of $5 million is half that of Penn Mutual’s, it remains sufficient for many individuals. Eligibility still depends on factors such as age, income, and medical history. However, the application process is convenient, as it can be completed online, with Symetra often making coverage decisions within minutes.
Outside of its no-medical-exam term life insurance, Symetra’s product offerings are somewhat limited. It does not provide whole life, final expense, or universal life insurance, though it does offer three indexed universal life policies and one variable universal policy. The company also has a modest selection of riders, which pales in comparison to larger providers like Nationwide.
Founded in 1957, Symetra is headquartered in Bellevue, Washington.
Available Policy Types
- Term life
- Indexed universal life
- Variable universal life
- No-medical exam life (term)
Available Riders
- Term conversion rider
- Child term rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
Symetra offers a selection of policy types, including term life, indexed universal life, variable universal life, and no-medical exam term life. Policyholders can also enhance their coverage with several riders, such as term conversion, child term, waiver of premium, accidental death benefit, and terminal illness protection.
Why We Chose It
Protective offers the most exceptional child term rider we discovered, allowing you to provide excellent protection for your children through your own life insurance policy.
Pros & Cons
Pros
- The child term rider provides long-term coverage that is transferable and convertible.
- Whole life policies start with a minimum coverage of just $1,000.
- Offers 40-year term life policies for extended coverage.
Cons
- Does not offer children’s whole life policies.
- All applications necessitate a medical exam.
- Whole life policies do not include dividend payments.
Overview
Protective’s child term rider stands out because it provides coverage for children until age 25 and can be transferred or converted into a permanent policy, such as whole life or universal life, once they reach adulthood. However, Protective does not offer standalone children’s whole life policies; child coverage is exclusively available through this rider.
For adults, Protective offers a strong selection of policies and riders, including term life policies with terms up to 40 years and whole life policies with death benefits starting at $1,000 and no maximum coverage limit, depending on qualification.
Founded in 1907, Protective Life is headquartered in Birmingham, Alabama.
Available Policy Types
- Term life
- Whole life
- Universal life
- Indexed universal life
- Variable universal life
Available Riders
- Term conversion rider
- Child term rider
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
- Chronic illness rider
Protective offers a diverse range of policy options, including term and various types of permanent life insurance such as whole, universal, indexed universal, and variable universal life. Policyholders can also customize their coverage with several riders, including term conversion, child term, guaranteed insurability, waiver of premium, and protection for accidental death, terminal illness, and chronic conditions.
10. MassMutual
Why We Chose It
MassMutual offers the highest whole life dividend rate among the companies researched by Investopedia. This results in faster growth of the cash value compared to whole life policies from competing insurers.
Pros & Cons
Pros
- Whole life policies offer generous dividend payouts.
- Individuals up to 90 years old are eligible to apply for whole life coverage.
- The company receives very few complaints, considering its size.
Cons
- Online quotes and policy applications are not available.
- Same-day decision-making is not offered.
- All policy applications necessitate a medical exam.
Overview
MassMutual ranked slightly below Lafayette on our list of the best whole life insurance providers, but the difference was minimal. MassMutual surpasses Lafayette in a couple of key areas: it offers the highest dividend rate among insurers on this list at 6.10% and provides whole life policies to individuals up to the age of 90—a feature matched only by Thrivent and Guardian Life.
However, there are some drawbacks. Purchasing a MassMutual policy requires contacting an agent and undergoing a medical exam, and the company does not offer same-day decisions.
Founded in 1851, MassMutual has been headquartered in Springfield, Massachusetts, for over 170 years.
Available Policy Types
- Term life
- Whole life
- Children’s whole life
- Universal life
- Variable universal life
Available Riders
- Term conversion rider
- Spouse rider
- Guaranteed insurability rider
- Waiver of premium rider
- Disability income rider
- Terminal illness rider
- Chronic illness rider
MassMutual offers a comprehensive selection of policy types, including term, whole, children’s whole, universal, and variable universal life insurance. Policyholders can also enhance their coverage with various riders, such as term conversion, spouse coverage, guaranteed insurability, waiver of premium, disability income, and protection for terminal or chronic illnesses.
Why Trust Us
Our Insurance Tips product reviews are based on thorough, impartial research and analysis conducted by our team of researchers and editors. To compile this list of the best life insurance companies, we gathered data on numerous criteria from 45 different companies. These criteria allowed us to assess each company’s costs, coverage options, financial stability, and additional features objectively. Our goal is to provide you with reliable insights to help you select the life insurance provider that best meets your needs.
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