Best Life Insurance Companies According to the 2018 LIMRA Insurance Barometer, about 60% of Americans are covered by some form of life insurance. This leaves about 2 in 5 with no coverage at all. Are these people quickly and quickly playing with the money of their surviving heirs?
The short answer is: maybe.
How much life insurance you should get — and what kind of life insurance is most cost-effective for your family’s needs — depends on your age, income, family size, life stage, and long-term financial goals.
Whatever type of policy you choose, you will want to choose a life insurance company that is financially strong and dedicated to the welfare of its policyholders.
The best life insurance companies for policyholders in the United States
Hundreds of reputable companies serve today’s American consumers, supporting a market worth a trillion dollars (or more).
You can, and should, use an aggregator like Policygenius to quickly find providers and policies that fit your needs. But look for these companies in particular – they are among the best.
1. Best Life Insurance Companies Overall: State Farm
State Farm offers full and comprehensive life policies. It also offers some low-cost specialized products, such as terminal expense insurance, which is suitable for older policyholders who want to ensure their death does not place a financial burden on survivors.
Notable State Farm life insurance products include:
Return of insurance coverage, which is a 20 or 30-year policy that eventually reimburses all premiums paid by policyholders who have exceeded the initial term of the policy Instant Answer Insurance, a $50,000 policy that provides coverage for 10 years or up to age 50, whichever is longer, without traditional underwriting requirements (such as a medical exam)
Additional features:
Nearly 20,000 agents around the US Financial Strength Rating A++ (Excellent) from A.M. Better 5 out of 5 (among the best) overall customer satisfaction rating from J.D. Power
2. Best Life Insurance Companies: Haven Life
Haven Life is another technology-driven life insurance startup that specializes in affordable 10-30 year life insurance policies. The subscription process is quick, with a digital application that takes no more than 10 minutes to complete. It is transparent – the receipt screen shows the actual installments paid by real (anonymous) customers.
Applicants under the age of 59 may be eligible to apply for coverage of up to $1 million without a medical exam, depending on health history and lifestyle.
If you want more of Haven Life, add the optional Haven Life Plus rider and get free or discounted perks like:
Adaptiv, a fitness app with thousands of original exercises and a great digital music library Timeshifter, an app designed to combat jet lag – a lifesaver for frequent international travelers A customizable, legally binding will that you can create and keep (securely) online Life suite, a secure digital storage vault Discounted services at MinuteClinic locations within thousands of CVS and Target. stores
Haven Life Plus is available in most states. Check the fine print on the Haven website to confirm your eligibility.
READ MORE 5 Best Ways To Make Money From Home
3. Best Life Insurance Companies value-added: Walnut
Walnut is an unconventional insurance company that offers what it calls “life insurance as a premium membership.” Starting at $10 per month, this includes:
First-rate life insurance (meaning you know how much you will pay for coverage before you apply) No medical examination is required for coverage Headspace Plus, a library of guided meditation and self-therapy ClassPass Digital, a home exercise video library Dashlane Premium, a password manager that automatically fills in your passwords
When purchased separately, the bundle components cost over $25 a month, not including the cost of insurance.
For an additional monthly fee, get more value with a Digital Protection membership that includes:
Dahlan Premium 24/7 access to the cyber support helpline Up to $1 million in stolen money compensation if you are a victim of identity theft
4. Best Life Insurance Companies for quick approval: Tender
Bestow is another long-term, technology-driven solution that specializes in no-exam coverage. Its application process is much simpler than that of Ladder, approval comes in about 5 minutes. The underwriting is entirely algorithmic, which means you can be approved for a policy of up to $1.5 million without a medical exam.
Additional features:
Term up to 30 years 5-year increments Open to applicants up to 60 years of age Financial strength rating of A+ (Excellent) from A.M. Better/
READ MORE Does Money Make You Happy? Recent Research May Surprise You
5. Best Life Insurance Companies to cover no exam: ladder
The ladder is a technology-driven life insurance solution that eliminates traditional insurance trappings. Its distinguishing feature is an unusually high death benefit (up to $3 million) for no-test life insurance coverage – a life insurance policy that does not require a medical exam as a condition of approval.
Additional features:
Ultra-low premiums thanks to the low-load Ladder model Get provisional approval decision within minutes Online application to cover no exam Home Medical Examination for Insurance Policies Over $3 Million Option to reduce coverage over time as your need decreases
6. Best Life Insurance Companies for Permanent Life Insurance: Pacific Life
Pacific Life offers an above-average variety of permanent life insurance products:
Indexed Universal Life Insurance indexes the monetary value of a policy in relation to market instruments while providing guaranteed loss protection, increasing upside while limiting downside Comprehensive variable life insurance offers a broader (albeit riskier) range of cash value investment options Standard Universal Life Insurance offers flexible premiums to further control the growth of cash value
You can also start with a term policy and convert to a permanent policy later with the PL Promise Term product, which offers 10-30 year options with liquid-free underwriting (abbreviated medical exam) for older policyholders.
