The Best Life Insurance Companies (July 2024)

Why We Picked Mutual of Omaha

We picked Mutual of Omaha for its no-exam options, plus its strong financial strength and customer service ratings from independent companies. Customers aged 45 to 85 years old can purchase no-exam whole life insurance policies with coverage amounts from $2,000 to $25,000. Based on our February 2024 Pollfish survey of 1,000 life insurance policyholders nationwide, 48% of respondents purchased no-exam coverage. The company’s A+ financial strength rating with AM Best demonstrates the ability to pay a claim, and the company features term and permanent policies that offer accelerated death benefits. 

Mutual of Omaha pairs its comprehensive coverage with a strong customer experience, as suggested by its score of 805 out of 1,000 on J.D. Power’s 2023 U.S. Individual Life Insurance Study. The company also has a lower-than-average 0.63 NAIC complaint index. Any provider with an index below 1.00 has a complaint index lower than expected compared to its industry competitors. 

The table below shows a more detailed look at how Mutual of Omaha performed in our 2024 life insurance study. You’ll also find average scores for all providers in our study to help you compare.

Mutual of Omaha offers the following coverage options:

• Term life insurance
• Whole life insurance
• Universal life insurance

Cost

To get an idea of how much Mutual of Omaha policyholders might pay, we based the rates below on a 20-year term policy for a tobacco-free applicant in good health who qualifies for the preferred rate class. 

• 35-year-old man: $20
• 35-year-old woman: $18
• 45-year-old man: $40
• 45-year-old woman: $31

Why We Picked MassMutual

MassMutual offers a wide range of permanent life insurance options, including a guaranteed issue plan for applicants ages 50 to 75 who might have trouble securing standard life insurance because of underwriting concerns. The company offers flexibility to customers with universal life and variable universal policies, which round out its permanent insurance products. In our 2024 Pollfish survey, 15% of 1,000 policyholders said they purchased a universal life policy, making it the third-most popular option behind whole life and term life. Founded more than 170 years ago, MassMutual assures financial peace of mind to policyholders with an A++, the highest financial strength rating possible, from the credit rating agency AM Best.

MassMutual offers six different term life plans, has a robust selection of add-on options and rates well in customer service. The company secured the third-place ranking on J.D. Power’s 2023 customer satisfaction survey, scoring 809 out of 1,000 points. However, MassMutual requires consumers to get quotes for some plans over the phone.

You can see a more detailed breakdown of how we rated MassMutual in our 2024 life insurance study. We’ve also provided average scores from all the providers in our most recent study as a point of comparison.

MassMutual offers the following types of life insurance policies:

• Term life insurance
• Whole life insurance 
• Universal life insurance 
• Variable universal life insurance
• No-exam final expense life insurance

Cost

To give you an idea of what MassMutual policyholders might pay for term coverage, we based the rates below on a 20-year policy for a tobacco-free applicant who qualifies for the preferred health rate class. 

• 35-year-old man: $19
• 35-year-old woman: $17
• 45-year-old man: $37
• 45-year-old woman: $29

Why We Picked John Hancock

A household name in life insurance and financial services since its founding in 1862, John Hancock issued more than $4.8 billion in policies in 2023. For those who prefer convenience or might have pre-existing conditions, applicants up to age 60 are eligible for the company’s no-exam coverage. The company also extends benefits to applicants with diabetes. Its Aspire program offers up to 25% in savings on life insurance and other rewards to people living with Type 1 or Type 2 diabetes. 

John Hancock has an AM Best rating of A+, the credit rating agency’s second-highest possible score. The company scored points in our ratings by offering four term life insurance plans, three universal life insurance policy options and coverage as high as $65 million. However, John Hancock does not provide online quotes or a traditional whole life policy option. 

The table below provides a more detailed look at how John Hancock scored in our 2024 life insurance study. You’ll also find average scores from all providers in our study to see how John Hancock compares.

John Hancock offers the following types of life insurance policies:

• Term life insurance
• Universal life insurance 
• Indexed universal life insurance
• Variable universal life insurance

Cost

To determine how much John Hancock policyholders might pay for life insurance, we based the rates below on a 20-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. 

• 35-year-old man: $25
• 35-year-old woman: $22
• 45-year-old man: $45
• 45-year-old woman: $37

Why We Picked Guardian Life

Guardian Life ranked in our review for its financial strength, diverse policy offerings and optional riders that allow policyholders to customize coverage. However, you must work with an agent to apply for a policy, and the company’s website offers little specific information on coverage options. Those who prefer in-person contact and individualized coverage plans may find benefits to working with the company, which issued more than $4.8 million in premiums in 2023. Guardian Life ranks well in some third-party industry rating methodologies. The provider holds the highest possible A++ financial strength score from AM Best and a low 0.09 NAIC complaint index.

Some of Guardian’s coverage offerings include dividend-eligible whole life policies and no-exam life insurance with up to $3 million in coverage, a higher amount than some competitors we reviewed. The company’s unique SafeGuard360 product offers whole life insurance, long-term care and disability income insurance in one solution. Seniors may also consider Guardian Life as it is one of the few insurers we’ve reviewed that issues policies up to age 90. 

For a more detailed look at how Guardian Life fared in our most recent life insurance study, see the table below. We’ve also included average scores from all providers in our 2024 study to help you compare.

Guardian Life offers the following types of life insurance policies:

• Term life insurance
• Whole life insurance 
• Universal life insurance 
• Variable universal life insurance

Cost

To estimate rates for a Guardian Life term life policy, we based the rates below on 20-year term coverage for a healthy, tobacco-free applicant who qualifies for the preferred underwriting class. 

• 35-year-old man: $21
• 35-year-old woman: $19
• 45-year-old man: $45
• 45-year-old woman: $35

Why We Picked Nationwide

Founded in 1926, Nationwide has developed a reputation for strong customer service, bolstered by its second-place ranking on J.D. Power’s 2023 customer satisfaction survey. Nationwide carries both whole life and term life policies, allowing consumers up to 65 years old to apply online for term coverage. Nationwide offers two whole life plans, Whole Life 100 and 20-Pay Whole Life, but both require customers to work with an agent to apply.

Current Nationwide customers can receive discounts when they bundle life insurance policies with other company products such as auto or homeowners insurance. Additionally, the company reserves its no-exam plans for existing customers only. Nationwide policyholders can also customize their plans with 12 riders, including a long-term care rider to offer living benefits.

In the table below, you can see how Nationwide’s scores from our 2024 life insurance study break down in more detail. You’ll also find average scores from all 34 providers in our study for an easy comparison.

Nationwide offers the following types of life insurance policies:

• Term life insurance
• Whole life insurance 
• Universal life insurance 
• Variable universal life insurance
• No-exam final expense life insurance

Cost

To give you sample rates for Nationwide plans, we based the monthly costs below on a 20-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. 

• 35-year-old man: $21
• 35-year-old woman: $18
• 45-year-old man: $35
• 45-year-old woman: $32

Why We Picked Banner Life

Banner Life offers life insurance in 49 states (excluding New York) and Washington, D.C. under its parent company, Legal & General America. In New York, William Penn issues life insurance coverage under Legal & General instead of Banner Life. Banner Life stands out among competitors we reviewed for offering six options for its term life plan, including a 40-year term. The company also earned points in our review for offering the option on all of its term plans to convert to permanent coverage, and for having no-exam plans with up to $1 million in coverage.

The company has a very low complaint index score of 0.10 from the NAIC, indicating one-tenth the complaints expected of a company its size, and a strong financial strength rating of A+ from credit rating agency AM Best.

Get a more detailed look at how Banner Life performed in our 2024 life insurance study in the table below. You’ll also find average scores from all 34 providers in our most recent study to give you a point of comparison.

Banner Life offers the following types of life insurance policies:

• Term life insurance
• Universal life insurance 

Cost

After researching Banner Life’s rates, we estimated monthly premium costs based on a 20-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class. 

• 35-year-old man: $16
• 35-year-old woman: $14
• 45-year-old man: $30
• 45-year-old woman: $24

Why We Picked State Farm

State Farm has established a reputation for financial stability and customer satisfaction over more than a century of providing insurance. The company has earned the No. 1 ranking on J.D. Power’s annual customer satisfaction survey for four straight years, scoring 843 out of 1,000 points in 2023. Its financial stability is supported by the best possible A++ rating from AM Best, supporting its ability to pay death benefits. Based on our Pollfish survey of 1,000 policyholders nationwide, more respondents chose State Farm as their life insurance provider compared to 32 other companies, accounting for more than 13% of respondents. 

The company offers both term life policies renewable up to age 95 and guaranteed-issue final expense plans for applicants between ages 45 and 80 years old. In addition to its final expense plans, State Farm offers three other whole life policies and three universal life plans. Though customers can get term life quotes online, you must work with an agent to get quotes for permanent life insurance plans.

In the table below, you’ll find a more granular look at how State Farm peformed in our 2024 life insurance study. We’ve also included average scores from all providers in our most recent study to provide points of comparison.

State Farm offers the following types of life insurance policies:

• Term life insurance
• Whole life insurance 
• Universal life insurance 
• No-exam final expense life insurance

Cost

We were unable to obtain cost information for State Farm. You can contact the company for more details on pricing.