Purchasing a life insurance policy may give your loved ones financial security, but making the appropriate decision can be challenging. There are several varieties of life insurance coverage.
Some have a predetermined length of time, such as term life insurance. Others, such as perpetual life insurance plans, might give lifelong protection and extra savings or investing features.
A terrific method to safeguard your family or leave a lasting legacy is with life insurance. While your estate is being settled, it may be used to pay for funeral fees, hospital bills, or long-term expenditures like mortgage payments. But there are other ways to go about purchasing life insurance.
Here is a list of the best life insurance companies in USA for 2022 to get you started. We’ve also collected information about the many kinds of plans, the methodology used to generate life insurance quotes and the steps involved in buying a policy after you’ve found the one you want.
Key Takeaways
- List of the 10 best life insurance companies in the USA
List Of The 10 Best Life Insurance Companies In USA
Your financial objectives, spending capacity, and the amount of cash value you want to accumulate in a policy will all affect the appropriate kind of life insurance for you.
1. Mutual Of Omaha
Based in Omaha, Nebraska, Mutual of Omaha is a mutual business founded in 1909. It also provides long-term care insurance, Medicare supplement insurance, and insurance for a person’s inability to work. Mortgages and annuities are among the financial services provided by Mutual of Omaha.
Price
The monthly premium was $61.28 for our archetype, a 35-year-old female nonsmoker with a 20-year $1 million term insurance in average health. The monthly premium for the same coverage for a 35-year-old male nonsmoker in average health was $74.18. These figures are provided for informational reasons only since various variables affect the cost of premiums.
Features
- For the Guaranteed Issue insurance, coverage ranges from $2,000 ($5,000 in Washington State) to $25,000.
- These insurance feature set premiums that are guaranteed at a certain amount.
- These insurance have a tax-deferred cash value that the policyholder may access at any point throughout their lifetime.
- Based on the cash value of the insurance, loans are offered.
- Ages 45 to 85 are the issue-age constraints under the Guaranteed Issue policy (50 to 75 in New York).
- Online quotes for the Guaranteed Issue insurance are available.
- Additional benefits for the Guaranteed Issue insurance include a graduated death benefit, no medical tests, and no health questionnaire.
Pros
- Many living benefits schemes
- Provides term, complete, and universal insurance.
- Some term life insurance policies issued up to age 80
- A variety of riders are available
- Guaranteed-issue securities
- Available premium term refund
Cons
- Online applications for term policies are not accessible.
- There are restrictions on whole-life policy coverage.
2. Lincoln Financial
Fort Wayne, Indiana’s Lincoln National Life Insurance Company was established in 1905. Lincoln’s son Robert Todd Lincoln granted the firm permission to use the name and Lincoln’s image, which is still included in the corporate logo.
The company is named after Abraham Lincoln. Today, Lincoln Financial Group provides people and businesses with insurance and financial planning options.
Price
Lincoln Financial’s premiums are typical compared to the top life insurance companies we rated. For instance, a 35-year-old non-monthly smoker’s premium for a 20-year, $1 million term coverage is $66.90. The monthly premium for a comparable AIG coverage would be $54.56. MassMutual, though, would want $92.55.
Features
- Offered for lengths of 10, 15, 20, or 30 years
- Guaranteed flat monthly rates; however, when the period expires, premiums rise yearly until age 95.
- For the TermAccel Level, available with coverage levels from $100,000 to $1 million.
- Term insurance with a minimum level of coverage of $250,000 from LifeElements.
- TermAccel insurance is offered to individuals between the ages of 18 and 60.
- All candidates between 18 and 80 are eligible for Basic LifeElements, a 10-year term.
- Both insurances have to be obtained via agents.
Pros
- Available are term and general policies.
- It’s not always necessary to get a physical.
- Term insurance plans may be changed into permanent ones.
Cons
- No entire life insurance
- Some restrictions prohibit online applications.
3. Transamerica
In 1904, a bank called Transamerica was established in San Francisco. In addition to a range of life insurance plans, Transamerica now offers retirement services, mutual funds, and annuities.
Companies and individuals may use services. Transamerica’s current corporate headquarters are in Cedar Rapids, Iowa, even though the business still maintains offices in its distinctive pyramidal building in San Francisco.
Price
The majority of insurance starts at $25,000 in coverage. Whole and indexed universal life insurance may accrue tax-deferred cash value that you may receive throughout your lifetime and the tax-free death payout. Premiums for the term and whole life insurance are assured, allowing you to plan your finances properly.
Features
- Provided for lifetime coverage intervals.
- Only accessible by way of an agent.
- Monthly premium levels are assured.
- These insurance plans provide a tax-free death benefit and a tax-deferred cash value that may be accessed throughout the insured’s lifetime.
- Your entire life insurance coverage might expire if you cease making premium payments. You may be able to change your existing insurance’s cash worth to a different policy if you can no longer pay its premiums.
Pros
- The term, whole, and indexed universal life insurance are available.
- Available in every country
- Some things increase in value over time
Cons
- Must use a representative to acquire
4. Prudential
According to assets, Prudential Financial is the second-biggest life insurance business in the United States, and according to net premiums, it is the largest.
As the Prudential Friendly Society, Prudential was established in 1875. Today, Prudential provides services and products to companies and people in more than 40 nations. The business’s main office is in Newark, New Jersey.
Price
Prudential’s universal life insurance policies are accessible to anybody up to the age of 85 and provide a variety of alternatives with lifelong insurance beginning at $25,000 per policy.
These are offered with adjustable premiums, allowing you to choose payments that meet your budget within specific parameters. These plans also give a tax-free death benefit, and many of them include a tax-deferred cash value that you may receive when you need it, such as in retirement.
Features
- Offered in periods of one, ten, fifteen, twenty, and thirty years, while not all policies are accessible with all terms.
- Monthly premiums are guaranteed, yet rates rise yearly when the period is finished.
- PruTerm One is offered coverage beginning at $50,000, while the other three plans start at $100,000.
- The living needs benefit, accidental death benefit, waiver of premium, and children’s protection are all riders that are available on all term insurance contracts to some extent or another.
- A coverage estimator, a price for the Term Essential insurance, customer support, and document processing are all available online. Online applications are also accepted for Prudential’s SimplyTerm policy.
Pros
- Both term and universal life insurance are available.
- Offers a variety of riders for added security
Cons
- Prudential insurance product bundles do not qualify for a discount.
- No life insurance policy pays profits to policyholders.
5. Haven Life
A relatively recent entry into the insurance industry is Haven Life, established in 2014 and had its corporate office in New York City.
Haven Life strives to provide inexpensive, simple-to-manage term life insurance coverage online without the typical difficulties of insurance purchasing. Policies from Haven Life, a digital insurance provider, are issued by MassMutual or one of its affiliates.
Price
These policies are more costly than the 20-year term insurance from rival Banner Life, which for a 35-year-old nonsmoker, typically costs $54.24 per month. With Haven Life, customers can purchase $3 million in coverage for up to 30 years with guaranteed stable rates.
Features
- Offered in 10, 15, 20, 25, and 30 years.
- Monthly premium levels are assured.
- With coverage options ranging from $100,000 to $3 million.
- Available to clients up to the age of 64.
- Accessible only online.
- Term insurance plans cannot be changed into full or permanent insurance.
- Benefits upon death are paid in one flat payment.
Pros
- Increased coverage limitations
- May not need a medical examination
- Advantages like a digital will and a fitness app are also included.
Cons
- No choices for permanent life insurance
- Age 64 and younger only
6. Protective
With reasonable internal policy prices for most ages and health risks offered by Protective Life’s universal life insurance plans, more of your premium may go toward cash value.
The organization has shown the exceptional performance of the underlying cash value bonds and mortgages, and its drawings for universal life insurance policies are often accurate.
Price
Protective offers the best value when it comes to cost. At least not according to our examination of quotations for term life insurance plans with 30-year terms and $250,000 death benefits for healthy people aged 25, 40, and 55.
Protective had the most affordable term life insurance, or it tied for the most affordable, in each age group. Additionally, the business claims that premiums consistently score in the top three for comparable products across issue ages and face amounts.
Features
- You may tailor your coverage using Protective’s range of plans and add-on options to meet your requirements better.
- Term life insurance protects the death benefit for one to forty years.
- Across all issue ages and face amounts, its premiums are often among the top three for similar product types.
- There are options to switch to permanent insurance without a medical exam, with coverage periods ranging from 10 to 40 years.
Pros
- Equal for least expensive term life insurance
- 40-year term life insurance is available.
- Several sorts of policies are offered.
- A $1 million no-exam life insurance policy
Cons
- No coverage for burial expenses
- Received a low customer satisfaction rating
7. Banner Life
Term and universal life are the two insurance policies Banner Life, owned by Legal & General America, provides. This could appeal to individuals who want to make life insurance purchasing as straightforward as possible. Still, it suggests Banner Life might not be the most incredible option for those looking for customized life insurance options.
Price
For a 20-year, $1 million standard term coverage, a 35-year-old female nonsmoker would pay $46.63, while a man would pay $61.85. Smokers pay much more for policies, with female 35-year-old clients spending $124.94 and male customers paying $161.49 per month.
Policy prices may rise by as much as $700 as you age. For seniors, age-related pricing ranges for 10-year term insurance ranges from $225.42 to $1,157.25. No cost or medical examination is required to convert term life insurance plans to permanent ones.
Features
- There are term lengths of 10 to 40 years available.
- Premium levels are assured.
- The minimum coverage amount is $100,000.
- The age range for candidates seeking coverage is 20 to 75.
- There are estimates accessible online.
- It may be changed to permanent coverage without paying a fee or having a physical test
- Except for people eligible for an expedited death benefit due to a terminal illness, death payments are paid in a lump amount.
- The provision of tax-free death benefits
Pros
- Inexpensive insurance rates
- Older Americans may get term life insurance up to age 75.
- Older Americans may purchase universal life up to age 85.
- No upper limit on coverage
Cons
- Universal life insurance has affordable coverage levels available.
- There are few riders and few customizing possibilities.
8. New York Life
Incorporated more than 175 years ago is New York Life. It has been paying dividends to policyholders for 166 years straight, operates as a mutual corporation today, and has its headquarters in New York City.
Although New York Life provides a large selection of life insurance policy choices and methods to tailor coverage, it is expensive. For more information regarding prospective coverage and prices depending on their unique circumstances, interested parties must contact an agent.
Price
New York Life’s plans are more expensive than other top life insurance companies in our review. For instance, a 35-year-old woman in Virginia would pay $142.67 a month for a 20-year term policy from New York Life that provided $1 million in coverage.
By comparison, the price would be $54.79 via State Farm or $81.33 through MassMutual. The standard plus risk class, which denotes average health, is the basis for these costs.
Features
- Available for the Yearly Convertible insurance in one-year increments.
- Available for the Level Premium Convertible Term 10-20 insurance in specific increments of 10 to 20 years.
- The Million Plus Level Term 10 insurance is available with coverage of $1 million or more for 10 years.
- Accessible from New York Life representatives
- Term life insurance plans may be changed to permanent ones for a charge.
- Death benefits may be given as a single, tax-free payment.
Pros
- Provides term, complete, and universal insurance.
- There are many riders available to tailor insurance.
- Some investments provide dividends and financial value.
Cons
- Insurance is pricey.
- Online explanations of coverage and requirements are incomplete.
9. MassMutual
The headquarters of MassMutual is in Springfield, Massachusetts, and it was founded in 1851. MassMutual provides retirement planning, investment management services, financial wellness advice on matters including estate planning and college savings, and a range of life insurance plans. Employer benefit programs like group life insurance and pensions may be managed by company owners using MassMutual.
Price
For policyholders who acquire this product at age 65 and older, a time in life when one’s health quality may drop and mortality risk value rises, rates for a term life insurance with $500,000 coverage and a 10-year term may be rather costly.
Smokers often pay higher life insurance premiums regardless of age since smoking raises their mortality risk. A 35-year-old male smoker would pay $193.63 for a 20-year term insurance with $1 million in coverage, whereas a nonsmoker would pay $103.76 for the same policy.
Features
- The term insurance policy gives an annual renewable term option, available in 10-, 15-, 20-, 25-, and 30-year durations.
- Premium levels are guaranteed for policies.
- Starting coverage levels are $100,000. Although the yearly renewable term insurance policy has a $10 million maximum and the MassMutual Direct Term policy has a $3 million maximum, the underwriters set the insurance limit.
- You must be at least 18 years old to apply. Age 75 is the maximum age for which a term of ten years or one year with a yearly renewal is eligible. The maximum age typically decreases by five years for every five years added to the period.
- A MassMutual Direct Term coverage may be applied online, in contrast to a term insurance policy, which can only be obtained via an agent.
Pros
- Consists of 15 primary products divided into term, whole, and universal life insurance.
- Dividends to specific policies’ policyholders
- Some universal and whole life insurance plans provide financial value.
Cons
- Lacks robust internet tools and services offered
- Rates often exceed those of comparable businesses in our rating.
- Many insurances need a physical.
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10. Nationwide
One of the world’s most significant financial services firms, Nationwide, was established in 1925. It provides a broad range of services, including insurance for life, autos, homes, renters, and pets. The business’s main office is in Columbus, Ohio.
Features
- Permanent insurance may be converted from term plans without charge or a medical examination.
- A lump amount, interest income (proceeds go into a fixed annuity contract that produces interest you may take from or delay), or an annuity can be used to provide death benefits.
- Accelerated death benefits, kids’ term insurance, and premium waiver are available to riders.
- A coverage estimator, price estimate, customer support, and document processing are available online.
- Financial advantages include a tax-free death benefit, guaranteed premiums, and a death payment.
Price
We got quotations for $250,000 30-year term plans for 25, 40, and 55-year-old men and women in good health. Nationwide’s term insurance prices were average compared to all the businesses we gathered data on. Males over 50 are not eligible for 30-year term plans from the firm.
Pros
- Offers a lifetime examination-free policy.
- No yearly premiums
Cons
- Less than all eligible
- No riders available
Conclusion
It would be challenging to choose incorrectly with any of the firms on our list while looking for life insurance. Start with Nationwide if you’re unsure of the kind of insurance you want.
It simplifies the process with online estimates and applications, various policy options, and up to $5 million in no-medical-exam coverage for qualified applicants.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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