Best Life Insurance Companies [2025]

Life insurance is an important financial product that can cover your final expenses, protect your loved ones, and provide a safety net for their future. But what are the best life insurance companies, and how do you decide which policy is right for you?

We've pulled together this list of top life insurance companies to help you quickly and easily find the best coverage options to suit your needs.

Best life insurance companies

1. MassMutual

MassMutual was established in 1851 and offers a range of policy types, including term and whole life insurance. They are the underwriter of the previously mentioned Haven and offer more traditional policy options and a variety of riders, including guaranteed insurability and accelerated death benefit riders. Riders are add-ons to life insurance policies that add benefits. It also offers long-term care and life insurance combined coverage.

They have an A++ (Superior) rating from AM Best and above-average customer satisfaction ratings from J.D. Power 2024 U.S. Individual Life Insurance Study, ranking third out of 21 life insurance companies with a score of 673 out of 1,000, compared to the study average of 648.

2. Lantern

Lantern allows consumers to apply for a coverage amount of up to $1.5 million in term life insurance coverage without a medical exam. The application process takes minutes, and premiums can be as low as $11. Lantern partners with the North American Company for Life and Health Insurance® to issue its policies. North American has an A+ rating from A.M. Best and has been a reliable insurance provider for over 130 years. The fact that Lantern offers a simple application process and the option to get coverage without a medical exam sets this insurer apart from its competitors.

3. State Farm

State Farm received a score of 699 out of 1000 in the J.D. Power 2024 U.S. Individual Life Insurance Study, earning it first place among its competitors. They also have an A++ rating from AM Best, meaning they are financially strong and able to pay out claims.

In addition to term, whole, and universal life policies offered and some of the standard rider options to help you customize your policy, State Farm also offers Return of Premium Term Life Insurance policies.

With this policy, if you outlive the policy term and don't renew your policy, you can reclaim your entire premium amount after the term expires. Not everyone is eligible, and it may not be available in your state, but it could be a good add-on for those who qualify.

4. Northwestern Mutual

Northwestern Mutual's life insurance market share in the U.S. is 6.76%, which makes it the largest life insurance provider in the country, according to the National Association of Insurance Commissioners. It has an A++ rating from AM Best and came in fourth in J.D. Power's 2024 customer satisfaction survey, scoring 670 out of 1000.

Like many other life insurance companies, Northwestern Mutual offers term, whole, and universal life insurance policies and disability insurance. Northwestern Mutual offers some policyholders dividend payments and expects to pay out $8.2 billion in 2025, its largest dividend ever. It also sells other financial products such as annuities to help you plan for your retirement needs.

5. New York Life

Founded in 1845, New York Life is one of the oldest insurance companies in the U.S. and currently has an A++ Superior rating with AM Best. New York Life offers term policy options to help customers find a policy to fit their financial goals. Some term life policies can be converted into whole life within a specified time, although your premium price will likely go up if you alter your policy.

Customers may be able to customize their insurance policies by adding a disability waiver of premium rider to their policy, which lets you stop paying your premium without losing the policy while experiencing a qualified disability. A spouse's paid-up insurance purchase option rider is also available. It allows your spouse to obtain their own life insurance without a medical exam after your death using the proceeds from your insurance policy.

6. Ethos 

Ethos allows consumers to enter some basic information online and receive quick quotes for up to $1.5 million in term life insurance coverage. Ethos term life policies are issued by Banner Life Insurance Company, a Legal & General America company, which has an A+ AM Best rating and have been in business for more than half a century. Ethos policies come with an accelerated death benefit and a 30-day money-back guarantee. During that period, you can opt to cancel your policy and get a refund.¹ <p>Based on a 40 year old, non-smoking female, 20 year term.</p>

Visit Ethos | Learn more in our Ethos review

7. Ladder

If you're looking for flexible life insurance coverage, Ladder² <p class="">Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see <a href="https://www.ladderlife.com/" target="_blank" rel="noopener noreferrer">ladderlife.com</a>.&nbsp; All insurance products are governed by the terms set forth in the applicable insurance policy.&nbsp; Each insurer has financial responsibility for its own products. 230905-3097405<br></p> may fit your needs nicely. Consumers can apply for up to $8 million in term life coverage through Ladder, and the company uses salaried customer service representatives instead of commissioned salespeople. That probably contributes to its 4.8 star rating on Trustpilot. What makes Ladder unique is that it offers policyholders the opportunity to decrease or apply to increase coverage over time based on their financial situation and needs.

8. Nationwide

You may be most familiar with Nationwide auto insurance, but they also offer life insurance policies and have multiple options to choose from, including term, whole, and universal life. They have an A+ credit rating from AM Best.

Nationwide offers optional riders for long-term care, chronic illness, or even a children's term rider, which pays a benefit upon the death of a child until they reach the age of 22 or get married, whichever comes first.

9. Fabric by Gerber Life

Fabric by Gerber Life offers term life insurance and accidental death policies from an A+ AM Best-rated insurance provider. Fabric by Gerber Life's policies are issued by Western-Southern Life Assurance Company, a Western & Southern company with a heritage dating back to 1888. Unlike other insurers, in addition to its insurance policies, Fabric by Gerber Life also offers an app to help you manage your finances and a free service for creating a last will and testament.

Learn more in our Fabric by Gerber Life review. 

How to choose the best life insurance coverage

No two circumstances are identical, so the type of life insurance coverage that's right for you — and the best life insurance companies to buy that coverage from — might not be the same for your brother, best friend, or neighbor. Before deciding on a new policy, there are a few important things to consider first.

What type of life insurance do I need?

Take a good look at your unique situation when determining the type of policy that best serves your life insurance needs. This includes:

• Your loved ones' needs: What is required to care for your dependents, including your spouse, children, aging parents, siblings with long-term needs, etc.? Also, consider how long you expect your life insurance beneficiaries to need financial protection and support.
• Any existing assets: Do you already have significant retirement savings built up? If so, you may decide that you only need life insurance for a few years to cover the remainder of your earning years.
• Life insurance cost: How much does life insurance coverage cost? Keep in mind that permanent life insurance policies will likely come with higher premiums than term life insurance policies.
  

Your current health also plays a role in what different types of life insurance you have access to and the cost of life insurance premiums. Insurance companies look at your health when they calculate how much risk they're taking when they issue you a policy. If you have or have had certain health conditions, you may need to apply for a simplified or guaranteed issue policy, which doesn't have the same health eligibility requirements.

Simplified issue policies typically require you to answer a few health questions, and if you qualify, you may be issued a policy without a medical exam. Guaranteed-issue policies offer you coverage regardless of any health issues, but the policies typically have a reduced benefit for the first two years of the policy. Both of these types of policies are sometimes referred to as no-medical-exam life insurance. These policies also usually have a lower amount of coverage, and the insurance premiums can be relatively high.

The type of life insurance you choose also depends on your personal finance goals, income, lifestyle, and hobbies. If you engage in risky hobbies such as sky-diving, insurance companies may not issue you a policy, or they may charge you more for the coverage.

Types of life insurance

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

You might find yourself debating term versus whole life insurance. Whole and universal life are types of permanent life insurance, meaning they don't expire as long as you pay your premiums. They also have a cash value component.

In general, both types of life insurance work the same way — they pay a benefit to your loved ones after you die. The inner workings of the policies are different, however. 

Whole life insurance has the same premium for the life of the policy, and it builds up cash value on a tax-deferred basis. Universal life insurance policies can also build up cash value, and it has flexible premiums. 

Variable universal life policies invest a portion of the premiums you pay. This means you could lose money depending on how the investments perform. Indexed universal life policies have a cash value component tied to an index like the S&P 500. 

With term insurance, your policy expires at the end of a set number of years (ex. 30-year level term), but you'll typically see lower premium payments. For many people, term life insurance policies provide exactly what you need: affordable monthly payments in return for a death benefit payout. 

If you decide to go the term life insurance route, you'll need to review your policy options and decide how long you want coverage for and which life insurance riders — if any — are important to you. For example, you may want a rider that provides you with a living benefit, such as being able to receive a portion of funds if you need long-term care.

Many of the best life insurance companies offer a range of term lengths, coverage limits, and optional riders for added protection.

How much life insurance do I need?

Next, you'll want to determine exactly how much life insurance coverage you need. Calculating this amount involves looking at the following factors:

• Your income: One quick way is to simply multiply your current earnings by the number of years you'd want to replace that income for your family (10 or 15 is common). Be sure to also consider sources of hidden income, such as health insurance benefits provided by your workplace.
• Your debt burden: Whether you have a mortgage, student loans, credit card debt, or owe on personal loans, be sure to account for this in your life insurance calculations.
• Future expenses: Consider any significant future financial obligations when calculating your life insurance coverage. These could include college tuition for your children, charitable donations, money for your kids' weddings, or a down payment on their first home. It should also cover funeral costs. 

It's important to note that different life insurance carriers will offer different levels of coverage. For instance, some insurers offer policies up to $300,000 while others can provide you with millions in coverage.

To find the perfect coverage at the perfect price, you should spend some time shopping around. Many of the life insurance providers listed above offer a simple process for obtaining quotes, which makes it easy to compare life insurance plans quickly. And in many cases, it may only take a few minutes to get a quote and apply for coverage. The process is likely simpler than you think.

If you're uncertain, a life insurance agent, broker, or financial planner could also help you determine how much and which types of insurance would be best for you. 

FAQs

Bottom line

Once you've decided what you need, finding the best life insurance rates involves shopping around a bit. Compare life insurance quotes from various companies — you can do this online easily and quickly — so you can decide on the best policy. You could start by getting online quotes for term coverage from the life insurance companies that have made our list.

If you feel as though whole life or universal life insurance coverage would suit your needs better, you can choose to compare life insurance options from traditional insurers like Northwestern Mutual, State Farm, New York Life, Mutual of Omaha, Nationwide, or Prudential. Just keep in mind that permanent coverage tends to come with higher monthly premiums, and many policies require a medical exam as part of the underwriting process.

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Kate Daugherty

Kate Daugherty is a writer for FinanceBuzz with a passion for providing others the head start they deserve on their financial journeys. Largely self-taught, Kate relied on books, blogs, and trial-and-error to learn how to budget and save for the future, all while working to pay back about $15,000 in student loans.

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Stephanie Colestock

Stephanie Colestock is a credit card expert, travel rewards aficionado, and writer for FinanceBuzz who enjoys teaching people how to be financially independent and confident about their money choices. If it has to do with credit, credit cards, or traveling the world on points, you'll find Stephanie writing about it. She also enjoys teaching people how to reach financial independence, regardless of obstacles in their path (such as the crippling student loan debt she once held). Stephanie graduated from Baylor University, and is currently working toward her CFP certification. Her work can be seen on sites such as Forbes, Dough Roller, and Johnny Jet, among many others.