Insurance Life Insurance

Best Life Insurance Companies [2025]

Buying the right life insurance policy can offer peace of mind that your loved ones are well-protected.

Updated June 30, 2025
Fact checked

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.

How we evaluate products

Best life insurance companies

Best for … Industry ratings
Mass Mutual Traditional company for customer service
  • AM Best: A++
  • J.D. Power: 673/1,000
Lantern Low-cost coverage
  • AM Best: A+ (issuing partner rating)
  • J.D. Power: N/A
State Farm Riders
  • AM Best: A++
  • J.D. Power: 699/1,000
Northwestern Mutual Potential dividends
  • AM Best: A++
  • J.D. Power: 670/1,000
New York Life In-person service
  • AM Best: A++
  • J.D. Power: N/A
Ethos Online option for seniors
  • AM Best: A+ (issuing partner rating)
  • J.D. Power: N/A
Ladder High coverage limits
  • AM Best: N/A
  • J.D. Power: N/A
Nationwide Educational resources
  • AM Best: A+
  • J.D. Power: 666/1,000
Fabric by Gerber Life Families
  • AM Best: A+
  • J.D. Power: N/A

1. MassMutual

Best traditional company for customer service

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.

Pros
  • Offers a wide range of policies including term, universal life, and whole life
  • Strong financial rating (A++) from AM Best
  • High customer service ratings 
Cons
  • Many policies require a medical exam
  • You have to go through an agent to complete a quote

2. Lantern

Best for low-cost coverage

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.

Pros
  • Quick quote and approval process
  • Quick quote and approval process
  • Easy online application 
Cons
  • Only available to those under 60
  • No insurance riders available

3. State Farm

Best for riders

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.

Pros
  • First place customer service ranking according to J.D. Power 2024 survey
  • Offers dividends to eligible policyholders
  • Financially strong 
Cons
  • Limited no-medical exam policies
  • Not available in Massachusetts or Rhode Island

  • You may have to go through an agent to complete the process or get a quote

4. Northwestern Mutual

Best for potential dividends

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.

Pros
  • High customer satisfaction rankings
  • Pays dividends to eligible policyholders
Cons
  • Have to purchase through an agent

5. New York Life

Best for in-person service

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.

Pros
  • More than 12,000 agents across the country
  • Multiple policy options, including term, whole, universal (including variable universal life insurance) 
  • Term policies may be converted to permanent insurance within a specific time frame 
Cons
  • Quotes aren't available online — you have to go through an agent
  • Can be hard to research specific policy information online

6. Ethos 

Best online option for seniors

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

Pros
  • Guaranteed renewable and guaranteed level premiums
  • Up to $2 million in coverage available without a medical exam
  • Term and whole life insurance policies available, depending on age (whole life is offered to people 66-85) 
Cons
  • Limited rider options
  • Whole policy coverage only goes up to $30,000

Visit Ethos | Learn more in our Ethos review

7. Ladder

Best online company for high coverage limits

If you're looking for flexible life insurance coverage, Ladder2 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.

Pros
  • Coverage limits up to $8 million
  • Easy online application
  • No medical exam required for coverage up to $3 million (just answer some health questions) 
Cons
  • Only offers term life policies

  • Available to people aged 20 to 60

  • No riders available to add to your policy

8. Nationwide

Best for education

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.

Pros
  • High customer service ratings and strong financial rating
  • Lots of educational insurance information on their website
  • Multiple policy types and riders available 
Cons
  • Can only apply for term insurance online

9. Fabric by Gerber Life

Best for families

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.

Pros
  • No-exam policies available
  • Offers term life and accidental death insurance
  • A single place to purchase life insurance and keep track of wills and estate plans using an easy interface 
Cons
  • Not available in every state
  • Can't have multiple users on the same account, so your spouse will have to create their own application/account

  • Products are geared toward young families, so may not be best for seniors looking for supplemental insurance policies

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.

Warning
If you're going to pay premiums on your coverage each month for years, it's important that your life insurance is worth the cost and is something you can afford.

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

What is the best life insurance policy?

The best life insurance policy for you may not be the same one that's best for someone else. You first need to look at your own needs and personal factors before you can choose the type of policy, term length, and coverage limit that suits your needs. Only then can you decide on your best life insurance company and policy.

Which is better, whole or term life insurance?

When it comes to term and whole life insurance policies, each coverage option serves its own purpose. If you need more affordable coverage for a specific period of time, term life insurance is best. If you are looking for a policy that grows a cash value and stays with you for your entire life, whole coverage is the best choice. However, whole life policies are typically much more expensive and may be cost-prohibitive for many.  If you have questions about which life insurance products are right for you, consider reaching out to a financial advisor for assistance.

At what age should you buy life insurance?

There is no specific age when you should buy life insurance. Instead, you should purchase coverage when you need it for the financial security of your loved ones, whether that's age 25 or 45. As soon as you get married, become a homeowner, or have children, life insurance should be on your radar. Just keep in mind that the longer you wait to buy, the more expensive your premiums are likely to be.

That said, if you're buying a policy when you're older, you could purchase a smaller policy that just covers funeral expenses. Just be sure to get multiple quotes and work with a company with a good reputation. 

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.

Ethos - Life Insurance Benefits

  • No medical exams
  • Same-day coverage
  • Affordable policies
  • Honest advice. No up-selling.