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10 Best Life Insurance Companies for November 2024

By
David Rodeck
David Rodeck
Full Bio
David is a financial content writer in New York City. He specializes in covering insurance, investing, and retirement planning. Before writing full-time, he worked as a financial advisor and passed both the CFP and Series 6 exams.
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Updated November 06, 2024
Reviewed by Eric Estevez
Fact checked by
Myles Ma
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Fact checked by Myles Ma
Full Bio
Myles Ma is a Senior Insurance Editor at Investopedia. He has nearly a decade of experience writing and editing insurance content at Policygenius, a leading insurance marketplace. His expertise has been featured in The Washington Post, CNBC, and PBS. 
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According to our in-depth research of 45 providers, Nationwide is the best life insurance company. Other top contenders are Banner by Legal & General for term life, and Lafayette for whole life.

Life insurance provides money to your loved ones when you die, allowing them to cover your final expenses, replace your income, and pay off your debts. To choose the best providers, we researched 70 criteria, including price, policy types, financial stability, customer satisfaction, and the application process.

Dedicated to helping you find the right life insurance provider for your needs, Investopedia conducts data-driven reviews that are written by life insurance experts who follow strict editorial guidelines. Investopedia launched in 1999 and has been helping readers find the best life insurance companies since 2020 with our unbiased, accurate, and comprehensive reviews.

10 Best Life Insurance Companies for November 2024

Best Overall, Best Children’s Life Insurance, Best for People Over 50 : Nationwide

Investopedia's Rating
4.8
Nationwide logo
  • Financial Strength Rating: A+
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best Overall

Nationwide is the best overall life insurance company because it has the widest range of product types and coverage limits, plus outstanding customer satisfaction ratings and a very good financial strength rating from AM Best. On top of that, it offers three living benefit riders for no extra charge. 

Best Life Insurance for Children

Nationwide tops our list of life insurance for children because it has no coverage limits on children’s whole life, so you can buy as much protection as you can afford. You can also transfer the policy to your child when they’re grown. And if you buy a child term rider, the policy can be converted to a permanent life insurance policy at adulthood. 

Best Life Insurance for People Over 50

We named Nationwide the best life insurance for people over 50 due to its no-medical-exam coverage of up to $1.5 million and a final expense policy with no minimum issue age and a coverage limit of $50,000. That's on top of all of the things that make this a great life insurance provider for applicants of any age.

Pros & Cons
Pros

  • Excellent selection of product types

  • Superior financial strength rating (A+)

  • 3 living benefits at no extra cost

  • Great child life insurance features

  • Few customer complaints

Cons

  • Doesn’t pay dividends on whole life policies

  • Only sells term life up to age 70

  • No live chat for customer service

  • Can’t start insurance claims online

Overview

Nationwide is the best overall life insurance provider because it excels on so many fronts. It has one of the widest selections of product types among the insurance companies we reviewed. It's also among the best providers of riders that let you customize coverage, along with Ameritas and Brighthouse Financial. On top of that, Nationwide has a good customer service record, as shown by its National Associations of Insurance Commissioners (NAIC) complaint index and the fact that it was ranked No. 4 out of 22 insurers in the 2024 J.D. Power U.S. Individual Life Insurance Study.

In addition, Nationwide policies include free living benefits. Your policy pays out while you’re alive if you develop a critical, chronic, or terminal illness.

Nationwide only has a couple of minor flaws. It doesn’t pay whole life dividends. And it only sells term coverage up until age 70. Nationwide was founded in 1925 and is headquartered in Columbus, Ohio.

Policy Types & Riders

Available Policy Types 

  • Term life
  • Whole life
  • Children’s whole life
  • Universal life
  • Indexed universal life
  • Variable universal life
  • No-medical-exam life (term)
  • Final expense 

Available Riders

  • Term conversion
  • Child term
  • Guaranteed insurability rider
  • Waiver of premium
  • Accidental death benefit
  • Terminal illness
  • Long-term care
  • Chronic illness
  • Critical illness

Best Term Life Insurance : Banner by Legal & General

Investopedia's Rating
4.1
Banner Life

 Banner Life
  • Financial Strength Rating: A+
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best Term Life Insurance

Banner Life Insurance Company’s term life insurance policies have low premiums and terms lasting up to 40 years. Coverage options start at $100,000 and have no upper limit. We like that Banner's term policies are renewable annually, and you can convert them to a permanent plan at no extra cost. The company also lets you get a quote and apply for a policy online. 

Pros & Cons
Pros

  • Competitive premiums for term life insurance

  • Sells 40-year term policies

  • No max coverage limit for no-exam policies

Cons

  • Limited selection of permanent policies

  • Few riders available

  • No live chat

Overview

Banner by Legal & General could be a fine choice if you want temporary term life insurance coverage. It has some of the most competitive prices among the companies that gave us quotes, and it allows you to apply online. It is also the only insurer on our list besides Protective Life selling 40-year term policies that can last your entire working life. Most insurers limit you to 30 years.

Banner Life falls short on product selection, though. Besides term, it only sells universal life and doesn’t provide many riders to customize coverage. Banner Life is headquartered in Frederick, Maryland, and its parent company, Legal & General, was founded in 1836.

Policy Types & Riders

Available Policy Types

  • Term life
  • Universal life
  • No-medical-exam life 

Available Riders

  • Term conversion
  • Child term
  • Waiver of premium
  • Terminal illness

Best Whole Life Insurance : Lafayette Life

Investopedia's Rating
4.0
Lafayette Life Insurance

Lafayette Life Insurance
  • Financial Strength Rating: A+
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best Whole Life Insurance

With a wide selection of whole life policy options, high coverage limits, and many rider benefits included free of charge, Lafayette Life is our top pick for whole life insurance.

Pros & Cons
Pros

  • Many types of whole life insurance

  • No limit for whole life coverage

  • Pays whole life dividends

  • Includes 3 free living benefit riders

Cons

  • No online quotes or application

  • Doesn’t offer universal or variable life

  • Only pays average dividends

Overview

Lafayette Life is our top choice for whole life insurance policies. It sells seven different whole life products, allowing you to customize your coverage to suit your needs. There’s also no limit on how much whole life insurance coverage you can buy. Finally, Lafayette Life includes many rider benefits at no extra charge, such as riders that let you use your death benefit for medical care while you’re alive if you get a chronic, critical, or terminal illness.

While Lafayette Life pays whole life dividends, its dividend interest rate is lower than that of competitors such as MassMutual and Guardian Life. You must also call or meet an agent in person to sign up; you can’t enroll online. Lafayette Life, founded in 1905, is based in Cincinnati.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Children’s whole life
  • No-medical-exam life (whole life)
  • Final expense

Available Riders

  • Term conversion
  • Child term
  • Guaranteed insurability rider
  • Waiver of premium
  • Accidental death benefit
  • Terminal illness
  • Chronic illness
  • Critical illness

Cheapest Term Premiums : SBLI

Investopedia's Rating
4.2
SBLI Life Insurance

SBLI Life Insurance
  • Financial Strength Rating: A
  • Complaints: Much fewer than expected for company size
Why We Chose It

Cheapest Term Premiums

SBLI combines low premiums for term insurance with a good customer service record, making it an ideal choice for someone on a budget. And it lets you convert your term policy to a permanent plan at no additional cost.

Pros & Cons
Pros

  • Cheap term premiums

  • Excellent online features and tools

  • Few customer complaints

Cons

  • No universal or variable life insurance

  • Low whole life dividend rate

Overview

If you’re looking for a deal on term life insurance, consider SBLI. It quoted some of the lowest overall premiums for term policies of all the companies we researched. Yet SBLI does not appear to skimp on service. It has a low number of customer complaints to state regulators, given its size. At the same time, SBLI offers excellent online capabilities, including online quotes, an online application, and live chat.

If you want a permanent policy, SBLI might not be the best choice. It doesn’t sell universal or variable life policies, it has a small rider selection, and it pays a low whole life dividend rate. SBLI was founded in 1907 and is based in Woburn, Massachusetts.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Children’s whole life
  • No-medical-exam life (term and whole life)
  • Final expense

Available Riders

  • Term conversion
  • Child term
  • Guaranteed insurability rider
  • Waiver of premium
  • Accidental death benefit
  • Terminal illness

Best No-Medical-Exam Insurance : Penn Mutual

Investopedia's Rating
4.0
penn mutual
  • Financial Strength Rating: A+
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best No-Medical Exam Insurance

Penn Mutual customers can apply for coverage worth up to $10 million without a medical exam, more than any other company we reviewed.

Pros & Cons
Pros

  • High coverage limit for no-exam policies

  • Whole life policyholders are eligible for a dividend and the dividend rate has been high

  • Excellent customer complaint record

Cons

  • No online application or quotes

  • No final expense insurance

  • No live chat for customer service

Overview

Penn Mutual has the highest coverage limit for no-medical-exam insurance among the companies we reviewed. You can get a policy worth up to $10 million through its accelerated underwriting program.

The company, founded in 1847 and based in Horsham, Pennsylvania, has paid dividends to policyholders for 175 straight years, reaching a high of $200 million in 2024. The dividend interest rate of 5.75% was among the highest of the companies we reviewed. Penn Mutual has an excellent NAIC index, indicating that customers have made few complaints relative to the company's size.

But if you want to shop for life insurance online, Penn Mutual doesn't offer the digital quoting and application features that many of its competitors do. You need to speak to an agent to buy its products. And while it has a wide product selection, it doesn't sell smaller, more affordable policies to cover final expenses.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Children's whole life
  • Universal life
  • Indexed universal life
  • Variable universal life
  • No-medical-exam life

Available Riders

  • Spouse rider
  • Guaranteed insurability rider
  • Accidental death benefit
  • Terminal illness rider
  • Chronic illness rider
  • Children's term rider
  • Waiver of premium rider

Best for Financial Strength, Best for Customer Satisfaction : Thrivent

Investopedia's Rating
4.1
Thrivent

Thrivent
  • Financial Strength Rating: A++
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best for Financial Strength

Thrivent received an A++ rating from A.M. Best for its financial strength, the highest score possible. But Thrivent is a member-owned organization for Christians. It asks that only Christians or their spouses apply.

Best for Customer Satisfaction

Thrivent had the best three-year average score for customer complaints to state regulators of any of the companies we researched—though MassMutual is a very close second. Thrivent’s average NAIC index was 0.73, far better than expected for a company of its size. MassMutual’s was 0.75. (An index of 1.0 indicates a company received about as many complaints as expected for its size.)

Pros & Cons
Pros

  • A++ financial strength rating

  • Best complaint score of any company we reviewed

  • Good policy selection

Cons

  • Only available to applicants who declare themselves Christians

  • No online applications

  • Limited rider selection

  • No child term rider

Overview

AM Best reviews insurance companies based on their financial strength. It gave Thrivent an A++ rating, the highest score possible. This shows that Thrivent is in an excellent position to pay out its claims and benefits. Thrivent also excels at satisfying customers. Of the more than 40 companies we reviewed, it received the fewest customer complaints relative to its size. Thrivent offers a broad range of life insurance types, including term, whole life, and universal.

Still, the company has a few drawbacks. The main one is its limited membership—it is only open to Christians. Also, you can’t apply for policies online and must speak with an agent. Thrivent has fewer riders than other top competitors and is noticeably missing a child term rider. 

Thrivent was founded in 1902 and is located in Minneapolis.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Children’s whole life
  • Universal life
  • Variable universal life
  • No-medical-exam life (term)

Available Riders

  • Term conversion
  • Guaranteed insurability rider
  • Waiver of premium
  • Terminal illness

Best for Universal Life : Pacific Life

Investopedia's Rating
3.9
Pacific Life

Pacific Life
  • Financial Strength Rating: A+
  • Complaints: Much fewer than expected for company size
Why We Chose It

Best for Universal Life

Pacific Life's universal life insurance (UL) selection stands out because the company offers all the main variations of UL (indexed universal, variable universal) and multiple product choices for each one. There’s also a large group of riders to choose from and the UL coverage range is wide, with policies as small as $25,000 and essentially no maximum limit. Finally, we like that you can also add a child term rider to UL policies.

Pros & Cons
Pros

  • Sells all the variations of universal life

  • No maximum coverage limits

  • Great customer satisfaction rating

Cons

  • No online quotes or applications

  • No whole life insurance

Overview

Pacific Life specializes in more complex universal life insurance policies. It sells all three main variations: universal, indexed universal (IUL), and variable universal (VUL). Only a few other insurers, such as Nationwide, Prudential, and John Hancock, offer all three, and often they can’t match Pacific Life’s variety of product offerings. In some markets, Pacific Life has two different UL products, five VUL products, and four IUL products. 

However, Pacific Life requires you to meet a representative in person to discuss these complex products; you can’t apply online. Pacific Life also does not sell whole life insurance. Pacific Life launched in 1868 and is based in Newport Beach, California.

Policy Types & Riders

Available Policy Types

  • Term life
  • Universal life
  • Index universal life
  • Variable universal life
  • No-medical-exam life 

Available Riders

  • Term conversion
  • Child term
  • Waiver of premium
  • Disability income
  • Terminal illness
  • Long-term care
  • Chronic illness

Also Great for No-Medical-Exam Life Insurance : Symetra

Investopedia's Rating
3.4
Symetra

Symetra
  • Financial Strength Rating: A
  • Complaints: Much fewer than expected for company size
Why We Chose It

Also Great for No-Medical Exam Life Insurance

Symetra sells policies worth up to $5 million that don’t require a medical exam, with rapid approval decisions.

Pros & Cons
Pros

  • High limit for no-medical-exam life

  • Fast underwriting decisions

  • High customer satisfaction

Cons

  • Limited policy types

  • Small rider selection

Overview

If you don’t want to take a medical exam, Symetra is another fine choice. You could qualify for up to $5 million of coverage with no exam, provided you can pass based on age, income, and medical records. Symetra lets you apply online and can make coverage decisions in minutes.

While Symetra can be great for no-exam term life, it doesn’t offer much choice beyond that. It doesn’t sell whole life insurance or many policy riders. Symetra was founded in 1957 and is based in Bellevue, Washington.

Policy Types & Riders

Available Policy Types

  • Term life
  • Indexed universal life
  • Variable universal life
  • No-medical-exam life (term)

Available Riders

  • Term conversion
  • Child term
  • Waiver of premium
  • Accidental death benefit
  • Terminal illness

Also Great for Children’s Life Insurance : Protective Life

Investopedia's Rating
4.3
Protective Life

Protective Life
  • Financial Strength Rating: A+
  • Complaints: Fewer than expected for company size
Why We Chose It

Also Great for Children’s Life Insurance

Protective offers the best term rider for covering children, making it a solid choice to protect your entire family at once.

Pros & Cons
Pros

  • Extensive coverage for child term rider

  • Whole life policies available with a death benefit as small as $1,000

  • Sells 40-year term life

Cons

  • No children’s whole life policies

  • All applications require a medical exam

  • No dividends for whole life policies

Overview

A child term rider adds insurance for your children to your life insurance policy. While other insurers offer this benefit, Protective stands out for having the best. Its rider covers your children until they turn 25. Your children can also take over the life insurance when they become adults and convert the temporary term insurance into permanent lifetime coverage.

However, Protective Life does not sell a standalone child’s whole life policy. If you want to cover your child, you can only do so through a rider. Beyond child coverage, Protective has a wide selection of policies and riders. 

Protective Life launched in 1907 and has its headquarters in Birmingham, Alabama.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Universal life
  • Index universal life
  • Variable universal life

Available Riders

  • Term conversion
  • Child term
  • Guaranteed insurability rider
  • Waiver of premium
  • Accidental death benefit
  • Terminal illness
  • Chronic illness

Also Great for Whole Life Insurance : MassMutual

Investopedia's Rating
3.9
MassMutual

MassMutual
  • Financial Strength Rating: A++
  • Complaints: Much fewer than expected for company size
Why We Chose It

Also Great for Whole Life Insurance

MassMutual stands out for paying the highest whole life dividend rate, helping grow the cash value for policyholders.

Pros & Cons
Pros

  • Generous whole life dividends

  • Sells whole life up until age 90

  • Great customer satisfaction rating

Cons

  • No online quotes or applications

  • Applications require a medical exam

  • No same-day decisions

Overview

MassMutual is another solid option for a whole life insurance policy. It pays the highest dividend rate of all insurers on this list, giving policyholders solid risk-free growth for their cash value. MassMutual also sells whole life policies to people up to age 90, tied with Thrivent and Guardian Life for the highest age limit.

You can't apply online to take out a MassMutual policy; you must talk with an agent. All applications require a medical exam, and there are no same-day decisions. MassMutual launched in 1860 and is based in Springfield, Massachusetts.

Policy Types & Riders

Available Policy Types

  • Term life
  • Whole life
  • Children’s whole life
  • Universal life
  • Variable universal life

Available Riders

  • Term conversion
  • Spouse rider
  • Guaranteed insurability rider
  • Waiver of premium
  • Disability income
  • Terminal illness
  • Chronic illness

Compare the Best Life Insurance Companies

Company Star Rating Best For Sample Term Cost* 
Nationwide 4.80 Best Overall, Best Life Insurance for People Over 50, Best Children’s Life Insurance $31.50
Banner 4.08 Best Term Life Insurance $27.96
Lafayette 4.02 Best Whole Life Insurance N/A
SBLI 4.23 Cheapest Term Premiums $27.97
Penn Mutual 3.96 Best No-Medical Exam Insurance $28.29
Thrivent 4.06 Best for Financial Strength, Best for Customer Satisfaction $26.66
Pacific Life 3.86 Best Universal Life Insurance $28.02
Symetra 3.40 Also Great for No-Medical-Exam Life Insurance $27.98
Protective 4.27 Also Great for Children’s Life Insurance $27.97
MassMutual 3.86 Also Great for Whole Life Insurance $33.50
*Sample term cost is based on quotes collected from Term4Sale, Quotacy, and individual company websites for a 30-year $250,000 term policy for male non-smokers born in 1984 with excellent health. It’s an average of quotes collected in ZIP codes 90011 and 77084.

Our Expert Pick for the Best Life Insurance

All the companies on our list could be good for your coverage. The right option depends on what you’re looking for. Nationwide is our pick for best overall insurer thanks to its product selection, and it stands out as a top choice for covering children and people over 50. Protective Life is also a quality option for children’s life insurance, thanks to its child term rider.

If you want temporary term coverage—meaning for a few decades instead of your whole life—Banner Life has the best overall term policies, while SBLI charges the cheapest term premiums for most people. If you want permanent coverage, Lafayette and MassMutual are great options for whole life, while Pacific Life is best for universal. If you don’t want to have to take a medical exam while applying, consider Penn Mutual or Symetra. Finally, Thrivent stands out as the most financially stable, per the AM Best ratings, and it has the best customer satisfaction rating of all the companies we researched.

What Are the Types of Life Insurance?

There are many types of life insurance, with differences based on how long the coverage lasts, the application process, and whether you get any living benefits (access to your cash value while you’re alive. Here are the main types on the market:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance 
  • No-medical-exam life insurance

What Is Term Life Insurance?

Term life insurance is temporary coverage. You buy a policy that lasts a set amount of time, such as five or 20 years. If you pass away during the term, your heirs receive the death benefit. If you outlive the term, your coverage ends. Term life insurance is not guaranteed to last your entire life and doesn’t provide cash value. However, it is the most affordable option.

"Term life insurance is usually the best fit," said Sammy Azzouz, a member of Investopedia’s Financial Advisor Council. "Consider getting a policy on top of your workplace plan, since the workplace plan might not be portable and you could develop health issues down the road that would make it harder for you to get coverage at that time."

Best Term Life Insurance Companies
Banner Best Overall Best Convertible Term 
SBLI Best for Cheap Insurance
Protective Best for Children
AAA Best for Return of Premium
Nationwide Best for Living Benefits
State Farm Best for Financial Stability

What Is Whole Life Insurance?

Whole life insurance is guaranteed to last your entire life, provided you keep paying the premiums. The premiums are also guaranteed not to increase. Whole life insurance can build cash value with a guaranteed return, plus some policies pay dividends. Whole life insurance is more expensive than other policy types. However, you can get small whole life policies with affordable premiums to cover funeral expenses.

"I always advise getting a permanent policy that covers final expenses to avoid the risk of paying annual renewable premiums for term life insurance that becomes unaffordable," said Sibyl Slade, a member of Investopedia’s Financial Advisor Council.

Best Whole Life Insurance Companies
Lafayette
 Best Overall
MassMutual
 Best for High Issue Age
Best for Financial Strength
Best for Dividends
Best for Customer Satisfaction
Nationwide Best for Living Benefits
Best for Burial Insurance
Assurity Best for Children
Transamerica Best for Small Policies

What Is Universal Life?

Universal life is another type of permanent policy that can offer lifelong coverage. With universal life, you can change the premium payment each year. However, you must pay enough to keep up with life insurance costs. These policies give more flexibility but require more work to manage.

Universal life insurance policies also build cash value. Regular universal life insurance grows based on market interest rates. Your returns are somewhat unpredictable, though there is a minimum guaranteed return.

What Is Indexed Universal Life Insurance (IUL)?

Indexed universal life insurance grows your cash value based on the performance of some market index, like the S&P 500. However, there are limits on your possible gains and losses. Many IULs guarantee a minimum return in market downturns but cap your growth in good years.

What Are Variable Universal Life (VUL) and Variable Life Insurance?

Variable universal life and variable life both let you invest in stocks, bonds, and mutual funds. You have more upside potential than the other life insurance types but could lose money in your cash value during downturns. A VUL policy lets you adjust the premium payments yearly, whereas variable life charges steady premiums.

Best Universal Life Insurance Companies
Pacific Life
 Best Overall
Best Variable Universal Life
Best Indexed Universal Life
MassMutual
 Best for Customer Satisfaction
Best for Living Benefits
Best for Financial Strength
John Hancock Best for High Issue Age
Midland National Best for No Medical Exam

What Is No-Medical-Exam Life Insurance?

No-medical-exam life insurance lets you apply for and potentially buy life insurance without getting a physical exam first. Instead, insurers decide to approve you based on other information like your medical and prescription records, driving record, and answers to questions on the application.

No-medical-exam life insurance has a faster, easier application process. However, there could be limits on the coverage amounts and policy types. In addition, premiums can be higher for some kinds of no-medical-exam life insurance, like guaranteed issue burial insurance, because they accept people with health issues.

Best No-Exam Life Insurance Companies
Penn Mutual Best Overall
Best for High Coverage Limit
Thrivent Best for Financial Strength
Best for Customer Satisfaction
Nationwide Best for Instant Decision
Best for Burial Insurance

How Much Does Life Insurance Cost?

Life insurance costs depend on several factors, including the amount of coverage, features and benefits, your age, gender, overall health, family medical history, lifestyle, and the insurer you work with. You’ll need to apply to see precisely how much life insurance costs for you.

The type of coverage you buy also makes a big difference. Permanent policies like whole life insurance typically charge more than term life insurance policies for the same death benefit because the policy doesn’t expire as long as you pay your premiums, and it has a savings component (cash value) that grows as you age. Here are quotes from the top insurers in this article.

Term Life Policy Costs

Company Name 30-Year-Old Female 30-Year-Old Male 40-Year-Old Female 40-Year-Old Male 55-Year-Old Female 55-Year-Old Male
Nationwide $18.81 $22.97 $26.25 $31.50 $99.97 n/a
Banner $14.36 $17.03 $22.67 $27.96 $90.52 $117.74
Lafayette n/a n/a n/a n/a n/a n/a
SBLI $14.34 $16.99 $22.68 $27.97 $68.30 $98.30
Penn Mutual $14.53 $17.23 $22.94 $28.29 $82.11 $119.13
Thrivent $15.70 $18.92 $26.66 $21.93 $86.86 $121.05
Pacific Life $14.40 $17.16 $22.73 $28.02 $91.12 $118.49
Symetra $14.38 $17.05 $22.69 $27.98 $90.54 $117.76
Protective $14.37 $17.04 $22.68 $27.97 $90.53 $117.45
MassMutual $17.84 $21.32 $26.97 $33.50 $103.53 $140.51
*Life insurance quotes are examples only and were collected for 30-year $250,000 term life policies for non-smoking males and females in excellent health. They’re an average of prices from two ZIP codes: 90011 and 77084.

Term Life Policy Costs for Older Adults

As you age, the price of life insurance goes up. Older adults will usually get shorter terms, but still pay higher premiums than younger adults getting a longer term. The information below is for a 15-year term, versus the 30-year term quoted above.

Company Name 65-Year-Old Female 65-Year-Old Male
Nationwide $110.25 $170.41
Banner $103.18 $131.97
Lafayette n/a n/a
SBLI $101.16 $140.02
Penn Mutual $86.36 $133.53
Thrivent $85.36 $117.61
Pacific Life $91.15 $132.09
Symetra n/a n/a
Protective $89.14 $131.98
MassMutual $99.83 $157.69
*Life insurance quotes are examples only and were collected for 15-year $250,000 term life policies for non-smoking males and females in excellent health. They’re an average of prices from two ZIP codes: 90011 and 77084.

How to Choose the Best Life Insurance Company

You shouldn’t work with just any company for your life insurance coverage. Follow these steps to make sure you do the right amount of research.

  1. Determine your coverage needs: Before meeting with insurers, decide what you’ll need from your policy. Consider the amount of coverage you want, your budget, and whether you want any specialty features, like a child term rider or disability income coverage.
  2. Decide on the type of policy: Insurers often specialize in different policies. As you can see from the awards given in this article, some do better with term, others with whole life, etc.
  3. Review top-ranked insurers: Check the reviews of top insurers. Check their customer satisfaction, financial strength, and information from reviews like ours.
  4. Get multiple quotes: Life insurers provide free premium quotes. You could apply from your top candidates to see who comes through with the best offer.
  5. Review with a financial advisor: A financial advisor, especially a fee-only financial advisor, can give you an unbiased review of your options.

For more help, check out how to choose the best life insurance company.

Why You Should Trust Us

Investopedia collected data points related to dozens of criteria that are important when choosing life insurance, across 45 companies. We used this data to review each company for financial stability, customer satisfaction, coverage options, cost, and other features to provide unbiased, comprehensive reviews that can help you make the right decision. 

Investopedia launched in 1999 and has been helping readers find the best life insurance companies since 2020. We are dedicated to helping you find the right life insurance provider for your needs.

Frequently Asked Questions

  • What Is Life Insurance and How Does It Work?

    Life insurance provides financial protection for your death. When you sign up, you pick how much coverage you want. If you die while covered, the insurance company pays your heirs the death benefit. You must pay ongoing premiums to keep your life insurance policy active.

  • Do I Need Life Insurance?

    You may need life insurance if you have people depending on you, like a spouse or young children. It could replace your salary if you pass away unexpectedly. You may also need life insurance if you have large debts you’d like to cover for your family, like a mortgage, student loans, or final expenses. Finally, if you own a business, you could buy life insurance to protect your partners and cover the lives of key employees.

    If you don’t have these needs now, consider whether they could come up in the future. You could set up life insurance to prepare now.

  • What Are the Pros and Cons of Life Insurance?

    The main pro of life insurance is that it can protect your heirs against the cost of your death. You can buy a large amount of coverage for a small premium using term life. Life insurance can also build wealth for the future using cash value.

    The main con of life insurance is that it costs money. You must pay the premiums to stay protected. It’s possible to pay years of premiums and not receive a death benefit payout because your coverage ends before you pass away. 

    Some permanent policies may also not be the best use of your funds. You may be better off getting an affordable term policy and investing the rest of your money rather than paying for a more expensive permanent policy.

  • How Can You Get Cheap Life Insurance?

    You can get cheap life insurance by buying term life insurance, which is much more affordable than permanent coverage. You can focus on companies such as SBLI or Banner Life, which specialize in inexpensive policies. Get multiple quotes to see who offers you the best deal.

  • What Is Burial Insurance?

    Burial insurance is a type of life insurance specifically designed to pay for funerals and other final expenses. These are whole life policies without an expiration date. Burial insurance is usually for small amounts of coverage, just enough to cover the cost of a funeral. These policies typically have easier underwriting without checking for health issues. However, they can be more expensive than regular life insurance for some buyers and can have limits on paying out if you pass away within the first few years of buying coverage. 

  • Companies We Reviewed

    Nationwide, Ameritas, Assurity, Protective, SBLI, Midland National, Banner, Thrivent, Lafayette, Penn Mutual, USAA, MassMutual, Mutual of Omaha, Columbus, Pacific Life, Guardian Life, Prudential, Equitable, Lincoln Financial, State Farm, AAA, Transamerica, John Hancock, North American, Western & Southern, Brighthouse, Securian, Farmers, Northwestern Mutual, Symetra, Foresters, Gerber, Minnesota Life, Fidelity, Mutual Trust Life Solutions, Corebridge Financial (formerly AIG), New York Life, Kansas City Life, Globe Life, Aflac, Boston Mutual, Bankers, American National, Colonial Penn, Allianz

How We Review the Best Life Insurance Companies 

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum standard for financial strength, customer satisfaction, and online transparency. For each of those, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points all together. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, third-party rating agencies (A.M Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company survey data, and industry research to create a quantitative model that scores each company based on six major categories:

  • Application and Online Service Features: 15%
  • Policy Types: 22%
  • Policy Features and Riders: 35%
  • Financial Stability: 6%
  • Customer Satisfaction: 10%
  • Cost: 12%

For more information, read our full methodology explanation.

Guide to Life Insurance

Best Life Insurance of 2024

Investopedia / Mira Norian
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. J.D. Power. "Life Insurers Miss the Mark on Clarity of Information and Personalization—Particularly Among Younger Customers, J.D. Power Finds."

  2. Penn Mutual. "Penn Mutual Announces Record $200 Million Dividend Award to Policyholders."

  3. Nevada Division of Insurance. "Funeral Insurance."