Best Life Insurance Companies of 2022
Buying a life insurance policy can help provide financial protection for your loved ones, but choosing the right policy can be confusing. There are several types of life insurance policies available. Some, like term life insurance, last for a set number of years. Others, like permanent life insurance policies, can provide coverage that lasts a lifetime while offering additional savings or investment components.
To help you get started, we’ve compiled a list of the top life insurance companies of 2022. We’ve also gathered information about different types of policies, how the life insurance quote process works, and how to purchase a policy once you find the right one.
Our Best Life Insurance Companies Rating
#1 Haven Life
#2 Bestow
#3 New York Life
#3 Northwestern Mutual
#5 Lincoln Financial
#5 John Hancock
#7 AIG
#7 State Farm
#9 Nationwide
#9 Banner Life
#11 Mutual of Omaha
#12 Prudential
#12 MassMutual
#14 Transamerica
#15 Guardian Life
Compare the Best Life Insurance Companies of 2022
Best Life Insurance Companies of 2022 in Detail:
Haven Life
Bestow
Pros
None of its policies require a medical exam
Terms policies between 10 and 30 years in duration
Cons
Only term life policies available
Doesn’t offer any riders
Bestow
Bestow sells one type of policy with terms between 10 and 30 years available in five-year increments. The policy has coverage amounts up to $1.5 million. The entire application can be completed online, and you can text or call Bestow’s customer support team with any questions. One of the things that set Bestow apart from the other companies in our rating is that none of their policies require a medical exam.
Bestow doesn’t issue the life insurance policies it sells. Instead, the policies are issued by North American Company for Life and Health Insurance.
New York Life
Pros
Offers term, whole, and universal life policies
Term policies can be converted to permanent
Cons
Policies are more expensive than many companies in our rating
Policies aren’t fully explained on the company website
New York Life
New York Life is the highest-rated company in our rating to offer both term and permanent policies. Its permanent life insurance options include both whole and universal policies. The term policies it offers can also be converted to a permanent policy.
You also have the option of adding riders such as Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits.
The New York Life website doesn’t necessarily provide a lot of information on its policies, so you may have to contact a New York Life agent for more detail. Also, its term policies are more expensive than most of the companies in our rating.
Northwestern Mutual
Pros
Offers term, whole, and universal policies
Term policies can be converted to a whole life policy
Cons
Can only be purchased through an agent
Limited online pricing information
Northwestern Mutual
Northwestern Mutual offers both term and permanent life insurance options. Its term policies range in length from 10 to 20 years. Among its permanent life insurance policies, Northwestern Mutual offers universal and whole life insurance. You can start out with a term life policy from Northwestern Mutual and then later, without additional fees or medical exam, convert it to a whole life policy.
There is limited pricing information available on its website, and policies must be purchased through a life insurance agent. The type of riders available to customize your policy will depend upon the type of policy you choose, so make sure to ask your life insurance agent.
Lincoln Financial
Pros
Offers term and universal policies
Some policies may not require a medical exam
Cons
Doesn’t offer whole life insurance policies
Applying for policies requires working with a Lincoln financial professional
Lincoln Financial Group
Lincoln Financial Group offers both term and universal policies. Its two term policies, TermAccel and LifeElements, have durations of between 10 and 30 years with coverage options ranging from $100,000 to $1 million. Some policyholders may also be able to convert their term coverage to a permanent life insurance policy. starting at $100,000. Depending on your application, you may not be required to take a medical exam.
Lincoln offers three types of permanent life insurance: universal life, variable universal life, and indexed universal life.
Applying for a policy requires reaching out to Lincoln Financial.
John Hancock
Pros
Offers term and universal life insurance policies available
Offers higher coverage levels than many of the companies in our rating
Cons
Doesn’t offer whole life insurance
Some policies have high minimum coverage amounts
John Hancock
John Hancock offers both term and universal policies. One thing that sets it apart from other companies in our rating is its terms policy, which offers coverage up to $65 million. The downside is that the policy’s minimum coverage amount is $750,000. Both the minimum and maximum are higher than many of the companies in our rating. For example, Haven Life’s Haven Term policy starts at $100,000 and maxes out at $3 million.
The company’s permanent life insurance options are universal life, indexed universal life, and variable universal life. It doesn’t provide any whole life insurance options.
You may be able to save money with John Hancock’s Vitality Plus program where you can save money on your premiums by recording healthy activities in the company’s mobile app or program website.
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