Life insurance is one way to bolster your financial plan and protect your family’s financial future. The best life insurance for you will depend on your financial goals, budget and how much cash value you want to build within a policy. We used data provided by Veralytic, an independent provider of life insurance research and analysis, to find the Top Term Life Insurance Companies ( 2022 ).
If you’re looking to add more financial security to your personal financial plan, you may be thinking about buying life insurance. Term life insurance is a good choice for people who want the most affordable life insurance and who want to cover a specific concern, such as their working years or Top Term Life Insurance Companies 2022.
To find the best term life insurance companies we analyzed 26 companies based on term life coverage benefits and rates for a variety of ages and face amounts.
The Top Life Insurance Companies Are Given Below
- Lincoln Financial – Best for Boomers
- Mutual of Omaha – Best for Indexed Universal Life Insurance
- Pacific Life – Best for Retirement Planning
- Protective – Best for Universal Life Insurance
- Prudential – Best for Senior Life Insurance
- AIG – Best for Recreational Marijuana Use
- Equitable – Best for Variable Universal Life Insurance
- Nationwide – Best for Gen X & Millennials
- Northwestern Mutual – Best for Whole Life Insurance
- Penn Mutual – Best for Estate Planning
- Transamerica – Best for Term Life Insurance
- John Hancock – Best for Celebratory Cigar Use
Third Party Ratings
The best life insurance companies are those that are financially sound, provide robust customer service, make the application process easy, and offer a wide range of features. To choose the best life insurance companies, we measured 91 insurers in these categories, collected more than 50 points of data for each insurer, and considered third-party ratings.
The Top Life Insurance Companies of 2022
Insider gathered data from 20 different life insurance companies based on customer service, financial stability, asset size rankings, and premium prices where available. Here are the top five life insurance companies of 2022.
Financial Stability Rating (AM Best)
|1. State Farm Life Insurance||A++|
|2. Northwestern Mutual Life||A++|
|3. New York Life (tied)||A++|
|3. Nationwide Life Insurance (tied)||A+|
|4. MassMutual Life Insurance||A++|
|5. Guardian Life Insurance||A++|
Life Insurance Companies Customer Satisfaction
According to a J.D. Power survey, these are the top life insurance companies in the US considering five factors — communication, interaction, price, product offerings, and statements — based on customer rankings:
Term & Life Insurance Policies
There are several types of term life insurance policies. Some are more popular and expensive than others based on the specialty of the coverage. You may also opt out of a medical exam with a term life-simplified issue.
- Level premium: A level term policy pays the same benefit amount if death occurs at any point during the term (five, 10, 20, or 30 years). This is the most popular type of term life insurance.
- Annual yearly renewable: If a policy is “renewable,” that means it continues in force for an additional term or terms, up to a specified age, even if your health (or other factors) would cause you to be rejected if you applied for a new life insurance policy.
- Return of premium: For most types of term insurance, if you haven’t had a claim under the policy by the time it expires, you get no refund. But some insurers have created term life with a “return of premium” feature, which returns part or all of the money you’ve already paid if you haven’t used the policy once your term ends. You’ll pay extra for this feature.
- Guaranteed issue: These policies are easier to get because they don’t require a medical exam. You must be 50 and older. Also, the policy might not pay a full death benefit for the first few years of coverage, according to Guardian Life.
- Simplified issue: No medical exam is required with a simplified issue policy, but you still have to complete a health questionnaire and provide access to medical records. There is no age limit. If you fail to disclose a condition and die, the insurance company can deny death benefits to your beneficiaries. Some insurance companies may not pay a full death benefit for the first few years of coverage.
- Convertible: This allows you to convert a term life policy into a permanent life insurance without additional evidence of insurability.
- Group life insurance: This is employer-provided life insurance and is usually offered for free. However, if you are discharged, retire, or quit, you will lose coverage.
- Final expense: This is a type of guaranteed issue policy that can be term or whole life, with a low death benefit that covers funeral and burial expenses.
Permanent Life Policies
There are different types of permanent life insurance policies. All permanent life policies offer death benefits and a cash value that grows in a tax-deferred account. The most significant difference between the types of permanent life insurance policies is how the cash value component is invested.
# Top Term Life Insurance Companies ( 2022 )
Purchasing a term life insurance policy can protect your family in the event of your death. Top-rated companies will help you get enough coverage to pay off debts and replace lost income in the event of your death. Insurers must have strong financial ratings, multiple policy choices and excellent customer service. Here, we present the ratings of our top-rated term life insurance companies and firms to help you plan for the end of your life.
3 New York Life
3 Northwestern Mutual
5 Lincoln Financial
5 John Hancock
7 State Farm
9 Banner Life
11 Mutual of Omaha
15 Guardian Life