Best Life Insurance Companies

A strong competitor in the life insurance sector since 1875, Prudential made the top of our list because of its long history, strong rankings, and a wide array of policies to choose from. In addition, Prudential is the first major U.S. life insurance company to offer policies to those living with HIV. 

Prudential Financial was founded in 1875 as The Widows and Orphans Friendly Society and started just offering burial insurance. Now the company offers a selection of term, universal life, and whole life insurance policies and has an A+ rating by AM Best. While you can get instant quotes online, you have to speak to a representative about whole life insurance options. 

Prudential offers 13 different types of riders, which are features you can add to an insurance policy, including Waiver of Premium, Waiver of Monthly Deduction, and Estate Protection. 

By using Prudential Financial’s website, you can easily get an instant quote for 10-, 15-, 20- and 30-year term policies. If you prefer, you can also call their customer care hotline to speak to a representative about your needs. Term policies are offered between $251,000 and $1,000,000 and higher and can cover individuals from their 20s until 60s and older. 

Prudential also offers preferential rates for those with medical conditions not always treated favorably elsewhere, including osteoporosis and diabetes. This makes Prudential a strong choice for those with underlying health conditions and seniors. In addition, Prudential will give a more favorable non-smoker health classification to those who use cigars, as well as to those who use chewing tobacco, nicotine gum and patches, and pipes.

Finally, Prudential is the first U.S. major insurance company to offer policies to those living with HIV.

We chose Mutual of Omaha as the best option because of its strong reputation, long history, and choice availability for seniors. Mutual of Omaha has competitive pricing on term insurance that can be purchased up to age 80 and renewed up to age 95 and three whole life policies available for seniors. 

Mutual of Omaha was founded in 1909 and offers 11 different term, universal, and whole life insurance policies. The company also offers a guaranteed issue life insurance policy that works like a final expense option with a benefit amount of $2,000 up to $25,000. This can be a great option for seniors as it doesn’t require a medical evaluation or answering a health questionnaire. 

In addition to the guaranteed issue policy, Mutual of Omaha has two Living Promise Whole Life benefit plans, one graded and one level, covering up to age 85 with a $2,000 to $40,000 death benefit. 

There are several riders available, including: 

• Return of premium rider if you outlive your policy
• Accelerated death benefit rider for chronic or terminal illness
• Accidental death benefit rider
• Long term care rider
• Residential damage rider

Term policies can be issued in 10-, 15-, 20- and 30-year terms and purchased up to age 80. These policies can be renewed up to age 95, and some can be converted into permanent policies. Mutual of Omaha offers competitive rates for those with pre-existing conditions, including cancer survivors, making it a solid choice for seniors. 

Mutual of Omaha is rated A+ by AM Best.

Brighthouse has some of the most competitive pricing for its instant decision policy, known as SimplySelect. With no medical exam required, Brighthouse allows applicants to apply for up to $2 million worth of term coverage and receive a decision typically within 24 hours. 

Brighthouse is a relatively new player in the life insurance game, having spun off from MetLife in 2017. Despite being relatively new, it has more than 2 million customers and $248 billion in assets. Brighthouse has a competitive term policy called SimplySelect, with no medical exam needed for those aged 25 to 49 ½. Buyers can choose 10-, 20-, or 30- year term policies and have the option to convert their term policy to a permanent policy at the end.

Coverage amounts can range from $100,000 at the minimum to $2 million at the most. There is only one rider available, however, the Accelerated Death Benefit rider, in which the policy pays out a portion of the death benefit to the insured if they become terminally ill and have 12 or 24 months (depending on your state’s laws) or less to live.

Brighthouse also offers a one-year term policy for short-term coverage, as well as a Whole Life policy as well. 

The only way to purchase a Brighthouse policy is to speak to a representative at PolicyGenius, which can help ensure you are getting the right amount of coverage. On the downside, if you sign up for a policy and are a smoker or in poor health and you quit or improve your health, there is no way to qualify for a lower rate. 

Brighthouse was given an A rating from AM Best.

Northwestern Mutual won for best whole life insurance because of the wide array of options for policies, including the Survivorship Whole Life policy. It typically pays dividends on its policies, has high ratings, and can be purchased in all 50 states. 

Northwestern Mutual was founded in Milwaukee, Wisconsin in 1857. As a top-rated financial services and insurance company, Northwestern Mutual has 12 different life insurance plans to choose from. Term policies cover 10- or 20-year terms, and the company also offers a combined term and whole life plan, the Whole Life Plus. Some of its term policies even pay dividends, and they have a long history of paying dividends on their whole life policies. 

Northwestern Mutual has two main whole life policy options: the 65 Life and 90 Life. With the 65 Life, you pay premiums until age 65, and with the 90 Life, you pay premiums until age 90. After you are done paying premiums, your coverage remains. It also offers a combined term and whole life product, called Whole Life Plus, allowing you to customize part of your insurance to be temporary and the rest permanent. 

There is also a Survivorship Whole Life option, in which payout to beneficiaries does not happen until both insureds have died. This is typically used to transfer wealth to heirs. 

Policies can be issued to those ages 18 to 80, with a selection of riders to add on and customize each policy. Riders include:

• Waiver of premium
• Additional purchase benefit
• Accelerated care benefit 

Although you can’t purchase a policy directly online, working with a representative may ensure you get the right type and amount of coverage needed. 

Northwestern Mutual is rated A++ by AM Best.

USAA has been a leader in providing military members and their families with insurance and banking products. With excellent ratings, the ability to get both term and whole quotes online, and unique riders for military members and veterans, USAA is our choice for the best insurance for veterans. 

USAA has been around since 1922, supporting active-duty and veteran military members and their families. It offers term, universal, and whole-life insurance policies and other banking products. Policy lengths include 10-, 15-, 20-, 25- and 30-year terms and can be purchased in amounts up to $10 million.

Unlike other companies, USAA has riders specific to military members and veterans, such as the Military Future Insurability Rider, which increases your coverage after leaving the military, and the Military Severe Injury Benefit Rider, which pays out $25,0000 if you obtained an injury during active service. 

USAA offers four different insurance plans to those ages 18 to 85, including a term policy, a simplified whole life policy, a universal life policy, and a guaranteed issue life policy. 

The company is rated A++ by AM Best.

With Haven Life, instead of meeting with a financial representative, you can receive life insurance quotes from the convenience of your phone or computer.

Established in 2014, Haven Life allows buyers the convenience of purchasing term life insurance online with the assurance that their policy is backed by a company that has been around for more than 160 years. 

Although it only has two term policies to choose from, Haven Term and Haven Simple, Haven Life makes it easy for buyers to receive instant quotes and apply for and receive life insurance, all online. 

The Haven Term policy:

• Provides up to $3 million in coverage
• May require a medical exam

The Haven Simple policy:

• Will not require a medical exam
• Offers up to $500,000 in coverage

Haven Life also offers an accelerated death benefit rider and a Haven Life Plus rider. 

For those ages 20-49, policies can be purchased in 10-, 15-, 20-, 25-, or 30-year term lengths, while those ages 50-64 can purchase 10-, 15-, or 20-year terms. Premiums are level, and individuals under the age of 60 are eligible for up to $3 million in coverage, while those ages 60-64 are eligible for up to $1 million in coverage. Coverage amounts begin at $250,000.

Haven Life is available in all 50 states and can even extend policies to applicants who aren’t U.S. citizens but have certain visas or U.S. residency. 

Haven Life is issued by C.M. Life, a subsidiary of MassMutual (in all states except for CA and NY), and is rated A++ by AM Best.