The Best Life Insurance Companies of 2022
Read our reviews of some of the leading life insurance companies to help guide you as you search for the best life insurance policy available where you live that fits your needs.
With so many different life insurance companies to choose from, it can be hard to determine which companies offer the best life insurance policy for your unique needs.
It’s a good idea to collect free life insurance quotes and compare various policies available where you live so that you find out which level of coverage fits what you need – not much more, and not much less – at a price you can afford. You can typically compare life insurance quotes online for free, or you can speak with a licensed insurance agent who can help you compare coverage options.
To help you in your search for coverage, we’ve compiled our picks for the best life insurance companies of 2022, organized into 10 different categories so you can pick the best company according to your specific needs.
- Best Final Expense Life Insurance: United Of Omaha (Mutual of Omaha)
- Best Term Life Insurance: Pacific Life
- Best Permanent Life Insurance: Nationwide
- Best Life Insurance for Affordability: Guardian
- Best for Fast Life Insurance Coverage: MassMutual
- Best Life Insurance for Older Adults: New York Life
- Best Life Insurance for Investors: Allstate
- Best for Customer Satisfaction: Northwestern Mutual
- Best for Life Insurance Policy Personalization: Lincoln Financial
- Best Life Insurance for Military Members and Veterans: USAA
Which Life Insurance Is Best in 2022?
Here are our picks for the top 10 life insurance companies in each of 10 different categories, listed in no particular order.
Some people may only have a need for some final expense coverage to take care of funeral costs and other end-of-life care. Mutual of Omaha and its underwriters such as United of Omaha offer policies that work to address exactly that need, and they offer small whole life insurance policies for less than $9 per month.
These policies can provide benefits ranging from $3,000 to $25,000, with guaranteed acceptance for applicants aged 45 to 85. There are no health questions, medical exams nor a lengthy application process. Just a modest amount of life insurance coverage for a low premium.
Pacific Life takes top honors as the best company for term life insurance.
With two different term products offering policy lengths ranging from 10 to 30 years, low premiums, the ability to convert your coverage to a universal life policy and the ability customize benefits with a generous selection of riders make Pacific Life our best choice for term life insurance. Not to mention, the company as a whole fares well with financial ratings and customer satisfaction.
Nationwide checks all the boxes in offering high-quality permanent life insurance, including:
- Wide range of permanent life insurance policy types
- High coverage amounts (up to $8 million with no medical exam)
- Low rate of customer complaints
- Solid financial ratings
- Flexible payment options
- Living benefit riders included at no extra charge along with numerous optional riders
- Investment opportunities
- Average to below average premiums
Most people know Nationwide for its auto insurance, but the company gets our vote as the top billing for permanent life insurance.
Affordability is a priority for consumers of all types of products and services, and life insurance is no different. When it comes to affordable life insurance coverage, it’s hard to beat Guardian.
Guardian boasts some of the most affordable coverage you’ll find anywhere, and the company backs it up with impeccable financial ratings by the leading credit rating agencies. And just to make things even more affordable, Guardian pays its whole life insurance members dividends – more than $1 billion annually – to allow plan holders the ability to recoup some of their already-low premiums.
Sometimes you can’t afford to wait for a life insurance application to be reviewed, approved and activated. If you need immediate coverage, MassMutual is your best option.
The company has a product called “DirectTerm” that can go into effect on the very same day that you apply. DirectTerm is available for applicants up to age 64 and can activate anywhere from $100,000 to $3 million in benefits with no medical exam needed.
For one reason or another, you may find yourself needing life insurance later in life, or you may want to supplement your existing coverage. If so, New York Life could be a great choice for you.
While the life insurance industry generally cuts off eligibility at around 70 or 80 years of age, New York Life welcomes applicants up to the age of 90. What’s more, the coverage is permanent and is paid off in full by the age of 100. This product provides older adults with an opportunity to leave something behind as an inheritance to a loved one.
Allstate’s life insurance policies are so heavily invested that the company no longer even underwrites them, instead deferring to partnerships with leading financial institutions like John Hancock.
Unlike some other companies, Allstate does not place a limit on the amount of money you can gain through its variable universal life insurance products and paid dividends can be applied to future premiums, to buy additional coverage or recycled back into your cash value. If you look at life insurance as an investment, you best give Allstate a look.
Customer experience, support and satisfaction is important to most consumers. And if you value those attributes, Northwestern Mutual may be the best life insurance company for you. Northwestern Mutual has a sterling reputation among plan members and third-party critics alike.
- The company ranked third in J.D. Power’s 2021 U.S. Individual Life Insurance Study that measures customer experience.
- The National Association of Insurance Commissioners, which tracks customer complaints, found Northwestern Mutual to receive far fewer complaints than competitors of its size.
- Northwestern Mutual maintains an A- rating with the Better Business Bureau.
A life insurance policy doesn’t have to be one-size-fits-all. After all, we all have different budgets, coverage needs and priorities.
Lincoln Financial breaks the traditional life insurance mold. While most companies offer term lengths in 5- or 10-year increments, Lincoln Financial offers them in 1-year increments. So, if you really want coverage for 27 years, you don’t have to settle for a 25-year or 30-year policy. You can get it for exactly 27 years with Lincoln.
Death benefit amounts cover a wide spectrum, several different types of policies are available and optional riders are aplenty. If you want a life insurance policy that is truly yours, Lincoln Financial is your best bet.
Most life insurance companies do not protect plan members killed in war or acts of terrorism, but USAA does. The company even offers benefits for severe injuries and guarantees coverage after leaving the military.
While active duty service members automatically get the government-provided Servicemembers’ Group Life Insurance, USAA can supplement that coverage and is especially useful for those with a family. And despite what many think, USAA life insurance is available to civilians just as well.
Prices paid for life insurance vary tremendously because there are so many different types of policies at such a wide range of term lengths, coverage amounts, investment opportunities, riders and more.
A good rule of thumb is to maintain life insurance coverage that is equal to 6-10 times the amount of your annual salary. So, if you make $50,000 per year, somewhere between $300,000 and $500,000 in life insurance will be your sweet spot.
From there, it’s all about fitting the premiums into your budget. Level premiums offer greater predictability, and premiums are generally lower the younger you buy. Many companies offer the ability to purchase additional coverage at a later date, so it’s often wise to start out small and then add more coverage as you see fit.
The debate about which life insurance company or policy is best ultimately comes down to which one is best for you. While some life insurance companies have attributes that stand out in certain areas, there is no universal agreement about which one is truly “best.”
It helps to speak with an agent who is licensed to sell life insurance on behalf of multiple different companies and discuss your individual needs and budget. An agent will be able to talk you through your options and help you arrive at the company and plan that most aligns with your needs.