Amy DaniseManaging Editor, Insurance
Amy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive background in the insurance sector. With a career spanning more than three decades, she has focused her work on consumer-oriented publications.
Amy Danise
Amy DaniseManaging Editor, Insurance
Amy Danise is the managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly experienced editor, writer and team leader with an extensive background in the insurance sector. With a career spanning more than three decades, she has focused her work on consumer-oriented publications.
Managing Editor, Insurance
Tony SteuerLife Insurance Expert
Tony Steuer, CLU, LA, CPFFE, is an internationally recognized financial preparedness advocate, podcaster and award-winning author. Tony developed the Get Ready Movement to empower and educate people on all areas of personal finance, including insurance. The Get Ready Method empowers people to take control of their money while providing a framework for integrating financial products, advice and advisors.
He is also an advisor at Insurance Nerds, Paperwork and Dingo Technologies. He is a judge for the 2023 and 2024 Finder Innovation Awards, as well as a finalist in thought leadership and education for ThinkAdvisor’s LUMINARIES Class of 2022. Tony is also a founding member of the Financial Literacy Advocates for Good group on Grapevine.org. And, he served as a long-term member of The California Department of Insurance Curriculum Board.
Tony shares his trailblazing thought leadership on financial wellness as a contributor for Forbes Advisor, an expert content reviewer for NerdWallet, and a guest/contributor for ABC’s Seven on Your Side, Cheddar TV, The New York Times, the Washington Post, Fast Company, Chicago Tribune, CNBC and Fox Business News. His podcast, "The Get Ready Money Podcast," is another way to find his expertise.
Tony’s books—including "The Get Ready Blueprint," "Get Ready! A Step-By-Step Planner for Maintaining Your Financial First Aid Kit," "Insurance Made Easy," "Questions and Answers on Life Insurance," "The Questions and Answers on Life Insurance Workbook," "The Questions and Answers on Disability Insurance Workbook" and "The Questions and Answers on Insurance Planner"—have won numerous awards, including four awards for Excellence in Financial Literacy Education. His books are used in college courses, financial planning certification courses, insurance agency training and financial planning firm resource libraries.
Expert Reviewed
Tony Steuer
Tony SteuerLife Insurance Expert
Tony Steuer, CLU, LA, CPFFE, is an internationally recognized financial preparedness advocate, podcaster and award-winning author. Tony developed the Get Ready Movement to empower and educate people on all areas of personal finance, including insurance. The Get Ready Method empowers people to take control of their money while providing a framework for integrating financial products, advice and advisors.
He is also an advisor at Insurance Nerds, Paperwork and Dingo Technologies. He is a judge for the 2023 and 2024 Finder Innovation Awards, as well as a finalist in thought leadership and education for ThinkAdvisor’s LUMINARIES Class of 2022. Tony is also a founding member of the Financial Literacy Advocates for Good group on Grapevine.org. And, he served as a long-term member of The California Department of Insurance Curriculum Board.
Tony shares his trailblazing thought leadership on financial wellness as a contributor for Forbes Advisor, an expert content reviewer for NerdWallet, and a guest/contributor for ABC’s Seven on Your Side, Cheddar TV, The New York Times, the Washington Post, Fast Company, Chicago Tribune, CNBC and Fox Business News. His podcast, "The Get Ready Money Podcast," is another way to find his expertise.
Tony’s books—including "The Get Ready Blueprint," "Get Ready! A Step-By-Step Planner for Maintaining Your Financial First Aid Kit," "Insurance Made Easy," "Questions and Answers on Life Insurance," "The Questions and Answers on Life Insurance Workbook," "The Questions and Answers on Disability Insurance Workbook" and "The Questions and Answers on Insurance Planner"—have won numerous awards, including four awards for Excellence in Financial Literacy Education. His books are used in college courses, financial planning certification courses, insurance agency training and financial planning firm resource libraries.
Life Insurance Expert
Expert Reviewed
Updated: Jun 3, 2024, 11:08am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
We thoroughly analyzed the term life and cash value policies of 16 companies and found that Pacific Life and Protective are among the best life insurance companies, earning five stars in our analysis. We used a database of more than 9,000 policies and scored key metrics including cost, historical performance, financial strength and cash value.
Read more
Summary: Best Life Insurance Companies
| Our expert take | Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | AM Best rating |
|---|---|---|---|---|---|
| Best for variable universal life insurance | Pacific Life |  | 5.0 |  | A+ (Superior) |
| Best for indexed universal life insurance | Protective |  | 5.0 |  | A+ (Superior) |
| Best for recreational marijuana users | Corebridge Financial |  | 4.8 | | A (Excellent) |
| Best for universal life insurance | Penn Mutual |  | 4.7 |  | A+ (Superior) |
| Great for reliable policy illustrations | Transamerica |  | 4.7 | | A (Excellent) |
| Best for term life insurance | Symetra |  | 4.5 | | A (Excellent) |
| Great for estate planning | Lincoln Financial |  | 4.3 | | A+ (Superior) |
| Great for seniors | Midland National |  | 4.1 |  | A+ (Superior) |
| Great for financial strength | MassMutual |  | 4.0 | | A++ (Superior) |
| Great for young adults | Nationwide |  | 4.0 | | A+ (Superior) |
How We Chose the Best Life Insurance
Our Picks for the Best Life Insurance Companies of June 2024
BEST FOR VARIABLE UNIVERSAL LIFE INSURANCE
Pacific Life
5.0
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $128 Male: $145
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $128 Male: $145
A+ (Superior)
Editors’ Take
Pacific Life’s variable universal life insurance earned top marks in our analysis. We found that it has highly reliable illustrations for its VUL policies and very competitive costs. We also like that its VUL policies can build cash value relatively quickly.
- Very cost-competitive for most cash value policies.
- Low costs for smokers.
- Can build cash value well even in the early years.
- Superior rates for term life insurance.
More: Pacific Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Pacific Life has a long history of offering products with low costs and competitive investment options. However, costs in some newer products can be higher, and some newer investment options have been under-performing expectations. As such, be sure to ask your financial advisor 1) whether internal policy costs are higher or lower than industry benchmarks, and 2) for the actual track-record (i.e. not just hypothetical back-testing) of recommended investment options.
– Barry D. Flagg, advisory board member
Drawbacks
- Conversion of term life policies is limited to universal life insurance.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Fixed-rate universal life
- Indexed universal life
- Variable universal life
Life Insurance Riders Available
- Additional insurance rider
- Child life insurance rider
- Chronic illness rider
- Early/enhanced cash value rider
- Estate protection rider
- Lapse protection rider
- Long term care rider
- Option to split/change/convert rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
Availability of riders could depend on the type of policy.
BEST FOR INDEXED UNIVERSAL LIFE INSURANCE
Protective
5.0
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $128 Male: $145
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $128 Male: $145
A+ (Superior)
Editors’ Take
Protective’s indexed universal life insurance policies earned top marks in our analysis. We liked that these policies are highly cost-competitive (including internal charges), and they can be good at building cash value early on.
In addition, we’re impressed by the stellar historical investment performance underlying its indexed universal life policies.
- Low term life insurance rates.
- Long 35- and 40-year level term life lengths available.
- Choice of up to 8 cash value policies if you convert a term life policy.
- Superior historical performance of company investments helps keep premiums low.
More: Protective Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Current regulations in most states for indexed universal life insurance products in particular permit insurers to “quote” low premiums or project high account growth, giving the appearance of low costs, while instead actually charging high costs. Under these regulations insurers don’t have to disclose either those high costs nor the higher risks of future “premium calls for more than the originally “quoted” premium to cover the high costs. Nor do they have to disclose the potential total loss due to policy lapse even when all originally “quoted” premiums have been paid. On the other hand, Protective’s IUL products are generally priced competitively and quoted based on more reasonable performance expectations. Their IUL policies are supported by generally superior performance of invested assets underlying policy account values.
– Barry D. Flagg, advisory board member
Drawbacks
- Cash value accumulation may be slow.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Universal life
- Indexed universal
- Variable universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Child life insurance rider
- Disability rider
- Guaranteed insurability rider
- Lapse protection rider
- Overloan protection rider
- Return of premium rider
- Terminal illness accelerated death benefit rider
- Waiver of premium rider
Availability of riders could depend on the type of policy.
BEST FOR RECREATIONAL MARIJUANA USERS
Corebridge Financial (formerly AIG Life & Retirement)
4.8
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
No
Average term life cost per year*
Female: $129 Male: $146
Compare quotes from participating carriers via Policygenius.com
No
Female: $129 Male: $146
A (Excellent)
Editors’ Take
Corebridge is notable in our analysis for its relatively friendly underwriting for marijuana users. Buyers who use marijuana eight or fewer days per month can still qualify for the best rate class from Corebridge. But life insurance shoppers who use marijuana frequently (more than 16 days a month or more than four days a week) should expect to be declined.
- Excellent term life insurance rates for a range of buyer ages and coverage levels.
- Customizable level term length between 10 and 35 years, such as 27 years.
- Low internal costs for cash value policies.
- Good reliability of policy illustrations.
More: Corebridge Financial Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Drawbacks
- High level of complaints about its life insurance.
- Poor financial strength in the past but has recovered since AIG’s financial implosion in 2008.
Types of Life Insurance Sold
- Term life
- Whole life
- Guaranteed universal life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Child life insurance rider
- Disability rider
- Early/enhanced cash value rider
- Lapse protection rider
- Maturity extension rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
- Waiver of premium rider
Availability of riders could depend on the type of policy.
BEST FOR UNIVERSAL LIFE INSURANCE
Penn Mutual
4.7
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $129 Male: $146
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $129 Male: $146
A+ (Superior)
Editors’ Take
Penn Mutual’s universal life insurance policies offer a great combination of financial strength, competitive internal policy costs and reliable policy illustrations. Senior buyers will like the ability to maximize their death benefit for the premiums paid for the UL policies.
- Very competitive rates for term life insurance (non-convertible policy).
- Cash value policies are cost competitive.
- Term life conversion available to any Penn Mutual permanent life insurance policy.
More: Penn Mutual Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Penn Mutual is one of the highest-rated insurers for financial strength and claims-paying ability. It offers universal life products with broadly competitive internal policy costs across most ages, health risk classes and face amounts. Penn Mutual also offers generally reliable quotes and policy illustrations, good access to cash value in some of its products, and superior historical performance of invested assets underlying policy account values.
– Barry D. Flagg, advisory board member
Drawbacks
- Pricey rates for term life that is convertible to permanent life insurance.
- Not all permanent policies build cash value well early on.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Guaranteed universal life
- Variable universal life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Additional insurance rider
- Child life insurance rider
- Chronic illness rider
- Disability rider
- Early/enhanced cash value rider
- Estate protection rider
- Guaranteed insurability rider
- Lapse protection rider
- Option to split/change/convert rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
- Waiver of premium rider
- Waiver of surrender charges rider
Availability of riders could depend on the type of policy.
GREAT FOR RELIABLE POLICY ILLUSTRATIONS
Transamerica
4.7
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $130 Male: $148
AM Best financial strength rating
A (Excellent)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $130 Male: $148
A (Excellent)
Editors’ Take
Cash value life insurance buyers will appreciate Transamerica’s reliable policy illustrations. It earned top marks in this category. This means you’re less likely to be taken by surprise by lower cash value gains than you expected.
- Top-notch benefits in its Trendsetter Living Benefits term life policy, such as the ability to access your own death benefit money if you develop a chronic or critical illness.
- High maximum ages for renewing or converting term life insurance.
- Cash value generally builds fairly well in the early years.
More: Transamerica Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Transamerica has paired back its new product offerings in recent years, but policy illustrations for their policies remain based on 1) competitive and generally stable internal policy costs and 2) the performance of invested assets underlying policy account values that’s generally consistent with actual historical performance. If you are being presented with a proposal to exchange a Transamerica policy, be sure to ask your financial advisor to demonstrate 1) that proposed costs are lower than current internal policy costs and 2) that performance requirements to achieve proposal expectations are as reliable as in your current policy.
– Barry D. Flagg, advisory board member
Drawbacks
- High level of complaints about its life insurance.
- Company investments haven’t always performed very well.
- Internal policy expenses passed on to customers have been higher compared to some top competitors.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Additional insurance rider
- Child life insurance rider
- Disability rider
- Guaranteed insurability rider
- Overloan protection rider
- Terminal illness accelerated death benefit rider
Availability of riders could depend on the type of policy.
BEST FOR TERM LIFE INSURANCE
Symetra
4.5
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $128 Male: $145
AM Best financial strength rating
A (Excellent)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $128 Male: $145
A (Excellent)
Editors’ Take
Symetra earned strong scores for term life insurance in our analysis. We especially like its low term life insurance rates.
- Possible no-exam option for term life if you’re under age 60, for up to $3 million in coverage.
- Cash value policies are cost competitive (including internal charges).
More: Symetra Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Term life insurance products are intended for a specified term-of-years, like 10, 20 or 30 years. However, over the course of the initial term, needs and health can change. In addition, term life insurance products can be sold on the life settlement secondary market, sometimes for a full refund of premiums paid or even more, but only if the product is convertible to some form of permanent coverage. As such, Symetra can be good for term life insurance both because its term insurance rates are generally competitive, and because its permanent products are also often well-priced.
– Barry D. Flagg, advisory board member
Drawbacks
- Cash value can be slow to accumulate.
- Poor performance of the company’s investments over time.
- Lacks long track record of financial strength (founded in 1957).
Types of Life Insurance Sold
- Term life
- Universal life
- Indexed universal life insurance
Life Insurance Riders Available
- Accelerated death benefit
- Accidental death benefit rider
- Children’s term life insurance rider
- Waiver of premium rider
GREAT FOR ESTATE PLANNING
Lincoln Financial
4.3
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $131 Male: $148
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $131 Male: $148
A+ (Superior)
Editors’ Take
For couples doing estate planning, we think Lincoln Financial is worth consideration for its survivorship life insurance policies. These policies insure two lives under one policy and provide a payout when both people have passed away. Beneficiaries can then use the money to pay estate taxes or other financial obligations.
- Very reliable policy illustrations for its cash value policies.
- Low internal policy costs.
More: Lincoln Financial Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
The type of life insurance most commonly used in estate planning is a policy that insures two individuals (usually by not necessarily husband and wife) and pays the death benefit upon the passing of the last survivor. This joint-and-last-survivor type policy perfectly matches payment of the death benefit with the estate taxes that are only due upon death. Joint life policies are also useful for balancing inheritances between a child who inherits a family business and children who would otherwise divide up their parents’ often smaller assets. Lincoln Financial offers a number of joint life products that are among the lowest in cost, among the most stable in pricing, and that have a wide spectrum of different investment options and risk profiles for estate plans with different risk tolerances.
– Barry D. Flagg, advisory board member
Drawbacks
- Term life insurance rates are high.
- Investment performance has only been so-so, affecting cash value growth.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Guaranteed universal life
- Variable universal life
- Fixed-rate universal life
- Indexed universal life
Life Insurance Riders Available
- Additional insurance rider
- Child life insurance rider
- Chronic illness rider
- Critical illness rider
- Early/enhanced cash value rider
- Estate protection rider
- Lapse protection rider
- Long term care rider
- Option to split/change/convert rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
Availability of riders could depend on the type of policy.
GREAT FOR SENIORS
Midland
4.1
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $140 Male: $155
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $140 Male: $155
A+ (Superior)
Editors’ Take
Midland National deserves attention for its generous living benefits for term life insurance. We like that its Premier Term policy allows policyholders to take money from the death benefit if they develop a terminal, chronic or critical illness—a situation likelier to happen in one’s senior years
We also found that Midland’s cash value policies are cost-competitive for senior buyers.
- Cash value accumulates earlier than some competitors.
- Decent historical performance of the company’s investments.
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Seniors on a fixed-income generally seek a good “bang for their buck” and safety and security in their later years. Midland can be great for seniors due to its generally low costs, usually reliable quotes and illustrations, and generally good access to cash value in case of emergencies. Midland has also shown superior performance of the invested assets underlying policy account values.
– Barry D. Flagg, advisory board member
Drawbacks
- Policy illustrations are less reliable than most competitors in our analysis.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Indexed universal life
- Variable universal life
Life Insurance Riders Available
- Children’s insurance
- Waiver of premium for disability
Availability of riders could depend on the type of policy.
GREAT FOR FINANCIAL STRENGTH
MassMutual
4.0
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $125 Male: $144
AM Best financial strength rating
A++ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $125 Male: $144
A++ (Superior)
Editors’ Take
We like MassMutual for its enviable superior financial strength. This can give confidence to buyers who intend to hold their policies for many decades. It also supports the ability to grow cash value faster.
- Cash value builds fairly well early.
- Better than average overall performance of company investments over time.
More: MassMutual Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Whole life products are required by regulation to invest assets underlying cash value predominantly in high-grade bonds and government-backed mortgages. MassMutual’s whole life policies can therefore be great for those seeking safety and security, given MassMutual’s high ratings for financial strength and claims-paying ability and the superior performance of its bond and mortgage portfolio. However, costs charged in MassMutual policies can be higher than other whole life insurance providers, and MassMutual “quotes” can be more optimistic and less reliable than other whole life sellers, so be sure to ask your financial advisor to 1) benchmark internal policy costs against other companies and 2) also benchmark performance expectations against benchmarks for the asset classes.
– Barry D. Flagg, advisory board member
Drawbacks
- Policy illustrations are not very reliable.
- Internal policy costs are often higher than many competitors.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Universal life
- Variable universal life
Life Insurance Riders Available
- Additional insurance rider
- Catastrophic disability rider
- Early/enhanced cash value rider
- Estate protection rider
- Guaranteed insurability rider
- Lapse protection rider
- Long-term care rider
- Option to split/change/convert rider
- Overloan protection rider
- Terminal illness accelerated death benefit rider
- Waiver of premium rider
Availability of riders could depend on the type of policy.
GREAT FOR YOUNG ADULTS
Nationwide
4.0
Our ratings take into account the historical performance of a company's cash value life insurance policies. All ratings are determined solely by our editorial team.
Term life insurance quotes available online
Yes
Average term life cost per year*
Female: $173 Male: $180
AM Best financial strength rating
A+ (Superior)
Compare quotes from participating carriers via Policygenius.com
Yes
Female: $173 Male: $180
A+ (Superior)
Editors’ Take
Nationwide stood out in our analysis for its policy illustrations. This is especially important for young buyers who will likely be holding a policy for many decades and who want a reliable prediction of cash value.
- Cash value builds fairly well in the early years of policies.
- Wide variety of life insurance riders available.
More: Nationwide Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Expert’s Take
Young adults have more time than other generations to weather greater volatility over the short-term and can benefit from greater long-term performance by allocating cash value to different asset classes. In addition, one of the most influential determinants of superior long-term performance is low costs. Nationwide products can be great for young adults given its history of low and stable costs. Young adults can also benefit from Nationwide’s wide selection of investment options, covering almost every different asset class from equities to fixed income, large-cap to small cap, growth to value, domestic to foreign, etc. Restrictions on accessing cash value can be higher in Nationwide products, but such restrictions can encourage long-term growth of cash value.
– Barry D. Flagg, advisory board member
Drawbacks
- Investments have historically performed poorly compared to competitors.
- Cost is only so-so compared to competitors.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Indexed universal life
- Guaranteed universal life
- Variable universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Children’s term insurance rider
- Chronic illness rider
- Critical illness rider
- Early/enhanced cash value rider
- Estate protection rider
- Guaranteed insurability rider
- Lapse protection rider
- Long term care rider
- Overloan protection rider
- Return of premium rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
- Premium waiver rider
Availability of riders could depend on the type of policy.
Current regulations in some states and for some products permit insurers to ‘quote’ a low premium while charging high costs—without disclosing that you may need to pay additional premiums later in order to avoid a lapse.”
– Barry D. Flagg, founder of Veralytic.
EXPERT TIPS
How Do I Choose the Best Life Insurance?
Tony Steuer
Advisory Board Member
Ashlee Valentine
Insurance Editor
Amy Danise
Insurance Managing Editor
Les Masterson
Insurance Editor
Michelle Megna
Insurance Lead Editor
Always start with your goals
Once you know your goals, then find the policy that’s right for you. An experienced life insurance agent can help you find the right company and policy. Insurance companies vary in their underwriting criteria and pricing, so while one company can be good for one person, another company might be better for you.
Tony Steuer
Advisory Board Member
Check financial strength ratings
I always make sure the companies I’m considering have an A rating or higher for financial strength. These ratings are available from agencies like AM Best and Standard & Poor’s and help me identify companies that will be able to pay claims many years in the future. That’s why all the companies in our analysis are rated A or higher.
Ashlee Valentine
Insurance Editor
Work with experienced professionals
I’ve found it’s essential to work with an experienced life insurance agent or financial advisor who knows which insurers are most likely to give the best price based on age and health. You want to know if you have a good chance of getting a decent quote from an insurer before you apply. A good life insurance agent or financial advisor can also anonymously shop around for you, so you don’t get declined—which can affect your ability to buy life insurance later from someone else.
Amy Danise
Insurance Managing Editor
Look for a term life conversion feature
If I’m looking for the best term life insurance, I’m going to shop mainly on price, but I’m also going to make sure the policy will let me convert to a cash value policy later on. This term life conversion option is a good way to hedge your bets. You may find you want a permanent life policy many years later, when buying a new policy could be cost-prohibitive.
Les Masterson
Insurance Editor
Examine internal policy charges
If you’re buying a cash value policy like universal life insurance I strongly recommend working with a financial advisor who can explain the costs within the policy, like the internal charges. Don’t shop on the monthly price alone if you’re buying a cash value policy. The true cost of the policy can be hidden in the details of the charges.
Michelle Megna
Insurance Lead Editor
Best Term Life Insurance Companies
We found that Corebridge Financial, Pacific Life, Protective and Symetra have the best term life insurance. Term life insurance is ideal for covering finite financial concerns, like the years until you retire.
Best Whole Life Insurance Companies
State Farm is the best whole life insurance in our analysis of those policies. Whole life insurance is known for its guarantees: A fixed premium, a fixed death benefit and guaranteed cash value growth.
Best Universal Life Insurance Companies
Penn Mutual is the best universal life insurance company in our analysis. Universal life insurance offers the flexibility of adjustable premium payments, within certain parameters, and a flexible death benefit amount.
Best No-Exam Life Insurance Companies
Brighthouse Financial, Legal and General America, Pacific Life and Transamerica are the best companies in our no-exam life insurance analysis. No-exam life insurance offers the convenience of skipping the medical exam typically required by traditional life insurance.
Cheapest Life Insurance Companies
Symetra is our top pick in our evaluation of the cheapest life insurance companies.
How Much Does a Life Insurance Policy Cost?
Term life insurance costs an average of $207 a year for a 30-year-old woman for a 20-year, $500,000 term life insurance policy, based on the companies in our analysis. For a male buyer the same age, the same policy costs an average of $251 a year.
A whole life insurance policy costs an average of $3,945 a year for a 30-year-old woman with $500,000 coverage. For a male buyer the same age, the same policy costs an average of $4,375 a year.
The cost of life insurance varies by the policy type, company and your age, health, gender, amount of coverage and other factors.
ASK THE EXPERT
We Answer Your Questions
Ashlee Valentine
Insurance Editor
Michelle Megna
Insurance Lead Editor
Amy Danise
Insurance Managing Editor
Can I draw money from my life insurance policy if I’m out of work on medical leave?
– Teresa M., Atlanta, Georgia
If you have a cash value policy, there are often ways to leverage your cash value if needed. You can borrow from your life insurance policy, usually 90% to 95% of the cash value. Although there is no specified repayment plan, the insurer typically charges interest on the outstanding balance. You can also withdraw money from the cash value tax-free as long as you don’t borrow more than you’ve paid in premiums, but doing so will reduce your death benefit.
If you have a terminal, chronic or critical illness, you may be able to access your death benefit while still living if you have an accelerated death benefit rider or living benefits rider.
Ashlee Valentine
Insurance Editor
Can I get life insurance in the U.S. if I do not have U.S. citizenship?
– Tetiana T., New York City
If you have a visa or green card, you can purchase life insurance in the U.S. as a non-citizen.
Michelle Megna
Insurance Lead Editor
What are life insurers looking for on the medical exam blood test?
– Ellis M., Louisville, Kentucky
A blood test is part of a life insurance medical exam and insurers use it to look for specific risks such as:
- Drug use (prescription and recreational)
- Tobacco use
- Kidney disorder
- High cholesterol
- Heart disease
- Liver disease
- Malnutrition
- Diabetes
- HIV or AIDS
- Enzyme levels that may indicate other medical conditions
Amy Danise
Insurance Managing Editor
Methodology
To find the best life insurance companies, we term life and permanent life insurance for each company. Our evaluation was based on the following.
 | Term life insurance rates (50% score): We used term life insurance rates for healthy buyers ages 30 and 40 for policies for 10, 20 and 30 years. The coverage amounts analyzed were $250,000, $500,000, $1 million and $2 million. Source: Forbes Advisor research. |
 | Financial strength (10% of score): This measure incorporates the insurer’s financial strength ratings from four major ratings agencies: AM Best, Fitch, Moody’s and Standard and Poor’s. Financial strength is particularly important when you’re relying on a company’s ability to pay claims many decades from now. Source: Veralytic. |
 | Cost competitiveness of cash value policies (10% of score): This measures the level of premiums and internal policy charges, including the cost of insurance, fixed administration expenses and cash value-based wrap fees. Source: Veralytic. |
 | Reliability of policy illustrations (10% of score): This factor measures the reliability over time of the company’s illustrations for its permanent life insurance products. When you plan to be holding on to a policy for decades and counting on cash value to accumulate, you want an illustration that’s accurate. Source: Veralytic. |
 | Historical performance (10% of score): This measures whether the historical performance of the company’s investments that fuel cash value growth is superior to other companies’ comparable products. Source: Veralytic. |
 | Access to cash value (10% of score): This measure evaluates the liquidity of cash value and a policyholder’s access to it. Some policies will build cash value better in the early years, and with other companies you may be waiting several years before you have meaningful cash value within a policy. Generally speaking, the higher the liquidity, particularly in early policy years, the better—but some insurers charge more for greater liquidity, so consider the possible tradeoff. Source: Veralytic. |
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Other Life Insurance Companies We Rated
| Company | Forbes Advisor rating |
|---|---|
Minnesota Life |  3.8 stars |
Prudential |  3.6 stars |
Guardian | 3.5 stars |
Ameritas |  3.2 stars |
Mutual of Omaha | 3.2 stars |
State Farm | 3 stars |
More Life Insurance Ratings
If you’re looking for a specific type of policy, check out our top picks across these categories:
- Best Term Life Insurance
- Best Whole Life Insurance
- Best Burial Life Insurance
- Best Family Life Insurance
- Best No-Exam Life Insurance
- Best Life Insurance for Seniors
- Best Life Insurance for Children
- Best Life Insurance for Veterans
- Best Life Insurance for High-Risk Applicants
Best Life Insurance Companies Frequently Asked Questions
What does life insurance exclude?
Life insurance policies typically include a suicide clause. This clause specifies that suicide within the first two years of the policy will not be covered.
Apart from the suicide clause, life insurance policies pay the death benefit no matter the cause of death unless the insurer can prove misrepresentation or the policyholder stops paying premiums. An insurer may deny a life insurance claim if they discover something like a known health issue that was not disclosed by the policyholder. They may also deny a payout if the policy lapses due to nonpayment.
Can I buy life insurance on someone else?
Yes, you can purchase life insurance on someone else as long as you can prove an “insurable interest” in that person. An insurable interest means that you would financially suffer if they died. The person being insured must sign the application. You cannot purchase a policy on someone without their knowledge.
If you buy life insurance on someone else, you can make yourself the life insurance beneficiary.
Can I use my life insurance while still living?
If you have a cash value life insurance policy, there are ways to use your life insurance while still living. You can access the cash value through loans, withdrawals or by surrendering the policy.
Another way to use your life insurance while still living is through living benefits, if your policy includes them. Living benefits allow you to access money from your own death benefit if you meet specific health requirements. Living benefits are commonly offered for policyholders who are diagnosed with a terminal, chronic or critical illness.
If you’re buying life insurance, find out what living benefits can be included in the policy.
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