Life insurance is an essential element of any financial strategy, and the top life insurance providers make it simple to obtain coverage. Whether you want cheap term life insurance with a big death benefit, whole life insurance that constructs cash value, or another type of permanent policy, the best-rated life insurance companies have an easy-to-understand application process, good ratings from third parties, and coverage you can trust.
You might be able to get life insurance in just a few days without having to go through a medical exam. So, it’s important to compare life insurance companies before buying, especially since each has its specialties. Read about our top choices if you’re ready to buy life insurance to protect your family or pay for your funeral.
1) Superior for Healthy Seniors: Health IQ
Health I.Q. is a marketplace for life insurance designed for older people who care a lot about their health. People can apply for up to $100,000 in coverage until they are 85 years old, and the company has great rates for people over 50 who want life insurance. There is also a terminal illness rider for people who want 50% of their death benefit if they get very sick.
As a marketplace for life insurance, Health I.Q. does not sell policies on its own. Instead, this company lets you compare policies from many top insurers, such as John Hancock, Prudential, Pacific Life, Transamerica, and more. Health I.Q., on the other hand, lets you compare prices from multiple insurers all at once, rescue you time and money in the process.
Pros
- Compare the prices of life insurance from several companies at once
- Healthy seniors get lower rates.
- Helpful mobile app
- Instant decision
- Fixed payments for life
Cons
- There is no term life insurance.
- Low limits of coverage
- To get a free quote, you have to talk to an agent.
- To apply, you have to send in your medical information.
2) Group Life Insurance: MetLife Is the Best Option
MetLife is another well-known company in the U.S. that sells term life insurance, whole life insurance, universal life insurance, variable life insurance, and coverage for accidental death. But this company mostly offers employer group life insurance plans, so not all types of coverage can be bought by an individual. MetLife has an A+ rating from A.M. Best, but in the J.D. Power 2021 U.S. Individual Life Insurance Study, they scored below average for customer service.
Pros
- Most types of life insurance are available, such as term life insurance, whole life insurance, and policies that don’t require a medical exam.
- Good marks for a strong financial situation
Cons
- There is no online quoting process.
- Numerous coverage alternatives are exclusive to employers. There is limited information about their plans available online.
3) Best for No Medical Tests: Bestow
Even though Bestow didn’t start up until 2016, this online insurance company has made it easier to get term life insurance. Bestow only sells cheap term life insurance, and you can only sign up for it online because it doesn’t have any physical locations. You can get a policy that doesn’t require an exam immediately.
How much do insurance options through Bestow cost? Using the company’s online quote tool, we found that a 32-year-old woman in great health could get a $500,000 30-year life insurance policy for as little as $28.08 per month. Also, remember that all of the policies offered by Bestow come from a carrier with an A+ rating and a good name in the business.
North American Company for Life Insurance and Munich RE offer the policies that Bestow sells. Still, you can only buy a certain type of policy and a certain amount of coverage through Bestow. Term life insurance, for example, is only available to adults between 18 and 59, and you can only buy up to $1.5 million in coverage.
Pros
- Term insurance with no ever-ever medical exams
- Easy way to get a quote online
- Backed by insurance companies with high ratings for their financial strength
- The whole process is done online.
- Prices as low as $10 per month
Cons
- Term insurance can only be bought for up to $1.5 million.
- No riders available
- People older than 59 have no coverage options.
- There are no whole-life insurance policies.
4) Best for Low Premiums: AIG
American International Group (AIG) is one of the biggest insurance companies in the world. Because of this, it can offer a wide range of life insurance plans with low premiums. People can buy affordable term insurance, universal life insurance, and guaranteed issue whole life from this company.
AIG even has policies called “return of premiums” that give you back the premiums you paid when the policy is over. Even though J.D. Power didn’t give AIG very high marks for customer satisfaction, A.M. Best gave the company an “A” for its financial strength.
Pros
- This company is known for having low premiums.
- M. Best Return of Premium policies is rated for their financial strength.
- There’s term life insurance, universal life insurance, and even whole life insurance guaranteed to be accepted.
- You can get up to $10 million in range.
Cons
- D. Power gave it a lower than average score for customer satisfaction.
- You may have to talk to an agent to get a free quote.
- There are few whole-life choices.
5) Best for Fast Coverage: Haven Life
Haven Life is run by MassMutual, a well-known and highly rated insurance company. Haven Life allows you to get a free quote online without giving out your contact information. They focus on offering affordable term coverage.
Based on your age and health, you might be able to get life insurance without having to take a medical exam in as little as a few days. You should know that you can only get the Haven Simple policy with the Accelerated Death Benefit rider if you are between the ages of 20 and 55.
Haven Life also has premiums that can be very affordable. Using their online quote tool, we found that a 42-year-old woman in great health could get 20-year term insurance worth $250,000 for as little as $24.01 per month.
Looking at different companies in this field, you should know that Haven Life only offers term life insurance. So, if you’re looking for whole life insurance or other regulations that build dollar value that you can borrow against, this company won’t work for you.
Pros
- You can get a free quote online without giving any personal information.
- There are different amounts of coverage and lengths of coverage. Some policies don’t require a medical exam.
- It is owned by MassMutual, with an A++ rating from A.M. Best for its disability coverage.
Cons
- There is no whole life insurance or other permanent life insurance.
- You may need a medical exam if you’re not in good health.
- If you are over 65, you can’t buy coverage.
- You can only get coverage for up to $3 million.
