Nationwide has secured the top position in Investopedia’s ranking of the best life insurance companies, distinguished by its extensive range of products and features, robust financial stability, and exceptional customer satisfaction ratings. Additionally, Nationwide has been recognized as the best in two other categories; however, other insurance providers may better meet your specific requirements.
Life insurance serves as a crucial financial safeguard for your loved ones in the event of your passing. Due to its complexity, Investopedia evaluated 70 criteria across 45 life insurance companies, encompassing aspects such as pricing, policy types and features, customer satisfaction, and more, prior to identifying the leading life insurers.
.10 Best Life Insurance Companies for January 2025
.Best Overall, Best Children’s Life Insurance, Best for People Over 50: Nationwide
.Best Term Life Insurance: Banner by Legal & General
.Best Whole Life Insurance: Lafayette Life
.Cheapest Term Premiums: SBLI
.Best No-Medical-Exam Insurance: Penn Mutual
.Best for Financial Strength, Best for Customer Satisfaction: Thrivent
.Best for Universal Life: Pacific Life
.Also Great for No-Medical Exam Life Insurance: Symetra
.Also Great for Children’s Life Insurance: Protective Life
.Also Great for Whole Life Insurance: MassMutual
1. Best Overall
Nationwide stands out as the premier choice among life insurance providers, offering a diverse array of product types and features, along with a high level of customer satisfaction. The absence of coverage limits for numerous policy types and an excellent rating from the credit rating agency AM Best further solidify its position. Additionally, the inclusion of three living benefit riders at no additional cost significantly enhances its overall evaluation.
Best Life Insurance for Children
For those seeking to insure a child, Nationwide presents an excellent option. Firstly, it allows for the purchase of a whole life policy of any desired size for a child. Secondly, the child has the opportunity to assume control of the policy upon reaching adulthood. Thirdly, if a child term rider is added to an existing policy, it can provide coverage until the child turns 22 and can subsequently be converted into a permanent life insurance policy without requiring a health examination.
Best Life Insurance for Individuals Over 50
The features that elevate Nationwide to our top overall choice also make it the leading option for individuals over 50. This demographic benefits from the ability to secure up to $1.5 million in coverage without undergoing a medical examination, along with the advantage of receiving an immediate decision. Furthermore, there is no minimum age requirement for obtaining a final expense policy valued at up to $50,000.
Pros & Cons
Pros
– Extensive variety of product offerings
– Excellent financial strength rating (A+)
– Inclusion of three living benefits in many policies
– Notable features for child life insurance
– Minimal customer complaints reported to regulators
Cons
– No dividends paid on whole life policies
– Term life insurance not available for applicants over 70
– Absence of live chat support for customer service
– Online claim initiation is not available
Lafayette Life
Reasons for Selection
Lafayette Life excelled compared to its competitors in the whole life insurance sector due to its extensive selection of whole life policies and riders, many of which are provided at no additional cost, along with its generous coverage limits. Customers have the option to purchase a policy of any size, contingent upon meeting income qualifications.
Advantages and Disadvantages
Advantages
Provides seven distinct whole life insurance policies
No limitations on whole life coverage
Distributes dividends on whole life policies
Includes three complimentary living benefit riders
Disadvantages
Other leading competitors offer more favorable dividend rates
Does not provide universal or variable life insurance options.
SBLI
Reasons for Selection
SBLI stands out due to its competitive term life insurance premiums, which are among the lowest in the market. Additionally, the company has demonstrated a solid track record of customer satisfaction over the last three years. Notably, SBLI allows policyholders to convert their term insurance to a permanent policy without the need for a medical examination, and this option is provided at no additional cost.
Advantages and Disadvantages
Advantages
Affordable premiums for term life insurance
User-friendly online resources and tools
Minimal customer complaints
Disadvantages
Lacks offerings for universal or variable universal life insurance
Low dividend rate for whole life policies
Penn Mutual
Reasons for Selection
For individuals seeking a significant life insurance policy without the requirement of a medical examination during the application process, Penn Mutual stands out as the premier provider. Their no-medical-exam policies can reach up to $10 million, which is the highest limit identified in our analysis.
Advantages and Disadvantages
Advantages
– Availability of substantial policies without a medical examination
– Competitive dividend rates for whole life insurance policies
– Strong track record in customer satisfaction
Disadvantages
– Absence of final expense insurance options
– Lack of online application and quoting capabilities
– No live chat support for customer service.
Thrivent
Reasons for Our Selection
Optimal Financial Stability
Thrivent has received an A++ rating from AM Best, the highest possible designation, which signifies what AM Best describes as a “superior ability to meet their ongoing insurance obligations.”
It is important to note that Thrivent operates as a member-owned organization catering to Christians. To enroll, individuals must affirm that they or their spouse identify as Christian. In the case of minors, applicants must confirm that the child is being raised within the Christian faith.
Optimal Customer Satisfaction
Thrivent boasts an exceptional record regarding customer complaints filed with state regulators. Over the past three years, its average NAIC index stood at 0.73, significantly outperforming expectations for a company of its size and representing the best score among all life insurers evaluated by Investopedia. MassMutual followed closely with an index of 0.75.
Advantages and Disadvantages
Advantages
– Highest financial strength rating available
– Best complaint score among insurers reviewed by Investopedia
– Offers a diverse range of policy options
Disadvantages
– Eligibility restricted to those who identify as Christians
– No option for online applications
– Limited selection of riders available