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Life insurance isn’t one size fits all. The company that works best for your friends, neighbors and family might not offer the same coverage or price to you. To help you find an insurer that best suits your needs, we’ve collected and examined multiple factors.
Insure.com surveyed more than 1,500 people with auto, home, life and health insurance. The survey was conducted by online market research company Slice MR. Respondents were asked to name their insurer and to gauge each company’s level of customer experience, policy offerings, trustworthiness and other factors.
The editors then selected – based on the number of responses — the top life insurance companies for further evaluation. We also gathered and analyzed the top insurers’ AM Best financial stability scores, their National Association of Insurance Commissioners (NAIC) complaint records and other important metrics. We then rated the best life insurance companies, giving each from one to five stars, with five stars being the best ranking.
For 2023, the top life insurance company is State Farm, according to our analysis, followed by New York Life and Northwestern Mutual.
Our list can take some of the guesswork out of shopping life insurance and help you pick an insurer that meets your needs.
“In our most recent Insurance Barometer Study, one in five uninsured consumers said they haven’t purchased a policy because they don’t know what to buy or how much coverage they needed,” says Elaine Tumicki, corporate vice president and head of Insurance Product Research at industry research group LIMRA. The Insurance Barometer Study tracks consumer perceptions.
Our list may help you narrow down your choices. But you may also want to consult with a financial advisor before making a final decision.
“Financial professionals have the tools to help assess your life insurance needs, provide valuable advice and guidance on the different types of coverage available, help you choose a policy that fits your needs, and guide you through the application process,” Tumicki says.
What are the best life insurance companies?
Insure.com editors chose the nine top life insurance companies based on third-party ratings and responses from the Insure.com consumer survey.
| Rank | Company | Overall rating | Customer satisfaction rating | Learn more |
|---|---|---|---|---|
| 1 | State Farm | |||
| 2 | New York Life | |||
| 3 | Northwestern Mutual | |||
| 4 | Mutual of Omaha | |||
| 5 | Prudential | |||
| 6 | AAA | |||
| 7 | Amica | |||
| 8 | AIG | |||
| 9 | Globe Life |
How we picked Insure.com’s top-rated life insurance companies
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Insure.com’s editors gathered and analyzed the results of our consumer survey, insurer’s rate data, their AM Best grades, their National Association of Insurance Commissioners’ complaint scores and more to select the nation’s best life insurance companies.
Best life insurance companies in specific categories
Because everyone’s life insurance needs are different, the best policy for you may not be the right choice for someone else. To help you find the company that’s a perfect match, we selected the best companies for certain situations and needs:
- Best for customer satisfaction: State Farm
- Best for ease of service: State Farm
- Best for policy offerings: State Farm
- Best for term life: Transamerica
- Most trustworthy: State Farm
- Best for renewals: Prudential, Mutual of Omaha and AIG
The top-rated life insurance companies of 2023
Below are the nine best life insurance companies of 2023, chosen by the editors at Insure.com. To determine the best insurance companies, our team analyzed a range of factors: financial stability, complaint scores, customer satisfaction levels, recommendation rates, renewal rates, ease of service levels, trustworthiness and policy offerings.
State Farm
Ranking first in multiple categories, it’s no surprise State Farm also tops the list of the best life insurance companies to choose from in 2023. The insurer officially came out at top with a 4.8 star rating, rounded to 5 in the Insure.com star ratings.
State Farm received high scores from the Insure.com Best Life Insurance Companies survey and third-party ratings organizations AM Best and the NAIC. The insurer also received the highest J.D. Power score of 839/1,000 of any other insurer we ranked.
New York Life
New York Life came in second place with a 4.2 out of 5-star rating, which we rounded to 4 stars in the Insure.com star image ratings.
Of the insurers we ranked and for which we were also able to obtain rate data, New York Life is the most affordable – costing about 3% less than the industry average. Insure.com data shows that the average annual premium for a 35-year-old purchasing $500,000 in coverage from New York Life for a 20-year-term is $465, compared to the industry average of $481.
The insurance company also received survey scores in the 80th and 90th percentile for most of the categories where it was ranked, including customer satisfaction, ease of service and policy renewals.
Northwestern Mutual
Northwestern Mutual received a 3.7 star rating out 5, which we rounded to 3.5 stars in the Insure.com star image ratings. The insurance company scored well for ease of service and policy renewal.
Northwestern Mutual received a 794/1,000 rating from J.D. Power, above the average of 774. Northwestern also received the lowest National Association of Insurance Commissioners (NAIC) score – just .05. Insurers with the fewest complaints get the lowest scores.
As for its rates: Insure.com data shows that the average annual premium for a 35-year-old purchasing $500,000 in coverage from Northwestern Mutual for a 20-year-term is $501, which is about 4% more than the industry average of $481.
Mutual of Omaha
Mutual of Omaha received a 3.5 star rating out of 5, receiving high scores in customer satisfaction, ease of service and policy offerings. Additionally, 100% of policyholders surveyed by Insure.com said they would renew their Mutual of Omaha policy.
The insurer also received an A+ score from AM Best and a J.D. Power rating of 801/1,000, above the industry average score of 774.
Prudential
Prudential ranks fifth with a 3.4 star rating out of 5, which we rounded to 3.5 stars in the Insure.com star image ratings. The insurer received an exceptional rating for policy renewals, with 100% of policyholders surveyed by Insure.com saying they would renew their Prudential policy.
Prudential received an A+ rating from AM Best and a score of 773/1,000 from J.D. Power — just one point below the J.D. Power industry average of 774.
AAA
AAA received a 2.9 star rating out of 5, rounded to 3 stars in the Insure.com star image ratings. When surveyed by Insure.com, AAA excelled at policy renewal — with 98% of respondents saying they would renew their policy.
The insurer received an A rating from AM Best. Insure.com data shows that the average annual premium for a 35-year-old purchasing $500,000 in coverage from AAA for a 20-year-term is $473, which is about 2% less than the industry average of $481.
Amica
Amica received a 2.6 star rating out of 5, rounded to 2.5 stars in the Insure.com star image ratings. The multi-line company is best for people who also need other types of insurance coverage, such as home and auto.
The insurer received an A+ rating from AM Best.
AIG
AIG received 2.3 stars out of 5, rounded to 2.5 stars in the Insure.com star image ratings. The insurer received high marks for policy renewals, with 100% of survey respondents saying they would renew their AIG life insurance policy.
The insurance company received an A rating from AM Best. It also received a J.D. Power score of 744, just a bit below the industry average of 774.
Globe Life
Ranking ninth on the Insure.com list of Best Life Insurance Companies is Globe Life. The insurer received a 2.1 star rating out of 5, rounded to 2 stars in the Insure.com star image ratings.
Globe Life ranked high for policy renewal, with 94% of survey respondents saying they would renew their Globe Life policy. The insurer received an A rating from AM Best. It also scored 812/1,000 from J.D. Power, well higher than the industry average of 774.
The top life insurance companies for customer satisfaction, ease of service and more
But which life insurance company is right for you? To help you determine the best life insurance companies for your needs, our editorial team looked at several factors and rated life insurance companies in different categories.
Best life insurance companies for customer satisfaction
Customer satisfaction is an important indication of the type of experience policyholders have with the insurer.
State Farm came out on top for customer satisfaction, with Allstate and Mutual of Omaha following close behind.
| Insurance company | Percent of customers that are satisfied |
|---|---|
| State Farm | 91% |
| Allstate | 88% |
| Mutual of Omaha | 87% |
Best life insurance companies for ease of service
No one wants a life insurance policy that isn’t easy to use.
When it comes to ease of service, State Farm again came out on top, and Allstate placed second. Mutual of Omaha and New York Life tied for third place.
| Insurance company | Percent of respondents that are satisfied with ease of service |
|---|---|
| State Farm | 91% |
| Allstate | 88% |
| Mutual of Omaha and New York Life | 84% |
Best life insurance companies for policy offerings
A variety of policy options makes it easier to get the coverage you need. State Farm took the lead in this category. Allstate and Mutual of Omaha followed.
| Insurance company | Percent of respondents satisfied with the company’s policy offerings |
|---|---|
| State Farm | 89% |
| Allstate | 88% |
| Mutual of Omaha | 87% |
Most trustworthy life insurance company
Trust is the foundation of any relationship — even the one between an insurer and a policyholder. State Farm again came out on top, with 86% of customers finding the insurer trustworthy. Mutual of Omaha and Prudential followed.
| Insurance company | Percent of survey respondents who find the company trustworthy |
|---|---|
| State Farm | 86% |
| Mutual of Omaha | 79% |
| Prudential | 78% |
Best life insurance provider for renewals
When a policyholder plans to stick with their insurance company, you can assume they’re pretty happy with the insurer. Most of the life insurance companies surveyed by Insure.com had high renewal rates.
Three insurers tied at the top in this category – Mutual of Omaha, AIG and Prudential – with all the customers we surveyed saying they would renew their policies.
| Insurance company | Percent of survey respondents who find the company best for renewing a policy |
|---|---|
| Mutual of Omaha | 100% |
| AIG | 100% |
| Prudential | 100% |
How much life insurance costs
Term life insurance is a good policy option for most people because it is usually the most straightforward and affordable. To determine how much life insurance costs, Insure.com analyzed premiums collected by data provider Compulife. We evaluated rates for 35-year-old non-smokers purchasing $500,000 in coverage for a 20-year-term. Here, we expanded our analysis beyond just the top companies we ranked to include others whose rates we found.
Among all the insurers with available rate data, Transamerica came out on top as the most affordable insurer, offering coverage for $431 annually. While Transamerica wasn’t included in the Best Life Insurance Companies rankings, our editors wanted to note that the premium is over 10% more affordable than the industry average of $481, according to Insure.com 2022 data.
| Company | Average annual premium |
|---|---|
| AAA | $473 |
| Farmers | $614 |
| Guardian Life | $450 |
| John Hancock | $496 |
| Lincoln Financial | $443 |
| MassMutual | $460 |
| New York Life | $465 |
| Northwestern Mutual | $501 |
| Transamerica | $431 |
How much life insurance do you need?
Most people should get at least 10 to 15 times their annual income in life insurance coverage. However, every person’s life insurance needs are different and there are multiple factors that determine the exact amount of coverage you should get.
You can use the DIME method to determine a more precise number. Using this method, you tally up the following:
- The amount of debt you owe
- The amount of income you earn multiplied by the number of years you’d be providing that income
- The remaining balance on your mortgage
- The cost of education that you would be paying for
A potential buyer should also assess how their death would impact their loved ones financially:
- Does your family rely on your income to pay for living expenses?
- What other assets/financial resources are available to them?
- Does anyone else depend on you financially?
- How will your family pay final expenses after your death?
“Answering these questions will help calculate the amount of coverage you need. You want to make sure that you buy enough life insurance to cover the financial effects of an unexpected or untimely death,” LIMRA’s Tumicki says.
While these are basic guidelines to get a general ballpark number, at the end of the day, everyone’s financial situation is different, and speaking to an insurance agent or broker is the best way to determine the exact amount of coverage you should get.
“The most important thing to remember is [that] delaying purchase will cost you. Life insurance is significantly less expensive for the young and healthy,” Tumicki says.
How to shop for life insurance and find a life insurance company that’s right for you
- Set your budget: Figure out how much life insurance coverage you can afford and stick to that amount when buying a policy, even if the coverage amount is lower than your needs. If you get a policy that is too expensive and can’t pay for it down the line, you may end up canceling your coverage and having no coverage at all.
- Determine how much life insurance you need: Figure out how much coverage you need. This will help you look for insurers that offer the amount you need at the lowest possible price.
- Research insurers: Compare quotes, riders, types of coverage offered and costs.
- Gather quotes: Figure out how much each insurer would charge you for your profile.
Final thoughts on the best life insurance companies
The best life insurance company for you depends on your life insurance needs, budget and unique personal profile. While our guide is a great place to start, to find the best policy you should shop around and compare quotes from at least three insurers. Some insurers may offer you higher rates for your needs, while others may offer you competitive coverage. Compare rates to make sure you aren’t paying more for coverage than necessary.
