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The 7 best life insurance companies

We compared insurers on financial strength, policy types, underwriting and no-exam options, so you can match a company to your needs, whether you want simple term or lifelong coverage.

Last reviewed: · Reviewed by the TheSavvyAmericans editorial team

Important: Life insurance needs are personal. Buy coverage sized to your obligations (income replacement, mortgage, debts, childcare), not a round number, and understand the difference between term and permanent before you commit. Permanent policies are far more expensive and complex; do not buy one as an investment without independent advice.

Key takeaways

  • 1For most families, affordable term life insurance sized to replace income and cover debts is the right starting point.
  • 2Our top overall pick is Northwestern Mutual for financial strength and permanent coverage; Haven Life and Banner lead for affordable online term.
  • 3Financial strength matters more here than with most insurance, because you are trusting the company to pay a claim decades from now.
  • 4Your rate depends on age, health and coverage, so buy sooner rather than later and compare quotes from a few insurers.
Advertising disclosure: TheSavvyAmericans may receive compensation when you apply for or open a product through links on this page. This does not influence our editorial evaluations. Products are reviewed using a documented methodology. Learn how we make money.

The 7 best life insurance companies

We compared insurers on financial strength, the policy types they offer, underwriting flexibility and no-exam options. Rates depend on your age, health and coverage amount, so use this as a shortlist and get quotes; many term policies can be priced online in minutes.

Life insurance companies compared at a glance
#ServiceBest forRatingAM BestPolicy typesNo-exam option
1Northwestern MutualBest overall and for permanent coverage4.6 / 5A++ (verify current)Term, whole, universalLimited
2Haven LifeBest for buying term online4.5 / 5A++ (via MassMutual)TermYes (if eligible)
3State FarmBest for agent service and satisfaction4.4 / 5A++ (verify current)Term, whole, universalLimited
4Banner LifeBest for low-cost term4.3 / 5A+ (verify current)Term, universalYes (if eligible)
5GuardianBest for harder-to-insure applicants4.2 / 5A++ (verify current)Term, whole, universalLimited
6Pacific LifeBest for universal and indexed life4.1 / 5A+ (verify current)Term, universal, indexedLimited
7Mutual of OmahaBest for no-exam and final expense4.1 / 5A+ (verify current)Term, whole, final expenseYes
#1Rank
Editor's ChoiceBest overall and for permanent coverage

Northwestern Mutual

4.6 / 5

Northwestern Mutual pairs top-tier financial strength with a strong whole-life and dividend track record, plus term options. It is a leading choice for buyers who want permanent coverage or lifelong guarantees from a highly rated mutual insurer.

Pros

  • Top-tier financial strength
  • Strong whole-life and dividend history
  • Term and permanent options
  • Financial-planning support

Cons

  • Sold through advisors, not fully online
  • Permanent policies are expensive
  • Term quotes require an agent in many cases
AM Best
A++ (verify current)
Policy types
Term, whole, universal
No-exam option
Limited
Best for
Permanent coverage
Visit Northwestern Mutual

Official site opens in a new tab

#2Rank
Best online termBest for buying term online

Haven Life

4.5 / 5

Backed by MassMutual, Haven Life offers a fast, fully online term-buying experience with competitive rates and a no-medical-exam option for eligible applicants. It is ideal for healthy buyers who want term coverage quickly.

Pros

  • Fast, fully online application
  • Competitive term rates
  • No-exam option for eligible buyers
  • Backed by a top-rated insurer

Cons

  • Term only, no permanent policies
  • Upper age and coverage limits apply
  • Some applicants still need an exam
AM Best
A++ (via MassMutual)
Policy types
Term
No-exam option
Yes (if eligible)
Best for
Fast online term
Visit Haven Life

Official site opens in a new tab

#3Rank
Best for agentsBest for agent service and satisfaction

State Farm

4.4 / 5

State Farm consistently ranks high for customer satisfaction in life insurance and offers term, whole and universal policies through its large agent network, which suits buyers who want in-person guidance.

Pros

  • High customer satisfaction
  • Local agent guidance
  • Term, whole and universal options
  • Easy bundling with auto and home

Cons

  • Not the cheapest term rates
  • Must generally work through an agent
  • Fewer no-exam options
AM Best
A++ (verify current)
Policy types
Term, whole, universal
No-exam option
Limited
Best for
Agent service
Visit State Farm

Official site opens in a new tab

#4Rank
Best affordable termBest for low-cost term

Banner Life

4.3 / 5

Banner Life (part of Legal & General America) is known for very competitive term rates and long term lengths, with a no-exam option for eligible applicants. It is a strong pick for budget-focused term buyers.

Pros

  • Very competitive term pricing
  • Long term lengths available
  • No-exam option for some applicants
  • Flexible term-to-permanent conversion

Cons

  • Limited permanent options
  • Underwriting can be strict for some health issues
  • Online tools are basic
AM Best
A+ (verify current)
Policy types
Term, universal
No-exam option
Yes (if eligible)
Best for
Affordable term
Visit Banner Life

Official site opens in a new tab

#5Rank
Best underwritingBest for harder-to-insure applicants

Guardian

4.2 / 5

Guardian is known for flexible underwriting, including options for applicants with certain health conditions such as well-managed HIV. It offers term and strong whole-life policies from a highly rated mutual insurer.

Pros

  • Flexible underwriting for some conditions
  • Strong whole-life and dividends
  • Term and permanent options
  • Top-tier financial strength

Cons

  • Best options sold via advisors
  • Permanent policies are costly
  • Fewer instant online quotes
AM Best
A++ (verify current)
Policy types
Term, whole, universal
No-exam option
Limited
Best for
Complex health
Visit Guardian

Official site opens in a new tab

#6Rank
Best permanent optionsBest for universal and indexed life

Pacific Life

4.1 / 5

Pacific Life offers a deep lineup of permanent policies, including universal and indexed universal life, for buyers focused on lifelong coverage or cash-value strategies. It carries strong financial strength.

Pros

  • Broad permanent-policy lineup
  • Universal and indexed options
  • Strong financial strength
  • Competitive for larger policies

Cons

  • Permanent products are complex
  • Not aimed at simple term buyers
  • Requires advisor guidance
AM Best
A+ (verify current)
Policy types
Term, universal, indexed
No-exam option
Limited
Best for
Permanent strategies
Visit Pacific Life

Official site opens in a new tab

#7Rank
Best no-examBest for no-exam and final expense

Mutual of Omaha

4.1 / 5

Mutual of Omaha offers accessible no-exam term and guaranteed or simplified-issue final-expense policies, which suit older buyers or those who want coverage without medical underwriting. Financial strength is solid.

Pros

  • Strong no-exam and final-expense options
  • Accessible for older applicants
  • Term and permanent available
  • Solid financial strength

Cons

  • No-exam coverage amounts are capped
  • Final-expense policies are pricier per dollar
  • Term rates are not the lowest
AM Best
A+ (verify current)
Policy types
Term, whole, final expense
No-exam option
Yes
Best for
No-exam coverage
Visit Mutual of Omaha

Official site opens in a new tab

Ratings are TheSavvyAmericans editorial scores based on the criteria in the methodology section below, not user reviews or paid placements. Features and pricing change often, so confirm the current details on each provider’s official site before you sign up.

Term versus permanent life insurance

The first decision is what kind of coverage you need. For most families, term is the practical choice.

Term life

  • Covers you for a set period (for example 10, 20 or 30 years) and pays out only if you die during the term.
  • Far cheaper than permanent for the same death benefit, which lets you buy enough coverage.
  • Best for replacing income and covering debts while your family is financially dependent on you.

Permanent life

  • Covers you for life and builds cash value, but costs many times more than term.
  • Can make sense for lifelong needs, estate planning or certain tax situations.
  • Complex and easy to buy wrong; get independent advice before using it as an investment.

Good to know: A common approach is to buy enough term coverage to protect your family during your working years, and invest the difference separately.

How we picked and scored these insurers

  • Financial strength: the insurer’s rated ability to pay a claim decades from now, which is critical for life insurance.
  • Policy range: term, whole, universal and specialty options.
  • Underwriting and access: no-exam options and flexibility for different health profiles.
  • Value: competitive pricing for the coverage offered.
  • Service and satisfaction: reputation for paying claims and supporting policyholders.

Good to know: Ratings are editorial assessments, not user reviews. Premiums and financial-strength grades change, so get quotes and verify current ratings before you buy.

Frequently asked questions

How much life insurance do I need?
Enough to cover what your family would lose if you died: replacing your income for the years they depend on it, paying off the mortgage and debts, and funding goals like childcare or college. A common rule of thumb is 10 to 12 times your annual income, but base it on your actual obligations rather than a round number.
Is term or permanent life insurance better?
For most people, term is better because it provides a large death benefit at a low cost during the years your family needs protection. Permanent life costs much more and mainly suits lifelong needs, estate planning or specific tax situations. Do not buy permanent as an investment without independent advice.
Do I need a medical exam to get life insurance?
Not always. Many insurers offer no-exam (accelerated underwriting) term policies for healthy applicants up to certain coverage amounts, and final-expense policies skip the exam entirely. Skipping the exam is faster but can cost more or cap the coverage amount, so compare both routes.
Why does financial strength matter so much for life insurance?
Because you may be counting on the company to pay a claim many years or decades from now. A high financial-strength rating from an agency like AM Best signals the insurer is well positioned to meet those long-term obligations, which is why it weighs heavily in our picks.

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