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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 actual needs, whether you want simple term coverage or something lifelong.

Last reviewed: · Reviewed by the TheSavvyAmericans editorial team

The 7 best life insurance companies

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

01
Our top pick

Northwestern Mutual

AM Best: A++ (verify current)

Best overall and for permanent coverage

  • Top-tier financial strength
  • Strong whole-life and dividend history
4.6 / 5
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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.

Also worth knowing

  • 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
02
Best online term

Haven Life

AM Best: A++ (via MassMutual)

Best for buying term online

  • Fast, fully online application
  • Competitive term rates
4.5 / 5
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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.

Also worth knowing

  • 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

Every pick on this page: independently researched · ranked on our published methodology · compensation never sets the order

03
Best for agents

State Farm

AM Best: A++ (verify current)

Best for agent service and satisfaction

  • High customer satisfaction
  • Local agent guidance
4.4 / 5
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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.

Also worth knowing

  • 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
04
Best affordable term

Banner Life

AM Best: A+ (verify current)

Best for low-cost term

  • Very competitive term pricing
  • Long term lengths available
4.3 / 5
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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.

Also worth knowing

  • 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
05
Best underwriting

Guardian

AM Best: A++ (verify current)

Best for harder-to-insure applicants

  • Flexible underwriting for some conditions
  • Strong whole-life and dividends
4.2 / 5
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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.

Also worth knowing

  • 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
06
Best permanent options

Pacific Life

AM Best: A+ (verify current)

Best for universal and indexed life

  • Broad permanent-policy lineup
  • Universal and indexed options
4.1 / 5
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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.

Also worth knowing

  • 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
07
Best no-exam

Mutual of Omaha

AM Best: A+ (verify current)

Best for no-exam and final expense

  • Strong no-exam and final-expense options
  • Accessible for older applicants
4.1 / 5
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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.

Also worth knowing

  • 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

Side by side

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

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.

Important: Life insurance needs are genuinely personal, so resist buying a round number. Size the coverage to your real obligations (income replacement, mortgage, debts, childcare), and make sure you understand term versus permanent before you sign anything. Permanent policies are far more expensive and more complex, and buying one as an investment without independent advice is a common, costly mistake.

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.

Key takeaways

  • 1For most families, this is the honest starting point: affordable term life sized to replace your income and cover your debts. It is not fancy, but it does the job.
  • 2Our top overall pick is Northwestern Mutual for financial strength and permanent coverage. If you just want cheap term you can buy online, Haven Life and Banner are the ones to look at.
  • 3Financial strength matters more here than with almost any other insurance, and it is worth pausing on why: you are trusting this company to pay a claim that might not come due for decades.
  • 4Your rate is driven by age, health and coverage, which points to one simple move: buy sooner rather than later, and compare quotes from a few insurers while you are at it.

Term versus permanent life insurance

The first fork in the road is what kind of coverage you actually need. For most families, term is the practical answer, and it is worth understanding why before an agent steers you somewhere pricier.

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 time-tested approach is to buy enough term coverage to protect your family through your working years, then invest the difference separately. Simple, and it usually beats trying to bundle the two into one product.

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: These 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 actually 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 treat that as a starting sanity check and base the real number on your obligations, not a tidy multiple.
Is term or permanent life insurance better?
For most people, term wins, because it buys a large death benefit at a low cost during the exact years your family needs protection. Permanent life costs much more and mainly suits lifelong needs, estate planning or specific tax situations. And do not buy permanent as an investment without independent advice, because that is where people tend to get burned.
Do I need a medical exam to get life insurance?
Not always, which is a relief for anyone who dreads the process. 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 it is faster but can cost more or cap the coverage, so it is worth comparing both routes rather than defaulting to the easy one.
Why does financial strength matter so much for life insurance?
Because you may be counting on the company to pay a claim many years, even decades, from now, which is a very different promise than a one-year auto policy. A high financial-strength rating from an agency like AM Best signals the insurer is well positioned to meet those long-term obligations, and that is exactly why it weighs so heavily in our picks.

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