Best Life Insurance Companies of 2022, Find the Best Quote for You

Worried about your family’s future if something happens to you?

There are many life insurance companies to choose from, so how do you know which one is right for you? This article will list the top life insurance firms such as Haven Life - and provide an in-depth review of what each company offers.

Keep reading to learn the pros and cons, plus what you should look for when purchasing life insurance.

Best Life Insurance Companies:

We searched the Internet to find the best sources of information on life insurance. Let’s get right into our top picks:

• Haven Life: Overall best life insurance
• Bestow: Affordable term life insurance
• Policygenius: 4.8 out of 5 TrustPilot score
• Fabric Life Insurance: Best life insurance for families
• Sproutt: No medical exam life insurance
• Northwestern Mutual: Best financial planning
• Lincoln Financial Group: Most convenient claims
• New York Life: Most financially stable

 

When it comes to life insurance, there are a lot of factors to consider. Here are some of the most important factors that we look at when ranking life insurance companies:

 

• Coverage options: How many types of policies do they offer?
• Price: How affordable is the coverage?
• Ease of use: How easy is applying for coverage and making a claim?
• Financial stability: How stable is the company financially?

Based on these factors, we’ve found eight of the best life insurance companies:

1. Haven Life — Best Life Insurance Company Overall

 

Pros:

• 5 stars on NerdWallet
• May not require medical exam
• Coverage up to $3 million
• Digital will included

Cons:

• Not convertible
• Term life only

If you’re among the millions of people who have put off buying life insurance because you just don’t have the time (or the patience) to deal with a long, drawn-out application process, Haven Life can help.

Reputation: 5/5

As a subsidiary of MassMutual, Haven Life is a reputable company with a 5-star rating on NerdWallet. In addition, MassMutual has an A++ rating for financial stability, so you may feel confident about your coverage.

Coverage: 4.5/5

It offers two plans, Haven Term and Haven Simple. Coverage amounts vary depending on the plan you choose.

With Haven Term, you can apply for a coverage amount of up to $3 million, and your premiums will never increase. In addition, this term policy comes with a digital will, which makes it easy to update your estate and beneficiaries online.

However, you will need a medical exam to qualify for this plan.

Haven Simple offers coverage amounts up to $500,000, and there is no need for a medical exam. However, this plan is not available in all states, so be sure to check the website before applying.

Unfortunately, Haven term life insurance plans are not convertible, meaning you cannot switch to a permanent policy down the road. However, as far as term coverage goes, it is one of the most affordable and reliable options available.

Features and Benefits: 5/5

The application process is relatively simple, and if you’re approved, you can get coverage immediately.

Dependability is a crucial factor when it comes to life insurance, and Haven Life is a reliable firm that you can trust. Because of this, it’s made our list as the overall best life insurance company.

Up To $3 Million Coverage With Haven Life

2. Bestow — Affordable Life Insurance Plans

 

Pros:

30-day guarantee

Up to $1.5 million

No medical exam

Affordable plans

Cons:

Not available in New York

Bestow is an online insurance company that sells term life insurance online in a completely new way — without requiring a medical exam.

Reputation: 4.5/5

Bestow’s policies are underwritten by the North American Company for Life and Health Insurance, which has an A+ rating for life insurance services. It’s a highly reputable company that has been in business for over 130 years.

Coverage: 4/5

Bestow offers a variety of coverage amounts, starting at $50,000 and up to $1.5 million. With rates as low as $7.50 per month for a $50,000 policy, we’ve found that Bestow is one of the most affordable life insurance policies available.

However, its policies do not include riders or supplemental coverage, which can be vital if you have a lot of debt or other liabilities. But for those looking for immediate coverage without a medical exam, our research has shown that Bestow is the most affordable option.

So whether you’re looking for long-term financial security or simply want peace of mind, Bestow offers coverage that will fit your needs.

Features and Benefits: 5/5

When you apply, you’ll answer several questions about your health and lifestyle, after which Bestow’s algorithm will calculate whether you qualify for a policy. If you do, your coverage will begin the same day you apply.

If you’re not happy with your Bestow coverage for any reason, you can cancel within the first 30 days and get a full refund. It’s that simple. No questions asked. No hassles. Just a prompt and courteous refund of your premium.

And if you decide to keep your coverage, you’ll have peace of mind knowing that you’re protected against the potentially high cost of an unexpected death.

No Medical Exam Required With Bestow

3. Policygenius — 4.8 TrustPilot Insurance Company Ratings

 

Pros:

Multiple quotes

Many types of insurance

Call or text licensed agents

Cons:

Limited carriers

Independent broker

Policygenius is an independent insurance broker, which means it works with a variety of insurers. This gives it the ability to offer customers a range of plans.

Reputation: 3/5

Founded in 2014, Policygenius has helped place more than $160 billion in coverage for its customers.

It’s one of the highest-rated insurance marketplaces out there, with a TrustPilot score of 4.8. And with over 3,200 reviews, it’s clear that customers love Policygenius for its ease of use and great customer service. Plus, it’s accredited by the Better Business Bureau with a B+ rating.

Coverage: 4.5/5

Everyone’s life situation is different, so it only makes sense that there’s no one-size-fits-all insurance policy. That’s where Policygenius comes in.

It offers a one-stop shop for all your insurance needs, from term life insurance to travel insurance. And it makes it easy to compare rates from multiple carriers so you can find the best policy for your needs.

Plus, with coverage of up to $10 million and terms as long as 40 years, it’s got you covered no matter what life throws your way.

Convenience: 4/5

We love that Policygenius offers a variety of ways to get in touch. You can call, text, or chat with a licensed agent who can help you find the right policy.

And if you’re not ready to speak to an agent just yet, its website has many resources to help you learn more about life insurance and find the right policy for you.

The only downside is that Policygenius works with a limited number of carriers. But with 10 major life insurance policies to choose from, there are plenty of options to compare.

Coverage of Up To $10 Million With Policygenius

4. Fabric Life Insurance — Best National Family Life Insurance Policy

 

Pros:

10-minute application

Convertible term policies

Accidental death insurance

Cons:

Not available in some states

Single user only

Fabric is a young company that’s shaking up the life insurance industry. It offers term life and accidental death insurance policies that are designed for young adults and their families.

Reputation: 4.5/5

Fabric’s policies are underwritten by Vantis Life, a subsidiary of Penn Mutual. Penn Mutual is a well-known and highly rated life insurance company with an A+ rating from AM Best.

NerdWallet has also given Fabric a 5-star rating, making it one of the best life insurance services available.

Coverage: 4/5

Most people think of life insurance as something that only older people need, but the truth is that anyone with dependents should have a policy. And if you’re young and healthy, you can get coverage for very reasonable rates.

Fabric offers term life insurance policies with death benefits ranging from $100,000 to $5 million. In addition, it offers policy terms from 10, 15, 20, 25, or 30 years to people ages 21 to 60. Its plans are available in all states except New York and Montana.

An accidental death insurance rider provides an additional $100,000, $250,000, or $500,000 worth of coverage. However, this supplemental insurance is not available in several states.

Features and Benefits: 4.5/5

Fabric offers a convenient and straightforward way to apply for and manage your life insurance policy. The Fabric website and mobile app make it easy to get started.

There are also many online resources to help you understand your options and make the best decision for your needs.

Lastly, Fabric offers a Will Kit to help you with estate planning.

With so many features and benefits, Fabric is an excellent option for anyone looking for an affordable life insurance policy to keep their family protected.

5. Sproutt — No Medical Exam Life Insurance

 

Pros:

Quality of Life Index

Live agents

No medical exam required

Cons:

Independent broker

Limited carriers

Sproutt is an online insurance marketplace where you can compare policies from multiple carriers. It offers whole life, term, critical illness, and universal life insurance plans.

Reputation: 4/5

Sproutt has a 4.7 rating on TrustPilot and an A+ rating with the Better Business Bureau. Established in 2018, Sproutt is an independent broker, which means it doesn’t underwrite its own policies.

This can be a good or bad thing, depending on your perspective. On the one hand, it’s good because you have access to many carriers. On the other hand, it’s bad because you’re not dealing directly with a provider.

Coverage: 4/5

Coverage ranges from $50,000 to $5 million, and term lengths are available for 5, 10, 15, 20, 25, or 30 years. Age limits for coverage are from 18 and up.

You can apply for term life insurance online, but you’ll need to connect with a live agent for whole life, universal life, and critical illness plans.

Features and Benefits: 3.5/5

Sproutt is a new kind of life insurance company that factors your health metrics to give you a more personalized quote. While its QL index doesn’t guarantee you the lowest rates, it’s a unique feature that could save you money.

You can easily complete its application online, but Sproutt also offers free access to customer service agents who can help you choose the right policy while answering any questions you may have.

One downside is that Sproutt offers quotes only from a limited number of carriers. Still, its partners are all highly reputable companies, so you can be sure you’re getting a quality policy.

6. Northwestern Mutual — Online Life Insurance with Financial Planning

 

Pros:

A++ from AM Best

Excellent customer satisfaction

Annual dividends

Cons:

Must speak to an agent

No cost transparency

Northwestern Mutual is one of the oldest life insurance companies in the United States. Today, Northwestern Mutual offers a variety of life insurance products, including term, whole, and universal policies.

Reputation: 5/5

Founded in 1857, the company has a long history of insuring policyholders. In terms of financial strength, Northwestern Mutual ranks highly among life insurance providers. In fact, the company has been rated A++ by AM Best for performance and risk management.

In addition, Northwestern Mutual scores well for consumer complaints. In the most recent J.D. Power customer satisfaction survey, the company ranked second among all life insurance carriers.

Coverage: 3/5

Northwestern offers a variety of life insurance policies to fit your needs and budget. Term life is ideal for those who need temporary coverage or are on a tight budget. Northwestern offers terms of 10, 15, or 20 years with a minimum coverage amount of $100,000.

Whole life is a great option for those who want lifetime coverage and the added benefit of cash value accumulation. Individual whole life policies have a minimum coverage amount of $25,000

In addition, supplemental benefits such as accelerated death, accidental death, waiver of premium, and indexed protection are also available.

Features and Benefits: 3/5

Northwestern Mutual has a lot to offer when it comes to financial planning. It has been helping people reach their financial goals for over 160 years, and it has a team of experts who are ready to help you create a customized plan.

It also offers annual dividends on whole life insurance policies, and it has a wide range of investment options. Plus, it has a mobile app that makes it easy to track your finances and stay on top of your goals.

7. Lincoln Financial Group — Life Insurance Agency with Convenient Claims

 

Pros:

Online and phone applications

Higher maximum age

Annuities available

Cons:

Poor J.D. Power ranking

No online bill pay

Lincoln Financial Group has been around for over 110 years and offers a wide assortment of financial products and services, including life insurance, annuities, retirement plans, and investment strategies.

Reputation: 3/5

Lincoln Financial Group is one of the largest financial services companies in the world, with over $200 billion in assets under management. However, according to J.D. Power, it’s ranked only 12th out of 21 companies for customer satisfaction. It also receives only a 3.6 rating from TrustPilot.

Further, Lincoln Financial Group has an A- rating from the Better Business Bureau and is not accredited.

Coverage: 4/5

Lincoln Financial Group offers a variety of life insurance coverage options to meet your needs. Its fixed-rate universal life policies provide guaranteed coverage for a set period, while its indexed universal life and variable universal life policies offer more flexible coverage options.

Coverage amounts start at $100,000 and go up to $5 million. In addition, Lincoln’s term life insurance policies are offered in 10-, 15-, 20-, or 30-year terms, and they provide guaranteed coverage for the length of the term.

Features and Benefits: 3/5

Lincoln Financial Group is a life insurance policy that offers a variety of features and benefits to its policyholders. One of the most convenient features is the ability to apply for life insurance online or by phone. This makes it easy to get coverage without going through a lengthy paperwork process.

One downside, however, is that there is no online bill pay feature, which can be inconvenient for some customers. However, the company offers annuities, as well as retirement, investment, and financial tools and resources. This makes it a one-stop shop for all your financial needs.

8. New York Life — Financially Stable Online Life Insurance

 

Pros:

4.5 on TrustPilot

Survivorship options

Convertible policies

Cons:

No online quotes

Limited app functionality

When it comes to life insurance, New York Life is one of the most established companies in the country. It’s always been a reliable provider of quality life insurance policies. But in recent years, it has expanded to include health care and financial services.

Reputation: 3.5/5

Founded in 1845, New York Life is the largest mutual life insurance company in the United States and one of the oldest companies in the country. It has an A++ rating from AM Best and a 4.5 rating on TrustPilot.

Coverage: 3/5

Whether you’re looking for basic coverage or something more comprehensive, New York Life has a plan to fit your needs. It has term life and convertible term life plans, with coverage ranging from $25,000 to $1 million.

It also offers several supplemental benefits, such as a Spouse Paid-Up rider, disability waiver of premium, living benefits, and a policy purchase rider.

Features and Benefits: 3/5

New York Life offers a variety of financial products and services to help you plan for your future. For example, annuities can provide you with a steady income stream in retirement, while mutual funds can help you grow your savings.

If you’re concerned about leaving your loved ones financially secure, New York Life can also help with estate planning. While you can’t get an online quote from New York Life, an agent can help you decide what products and services are right for you.

So whether you’re looking to retire comfortably or just want to be prepared for the unexpected, New York Life offers various ways to help you reach your financial goals.

How We Selected the Top Life Insurance Companies

To find the top life insurance companies, we considered many factors. These include a wide array of components that are important to customers when they are looking for the best life insurance policy.

The criteria we used are as follows:

• Company size
• Financial stability
• Types of coverage offered
• Length of terms
• Riders and benefits
• Ease of use
• Customer reviews
• Industry ratings

When it comes to finding the best life insurance company, these standards and benchmarks provide a good starting point.

However, it’s important to remember that each person’s needs are different. Therefore, you may prioritize different factors than someone else when shopping for life insurance.

Best Life Insurance Policies: FAQs

 

Our frequently asked questions about the best life insurance policies are as follows:

What is the most reputable life insurance company?

Haven Life from MassMutual is one of the most reputable companies we could find. With 5 stars on NerdWallet and an A++ rating for financial stability, Haven Life is an excellent option for anyone who wants peace of mind when it comes to their life insurance policy.

How do I choose a life insurance company?

It’s crucial to consider various factors when you’re choosing a life insurance company. Some things you may want to keep in mind include the company’s financial stability, the types of coverage it offers, and the length of its terms.

You’ll also want to look at riders and benefits, as well as customer reviews and industry ratings. Finally, compare your findings to your own needs and priorities to find the right company for you.

What is the best life insurance coverage for seniors?

The best life insurance coverage for seniors will vary depending on each person’s individual needs. However, Lincoln Financial Group offers higher maximum age limits and a variety of riders and benefits that make it a great option for seniors.

What is the best life insurance company for families?

Fabric Life Insurance is probably the best life insurance for families. Mainly because it has insurance products designed specifically with families in mind.

Families have different life insurance needs than those of individuals. So when looking for the best life insurance provider for your family, you’ll want to consider how many people you need to cover and what types of coverage you need.

How do I get started with a life insurance service?

The best way to get started with a life insurance service is to request a quote. This will give you an idea of how much coverage you need and what it will cost.

Then, once you’ve decided on a policy, you can apply for coverage through the company’s website or by speaking with an agent.

What is permanent life insurance?

Permanent life insurance is a type of coverage that stays in effect for your entire life. So as long as you continue to pay your premiums, your beneficiaries will receive a death benefit when you pass away.

Permanent life insurance policies also include a cash value component, which grows over time and can be used as an investment account.

This cash value can be accessed through loans or withdrawals, although this will reduce the death benefit.

What is term life insurance?

Term life insurance is a type of coverage that provides protection for a set period, usually 10 to 30 years. If you pass away during the term, your beneficiaries will receive a death benefit. If you don’t, the policy will expire, and you will not get anything back.

Term life insurance is generally less expensive than permanent life insurance, although it does not offer the same cash value growth or death benefit payout options.

Try Haven Life Today

What is no-exam life insurance?

No-exam life insurance is a type of policy that does not require a medical exam. This means that you can get coverage without going through the hassle of passing an exam.

No-exam life insurance policies typically do not include as much coverage as policies that require an exam. Still, they are a good option for people who are looking for coverage quickly and easily.

How much is life insurance per month?

While you can get coverage for as little as $7.50 per month from companies like Bestow, the average cost of life insurance is around $30 per month.

This cost will vary depending on factors like your age, health, and the type of coverage you choose.

Top 5 Life Insurance Companies

Haven Life

Most reputable

A++ AM Best rating

Policy limits: $100,000-$3 million

Terms: 10, 15, 20, or 30 years

Bestow

Affordable coverage

A+ AM Best rating

Policy limits: $50,000-$1.5 million

Terms: 10, 15, 20, 25, or 30 years

Policygenius

Insurance marketplace

Independent broker

Policy limits: Up to $10 million

Terms: Up to 40 years

Fabric Life Insurance

Designed for families

A+ AM Best rating

Policy limits: $100,000-$5 million

Terms: 10, 15, 20, 25, or 30 years

Sproutt

No medical exam required

A++ AM Best rating

Policy limits: $50,000-$5 million

Terms: 10, 15, 20, 25, or 30 years

Best Life Insurance Companies: Conclusion

The best life insurance policies can be difficult to choose from, but you should consider a few key factors.

Make sure the company has a good reputation and is financially sound. Haven Life is one of the most reputable companies and has an A++ rating from AM Best.

It’s also essential that your coverage options match your needs. For example, Fabric offers great coverage options if you have a family.

Affordable Insurance With Haven Life

Finally, don’t forget to compare prices before you make your decision. Our research shows that Bestow is one of the most affordable companies, with rates starting at just $7.50 per month.

No matter which company you choose, be sure to get the right coverage for you.

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