Life insurance is a confusing and intimidating topic.
Most people don’t know where to start buying life insurance because so many options exist. Many companies will try to sell you expensive policies you don’t need.
At RiskQuoter, we simplify the process by showing you personalized quotes from multiple life insurers in one place. In addition, you’ll get an easy-to-understand overview of your coverage options here.
We’re here for all your life insurance needs, whether for yourself, your family, or even as part of a business policy.
The Best Life Insurance Companies
We reviewed the following life insurance companies. You’ll find that no company is best for all categories.
Are you looking for information on the general life insurance industry?
Our 2022 industry guide is here – Life Insurance Statistics, Facts, and Data.
Financial Strength Ratings by Life Insurer
Life insurer financial strength (IFS) ratings:
| Company | AM Best | Moody’s | S&P |
|---|---|---|---|
| Allstate | A+ | Aa3 | AA- |
| American General | A | A2 | A+ |
| American National | A | – | A |
| Assurity | A- | – | – |
| AuguStar Life | A- | Baa1 | – |
| Banner Life | A+ | – | AA- |
| Brighthouse | A | A3 | A+ |
| Cincinnati Life | A+ | A3 | A+ |
| CNA Financial | |||
| Colonial Penn | A | A3 | A- |
| Corebridge Financial | A | A2 | A+ |
| Equitable | A | A2 | A+ |
| Fidelity | A- | – | – |
| Foresters | A | – | – |
| GEICO | A++ | Aa1 | AA+ |
| Gerber | A | – | – |
| Guardian | A++ | Aa2 | AA+ |
| Illinois Mutual | A- | – | – |
| John Hancock | A+ | A1 | AA- |
| Lincoln National | A | A2 | A+ |
| Mass Mutual | A++ | Aa3 | AA+ |
| Minnesota Life | A+ | Aa3 | AA- |
| Mutual of Omaha | A+ | A1 | A+ |
| Nationwide | A+ | A1 | A+ |
| New York Life | A++ | Aaa | AA+ |
| North American | A+ | – | A+ |
| Northwestern | A++ | Aaa | AA+ |
| Ohio National | A | A3 | – |
| Pacific Life | A+ | Aa3 | AA- |
| Penn Mutual | A+ | Aa3 | A+ |
| Primerica | A+ | A1 | AA- |
| Principal | A+ | A1 | A+ |
| Protective Life | A+ | A1 | AA- |
| Prudential | A+ | A1 | AA- |
| Sagicor | A- | – | BB+ |
| SBLI | A | – | A- |
| State Farm | A++ | Aa1 | AA |
| Symetra | A | A1 | A |
| Transamerica | A | A1 | A+ |
| Wellabe | A | ||
| Western Reserve | |||
| West Coast Life | A+ | A1 | AA- |
A.M. Best
A.M. Best analyzes companies to determine the company’s claims-paying ability.
A.M. Best is the only agency that focuses exclusively on the insurance industry. Therefore, it is the easiest for most consumers to understand.
- AM Best Ratings
- A++ and A+ = Superior
- A and A- = Excellent
- B++ and B+ = Good
- B and B- = Fair
- C++ and C+ = Marginal
- C and C- = Weak
- D = Poor
- E = Under Regulatory Supervision
- F = In Liquidation
Moody’s Ratings
Ratings by Moody’s provide forward-looking opinions of the relative credit risks of financial obligations issued by the life insurer.
- Moody’s ratings include:
- Aaa = Judged to be the highest quality
- Aa = Judged to be high quality
- A = Judged to be upper-medium grade
- Baa = Judged to be medium-grade and subject to moderate credit risk
- Ba = Judged as speculative
- Caa = Judged to be speculative of poor standing
- Ca = Judged to be highly speculative
- C = Lowest rated and typically in default
S&P Ratings
The focus is to provide a forward-looking opinion about the life insurers’ ability to pay their insurance policies under the terms of those contracts.
- S&P ratings include:
- AAA = Extremely strong financial characteristics
- AA = Very strong financial characteristics
- A = Strong financial characteristics
- BBB = Good financial characteristics
- BB, B, CCC, and CC = Vulnerable financial characteristics, with each of these broken down further.
You can find more information here about S&P life insurance ratings.
Fitch Ratings
The main driver of Fitch’s Insurer Financial Strength (IFS) rating is the evaluation of the insurance company’s performance under the Key Credit Factors defined by Fitch.
- Fitch ratings include:
- AAA = Exceptionally Strong
- AA = Very Strong
- A = Strong
- BBB = Good
- B = Weak
- CCC = Very Weak
- CC = Extremely Weak
- C = Distressed
Comdex
Comdex is a composite score developed by a software company that sells quoting software to insurance companies.
Best Term Life Insurance Company
Legal & General America
Known as Banner Life in the industry, Legal & General America offers term life insurance using e-applications and e-policies.
You may complete your application online or during a phone interview and receive your policy electronically with Banner.
Other companies worth mentioning:
- AIG-American General
- Protective Life
Best Whole Life Companies
There are different types of whole life insurance policies to meet your needs.
Some of the better-known companies of whole life insurance include:
- Allstate
- Guardian
- Mass Mutual
- Northwestern Mutual
- Penn Mutual
Reviewing full company illustrations is crucial before buying any whole life policy.
The Best Life Insurers for Health Issues
The best company depends on your health issue regarding high-risk life insurance.
Best Overall Company for Health Issues
If there’s a company that competes in every health issue, Prudential is it.
No other company is willing to underwrite as many health conditions as Prudential.
After Pru, other companies to consider include:
- Lincoln National
- AIG-American General
- John Hancock
For any health history, we’ll shop at companies specializing in high-risk conditions to ensure you get the best rate possible.
Best Company for Ulcerative Colitis
Hands down, Corebridge Financial is the best for people with ulcerative colitis.
AIG routinely offers “standard plus” rates or better.
Other companies to consider include:
- Banner Life
- Principal
- Prudential
When we shop for your medical history, we’ll contact all companies, not just the ones above, for offers.
Best Company for Prostate Cancer
The best prostate cancer company is Lincoln National because Lincoln is aggressive when your Gleason Score is 7.
Other competitive companies for prostate cancer include Prudential when the Gleason is six and Protective Life for older insureds.
Best Final Expense Life Insurance
AIG-American General Guaranteed Issue Whole Life Insurance
When you need a small life insurance policy without the hassle of medical underwriting, AIG’s Guaranteed Issue Whole Life Insurance (GIWL) is a great choice.
AIG is hard to beat in many states with a quick online application, guaranteed rates, and living benefits.
Best Life Insurance Companies for Accelerated Underwriting
The best life insurance companies now offer accelerated underwriting.
Each life insurer has accelerated guidelines, but we’ll ensure you know which company is best for you.
| Carrier | Ages | Max Face |
|---|---|---|
| American National | 0-65 18-50 51-60 | $249,999 $1,000,000 $500,000 |
| Assurity | 18-50 51-65 | $500,000 $350,000 |
| Cincinnati | 18-50 | $1,000,000 |
| Equitable | 18-55 | $2,000,000 |
| Fidelity | 18-65 | $1,000,000 |
| Foresters | 18-55 | $1,000,000 |
| Illinois Mutual | 18-65 | $250,000 |
| John Hancock | 18-60 | $3,000,000 |
| Legal & General | 20-50 | $1,000,000 |
| Lincoln National | 20-50 | $2,500,000 |
| Mutual of Omaha | 18-60 | $2,000,000 |
| Nationwide | 18-50 51-60 | $2,000,000 $1,000,000 |
| North American | 18-50 51-60 | $2,000,000 $500,000 |
| Pacific Life | 18-60 | $3,000,000 |
| Penn Mutual | 20-65 | $7,500,000 |
| Principal | 18-40 41-50 51-60 | $3,000,000 $2,000,000 $1,000,000 |
| Protective | 18-45 46-60 | $2,000,000 $1,000,000 |
| Prudential | 18-60 | $3,000,000 |
| Sagicor | 18-45 46-55 56-65 | $1,000,000 $750,000 $500,000 |
| SBLI | 18-60 | $750,000 |
| Securian | 18-50 51-60 | $3,000,000 $1,000,000 |
| Symetra | 20-60 | $3,000,000 |
When you submit your quote request to us, you’ll know what to expect from your chosen company.
In addition to accelerated underwriting, some companies offer instant life insurance approvals.
AIG-American General offers term life insurance, universal, whole life, and guaranteed acceptance policies.
Accelerated underwriting, term, universal, and whole life insurance
Worst Life Insurance Companies
Some life insurance companies deserve special recognition for the way they do business.
The reasons vary by company, but in our experience, here are our least favorite life insurance companies.
- Brighthouse Financial
- Geico
- Principal – Principal National Life Insurance Company
- Progressive
Brighthouse Financial – We did a lot of business with Brighthouse and its predecessors, Metlife and Travelers. One day, Brighthouse decided not to sell life insurance anymore. A short time later, they decided to sell life insurance, but only through one group.
Geico – It seems to be a trend that some auto insurance companies have decided to write life insurance content, gather your personal information, and sell it to third parties. We dedicated an entire article about Geico to this very topic.
Principal – We used to enjoy working with the Principal. They offered competitive life insurance policies, and aggressive underwriting at times. They were pretty easy to work with until 2021 when they decided they would no longer sell their products to individual consumers.
Progressive Life Insurance – This company recently started writing content about life insurance topics – not because Progressive sells life insurance policies – they don’t! Instead, Progressive Advantage Agency gathers your personal information so they can your info and get paid as they disclosed here:
“PAA receives compensation from eFinancial or its affiliate that may vary based on the number of applications taken by eFinancial and the policy you buy.”
Final Words
The first step is to review your medical history with us.
After review, we’ll tell you which companies are best and why.
We’ll then help you with the underwriting process to ensure you receive the best approval possible.
So please take a few minutes to submit your quote request today. Thank you.
