The life insurance industry is bursting with providers offering multiple policies. When shopping for life insurance policies, you want a plan that suits your needs and comes from a reputable company. Your choices now will impact those closest to you at the time of your death.
To make your decision easier, we compiled a list of the best life insurance companies in 2024 by evaluating their reputation, customer satisfaction scores, and policy types. We also considered the application process and reviewed the financial strength ratings.
Best life insurance companies: shortlist
- Everyday Life — best health insurance provider for new parents
- Ladder — great online insurance service provider specializing in term life policies
- Ethos — flexible and affordable options up to age 85
- HavenLife — best term policies backed by Mass Mutual
- Wyshbox — best customizable term life policies
- State Farm — top provider with a wide range of policies and riders
- USAA — excellent for military members, veterans, and their families
Best life insurance providers in 2024
We compared multiple life insurance providers and created life insurance companies reviews that rank the highest in 2024 according to our set criteria. We evaluated the following companies based on reputation, financial strength, policies offered, cost, age limitations, and more. Purchasing life insurance is a big decision, and research is essential to understand the right policy for you. The following article will help demystify life insurance in the U.S. and provide you with a list of companies where to get life insurance.
1. Everyday Life — top provider of policies for new parents
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Policies price range starts at as low as $3.65 per month.
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Partnership with well-established providers.
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Get a 30-day money-back guarantee.
Everyday Life Insurance is a fairly new company, but they partner with several well-established providers. They offer a quick online application process and generate approvals within minutes. Policies start at $4 per month with an average cost of $15. They offer scaled coverage as your lifestyle needs change and appeal to many people because of this flexibility. For example, you may need more coverage when your children are young and less as they age. Everyday Life premiums may decrease over time because of this.
Policies offered: Term Life; Whole Life, No Exam; Accidental Death Insurance; Guaranteed Acceptance Whole Life.
2. Ladder — great online insurance services provider specializing in term life policies
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Fully online process for coverage up to $3M.
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No policy fees, cancel anytime.
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Save the money on premiums with customizable coverage.
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Adjust coverage as your needs change.
Ladder works with highly rated insurance carriers to find the best policy to suit your needs and budget. Policies start at just $5 per month, and no exam is required if you apply for $3 million or less in coverage, some health questions are asked as part of the online application. A medical exam is required for coverage over $3 million and up to $8 million. Ladder has online applications and quick decisions for U.S. citizens and for those who have resided in the U.S. for at least two years. They also allow policy adjustments called laddering as your financial needs change throughout life.
Policies offered: Term Life Insurance (With no medical exam for coverage up to $3 million).
3. Ethos — excellent company offering affordable options up to age 85
Ethos is a great all-around insurance company for U.S. citizens ages 20–85. They offer quick online applications and approvals. Coverage ranges from $20,000 to $2 million, and policies are backed by top-rated insurance providers. Ethos policy premiums start at about $7.60 per month or $0.25 per day.
Policies offered: Term Life; Whole Life; No Exam; Guaranteed Acceptance Whole Life.
4. HavenLife — offers term policies backed by Mass Mutual
Haven Life offers two term life policies, Haven Simple and Haven Term. Coverage benefits range from $25,000 to $3 million, depending on the policy. Haven Life is backed by Mass Mutual products for financial strength. However, the lack of underwriters leaves limited approval options. Applications can be completed online with quick decisions, but applicant ages are limited from 20 to 64. Haven Life has optional riders, including an accelerated death benefit. This rider allows you access to a portion of your death benefit if you become terminally ill.
Policies offered: Term Life; No Exam.
5. Wyshbox — offers customizable term life policies
Wyshbox focuses on customizable term policies, so you do not pay for coverage you don’t need. The Wyshbox website boasts a quick nine-minute online application process and determination. Plan coverage ranges from $25,000 to $2.5 million, and term lengths are typically 5–30 years. They also offer customized terms in one-year increments. Plan prices are low, under $10 per month. Policies are available for people aged 18–50 and only provide coverage until age 65.
Policies offered: Term Life; No Exam.
6. State Farm — good provider offering a wide range of policies
State Farm is known for auto insurance, but they also carry many affordable life insurance policies and optional riders. Policies start at about $15 per month. Depending on the type of policy, coverage ranges from $25,000 upward. Providing policy options for people up to 90 years of age, State Farm is well-known and financially secure. You can get quick quotes online for their term and guaranteed issue policies, but you need to speak with a State Farm agent to purchase. They are the only company on the list offering universal life policies.
Policies offered: Term Life; Whole Life; Universal Life; Guaranteed Acceptance Whole Life; No Exam.
7. USAA — solid option for active military members, veterans, and their families
Rounding out our top seven best life insurance companies in 2024 is the long-standing USAA. USAA life insurance policies are available to everyone, but they especially support and insure military members, veterans, and their families. Other life insurance companies will decline active duty military personnel, but USAA offers policies starting at about $12 per month.
Policy coverage can range from $100,000 to $10 million. They guarantee coverage after leaving the military, and policies are available for people aged 18 to 90. You can get a quick quote online, but you need to contact USAA to purchase a policy.
Policies offered: Term Life, Whole Life; Universal Life, Guaranteed Acceptance Whole Life; No Exam.
Best life insurance companies: a comparison
The following table provides a quick glance comparing our top life insurance companies for 2024.
| Company | Plan types | No exam policies | Online application |
| Everyday Life | Term, Whole life, Guaranteed acceptance | Yes | Yes |
| Ladder | Term | Yes | Yes |
| Ethos | Term, Whole life, Guaranteed acceptance | Yes | Yes |
| HavenLife | Term | Yes | Yes |
| Wyshbox | Term | Yes | Yes |
| State Farm | Term, Whole life, Universal life, Guaranteed acceptance | Yes | No |
| USAA | Term, Whole life, Universal life, Guaranteed acceptance | Yes | No |
How we ranked the top life insurance companies in 2024
When ranking the top life insurance companies of 2024, we took into consideration the following factors:
- Overall value. When assessing the overall value, we considered the policies, benefits, and potential costs to policyholders. These companies provide good life insurance policies at fair market prices. They ranked well overall.
- Policies offered. We took into account the services provided. The list includes top providers offering a variety of plans to suit individual needs and budgets.
- Financial strength. Ensuring the company can pay your family's claim is critical when choosing the best life insurance policy. Companies that made our list either have excellent financial strength ratings or their policies are backed and issued by providers with proven track records.
- Online reputation. These top industry websites are clear and concise, offering the consumer a transparent understanding of their products and services. You can confidently reach out to any of these reputable, legitimate online businesses.
- Number of complaints. The companies on this list were chosen due to their below-average customer complaints and positive customer service experiences.
What is life insurance?
A life insurance policy protects your dependents financially in the event of your death. In exchange for paying monthly premiums, the insurance company provides a death benefit to your beneficiaries, which can be used for financial obligations. This death benefit is paid out as a lump sum and can be used for anything, including college, credit card bills, mortgages, car payments, etc. Essentially, a life insurance policy provides your loved ones with a financial safety net in the event of your death.
There are different types of life insurance policies offering varying premiums, coverage options, durations, and payouts. Industry regulations can vary by state. While we have composed a list of some of the best life insurance companies reviews in 2024, speak with a knowledgeable life insurance advisor before making a final decision.
Do I really need life insurance?
Life insurance is a personal decision that only you can make. Some considerations include:
- Current financial obligations and future plans.
- How dependents will live after you're gone.
- Ensuring adequate finances for expenses such as a mortgage and education.
- Provisions for your child with special needs.
- Protection from unexpected disability.
- Coverage for final expenses.
It is also worth considering that some policies offer tax advantages and the ability to add riders. Riders typically increase policy premiums but add additional coverage in the event of a disability or need for long-term care. These benefits can be used while you are alive.
However, if you do not have obligations to other people, a life insurance policy may not be necessary.
Types of life insurance available
Two main types of life insurance, term and permanent life, are available. Term life insurance is the most common and popular option. Permanent life insurance breaks down into whole life, universal life, and guaranteed whole life plans. Some plans do not require medical exams, but other policies require a thorough health history and an in-person medical exam. It depends on the insurer and the policy.
Although no medical exam policies can be tempting because of their ease, they can also have higher premiums for the same reason. Some term plans, but not all, are convertible to permanent life policies later. If you anticipate possibly converting your policy down the road, make sure to clarify upfront if your policy allows it.
Term life insurance
Term life insurance will be the best choice for most people. Available at different benefit payouts, term coverage is an effective, low-cost way to cover income loss due to death. Terms last anywhere from 1 to 30 years and can renew as needed. You choose the term length and dollar coverage that best suits your family's needs. Typically, term life policies cover the beneficiary during their working years for future mortgages and college expenses.
Whole life insurance
As permanent life insurance, whole-life policies are designed for lifetime coverage. As long as premiums are up-to-date, coverage remains in effect. Premiums and death benefit amounts are guaranteed for the duration of the policy. Some policies offer flexible premiums or payment plans.
Whole-life policies also have a “cash value” component. Essentially a portion of your premiums funds the cash value and earns interest over time. Rates are dependent on the type of policy. You can access the cash value by taking a loan or borrowing against your life insurance to help pay for premiums or other things. Cash value options are attractive because they are useable while the policyholder is alive.
When choosing a top-rated whole life insurance company, consider criteria such as policy flexibility, additional features, the company's financial strength, among others.
Universal life insurance
Similar to whole-life policies, universal policies have a cash-value investment component. They offer more flexibility with premiums and death payout amounts. However, both whole life and universal life plans can be complicated and often have unanticipated additional fees above quoted prices and costs. Be sure to research and understand the cash value portion of these policies before purchasing. Additionally, you may want to consult your tax advisor on how these plans can work for you.
No exam life insurance
Most people think life insurance requires an involved medical exam. However, this is not always the case, and you may be eligible for either term or permanent life no exam policies. No exam policies allow applicants to avoid a medical exam or simply answer a health questionnaire. This is a great option for those with busy schedules and who desire convenience. However, premiums may be higher than if a thorough exam cleared you for coverage.
Other life insurance types
Other life insurance types include the following:
- Guaranteed issue or guaranteed acceptance life insurance. This type of whole-life policy guarantees acceptance for most applicants and does not require a medical exam or health questionnaire.
- Final Expense or burial expense. These policies cover funeral costs and outstanding medical or legal bills upon death.
- Survivorship life insurance. These policies cover two people, typically a couple, and pay the beneficiaries once both parties have passed away.
Things to consider when choosing the best life insurance
Purchasing a life insurance policy is an important decision. If you are in the market for a life insurance policy, it can help to consider the following before you purchase.
Policies offered by the life insurance carrier
Not all carriers will have comparable policies, and benefits can range, depending on the plan type. There are significant differences between term and permanent life policies. Permanent life policies, including whole life and universal life policies, typically have higher premiums and a cash value that can accumulate tax-deferred money over time. You can then borrow on or against this cash value while living.
Financial strength
Before purchasing a policy, you should know the company's financial strength rating. You want to know if the company has enough money to stay in business long-term and honor the claim payouts. You can find this information online at websites such as AM Best.
Comparing the quotes from different life insurance providers
Comparing quotes can save you thousands in the long run. Consider your current resources and anticipate how a policy can close any gaps and meet your goals. Do you want a fixed-term life policy or a permanent policy? What are the renewal terms? Can you convert a term policy to a permanent one later? Are there additional internal fees? Consider how fast a permanent policy accrues cash value. Once you answer these questions, you can compare quotes online, by phone, or in person.
Easy application
The application process largely depends on the policy type and the insurer’s requirements. Submitted information during the application process is used to evaluate your risk and the policy cost. Policy categories such as full underwriting, accelerated underwriting, and simplified issues can affect the required documents and medical records. Some plans may require full medical exams and/or a lengthy health questionnaire. This could take weeks to months to finalize. Some companies can give an online answer in minutes without a medical exam, and some guarantee acceptance.
How much does life insurance cost?
Life insurance premiums vary between insurers and policy types. Your age, gender, and health will also affect the final cost. Typically, the younger and healthier you are, the less you will pay. Companies also assess risky behaviors like skydiving, review your driving records, and consider smoking and alcohol history. Certain factors can raise overall costs, and the insurance company may decline your application if you do not qualify.
However, life insurance policies can be quite affordable, and to give some perspective, consider the following example. According to the HavenLife insurance calculator, a 50-year-old woman in excellent health would pay $75.76 monthly for a 20-year term life policy with a $500,000 benefit. Conversely, a 50-year-old male with the same history can expect to pay $101.63 monthly for the same policy.
Read more about other life insurance policies
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FAQ
What is the best life insurance?
Choosing a policy is an individual decision. Consider your financial needs and how you want a life insurance policy to work for you now and in the future. Compare policies, shop around, and choose a financially stable provider.
What is a good life insurance policy?
A good life insurance policy will provide peace of mind and ensure your loved ones have financial security after you pass. To choose the policy that's best for you, consulting with an insurance advisor may be beneficial.
Can you get life insurance with pre-existing conditions?
It depends. Certain well-managed conditions and ongoing physician treatment may not preclude you from coverage. Some conditions may cause an increase in premiums (for e.g. when having a cancer diagnosis), while other terminal illnesses may cause a denial. Talking to an insurance advisor will help you understand if you qualify for a term life, whole life, or guaranteed issue life insurance.
What is the cheapest type of life insurance?
When you decide on your life insurance needs, research companies to compare benefits and costs that meet your needs. Typically, term life policies offer the lowest costs.
5 resources
- Everyday Life Insurance. How Much Life Insurance Do I Need?
- Ladder. What Laddering Means in Life Insurance.
- Ethos Life. Essential Life Insurance Terminology Explained.
- Haven Life. How Much Does Life Insurance Cost?
- State Farm. Life Insurance Basics.
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