10 Best Life Insurance Companies In the USA

Life insurance companies are a common sight in the United States.

They offer individuals and families solutions to protecting their loved ones in the event of an unexpected death. With so many different types of life insurance, it can be hard to determine which company is right for you. 

Life insurance companies in the USA are growing and offering a wide range of services. Whether you’re looking for comprehensive coverage or just a few basics, these companies are likely to have what you need.

By reading this article, you will better understand what life insurance is, what types of policies are available, and how to choose the right one.

Top 10 Life Insurance Companies in the USA

Life insurance is a type of insurance that helps protect a person’s future. There are many different types of life insurance, and each has its own benefits and risks. Here are ten of the best life insurance companies in the United States.

1. Nationwide

Nationwide was founded in 1925 and is one of the most important financial services companies in the world. Nationwide offers a wide range of services including insurance for pets, life, autos, and homes. Columbus, Ohio is the main office.

Pros

• Provides a lifetime exam-free policy.
• No annual premium

Cons

• Less than all eligible
• No riders available

Price

For 25, 40, and 55-year-old women and men in good health, we received quotes for $250,000 for 30-year term plans. Nationwide’s term policy prices were comparable to those of all other businesses that we have data on. The firm does not offer 30-year term plans for males over 50.

2. Banner Life

Banner Life, which is owned by Legal & General America offers two types of insurance: universal life and term. This could be a great option for those who are looking to simplify the process of purchasing life insurance. It does mean that Banner Life may not be the best option for people looking for personalized life insurance options.

Pros

• Inexpensive insurance rates
• Senior citizens may be eligible for term life insurance until they reach 75.
• Senior Americans can purchase universal life insurance up to the age of 85.
• There is no upper limit to coverage

Cons

• Universal insurance offers affordable coverage.
• There are very few riders and limited customizing options.

Price

A 35-year-old woman would pay $46.63 for a 20-year, $1,000,000 standard-term policy, while a man would spend $61.85. Smokers pay more for policies. Female clients aged 35 years old spend $124.94 per month, while male customers pay $161.49.

As you get older, policy prices can rise up to $700. Seniors can expect a 10-year-term insurance policy with age-related pricing ranging from $225.42 up to $1,157.25. Converting term life insurance policies to permanent ones is possible without a medical exam or cost.

3. Mutual Of Omaha

Mutual of Omaha was founded in 1909 and is located in Omaha, Nebraska. It offers long-term insurance, Medicare supplement insurance, and insurance for an individual’s inability to work. Mutual of Omaha offers a variety of financial services, including annuities and mortgages.

Pros

• Many living benefits schemes
• Offers universal, term, and complete insurance.
• Term life insurance policies up to 80 years old
• There are many riders
• Guaranteed-issue securities
• Available premium term refund

Cons

• No online applications are available for term policies.
• Whole-life insurance coverage is subject to restrictions

Price

Our archetype was a 35-year-old female nonsmoker who had a 20-year $1 million term in average health. The monthly premium was $61.28. The same coverage was available for a 35-year-old male in average health, but the monthly premium was $74.18. These numbers are only for informational purposes, as many variables affect the premium cost.

4. Transamerica

Transamerica Bank was founded in San Francisco in 1904. Transamerica offers a variety of life insurance plans, retirement services, mutual funds, and annuities.

Individuals and companies can use services. 

Transamerica’s corporate headquarters is located in Cedar Rapids in Iowa. However, the company still has offices in San Francisco’s distinctive pyramidal building.

.Pros

• There are three types of term, whole, and indexed universal insurance.
• Available in every country
• Some items have a higher value over time

Cons

• You must use a representative to obtain

Price

Most insurance policies start at $25,000 for coverage. The tax-deferred cash value of whole and indexed universal insurance can be earned throughout your life and in the form of a tax-free death benefit. You can plan your finances well with assured premiums for both whole and term life insurance.

5. Prudential

Based on assets, Prudential Financial ranks second in life insurance businesses in the United States. Based on net premiums, Prudential Financial ranks first.

Prudential Friendly Society was founded in 1875. Prudential offers services and products to people and companies in over 40 countries. Newark, New Jersey is the main office of Prudential.

Pros

• Term and universal life insurance options are available.
• Provides additional security with a range of riders

Cons

• Insurance product bundles from Prudential do not qualify for a discount.
• Policyholders do not receive any profits from a life insurance policy.

Price

Prudential’s universal insurance policies offer lifelong insurance starting at $25,000 per policy. They are available to anyone up to the age of 85.

You can choose the payments that fit your budget and are available with adjustable premiums. Many plans include a tax-free death benefit and a tax-deferred cash value. These can be used to help you when you are most needed, such as in retirement.

6. Haven Life

Haven Life, a relatively new entry in the insurance industry, was established in 2014. It has its corporate office located in New York City.

Haven Life aims to offer affordable, easy-to-manage online term life insurance coverage without the usual difficulties associated with insurance buying. MassMutual and one of its affiliates issue Haven Life policies.

Pros

• Higher coverage
• Does not require a medical exam
• Additional benefits such as a digital will or a fitness app, are also available.

Cons

• There are no permanent life insurance options
• For those aged 64 or younger

Price

These policies are more expensive than the Banner Life 20-year term insurance, which costs $54.24 per month for a non-smoker of 35 years. Customers can buy $3 million of coverage with Haven Life for up to 30-year periods at guaranteed stable rates.

7. Protective

Protective Life’s universal insurance plans offer affordable internal policies for all ages and risk levels. Your premium could be used to increase cash value.

The company has demonstrated exceptional performance in its underlying cash value bonds, mortgages, and drawings for universal life insurance policies.

Pros

• The least expensive term life insurance
• A 40-year term insurance policy is available.
• There are many types of policies available.
• A $1 million no-exam life insurance policy

Cons

• No coverage to cover burial expenses
• Low customer satisfaction rating

Price

When it comes to cost, Protective is the best option. Our analysis of quotes for term life insurance plans with 30-year terms and $250,000 in death benefits for healthy individuals aged 25 to 55 has shown otherwise.

Protective was the most affordable term life insurance or tied for the lowest price in every age group. The business also claims that the premiums for similar products are consistently in the top three across all issue ages, face amounts, and age groups.

8. New York Life

New York Life was founded more than 175 years ago. New York Life, which has its headquarters in New York City, has been paying out dividends to policyholders for over 166 years.

New York Life offers a wide range of life insurance policies and options to customize coverage. However, it was expensive. An agent can provide more information about the potential coverage and pricing based on each individual’s circumstances.

Price

New York Life plans are more costly than the top-rated life insurance companies we reviewed. For example, a 20-year-old woman living in Virginia would be paying $142.67 per month for New York Life’s $1 million coverage policy.

The price for State Farm would be $54.79 and MassMutual $81.33. These costs are based on the standard plus risk category, which indicates average health.

Pros

• Offers universal, term, and complete insurance.
• You can tailor your insurance with many riders.
• Some investments provide financial returns and dividends.

Cons

• Insurance is pricey.
• Incomplete Online explanations about coverage and requirements.

9. MassMutual

MassMutual’s headquarters is located in Springfield, Massachusetts. It was established in 1851. MassMutual offers financial planning, investment management, financial wellness advice, and retirement planning. 

They also offer a variety of life insurance plans. Business owners can use MassMutual to manage employee benefit programs such as group life insurance or pensions.

Price

Policyholders 65 years and older can purchase this product. At a time when health quality and mortality risk values may rise, rates for term life insurance may be high.

Because smoking increases their mortality risk, smokers often pay higher premiums for life insurance. For the same policy, a 35-year-old male smoker would be paying $193.63. A 20-year term insurance policy with $1 million coverage would cost $103.76.

Pros

• Contains 15 primary products, divided into a whole, term, and universal life insurance.
• Dividends to policyholders
• A few universal and whole-life insurance plans can provide financial value.

Cons

• No robust internet tools or services offered
• Rates are often higher than those of similar businesses in our rating.
• Insurance policies require a physical.

10. Lincoln Financial

In 1905, Fort Wayne’s Lincoln National Life Insurance Company was founded. Robert Todd Lincoln, Lincoln’s son, permitted the firm to use Lincoln’s name and image. This logo is still in existence.

Lincoln is the company’s name. Lincoln Financial Group offers financial planning and insurance options to individuals and businesses.

Price

Lincoln Financial’s premiums compare well to those of the best life insurance companies. A 35-year-old, non-smoker premium for a $1 million, a 20-year term policy is $66.90. A comparable AIG coverage would cost $54.56 per month. MassMutual would prefer $92.55.

Pros

• There are both general and term policies.
• A physical is only sometimes required.
• Permanent insurance plans can be converted from term plans.

Cons

• No entire life insurance
• Some restrictions prohibit online applications.

Conclusion

Life insurance companies in the USA are an excellent option for people who want to protect their loved ones. They offer a variety of policies and can help you choose the right one for your needs.