10 Best Life Insurance Companies

Finding the best life insurance companies can be quite overwhelming.

It is important to find the best life insurance company on the market that can accommodate your specific needs.

However, for the average consumer, it is quite challenging finding the right life insurance company.

As an independent life insurance agent, I’ve worked with various life insurance companies.

The life insurance companies that I’ve selected are the best 10 for the majority of situations.

The Top 10 Best Life Insurance Companies

1. 1. American General
   2. Banner
   3. MetLife
   4. North American
   5. Principal
   6. Prudential
   7. Transamerica
   8. SBLI
   9. Protective
   10. VOYA

The 10 companies listed aren’t in any particular order as each company has its advantages and disadvantages.

If you have a particular preexisting health condition, the top company will be different than someone who is completely healthy.

American General Life Insurance Company

• Fitch rating – A+
• A.M Best rating – A-
• S&P rating – A+
• Moody’s rating – A2

Being in existence for almost a century, American General’s name has become synonymous with life insurance. Though American General has faced troubles in the past, they’ve since become a very steady organization with a strong financial foundation.

They are on our top 10 list due to their competitive pricing. American General has outstanding riders, and their underwriting process is very liberal. Those deemed high-risk by other companies are able to obtain a substantially less expensive policy from them.

Read more: Cancelling Your American General Life Insurance Company Life Insurance Policy

Banner Life Insurance Company

• A.M. Best rating – A+
• A&P rating – AA-

Banner has always been one of the best life insurance companies in the industry because they provide some of the least costly term policies out there. Banner also has friendly underwriting for those in poor health.

Banner focuses on offering modern underwriting practices with a set product selection, which is their one fault. Their minimalist product line, however, is great at categorizing clients and helps them get into the appropriate rate class.

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MetLife Insurance Company

• A.M Best rating – A+
• Moody’s rating – Aa3
• Fitch rating – AA-
• S&P rating – AA-

MetLife is the best option for those on active duty military, who smoke, and who have type 1 diabetes.  If any of these criteria are applicable to you, MetLife is a company you should look into.

Their only drawback to MetLife is that their prices aren’t very competitive for other policies.

Read more:

• MetLife vs. Protective Life Life Insurance: Understanding the Difference
• MetLife vs. Principal Financial Group Life Insurance: Understanding the Difference
• MetLife vs. Primerica Life Insurance: Understanding the Difference
• MetLife vs. Pacific Life Life Insurance: Understanding the Difference

North American Company for Life and Health Insurance

• A.M. Best rating – A+
• S&P rating – A+

The North American company has established a solid reputation for itself and provides some of the best rates out there.

As an insurance carrier that is privately owned, they can invest better than other companies.

North American’s customer service is top-notch and regularly receives high praise for it.

Principal Financial Group

• A.M Best rating – A+
• Moody’s rating – A1
• Fitch rating – AA-
• S&P rating – A+

Principal offers many investment and insurance products. No medical exam is required for their sped-up underwriting program.

The “no medical exam” feature is truly where Principal excels. They even provide coverage for up to a million dollars on no-exam policies, which is what distinguishes them from the competition.

Read More: Million Dollar No Exam Term Life Insurance

Prudential Insurance Company

• A.M Best rating – A+
• Moody’s rating – A1
• Fitch rating – A+
• S&P rating – AA-

Some clients use Prudential because they can provide better coverage and rates for specific situations better than anyone else. They go after niche markets, such as:

• Diabetics
• Cancer Survivors
• Tobacco Users
• People with a DUI or DWI
• Actual Age underwriting
• Travel Local

They have become proficient in underwriting for all individuals that fall into these groups, and generally, provide fair rates for each of them.

This can also be its biggest drawback as if you don’t meet the criteria of these niche markets, then Prudential likely won’t give you a competitive rate.
Click here for our Prudential Insurance Company review.

TransAmerica Life Insurance Company

• A.M. Best Rating – A+
• Moody’s Rating – A1
• Fitch Rating – AA
• S&P Rating – AA-

Transamerica is on our list since they provide great rates and have several of the most adaptable policies available.

In addition to their policies covering you in various ways, they have a unique selection of policy riders, allowing you to add more coverage to your existing policy for a small premium.

Read more: Transamerica vs. Banner Life Life Insurance: Understanding the Difference

SBLI – Savings Bank Life Insurance Company

• A.M. Best Rating – A+
• S&P Rating – A-

Multiple agents cite SBLI as one of the best life insurance companies out there.  It truly is a phenomenal organization. They have a vast selection of insurance policies and are fantastic at obtaining competitive term rates.

SBLI supports many non-profit organizations and is quite involved in their community. They are dedicated to helping a few charities, specifically ones involving the homeless, children’s diseases, and veterans.

The only downside to SBLI is that they lack an aggressive no-exam policy.  For many people this is insignificant, but if you require a policy without a medical exam, they won’t be the right fit for your needs.

Read more: Best Life Insurance for Veterans

Protective Life Insurance Company

• A.M. Best Rating – A+
• Moody’s Rating – A2
• Fitch Rating – A+
• S&P Rating – AA-

Protective is on our list since they provide great rates and have great rates for those with heart issues. Protective is a go-to company if you have or had heart disease, a heart attack, bypass surgery or stents.

VOYA Life Insurance

• A.M. Best Rating – A
• Moody’s Rating – A3
• Fitch Rating – A-
• S&P Rating – A-

Voya was once known as ING. Their parent company stopped conducting business in the U.S.A. and sold off their assets. What was left of the company was rebranded as VOYA.

This left a stable and steady organization that is very engaged in and excel in the term life insurance arena. Voya takes very good care of its customers.

The only negative about Voya is that they aren’t so good at assisting individuals with adverse health conditions.  This is particularly true if you go through their call center rather than an independent agent.

Voya made the list because they excel at obtaining great rates on the premiums for their clients.

Read more:

• Voya Financial vs. Ameriprise Financial Life Insurance: Understanding the Difference
• Voya Financial vs. Assurity Life Insurance Company Life Insurance: Understanding the Difference
• Voya Financial vs. Banner Life Life Insurance: Understanding the Difference
• Voya Financial vs. Brighthouse Financial Life Insurance: Understanding the Difference
• Voya Financial vs. Fidelity Life Life Insurance: Understanding the Difference

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The Best Life Insurance Company Selection Process

When working with a client, there are many things I take into consideration prior to suggesting a policy. For every client, I concentrate on the following areas:

1. Financial Strength – While A.M. Best scores high in this category, there is a quartet of others to choose from. If A.M. Best has not recommended a particular organization, then I will depend on intel from other agencies to find the most suitable company for a client’s requirements. Should an organization not have a rating higher than a “B”, then they won’t be mentioned. For the record, the rating scale ranges from “A++” to “D”.
2. Customer Satisfaction – Searching for reviews online to figure out who are the best life insurance companies isn’t wise. Disgruntled customers sometimes use online reviews to “get even”, tainting the recommendations of all reviewers. Further, satisfied customers generally don’t take the time to voice their pleasure at all. Most of these organizations provide differing kinds of insurance, meaning you may see several criticisms about auto insurance, yet nothing but glowing reviews about life insurance.
3. Price – If an organization doesn’t appear to be one of the more affordable policies available now and then, then they’re likely overpriced to begin with. That’s why Matrix Direct or Primerica are never seen in the top 10 list of life insurance companies.
4. Quote Availability – Many organizations today make it quite simple to obtain quotes for life insurance.  Several organizations haven’t modernized their approaches and require you to go through an agency. 
5. Niches – I get to know my client’s health and history before making suggestions. If your agent isn’t asking the correct questions and getting accurate information on your case, your quote could be inaccurate. When receiving an inaccurate quote, you’re setting yourself up for a huge headache. The reason is, because you more than likely will be applying with the wrong company and will most likely be paying more than you should. You could even get declined.

We’ve only added 10 of the best life insurance companies to this list, but work with over 60 life insurance companies.

You can find more in-depth reviews of some additional companies below.

• Lincoln Heritage Life Insurance
• New York Life
• Primerica Life Insurance
• TIAA-Cref

Each one of these companies has their strengths and weaknesses. By working with such a large number of companies, it gives our clients the best chance at affordable coverage.

Read more:

• Cancelling Your TIAA-CREF Life Insurance Company Life Insurance Policy
• Cancelling Your Lincoln Heritage Life Insurance Company Life Insurance Policy

Which Life Insurance Company is Right for You?

If you have people that rely on you, then you must have life insurance. Regrettably, as a result of the many troubles involving expenses, risk, time and hassle – there are so many Americans who remain uninsured, yet need coverage. They simply can’t find a suitable policy they can afford from a reliable life insurance company.

It’s simple to look up assorted life insurance policies or compare quotes online, but how do you determine which one is best for your needs? How do you know if you can qualify for that quote?

With several conflicting factors, such as coverage amounts, terms and policy types – it can become daunting to research this. It gets even more complicated when you factor in preexisting health conditions and medications. However, the process of locating the best life insurance company needn’t be stressful, time-consuming, or costly.

Make sure you always work with an independent life insurance agent.

An independent life insurance agent is not bound to one life insurance company. Independent agents are able to work with multiple companies in order to find the best companies for their client’s specific needs and situation. We work with over 60 life insurance companies and will find the ones that offer you the best chance of meeting your goals.

More Life Insurance Company Reviews

The United States has an abundance of life insurance companies to choose from.

This competition provides the consumer with a great opportunity for affordable coverage.

There are plenty of wonderful carriers out there who provide great rates whom you might not be aware of.

Thank you for reading our post, 10 Best Life Insurance Companies.

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