Grant Cox
The best life insurance companies combine broad product selection, strong financial strength ratings, and low customer complaint records. Based on Investopedia's survey of 45 providers, Nationwide ranks as the best overall, while specialists like Banner, Pacific Life, Lafayette Life, and MassMutual lead specific categories such as term, universal, and whole life insurance.
Key Takeaways
- Nationwide tops the list as the best overall life insurance company, also winning best for children's coverage and best for people over 50.
- Banner by Legal & General offers the best term life insurance with competitive premiums and rare 40-year terms.
- Thrivent earns the highest financial strength rating (A++) and the best customer complaint record of any insurer reviewed.
- Penn Mutual leads no-medical-exam coverage with policies up to $10 million, the highest found in the research.
- MassMutual pays the highest whole life dividend rate at 6.40%, helping cash value grow faster.
Nationwide: Best Overall, Best for Children, and Best for People Over 50
With a broad range of product types and features, very satisfied customers, no coverage limits for many policy types, and a stellar grade from credit rating agency AM Best, Nationwide is at the top of our list of the best life insurance companies. Its three living benefit riders—which come at no extra cost—also helped boost its overall score.
Nationwide is a great choice for anyone looking to insure a child. Reason #1: You can buy as large a whole life policy as you like for a child. Reason #2: The child can take over the policy when they're an adult. Reason #3: If you buy a child term rider on your own policy, the rider can cover them until they're 22 and be made into a permanent life insurance policy for the child without a health exam.
Many of the features that make Nationwide our favorite pick overall also propelled it to the top of our list of the best life insurance for people over 50. However, it also scored well for this age group because you can purchase up to $1.5 million in coverage without a medical exam and receive an instant decision. And there's no minimum age requirement for a final expense policy worth up to $50,000.
Pros and Cons
On the plus side, Nationwide offers an outstanding selection of product types, a superior financial strength rating (A+), three living benefits included in many policies, stand-out child life insurance features, and very few customer complaints to state regulators. On the downside, it won't sell term life to applicants over 70, offers no live chat for customer service, provides no way to start a claim online, and doesn't pay dividends on whole life policies.
Overview
Nationwide rises above competitors on a multitude of fronts. It has one of the widest product selections Investopedia saw among the 45 companies we surveyed. Ditto that for riders—only Ameritas and Brighthouse Financial offer as many. Nationwide's riders include three free living benefits that let you use your death benefit while you're alive if you develop a chronic, critical, or terminal illness.
Customers generally like the company, lodging few complaints with state regulators and pushing it to No. 3 out of 23 companies in the 2025 J.D. Power U.S. Individual Life Insurance Study.
There were only a few areas where the company fell short compared to its competitors. For instance, it doesn't pay dividends on its whole life policies, so if you want that, you'd be better off looking for a mutual company such as Lafayette or MassMutual. And you can't buy a term life insurance policy from Nationwide if you're over 70. Founded in 1925, Nationwide is based in Columbus, Ohio.
Available policy types include term life, whole life, children's whole life, universal life, indexed universal life, variable universal life, no-medical-exam life (term), and final expense. Available riders include term conversion, child term, guaranteed insurability rider, waiver of premium, accidental death benefit, terminal illness, long-term care, chronic illness, and critical illness.
Banner by Legal & General: Best Term Life Insurance
Low premiums and terms lasting up to 40 years helped propel Banner to the top of our list of best term life insurance providers. Many competitors don't offer term life insurance that covers you for that long. The minimum death benefit is $100,000, with no maximum, making these policies suitable for individuals with a wide range of coverage needs. You can renew a Banner term policy annually and convert it to a permanent life insurance plan with no additional health examination required. And applying is easy, with an online quote and application process.
Pros and Cons
Banner's advantages include competitive premiums for term life insurance, lengthy 40-year terms, and no-medical-exam policies with no coverage caps. Its drawbacks are fewer permanent policy options than competitors, not many riders available, and no live chat.
Overview
Many people choose term life insurance because the premiums are more affordable than permanent life insurance. That's especially true of policies you get from Banner by Legal & General. Its premiums are some of the most competitive we found when gathering quotes for 45 life insurance providers. It's also the only company besides Protective Life that offers 40-year term policies, which means they could last your entire working life. Most companies limit term coverage to 30 years or less.
Like Nationwide, Banner has a low incidence of consumer complaints and an impressive financial stability rating from AM Best. But Banner's selection of other products is disappointing. Universal life is the only other type of life insurance it sells, though that won't matter much if you're set on buying term insurance. The other factor to consider is that you won't find many riders with whom to customize your coverage. Banner is based in Frederick, Maryland, and owned by Legal & General, which has been in business since 1836.
Available policy types are term life, universal life, and no-medical-exam life. Available riders include term conversion, child term, waiver of premium, and terminal illness.
Protective Life: Also Great for Children's Life Insurance
Protective's child term rider is the best we found, so it's possible to add superb protection for your children through your own life insurance policy.
Pros and Cons
Protective's strengths include a child term rider that offers long-lasting, transferable, and convertible coverage, whole life policies starting at just $1,000 in coverage, and 40-year term life policies. Its weaknesses are that no children's whole life policies are available, all applications require a medical exam, and whole life policies don't pay dividends.
Overview
Investopedia found Protective's child term rider distinctive because it covers your children until they turn 25, and it's transferable and convertible to a permanent policy, such as whole life or universal life, when they become adults. However, child coverage is limited to this rider. Protective Life does not sell a standalone child's whole life policy.
Beyond child coverage, Protective has a fine selection of policies and riders for adults. These include term policies for as long as 40 years and whole life policies with death benefits ranging from $1,000 to as high as you can qualify for. There is no maximum coverage limit. Protective Life has been around since 1907 and has its headquarters in Birmingham, Alabama.
Available policy types are term life, whole life, universal life, index universal life, and variable universal life. Available riders include term conversion, child term, guaranteed insurability rider, waiver of premium, accidental death benefit, terminal illness, and chronic illness.
SBLI: Cheapest Term Premiums
SBLI not only has some of the lowest premiums for term life insurance, but it also has a strong record of customer satisfaction. Additionally, it allows you to convert your term policy to permanent insurance without a medical exam, and this option is included at no extra cost.
Pros and Cons
SBLI offers budget-friendly term insurance premiums, helpful online features and tools, and few customer complaints. Its limitations are that it doesn't offer universal or variable universal life insurance, and its whole life dividend rate is low.
Overview
For term life insurance at an affordable price, it's hard to beat SBLI. It provided some of the lowest premiums Investopedia found when gathering quotes from 45 companies. You can obtain an individualized quote, apply for a term policy, and chat with a live representative all through the website. Customers seem happy with SBLI, lodging relatively few complaints with state regulators compared to the company's size.
These qualities make SBLI great for cheap term insurance, but it's not the best for permanent life insurance. SBLI doesn't offer universal or variable universal life insurance, and the dividend rate for its whole life insurance is low. Investopedia also found the company's rider selection to be on the skimpy side. SBLI's headquarters are in Woburn, Massachusetts, and it was founded in 1907.
Available policy types include term life, whole life, children's whole life, no-medical-exam life (term and whole life), and final expense. Available riders include term conversion, child term, guaranteed insurability rider, waiver of premium, accidental death benefit, and terminal illness.
Pacific Life: Best for Universal Life
Pacific Life excels at universal life (UL) insurance, offering numerous policies across all the main types of UL (traditional universal, indexed universal, and variable universal). Death benefits can run as small as $25,000 and have virtually no top limit. You'll find a lot of riders to choose from, including a child term rider available for UL policies.
Pros and Cons
Pacific Life offers every main type of universal life insurance, death benefits with no maximum limits, and few customer complaints relative to company size. The downsides are no online quotes or applications, and it doesn't offer whole life insurance.
Overview
Pacific Life is one of the few companies that sell universal life, indexed universal life insurance (IUL), and variable universal life insurance (VUL). Nationwide, Prudential, and John Hancock do as well, but they don't offer as many different policy options for each type. In some markets, Pacific Life features two UL, four IUL, and five VUL products.
But these products are complex, and Pacific Life doesn't let you apply online. You'll have to talk with an agent by phone or in person. Furthermore, the company does not sell whole life insurance. Based in Newport Beach, California, Pacific Life was founded in 1868.
Available policy types are term life, universal life, index universal life, variable universal life, and no-medical-exam life. Available riders include term conversion, child term, waiver of premium, disability income, terminal illness, long-term care, and chronic illness.
Lafayette Life: Best Whole Life Insurance
Lafayette Life outscored rivals in the whole life department thanks to its broad range of whole life policies and riders (many included at no cost), and its high coverage limits. You can buy as large a policy as you want (provided you can qualify based on your income).
Pros and Cons
Lafayette offers seven whole life insurance policies, no caps on whole life coverage, whole life dividends, and policies with three free living benefit riders. On the negative side, other top competitors pay better dividend rates, and Lafayette doesn't offer universal or variable life insurance.
Overview
With seven different whole life policies, Lafayette Life offers options to suit a variety of needs. There's no limit on how large the death benefit can be, and we appreciate that Lafayette offers a lot of free riders, including those that allow you to use your coverage while you're alive if you develop a serious illness.
On the downside, Lafayette's dividend rate is lower than that of competitors such as MassMutual and Guardian Life. You'll also need to call the company or meet an agent in person to apply; there's no online application. Founded in 1905, Lafayette Life is headquartered in Cincinnati, Ohio.
Available policy types include term life, whole life, children's whole life, no-medical-exam life (whole life), and final expense. Available riders include term conversion, child term, guaranteed insurability rider, waiver of premium, accidental death benefit, terminal illness, chronic illness, and critical illness.
MassMutual: Also Great for Whole Life Insurance
MassMutual pays the highest whole life dividend rate to policyholders of the companies Investopedia researched. That means cash value grows faster than with whole life policies at competing insurers.
Pros and Cons
MassMutual's advantages are that its whole life policies have paid generous dividends, people up to 90 years old can apply for whole life, and complaints about the company are extremely rare, given its size. Its drawbacks are that you can't get a quote or apply for a policy online, there are no same-day decisions, and all policy applications require a medical exam.
Overview
MassMutual scored slightly lower than Lafayette for our best whole life insurance list, but it was a close call. MassMutual beats Lafayette on a couple of fronts. Its dividend rate is the highest of all insurers on this list at 6.40%, and it offers whole life policies to people up to age 90. Only Thrivent and Guardian Life have age limits that are that high.
On the downside, you have to talk to an agent and take a medical exam to buy a MassMutual policy, and there are no same-day decisions. MassMutual has called Springfield, Massachusetts, home since its founding in 1851.
Available policy types are term life, whole life, children's whole life, universal life, and variable universal life. Available riders include term conversion, spouse rider, guaranteed insurability rider, waiver of premium, disability income, terminal illness, and chronic illness.
Penn Mutual: Best No-Medical-Exam Insurance
If you want a substantial life insurance policy and don't want to take a medical exam when you apply, Penn Mutual is the best provider. Its no-medical-exam policies can run up to $10 million—the highest amount we found in our research.
Pros and Cons
Penn Mutual offers large policies available without a medical exam, a high dividend rate for whole life policies, and a great customer complaint record. Its limitations are that it doesn't offer final expense insurance, has no online application or quotes, and offers no live chat for customer service.
Overview
Penn Mutual's cap on no-medical-exam coverage is double that of the next-highest limit we saw ($5 million from Nationwide or Symetra) and many orders of magnitude higher than competitors whose caps run as low as $25,000.
Whole life policyholders enjoy dividends, and at 6%, Penn Mutual's dividend interest rate is among the highest of the companies Investopedia researched. Dividends are never guaranteed, but the company has paid them for 175 straight years, with a record $265 million of dividends paid in 2025.
Customers made a few complaints to state regulators about Penn Mutual, according to the National Association of Insurance Commissioners (NAIC) Complaint Index. Our main issue with Penn Mutual is that if you're looking for a small, no-exam final expense policy, you'll have to look elsewhere. Penn Mutual doesn't offer these types of policies. It also lacks online quotes and application features that many competitors have.
Available policy types include term life, whole life, children's whole life, universal life, indexed universal life, variable universal life, and no-medical-exam life. Available riders include spouse rider, guaranteed insurability rider, accidental death benefit, terminal illness rider, chronic illness rider, children's term rider, and waiver of premium rider.
Symetra: Also Great for No-Medical-Exam Life Insurance
Investopedia found that Symetra offers the second-highest coverage limit ($5 million). You can apply without taking a medical exam—and you could get approved in a matter of minutes.
Pros and Cons
Symetra's no-medical-exam policies come with high coverage limits, a rapid approval process, and a low rate of customer complaints relative to the company's size. Its weaknesses are limited policy types and a small selection of riders.
Overview
Symetra is another great choice for no-medical-exam insurance, along with Penn Mutual. Its coverage limit is half as big as Penn Mutual's, but at $5 million, that's still ample for many people. You must still qualify based on age, income, and medical records. But you can apply online, and Symetra can make coverage decisions in minutes.
Beyond no-exam term life insurance, Symetra's product lineup is patchy. The company doesn't sell whole life, final expense, or universal life insurance, though it does offer three indexed universal life policies and one variable universal policy. It has a few riders, but not nearly as many as a powerhouse like Nationwide. Symetra was founded in 1957 and is based in Bellevue, Wash.
Available policy types are term life, index universal life, variable universal life, and no-medical-exam life (term). Available riders include term conversion, child term, waiver of premium, accidental death benefit, and terminal illness.
Thrivent: Best for Financial Strength and Customer Satisfaction
Thrivent's A++ grade from credit rating agency AM Best is the highest possible, indicating what Best calls a "superior ability to meet ongoing insurance obligations." Note that Thrivent is a member-owned organization for Christians. To sign up, you'll need to sign a statement saying that you or your spouse is Christian. If you're applying for a minor, you'll need to assert that they're being raised in the Christian faith.
Thrivent's record for customer complaints to state regulators is nearly pristine. State regulators received far fewer complaints than expected for a company of its size over a three-year period, giving Thrivent the best record of all the life insurers Investopedia researched. (MassMutual came in a close second).
Pros and Cons
Thrivent offers the highest available financial strength rating, the best complaint score of any insurer Investopedia reviewed, and a wide variety of policy types. Its drawbacks are that it's only available to applicants who declare themselves Christians, has no online applications, and its rider selection is lacking.
Overview
Founded in 1902 and based in Minneapolis, Thrivent has the highest financial strength rating there is: A++. That means you can rest assured that the company will be able to pay its claims many years down the road. Thrivent's wide range of life insurance products includes term, whole life, and universal. And if you're like many of Thrivent's other customers, you'll find little to complain about once you get a policy.
However, applying is less straightforward than with other competitors. There's no online application, so you'll have to pick up the phone and meet or speak with an agent to apply. And you'll need to be a Christian to buy a policy—or at least attest that you are. We're also not impressed with Thrivent's limited set of riders, especially the lack of a child term rider.
Available policy types are term life, whole life, children's whole life, universal life, variable universal life, and no-medical-exam life (term). Available riders include term conversion, guaranteed insurability rider, waiver of premium, and terminal illness.
Comparing the Best Life Insurance Companies
| Company | Best For | Financial Strength Rating | Founded |
|---|---|---|---|
| Nationwide | Best Overall, Children, Over 50 | A+ | 1925 |
| Banner by Legal & General | Best Term Life | A+ | 1836 |
| Protective Life | Also Great for Children | A+ | 1907 |
| SBLI | Cheapest Term Premiums | A | 1907 |
| Pacific Life | Best for Universal Life | A+ | 1868 |
| Lafayette Life | Best Whole Life | A+ | 1905 |
| MassMutual | Also Great for Whole Life | A++ | 1851 |
| Penn Mutual | Best No-Medical-Exam | A+ | — |
| Symetra | Also Great for No-Medical-Exam | A | 1957 |
| Thrivent | Financial Strength, Customer Satisfaction | A++ | 1902 |
Frequently Asked Questions
Which life insurance company is best overall?
Nationwide is rated the best overall life insurance company due to its broad range of product types, very satisfied customers, no coverage limits for many policy types, and a stellar A+ grade from AM Best. Its three free living benefit riders also boosted its score.
Can I buy life insurance without a medical exam?
Yes. Penn Mutual offers no-medical-exam policies up to $10 million, the highest found in the research, while Symetra offers up to $5 million with approval in minutes. Nationwide allows up to $1.5 million in no-exam coverage with an instant decision.
Which company offers the longest term life insurance?
Banner by Legal & General and Protective Life both offer 40-year term policies, which could last your entire working life. Most companies limit term coverage to 30 years or less.
Which company pays the highest whole life dividend?
MassMutual pays the highest whole life dividend rate at 6.40%, meaning cash value grows faster than with whole life policies at competing insurers. Penn Mutual follows closely with a 6% dividend interest rate.
Conclusion
The best life insurance company depends on your specific needs. Nationwide leads overall and excels at children's coverage and policies for people over 50, while Banner and SBLI dominate term life, Lafayette and MassMutual shine for whole life, Pacific Life leads universal life, and Penn Mutual and Symetra excel at no-medical-exam coverage. Thrivent stands out for financial strength and customer satisfaction. Comparing financial strength ratings, dividend rates, coverage limits, and rider options will help you choose the policy that best fits your situation.
