Top 10 Life Insurance Companies in February 2025

Understanding insurance can be a challenge, but life insurance can be especially difficult.

Life insurance exists to financially support your loved ones when you’re gone. That’s why all life insurance policies provide a death benefit payout to your beneficiaries if you pass away while your policy is active.

But some policies can also provide for you and your family while you’re alive. And with numerous types of policies and insurance companies to choose from, it can be difficult to know what type of life insurance is right for you.

Insurify spent hours researching major insurers to identify the top 10 life insurance companies. This guide will help you understand the different kinds of life insurance available and how you can decide on the best company and coverage for your needs.

Top life insurance companies of 2025

Insurify spent hours researching major life insurance companies. We sought quotes from multiple companies for a 30-year term life insurance policy with a $150,000 death benefit, unless otherwise noted. Here are 10 top life insurance companies to consider.

State Farm: Best overall

• Sample premium: $46/month

• Online quote available: Yes

• Online purchase: No

• Availability: Some products not available in California, Massachusetts, New York, Rhode Island, and Wisconsin

State Farm offers term, whole, universal, and final expense life insurance policies. It ranks well for customer service and satisfaction in industry ratings: State Farm scores best overall for customer satisfaction in the J.D. Power 2024 U.S. Individual Life Insurance Study.^[1]

The insurer offers standard 10-, 20-, and 30-year term periods. It has a user-friendly online quote process but directs customers to local agents to purchase a policy. Its moderate term life rates, diverse product offerings, and excellent customer service could make it a great fit for many consumers.

Protective Life: Best for term life insurance

• Sample premium: $33/month

• Online quote: Yes

• Online purchase: Yes

• Availability: Not available in New York

Protective Life offers term, whole, and universal life insurance policies but is an especially versatile choice for term life insurance. While most insurers have term limits of up to 30 years in 10-year increments, Protective Life offers 10-, 15-, 20-, 25-, 30-, 35-, and 40-year term periods. Its coverage limits are flexible and range from $100,000 to $50 million.

You can easily get a term quote online and apply for a policy through an online form or on the phone. You can buy a policy online but not right away. After you apply, you’ll need a medical exam. Agents will review your application before you can secure coverage.

Transamerica: Best for whole life insurance

• Sample premium: $38/month 

• Online quote: Yes

• Online purchase: No

• Availability: Not available in New York

Transamerica offers term, whole, index universal, and final expense life insurance policies. Its whole life insurance product, Transamerica Lifetime, is particularly comprehensive. Policyholders can take advantage of multiple payment options, preferred rates, and nine different riders, such as for critical illness and income protection.

Transamerica offers term limits as low as $25,000, up to $2 million with Trendsetter LB, and more than $10 million with Trendsetter Super. Online quotes are only available for Trendsetter Super, and applicants must speak to an agent to buy a policy.

Corebridge Financial: Best for online application and purchase

• Sample premium: $71/month (30-year term, $150K limit)

• Online quote: Yes

• Online purchase: Yes

• Availability: Not available in New York

Corebridge Financial offers many life insurance products, including term, whole, universal, and final expense life insurance, as well as accidental death, quality of life, and guarantee-issue whole life policies. Its online quote process is detailed but user-friendly and easy to understand. 

You can also select a quote and apply online, but Corebridge requires a medical exam before confirming a policy. You can schedule the exam in the app as soon as the next day (though that may depend on your location). Following the exam, a Corebridge representative will follow up to confirm your actual rate before charging you for the policy.

Guardian Life: Best for customer satisfaction

• Sample premium: $87/month (30-year term, $250,000 limit, the lowest limit available)

• Online quote: Yes

• Online purchase: No

• Availability: All 50 states

Guardian Life offers term, whole, and universal life insurance. While its product offerings are pretty basic, the company scores well for customer service and satisfaction in two important industry rankings.

The insurer ranked second best for customer satisfaction in the J.D. Power 2024 U.S. Individual Life Insurance Study and has less than one-quarter of the expected number of complaints, according to the NAIC Consumer Complaint Index. Guardian Life’s online quote process is simple, user-friendly, and provides recommendations based on the annual income you report.

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Nationwide: Best for term life insurance without exam

• Sample premium: $32/month (20-year term, $250,000 limit — no 30-year term online quote)

• Online quote: Yes

• Online purchase: Yes

• Availability: Some products unavailable in New York

Nationwide offers term, whole, universal, and variable universal life insurance, as well as long-term care coverage as a stand-alone or rider on another policy. Life Essentials — one of Nationwide’s two term life products — is available for 10- or 20-year term periods and offers a maximum coverage limit of $1.5 million.

You can buy a Life Essentials policy online, and it doesn’t require a medical exam. Guaranteed Level Term requires an exam and isn’t available to buy online, but it has term periods of up to 30 years and no maximum coverage limit.

New York Life: Best for cash value

• Sample premium: Not available online

• Online quote: No

• Online purchase: No

• Availability: All 50 states

New York Life offers term, whole, universal, and variable universal life insurance, as well as long-term care and individual disability coverage. It doesn’t have as much detailed information available online as other insurers and directs consumers to connect with an agent by submitting contact information.

While every whole life insurance policy includes cash value, New York Life’s Secure Wealth Plus policy includes early cash-value buildup, tax-deferred and guaranteed cash value accumulation, and often tax-free access to cash value as your needs evolve. The insurer also offers add-ons like living benefit, chronic care, and accidental death benefit.

Pacific Life: Best for universal life insurance

• Sample premium: Not available online

• Online quote: No

• Online purchase: No

• Availability: All 50 states

Pacific Life offers term, universal, indexed universal, and variable universal life insurance. It doesn’t have as much detailed information available online as other insurers and directs you to find a local financial professional by entering your ZIP code.

Its three universal life products provide options so you can choose features like flexible premiums, guaranteed minimum interest rates, and options for how and where Pacific Life invests the cash value of your policy. Pacific Life also offers add-ons for universal life policies, though you have to contact a local agent to learn about any customization.

Legal & General America: Best for flexible term options

• Sample premium: Not available online

• Online quote: No

• Online purchase: No

• Availability: Not available in Montana, and some add-ons aren’t available in Maryland and New York

Legal & General America offers term and universal life insurance. The range of term periods and coverage limits make its term life insurance product particularly flexible.

You can select from 10-, 15-, 20-, 35-, 30-, 35-, or 40-year term periods, with coverage limits ranging from $100,000 to “beyond” $10 million. Though Legal & General America has an online quote form, it didn’t return a quote for our test, and most pages recommend calling to speak with an agent to get a quote.

Mutual of Omaha: Best for whole life insurance without a medical exam

• Sample premium: Not available online

• Online quote: No

• Online purchase: No

• Availability: Not available in New York

Mutual of Omaha offers term, whole, and universal life insurance. Notably, it doesn’t require a medical exam for its whole life insurance product and even offers an online quote tool.

The coverage amounts are relatively low — ranging from $2,000 to $25,000 for a whole life policy — and it’s only available to ages 45 to 85. Mutual of Omaha’s term life insurance is available to ages 18 to 80, with term periods of 10 to 30 years and coverage limits starting at $100,000.

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Types of life insurance

The two main categories of life insurance are term life insurance and permanent life insurance, but even those have different policy types and features. In all cases, a life insurance policy is only active if you continue paying the premiums.

Term life insurance is a temporary policy that provides a certain amount of coverage for a set period. Permanent life insurance lasts your entire life and typically includes a cash value you can withdraw from or borrow against, under certain conditions, while you’re alive.

Term life insurance and how it works

Term life insurance provides coverage for a set period, or term — usually between 10 and 30 years. It’s typically the most affordable type of life insurance because it only lasts for a set time and doesn’t include any cash value.

A term life policy includes a death benefit the insurer pays out to your chosen beneficiaries if you die within the policy term. Most people who opt for term life insurance want to protect their loved ones from financial burdens if they die since the payment can help pay off debt and cover running expenses.

Here are the common types of term life insurance policies:

• Convertible: A convertible term life insurance policy is one you can extend by converting it to a permanent policy at the end of the initial term. Premiums will likely increase for the new, permanent policy.^[2]

• Renewable: A renewable term policy provides coverage that the policyholder has to renew, typically every year. Premiums often increase on renewal.

• Decreasing: With a decreasing term policy, the coverage amount decreases over time. Most policyholders would choose this option to cover debts that decrease over time, like a mortgage or student loans.

• Increasing: With an increasing term policy, the coverage amount increases over time. This could be a smart option if you expect your financial needs to grow — for example, if you have another child.

• Level: With a level-term policy, the death benefit doesn’t change throughout the policy term.

• Fixed: A fixed-term policy is the most basic term life insurance policy. The premiums remain the same throughout the policy term.

• Voluntary: Voluntary life insurance is optional life insurance your employer provides, often at a significantly discounted rate. It’s a type of term life insurance because you often only have coverage as long as you work for that employer.

Permanent life insurance and how it works

Permanent life insurance provides lifetime coverage, as long as you continue paying your premiums. It typically has higher premiums than term life insurance because you lock in your premiums when you buy the policy and pay to build cash value, which can benefit you while you’re alive.

As you pay into the permanent life insurance policy and the cash value accumulates, you can withdraw or borrow against those funds to help pay for emergencies or significant expenses. Cash value isn’t the same thing as the death benefit, but if you borrow against your cash value and die before you repay the policy, your insurer may reduce the death benefit accordingly.

Cash value is tax-deferred, meaning you only pay taxes on funds you withdraw. How much it grows from interest or investment depends on the policy type.

Here are the common types of permanent life insurance policies:

• Whole: With whole life insurance, you get lifetime coverage, a set premium, and the opportunity to build cash value, which grows at a fixed interest rate.

• Guaranteed: Guaranteed-issue whole life insurance is a type of long-term coverage that doesn’t require a medical exam. It typically has an age requirement of more than 50 years old and much lower coverage limits than a traditional whole life policy.^[3]

• Universal/adjustable: Universal, or adjustable, life insurance can provide lifetime coverage and accrue cash value at a varied interest rate, but you may be able to adjust the premiums and death benefit over time.

• Indexed: With an indexed universal policy, you choose to invest the cash value with a specific index fund. This can have higher returns but is a riskier investment.

• Variable: A variable universal policy is similar to an indexed policy, except you choose to invest the cash value in accounts tied to the stock market.

How to choose the best life insurance policy for your needs

Life insurance can be a financial safety net for your loved ones and a resource to you while you’re still alive. Here are some steps you can follow to help you find the right policy:

1. Consider your needs and goals. If protecting your family’s financial security is your priority, a term life insurance plan can offer coverage at an affordable rate. If you want lifetime coverage building cash value that you can borrow against for big expenses down the line, whole life insurance is a good start. Life insurance is also often cheaper if you buy it when you’re young. If you buy a whole life insurance policy at a young age, you could lock in low rates.

2. Estimate how much life insurance you need. How you do this will also depend on your goals. One common recommendation is to multiply your income by 10 and add anticipated college costs for any children. Another is to add up your debt, income mortgage payments, and anticipated education costs to get your number.

3. Figure out what premiums you can afford. Consider your income, expenses, and financial goals to determine what you can afford to pay for life insurance premiums.

4. Decide on the right type of insurance. Pull all that information together as you consider what type of life insurance is right for you.

5. Compare multiple life insurance quotes. You can get a quote online from a handful of insurers, but you’ll likely need to contact several companies to get all the quotes you need. Always be honest about your health on your application. Consider optional add-ons, or riders, for things like critical or terminal illness as you compare policies.

6. Pick a comprehensive plan. Choose a reputable insurer, confirm the policy you want, add any additional riders you need, and review the final policy documents closely before purchasing.

7. Evaluate regularly. If your family or financial situation changes significantly, revisit your policy. Assess your life insurance once in a while to make sure it’s still providing the right coverage.

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How to save on life insurance

Life insurance is only active as long as you’re paying the premiums, so here are some tips to help keep it affordable:

• 

  Shop around

  Life insurance companies are competing for your business, and you may see significant rate differences for similar coverage. Shop around and compare quotes to make sure you get the best deal.

• 

  Look into group insurance

  Employer-sponsored life insurance is often much cheaper because employers can get a better group rate. You may have to contribute, but it could be a lot less than paying for coverage elsewhere. Group coverage is typically for one or two times your annual salary, and the policy usually ends when you change employers.

• 

  Make healthy lifestyle changes

  Maintaining a healthy weight, exercising regularly, and not smoking can qualify you for lower rates.

• 

  Choose a term policy with renewal guarantees

  Term policies are cheaper than permanent policies, so if life insurance with a set term works for you, it could help you save on your premiums. A renewal guarantee gives you the option to start a new term after the current one ends without requiring a medical exam. The premiums may go up, but you’ll likely pay less than you would if you had to shop for an entirely new policy elsewhere.

• 

  Check for premium discounts

  Sometimes insurers offer discounts on specific coverage amounts, so you could pay less for $250,000 of coverage than $200,000 of coverage, according to the Insurance Information Institute. Some insurers add charges if you pay monthly instead of annually, so paying an annual premium could also save cash.

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