Life Insurance Companies 2025
New York Life, Prudential, and Nationwide are a few of our top picks for life insurance.
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Written byErin Gobler
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Over 5 years of experience in financial writing
Certified in financial planning by Boston University
Erin is a writer and journalist specializing in personal finance. With more than five years of experience, Erin has covered topics such as credit cards, mortgages, insurance, and more.
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Edited byBecky Helzer
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Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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Table of contents
When you’re buying life insurance, choosing the right company is key. You want a company that offers excellent customer service, policy features, and financial strength to follow through on its promises if the worst happens.
We rounded up a list of top life insurance companies to help you shop for life insurance. Along with noting their strengths, we point out where they fall short. We’ve also broken down the different types of life insurance available and how much you might pay for a policy.
Quick Facts
Northwestern Mutual, MetLife, and New York Life are the three largest life insurance companies in the United States.[1]
Life insurance prices range from just a few dollars per month to nearly $1,000, depending on the policy type and coverage amount.
You can choose between term and permanent life insurance.
Life insurance companies with the most market share
Life Insurance Company  | Market Share | AM Best Rating | J.D. Power Rating |
|---|---|---|---|
| Northwestern Mutual Group | 6.76% | A++ | 670/1,000 |
| Metropolitan Group (MetLife) | 6.35% | A+ | 644/1,000 |
| New York Life Group | 6.35% | A++ | 639/1,000 |
| Prudential of America Group | 6.15% | A+ | 626/1,000 |
| MassMutual Life Insurance Group | 4.42% | A++ | 673/1,000 |
| Lincoln National Group | 4.00% | A | 652/1,000 |
| Nationwide Corporate Group | 3.59% | A+ | 666/1,000 |
| State Farm Group | 2.93% | A++ | 699/1,000 |
| Dai-ichi Life Holdings Group (Protective Life Corporation) | 2.77% | A+ | 653/1,000 |
| Minnesota Mutual Group | 2.58% | A+ | Not Rated |
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Northwestern Mutual Group: Best for financial strength
Northwestern Mutual Group is the largest life insurance company in the U.S., and it has the financial strength to back it up. It earns AM Best’s highest financial strength rating, demonstrating its ability to pay out claims.
The company offers term life insurance and three types of permanent life insurance: whole life, universal life, and variable universal life.
Pros
Highest financial strength rating
Whole life policies may earn dividends
Above-average J.D. Power customer satisfaction rating
Cons
Term life policies limited to 20 years
All policies require medical exams
No online quotes
Metropolitan Group (MetLife): Best for group life insurance
Unlike the other insurers on our list, MetLife offers only group policies. This means you may be able to get a MetLife term or universal life insurance policy through your employer.
In addition to life insurance, MetLife offers extra benefits, including funeral-planning services and discounts, will preparation, transition solutions, and grief counseling.
Pros
A+ AM Best rating
Additional benefits beyond life insurance
Fewer complaints than average reported to the National Association of Insurance Commissioners (NAIC)
Cons
Doesn’t offer whole life insurance
Website provides limited information
Below-average J.D. Power customer satisfaction rating
New York Life Group: Best for whole life insurance
New York Life Group offers term, whole, universal, and variable universal life insurance, but it stands out for its whole life offerings. The company features three different whole life options, allowing you to tailor a policy to fit your needs.
New York Life Group also offers several riders that let you customize your policy even more.
Pros
Highly customizable whole life insurance policies
Whole life policies may earn dividends
Riders let you customize your policy
Cons
No online quotes
Term life policies limited to 20 years
Below-average J.D. Power customer satisfaction rating
Prudential of America Group: Best for coverage options
Prudential features a wide selection of coverage options, including term life insurance and five different types of permanent life insurance. It also offers various riders.
The company provides several insurance products with no medical exam requirement. If you’re younger than 65, you can get up to $1 million in term life insurance. If you’re between 50 and 85, you can purchase up to $30,000 in final expense insurance.
Pros
Several policy types to choose from
Many ways to customize coverage
No-exam term policies of up to $1 million if younger than 65
Cons
No online quotes
Whole life insurance limited to $30,000 between ages 50 and 85
Below-average J.D. Power customer satisfaction rating
MassMutual Life Insurance Group: Best for low complaints
MassMutual has fewer complaints than nearly any other company. That’s also reflected in its high customer satisfaction ranking from J.D. Power. MassMutual offers term life insurance and several types of permanent coverage. And as a whole life customer, you can earn dividends on your cash value.
Pros
Very low number of customer complaints
Potential to earn dividends on whole life policies
Above-average J.D. Power customer satisfaction rating
Cons
No online quotes
Some policies require a medical exam
Website has limited information
Lincoln National Group: Best for no medical exams
Lincoln National Group is a great option for a streamlined application process, higher coverage amounts, and no medical exam. The Lincoln TermAccel policy provides up to $2.5 million in coverage within two days, potentially without a medical exam.
While Lincoln National Group doesn’t sell whole life insurance, it offers universal life insurance.
Pros
Term coverage of up to $2.5 million, often with no medical exam
Approvals as fast as two days
Above-average J.D. Power customer satisfaction rating
Cons
No online quotes
Doesn’t offer whole life insurance
Lower AM Best financial strength rating than competitors
Nationwide Corporate Group: Best for bundled discounts
If you’re already a Nationwide customer, you may want to consider adding life insurance. You can get a discount for bundling life insurance with home or auto insurance. Nationwide offers term life insurance and several permanent policy options. And if you’re younger than 55, you can get up to $1.5 million in term coverage with no medical exam.
Pros
Discount for bundling with other Nationwide policies
No medical exam for $1.5 million of term life insurance
Above-average J.D. Power customer satisfaction rating
Cons
Term life insurance limited to 20 years
No online quotes for permanent life insurance
Higher-than-average number of complaints about individual life insurance reported to the NAIC
State Farm Group: Best for customer satisfaction
State Farm stands out from the crowd for its customer satisfaction. In its 2024 U.S. Individual Life Insurance Study, J.D. Power ranked the company as the best overall for customer satisfaction. State Farm offers several perks, including dividends on whole life policies, term life renewability up to age 95, and no-medical-exam coverage.
Pros
Highest J.D. Power customer satisfaction rating
Dividends possible on whole life policies
Up to $50,000 in term life coverage with no medical exam
Cons
Low coverage limits for no-medical-exam policies
No variable life insurance options
No online quotes for permanent life insurance
Dai-ichi Life Holdings Group (Protective Life): Best for long policy terms
Dai-ichi, a Japanese insurance company, sells life insurance in the United States as Protective Life Corporation. Protective stands out for its impressive policy terms — coverage for up to 40 years and up to $50 million. You can also customize your policy with Protective Life’s various riders.
Pros
Offers term policies of up to 40 years
Several riders to choose from
Above-average J.D. Power customer satisfaction rating
Cons
All policies require a medical exam
No online quotes for permanent life insurance policies
Website has limited information about permanent life policies
Minnesota Mutual Group: Best for hybrid coverage
Minnesota Mutual Group operates under the Securian Financial umbrella to provide term, whole, and universal life insurance for groups and individuals.
In addition to its other policy options, Minnesota Mutual Group offers hybrid life and long-term care insurance. This plan can cover your long-term care expenses or provide a death benefit to your loved ones.
Pros
Offers life/long-term care hybrid insurance
Offers group plans and individual coverage
Very low number of customer complaints reported to the NAIC
Cons
No online quotes
Individual policies require a medical exam
Website has limited information
Types of life insurance policies to consider
You can choose between two main types of life insurance. Term life insurance is temporary, often lasting up to 30 years. Permanent life insurance, available in many forms, can last your entire life as long as you pay the premiums.[2]
Unlike term life, permanent life insurance offers a death benefit and a cash value component. These are the different types of available policies:
Term life insurance: With a term life policy, you pay a fixed monthly premium. Your beneficiary receives the death benefit if you die within the policy term. Term life insurance is the most affordable, but coverage is temporary.
Whole life insurance: Whole life insurance is permanent coverage with fixed premiums and guaranteed returns. It may pay dividends, which you can use toward your premiums, cash value, or death benefit. Whole life is more expensive than other permanent life insurance types.
Universal life insurance: Like whole life, universal life insurance has a death benefit and a cash value component with a guaranteed return. But universal life insurance has flexible premiums, meaning your returns may be higher or lower based on how much you pay.[3]
Variable life insurance: Unlike whole life, variable life insurance lets you invest your cash value. Your returns may be higher, but you risk losing money.
Indexed universal life insurance: Indexed universal life insurance is tied to a specific index, such as the S&P 500. Although your risk may be lower than with a variable policy, there’s no guaranteed return.
Final expense life insurance: Final expense life insurance — also called burial or funeral expense coverage — is designed to pay for end-of-life expenses and funerals. It often has a low price tag and no medical exam requirement.
No-exam life insurance: Also known as simplified-issue or guaranteed life insurance, this coverage doesn’t require a medical exam. No-exam life insurance may be a good option if you have a medical issue that prevents you from getting other coverage, but it often has lower policy limits.
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Learn More: How Much Life Insurance Do You Need?
How much does life insurance cost?
The cost of life insurance varies depending on policy type, coverage amount, age, and health status.
While you’ll need a personalized life insurance quote to determine your cost, available data can provide an estimate. For example, a 35-year-old man buying a 20-year term life insurance policy worth $1 million would pay about $32.64 per month, or $392 per year. By contrast, a whole life policy with the same death benefit costs about $324.21 per month, or $3,891 per year.
Average term life insurance costs
The tables below show term life insurance rates for $1 million in coverage based on age, gender, and policy term.
Age | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| 25 | $17.77 | $29.23 | $46.04 |
| 35 | $19.49 | $32.64 | $62.72 |
| 45 | $43.33 | $84.41 | $145.10 |
| 55 | $120.84 | $215.77 | $449.11 |
Source: Insurify partner SelectQuote provided these averages based on 10-year, 20-year, and 30-year term policies from one or more of the companies SelectQuote represents. Rates are for men and women in excellent health. Premiums may vary depending on individual health, issuing company, and other factors.
Age | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| 25 | $14.97 | $21.72 | $34.48 |
| 35 | $16.11 | $28.20 | $50.19 |
| 45 | $37.29 | $65.78 | $112.56 |
| 55 | $89.82 | $157.03 | $316.68 |
Source: Insurify partner SelectQuote provided these averages based on 10-year, 20-year, and 30-year term policies from one or more of the companies SelectQuote represents. Rates are for men and women in excellent health. Premiums may vary depending on individual health, issuing company, and other factors.
Average cost of whole life insurance
The tables below break down average whole life insurance costs by gender and age for $1 million in coverage.
Age | Average Monthly Cost |
|---|---|
| 25 | $235.44 |
| 35 | $324.21 |
| 45 | $484.71 |
| 55 | $723.43 |
Source: Insurify partner SelectQuote provided these averages based on whole life policies from one or more of the companies SelectQuote represents. Rates are for men and women in excellent health. Premiums may vary depending on individual health, issuing company, and other factors.
Age | Average Monthly Cost |
|---|---|
| 25 | $193.01 |
| 35 | $266.54 |
| 45 | $395.24 |
| 55 | $601.99 |
Source: Insurify partner SelectQuote provided these averages based on whole life policies from one or more of the companies SelectQuote represents. Rates are for men and women in excellent health. Premiums may vary depending on individual health, issuing company, and other factors.
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What are riders, and how can they customize your policy?
A rider can increase a life insurance policy’s value, especially in certain situations.[4]
These are some of the most common:
Accelerated death benefit: Allows you to receive some or all of your death benefit while you’re alive if you’re diagnosed with a terminal illness
Critical and chronic illness: Provides access to your death benefit while you’re still alive to pay for critical or chronic conditions
Waiver of premium: Lets you waive your monthly premiums if you become disabled and can’t work
Child/spouse term: Provides term life insurance coverage for your spouse or child
Return of premium: Returns some or all of your premiums if you’re alive when your term life insurance policy ends
Guaranteed insurability: Guarantees the option to buy additional coverage after life events, such as marriage or the birth of a child, typically without a medical exam
Long-term care: Covers your long-term care expenses while you’re alive, either in addition to or instead of your beneficiaries receiving a death benefit
Life insurance companies FAQs
If you’re shopping for life insurance, the additional information below can help as you decide which policy is right for you.
Which companies are best for term life insurance?
The best company for term life insurance depends on your needs. For example, Protective Life is a good option if you want the longest possible term. But Prudential, Lincoln, and Nationwide are all good insurers if you want term life insurance with no medical exam.
Which companies are best for whole life insurance?
New York Life is our top choice for whole life insurance. You can customize your policy by choosing from several types of whole life insurance and various policy riders.
What’s the difference between term insurance and whole life insurance?
Term life insurance has a set policy term, and your loved ones will receive a death benefit only if you pass away during that time. Whole life insurance lasts your entire life and has a cash value component with a guaranteed return.
How much does a $1 million life insurance policy cost?
A $1 million life insurance policy ranges from less than $15 per month for term life coverage to more than $700 per month for whole life coverage. Your cost depends on your age, health status, and policy type.
Do you have to pay taxes on life insurance?
No. You don’t have to pay taxes on life insurance if the insured person passes away and you’re the beneficiary. But interest income from a life insurance policy may be taxable.
Sources
- National Association of Insurance Commissioners. "LIFE AND FRATERNAL INSURANCE INDUSTRY 2024 TOP 25 GROUPS AND COMPANIES BY COUNTRYWIDE PREMIUM."
- Insurance Information Institute. "What are the principal types of life insurance?."
- Insurance Information Institute. "What are the different types of permanent life insurance policies?."
- National Association of Insurance Commissioners. "Life Insurance Riders."
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Erin Gobler
Erin Gobler is a personal finance writer and journalist based in Madison, Wisconsin. With more than five years of experience, Erin has covered topics such as investing, credit cards, mortgages, insurance, and more. Her work has been featured in major publications like Business Insider, Fox Business, and Time. Erin received her bachelor’s degree from the University of Wisconsin-Oshkosh in 2013, studying journalism and political science. She also received a certificate of financial planning from Boston University in 2022.
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
