The best life insurance companies of 2024
Our editors combined a survey of insurance customers with third-party rankings that include complaint data from the National Association of Insurance Commissioners (NAIC) and AM Best financial strength ratings to find the best life insurers in the U.S.
Below are the top 10 life insurance companies based on the Insure.com study, rated out of five stars.
| Rank | Company | Overall rating | Customer satisfaction rating |
|---|---|---|---|
| 1 | 1. MassMutual | Overall rating: | Customer satisfaction rating: |
| 2 | 2. Pacific Life | Overall rating: | Customer satisfaction rating: |
| 3 | 3. State Farm | Overall rating: | Customer satisfaction rating: |
| 4 | 4. Northwestern Mutual | Overall rating: | Customer satisfaction rating: |
| 5 | 5. New York Life | Overall rating: | Customer satisfaction rating: |
| 5 | 5. Penn Mutual | Overall rating: | Customer satisfaction rating: |
| 7 | 7. John Hancock | Overall rating: | Customer satisfaction rating: |
| 8 | 8. Lincoln Financial | Overall rating: | Customer satisfaction rating: |
| 9 | 9. Guardian Life | Overall rating: | Customer satisfaction rating: |
| 10 | 10. Mutual of Omaha | Overall rating: | Customer satisfaction rating: |
| 11 | 11. Amica | Overall rating: | Customer satisfaction rating: |
| 11 | 11. Gerber Life Insurance | Overall rating: | Customer satisfaction rating: |
| 13 | 13. Farmers | Overall rating: | Customer satisfaction rating: |
| 14 | 14. AAA | Overall rating: | Customer satisfaction rating: |
| 14 | 14. Allstate | Overall rating: | Customer satisfaction rating: |
| 16 | 16. Brighthouse Life Insurance | Overall rating: | Customer satisfaction rating: |
| 16 | 16. Prudential | Overall rating: | Customer satisfaction rating: |
MassMutual:4.5
MassMutual is a big name in the insurance industry, and for good reason. The company ranked first in the list of top insurers, receiving high scores in multiple categories and earning an overall star rating of 4.54 out of 5. The insurer’s average annual premiums of $333 fall below the industry average of $358.
Third-party rating agencies J.D. Power, NAIC, and AM Best also gave MassMutual high scores. AM Best gave MassMutual the highest possible score of A++.
Almost all of MassMutual customers surveyed said they would renew their coverage.
Pacific Life:4.5
Pacific Life came in a close second, receiving 4.52 out of 5 stars. The insurer had the most affordable premiums of the insurers we ranked, tying with Penn Mutual. Pacific Life’s annual average premium of $280 is 28% less than the industry average of $358.
Pacific Life also received the best NAIC score of the insurers ranked, tying with Northwestern Mutual. Pacific Life’s NAIC score of 0.03 shows that the insurer has received fewer consumer complaints than its competitors.
State Farm:4.5
State Farm trailed closely behind Pacific Life, receiving a 4.51-star rating out of 5. The insurer received high scores for policy offerings and trustworthiness. Additionally, all State Farm policyholders surveyed said they plan to renew their coverage.
State Farm also received the highest J.D. Power score of 843 out of 1,000 of the life insurance companies ranked. The industry average is 790. The insurer also received strong scores from other third-party rating agencies, with an A++ from AM Best and a NAIC score of 0.33.
Northwestern Mutual:4.5
In fourth place, Northwestern Mutual received a perfect score for customer loyalty, with 100% of customers saying they plan to keep their life insurance policy with the company. The insurer also tied with Pacific Life to receive the lowest NAIC score—0.03—among ranked insurers.
Northwestern Mutual has an A++ rating from AM Best and a J.D. Power score of 790/1,000, meeting the industry average.
Penn Mutual:4.5
Penn Mutual tied with New York Life, receiving 4.49 out of 5 stars. The insurer received high scores in all categories and the second-best NAIC score of 0.06. Penn Mutual also offers the most affordable premiums of insurers we ranked, tying with Pacific Life. Penn Mutual’s average annual premium of $280 is 28% less than the industry average of $358.
New York Life:4.5
Tying with Penn Mutual for fifth place, New York Life received 4.49 out of 5 stars.
The insurer received high scores for ease of service, policy offerings, and customer loyalty, with 96% of policyholders saying they would renew their coverage. In addition, New York Life received a very good NAIC score of 0.31 and an A+ from AM Best. When it comes to affordability, New York Life meets the industry average. Its average annual premium of $357 is a dollar below the industry average of $358.
John Hancock:4.4
John Hancock comes in sixth place with a 4.37 star rating out of 5. The insurer received high scores for policy offerings and customer loyalty, with 97% of customers saying they would renew their coverage. However, its average annual premium of $415 was well above the industry average of $358.
John Hancock received an A+ from AM Best and an excellent NAIC score of 0.31.
Lincoln Financial:4.3
Lincoln Financial came in eighth with 4.30 out of 5 stars. Of the insurers we ranked, it received the second-highest customer satisfaction score.
Lincoln Financial is also the second-most affordable insurer compared to the companies we ranked. Its average annual premium of $297 is more than 17% less than the industry average of $358.
The company received good scores for ease of service and policy renewal, with 100% of policyholders surveyed saying they would renew their coverage.
Guardian Life:4.3
Guardian Life ranks ninth, receiving 4.29 out of 5 stars. It earned a high score of A++ from third-party rating agency AM Best and a NAIC score of 0.07, one of the highest scores of the insurers we ranked.
The insurer received strong scores for policy offerings and customer loyalty, with 100% of Guardian Life customers surveyed saying they would renew their policies.
Mutual of Omaha:4.1
Mutual of Omaha ranks 10th on the list of best life insurance companies, receiving 4.11 out of 5 stars. The insurer received high scores from third-party rating agencies, with an A+ rating from AM Best and a score of 805/1,000 from J.D. Power — higher than the industry average of 790. Though the insurer ranks 10th on the list, it's an affordable option for consumers. Mutual of Omaha’s average annual premium is $353, slightly less than the industry average of $358.
The best life insurance companies by category
Some life insurance companies did better than others for a specific category. Here are the best in each category, from customer service to policy renewals.
- Best for customer satisfaction: Pacific Life
- Best for ease of service: Pacific Life
- Best for policy offerings: Allstate
- Most trustworthy: Penn Mutual
- Best for renewals: Gerber Life, Northwestern Mutual, Lincoln Financial, State Farm
What to know before buying life insurance
Shopping for life insurance can be done in person, over the phone and online. While online is convenient, understanding what you are buying is important.
Manny Lirio, assistant vice president of consumer direct marketing at Vantis Life Insurance, says the biggest issue is ensuring you get the right product and coverage amount.
“That is why it is so important to do some upfront work and truly understand what your current and future financial obligations are so you can make sure your family’s financial well-being is protected should you pass away unexpectedly,” Lirio says.
Buying life insurance when you’re not in perfect health makes things more difficult. Matt Schmidt, CEO of Diabetes Life Solutions, says people with chronic illnesses like diabetes can be “misled by fake rates and options.”
“Those types of underwriting classifications are not usually available for a person with a chronic illness,” Schmidt says.
Schmidt added that you’ll likely have to provide your health history to get an accurate quote. The sooner you buy life insurance, the cheaper it will be.
“It's highly recommended they have a phone call, or even an email dialogue with a licensed agent, to fully determine what possible ratings may be extended. They cannot let themselves be tricked into thinking that they'll qualify at these low rates that many websites show consumers. Otherwise, they'll go through the underwriting process, and their actual offer of coverage will be 500% to 1,000% higher than originally quoted,” Schmidt says.
Types of life insurance
There are two main types of life insurance. Term life, which covers you for a specific period, and permanent life, which doesn’t have an expiration date. The most common type of permanent life policy is whole life.
Whole life includes a cash value component. Cash value allows you to tap into your policy later. Whole life is also more expensive and has lower death benefit payouts. However, your loved ones are guaranteed a payout at the end of your life.
Term life, meanwhile, has lower rates, but you may outlive your policy. You can buy more coverage with a term life policy to cover big debts at a lower price.
Term life is best for:
- People with debt and financial responsibilities like a mortgage and future college costs that won't be around forever.
- Someone who wants the largest death benefit protection at the lowest cost.
“Term insurance is so affordable because it provides protection for a specific period of time and does not build cash value. If you outlive your policy term, you do not receive any money back,” Lirio says.
Whole life might be better for:
- People who want to make sure of a death benefit and don’t mind paying more for that guarantee.
- People who aren’t sure how long they’ll need coverage.
“Whole life is more expensive than term insurance, but that is because a whole life insurance policy builds cash value tax-deferred that you can borrow from tax-free and provides coverage that will remain in place for your entire life as long as your policy is paid for,” Lirio says.
Find out more about the difference between term life and permanent life before you make a purchase to decide what’s right for you.
Methodology:
70+
Carriers reviewed
1,750
Consumers surveyed
60+
Insurance metrics examined
34,600
ZIP codes examined
Insurance.com’s sister site, Insure.com, in the fall of 2023, surveyed more than 1,750 people with auto, home, life, and health insurance (1003 with life insurance). The survey was conducted by online market research company Slice MR. Respondents were asked to name their insurer and the editors then selected – based on the number of responses – the top companies for this year’s Best Life Insurance Companies ranking. Insure.com needed 20 or more of a company’s customers to respond to the survey for that insurer to be included in the ranking, although in some categories, the editors did consider companies with 18 or 19 responses.
Respondents were first asked to grade their insurer in the following categories – customer satisfaction, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.
Survey score calculation: Respondents were then asked to rank their insurer’s top three attributes out of more than a dozen presented – including customer satisfaction and policy offerings. For a number one choice, five points were given; for a second choice, three points; and for a third choice, a single point. The total points for each choice – first, second and third – were then divided by the number of each company’s customers who responded to that survey question to create a percentage. Those percentages are presented in the results as scores.
Respondents were then asked if they would recommend their insurer to someone else. The percentage who said yes is presented in the results.
They also were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.
The editors compiled the survey results and then collected the National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives, and AM Best data, which measures financial strength.
They also collected insurance rate data from Quadrant Information Services (for auto and home insurance), Compulife (for life insurance) and the public health marketplace (for health insurance).
With the help of Prof. David Marlett, Ph.D., managing director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For life insurers, we used the following weights to calculate the overall score for each company:
- AM Best: 25% of total score
- NAIC: 15% of total score
- Survey: 60% of total score (10% customer satisfaction, 10% recommended, 10% renewal rate, 10% ease of service, 10% trustworthiness and 10% policy offerings)
To find the industry average annual premium, insure.com weighed the rates from 9 companies: AAA, Farmers, Guardian Life, John Hancock, Lincoln Financial, MassMutual, New York Life, Northwestern Mutual and Transamerica. Rates are based on premiums for 35-year-old males and females who are non-smokers and in good health. Rates are for a 20-year-term policy that provides $500,000 in coverage.
No insurer in our star ranking received less than 1 star and the highest possible ranking is 5 stars.
On company review pages, the editors compared the profiled insurers in various categories against the leaders in that category or against other top insurers that match up well against the profiled company in terms of size and/or coverage area.
