Life insurance is a confusing and intimidating topic.
Most people don’t know where to start when buying life insurance, because there are so many options out there. A lot of companies will try to sell you expensive policies that you don’t need.
At RiskQuoter, we simplify the process by showing you personalized quotes from multiple life insurers in one place. You’ll get an easy-to-understand overview of your coverage options here.
We’re here for all your life insurance needs, whether it’s for yourself, your family, or even as part of a business policy.
The Best Life Insurance Companies
We reviewed the following life insurance companies. What you’ll find is that no one company is best for all categories.
You’ll find our 2022 industry guide here – Life Insurance Statistics, Facts and Data
Financial Strength Ratings by Life Insurer
Life insurer financial strength (IFS) ratings.
| Company | AM Best | Moody’s | S&P |
|---|---|---|---|
| Allstate | A+ | Aa3 | AA- |
| American General | A | A2 | A+ |
| American National | A | – | A |
| Assurity | A- | – | – |
| Banner Life | A+ | – | AA- |
| Brighthouse | A | A3 | A+ |
| Cincinnati Life | A+ | A3 | A+ |
| Fidelity | A- | – | – |
| Foresters | A | – | – |
| Gerber | A | – | – |
| Guardian | A++ | Aa2 | AA+ |
| Illinois Mutual | A- | – | – |
| John Hancock | A+ | A1 | AA- |
| Lincoln National | A+ | A1 | AA- |
| Mass Mutual | A++ | Aa3 | AA+ |
| Minnesota Life | A+ | Aa3 | AA- |
| Mutual of Omaha | A+ | A1 | A+ |
| Nationwide | A+ | A1 | A+ |
| New York Life | A++ | Aaa | AA+ |
| North American | A+ | – | A+ |
| Northwestern | A++ | Aaa | AA+ |
| Ohio National | A | A3 | – |
| Pacific Life | A+ | A1 | AA- |
| Penn Mutual | A+ | Aa3 | A+ |
| Primerica | A+ | A1 | AA- |
| Principal | A+ | A1 | A+ |
| Protective Life | A+ | A1 | AA- |
| Prudential | A+ | A1 | AA- |
| Sagicor | A- | – | BB+ |
| SBLI | A | – | A- |
| Symetra | A | A1 | A |
| Transamerica | A | A1 | A+ |
A.M. Best
A.M. Best analyzes companies to determine the company’s claims-paying ability.
A.M. Best is the only agency that focuses exclusively on the insurance industry and seems to be the easiest for most consumers to understand.
- AM Best Ratings
- A++ and A+ = Superior
- A and A- = Excellent
- B++ and B+ = Good
- B and B- = Fair
- C++ and C+ = Marginal
- C and C- = Weak
- D = Poor
- E = Under Regulatory Supervision
- F = In Liquidation
Moody’s Ratings
Provides forward-looking opinions of the relative credit risks of financial obligations issued by the life insurer
- Moody’s ratings include:
- Aaa = Judged to be the highest quality
- Aa = Judged to be high quality
- A = Judged to be upper-medium grade
- Baa = Judged to be medium-grade and subject to moderate credit risk
- Ba = Judged to speculative
- Caa = Judged to be speculative of poor standing
- Ca = Judged to be highly speculative
- C = Lowest rated and typically in default
S&P Ratings
The focus is to provide a forward-looking opinion about the life insurers’ ability to pay their insurance policies under the terms of those contracts.
- S&P ratings include:
- AAA = Extremely strong financial characteristics
- AA = Very strong financial characteristics
- A = Strong financial characteristics
- BBB = Good financial characteristics
- BB, B, CCC, and CC = Vulnerable financial characteristics, with each of these broken down further.
You can find more information here about S&P life insurance ratings.
Fitch Ratings
The main driver of Fitch’s Insurer Financial Strength (IFS) rating is the evaluation of the insurance company’s performance under the Key Credit Factors defined by Fitch.
- Fitch ratings include:
- AAA = Exceptionally Strong
- AA = Very Strong
- A = Strong
- BBB = Good
- B = Weak
- CCC = Very Weak
- CC = Extremely Weak
- C = Distressed
Comdex
Comdex is a composite score developed by a software company that sells quoting software to insurance companies.
Best Term Life Insurance Company
Legal & General America
Known as Banner Life in the industry, Legal & General offers term life insurance using an e-application and e-policy.
You may complete your application online or during a phone interview and receive your policy electronically with Banner.
Other companies worth mentioning:
- AIG-American General
- Protective Life
Best Whole Life Insurance Companies
There are different types of whole life policies to meet your needs.
Some of the better-known companies for whole life include:
With any whole life policy, it’s important to review full company illustrations before you buy.
The Best Life Insurance Companies for Health Issues
When it comes to high-risk health issues, the best company depends on the type of health issue you have.
Best Overall Company for Health Issues
If there’s a company that competes in every health issue, Prudential is it.
No other company is willing to underwrite as many health conditions as Prudential.
After Pru, other companies to consider include:
- Lincoln National
- AIG-American General
- John Hancock
For any health history, we’ll shop at all of the companies that specialize in high-risk conditions to ensure you get the best rate possible.
Best Company for Ulcerative Colitis
Hands down, AIG-American General Life Insurance Company is the best for people with ulcerative colitis.
AIG routinely offers “standard plus” rates or better.
Other companies to consider include:
- Banner Life
- Principal
- Prudential
When we shop for your medical history, we’re going to reach out to all companies for offers, not just the ones above.
Best Company for Prostate Cancer
The best prostate cancer company is Lincoln National due to how aggressive Lincoln is when your Gleason Score is 7.
Other competitive companies for prostate cancer include Prudential when the Gleason is 6 and Protective Life for older insureds.
Best Final Expense Life Insurance
AIG-American General Guaranteed Issue Whole Life Insurance
When you need a small life insurance policy without the hassle of medical underwriting,
AIG’s Guaranteed Issue Whole Life Insurance (GIWL) is a great choice.
With a quick online application, guaranteed rates, and living benefits in many states, AIG is hard to beat.
Best Life Insurance Companies for Accelerated Underwriting
The best life insurance companies now offer accelerated underwriting.
Each life insurer has its own accelerated guidelines, but we’ll make sure you know which company is best for you.
| Carrier | Ages | Max Face |
|---|---|---|
| American National | 0-65 18-50 51-60 | $249,999 $1,000,000 $500,000 |
| Assurity | 18-50 51-65 | $500,000 $350,000 |
| Cincinnati | 18-50 | $1,000,000 |
| Equitable | 18-55 | $2,000,000 |
| Fidelity | 18-65 | $1,000,000 |
| Foresters | 18-55 | $1,000,000 |
| Illinois Mutual | 18-65 | $250,000 |
| John Hancock | 18-60 | $3,000,000 |
| Legal & General | 20-50 | $1,000,000 |
| Lincoln National | 20-50 | $2,500,000 |
| Mutual of Omaha | 18-60 | $2,000,000 |
| Nationwide | 18-50 51-60 | $2,000,000 $1,000,000 |
| North American | 18-50 51-60 | $2,000,000 $500,000 |
| Pacific Life | 50-69 | $1,000,000 |
| Penn Mutual | 20-65 | $7,500,000 |
| Principal | 18-40 41-50 51-60 | $3,000,000 $2,000,000 $1,000,000 |
| Protective | 18-45 46-60 | $1,000,000 $500,000 |
| Prudential | 18-60 | $3,000,000 |
| Sagicor | 18-45 46-55 56-65 | $1,000,000 $750,000 $500,000 |
| SBLI | 18-60 | $750,000 |
| Securian | 18-50 51-60 | $3,000,000 $1,000,000 |
| Symetra | 18-50 51-60 | $2,000,000 $1,000,000 |
When you submit your quote request to us, you’ll know exactly what to expect from the company you choose.
Additional info about the best life insurance companies
Below is a quick overview of the full company reviews completed.
Allstate Life Insurance
Better known for home and auto, term life, universal and whole life policies are available.
Allstate Life Insurance Review
AIG – American General
AIG-American General offers term life insurance, universal, whole life, and guaranteed acceptance policies.
AIG – American General Life Insurance Review
American National
Term life insurance, whole life and universal life insurance policies.
American National Life Insurance Review
Assurity Life Insurance
Accelerated underwriting, term, universal and whole life insurance
Assurity Life Insurance Review
Banner Life
Term life insurance, universal life, e-applications, e-policies, and e-delivery.
Brighthouse Financial
Limited offerings of term life insurance with whole life conversions.
Brighthouse Financial Life Insurance Review
Cincinnati Life
Term life insurance, whole life and universal life policies.
Cincinnati Life Insurance Review
Equitable
AXA Equitable offers term life, universal life and whole life.
AXA is very competitive with coverage amounts of $500,000 or greater and is one of the few that underwrite HIV+.
Equitable Life Insurance Review
Fidelity
Accelerated underwriting offered for term and whole life insurance coverage.
Fidelity Life Association Review
Foresters
Term life insurance, universal and whole life are available with accelerated underwriting.
Foresters Life Insurance Review
Gerber Life
Whole life insurance and simplified issue coverage are available.
Guardian
Known for whole life, disability and term life insurance
Guardian Life Insurance Review
Illinois Mutual
Term life insurance, universal and whole life as well as disability insurance.
Illinois Mutual Life Insurance Review
John Hancock
Hancock has term life insurance and universal life insurance. They are one of the few carriers that specialize in HIV+ underwriting and are the only company with Vitality.
John Hancock Life Insurance Review
Lincoln Financial Group
Very competitive with term life insurance, guaranteed universal life, & index universal life. They are hard to beat for a number of high-risk health conditions.
Lincoln National Life Insurance Company Review
MassMutual
Offers a variety of whole life insurance policies, term, and universal life.
MassMutual Life Insurance Company Review
Minnesota Life
Term life insurance, universal life insurance, and the WriteFit program.
Minnesota Life Insurance Company Review
Mutual of Omaha
Mutual of Omaha offers term life, universal life, whole life, and accidental death insurance. Omaha is competitive in many categories, including its underwriting “Fit” program.
Mutual of Omaha Company Review
Nationwide
Term life insurance, universal and whole life are available.
Nationwide Life Insurance Review
New York Life Insurance Company
One of the largest and most respected life insurance companies in the U.S.
New York Life Insurance Review
North American
Known for its competitive index universal life as well as term insurance.
North American Life Insurance Review
Northwestern Mutual
Whole life insurance and term life insurance.
Northwestern Mutual Life Insurance Review
Ohio National
Competitive term life insurance and whole life insurance are available.
Ohio National Life Insurance Company Review
Pacific Life
Find out why you should consider Pacific Life for your life insurance policy.
Pacific Life Insurance Company Review
Penn Mutual
Term life insurance, universal life and whole life insurance from this company.
Penn Mutual Life Insurance Company Review
Primerica
Term life insurance with a number of riders is available.
Primerica Life Insurance Company Review
Principal
Universal life insurance, term life, and disability insurance. They have a number of underwriting niches and are priced competitively.
Principal Life Insurance Company Review
Protective
An easy-to-use e-application process and some of the best-priced term life insurance products available.
Protective Life Insurance Company Review
Prudential
Prudential is one of the most competitive for high-risk medical conditions. Pru offers term life insurance, universal life, and index universal life insurance.
Prudential Life Insurance Company Review
Sagicor
Accelerated underwriting, term life insurance, and permanent life insurance
Sagicor Life Insurance Company Review
SBLI
Accelerated underwriting and competitive term life insurance are available at SBLI.
SBLI Life Insurance Company Review
Symetra
Term life, permanent life, and more from this State of Washington-based company.
Symetra Life Insurance Company Review
Transamerica
Term life insurance, permanent life insurance, and final expense policies.
Transamerica Life Insurance Company Review
West Coast Life
West Coast is no longer active and is now part of Protective Life. If you need to convert your existing term life insurance policy, we’re able to help you with that.
West Coast Life Insurance Company Review
Western Reserve Life
Transamerica Premier now owns Western Reserve.
Western Reserve Life Insurance Company Review
Conclusion
The first step is to review your medical history with us.
After review, we’ll tell you which companies are best and why.
We’ll then help you with the underwriting process to ensure you receive the best approval possible.
Please take a few minutes to submit your quote request today. Thank you.
Michael Horbal
Author
Michael Horbal is the founder and owner of RiskQuoter.com and a licensed life insurance agent who has helped thousands with affordable protection for families and businesses.
