The 5 best life insurance companies of 2024

The strength of insurance companies depends on customer satisfaction and financial strength. Based on these criteria, we selected the top 5 life insurance companies for the year 2024.

Life insurance is a necessary financial plan for many of you. It can give you peace of mind, and it can help protect your loved ones financially or pay off debt if you pass away unexpectedly. 

For many people, life insurance can be complicated. and finding the right type for your needs is important. There are several different types of life insurance. But term life insurance, where coverage expires after a certain number of years, is one popular type especially with young families looking to keep insurance charges down. 

After comparing dozens of life insurance companies and ranking them based on factors, insuredonline selects the 5 best life insurance companies to help you choose the best coverage for your situation and needs.

Best life insurance companies

1. Best overall: Northwestern Mutual
2. Best for customer satisfaction: State Farm
3. Best for seniors: Mutual of Omaha
4. Best for term life insurance: Guardian
5. Best for whole life insurance: MassMutual

Best overall

This company has been in business for over 160 years and It is considered in the U.S. the largest issuer of life insurance policies, according to the National Association of Insurance Commissioners (NAIC). It stands out with a superior rating from AM Best, a measure of the company’s financial health and its likelihood to meet its obligations and pay out claims. 

Northwestern Mutual Life Insurance

 

 Pors

• A variety of life insurance products are available
• Highly rated for customer satisfaction

 Cons

• Policies must be purchased through a financial professional

Best for customer satisfaction

As for customer satisfaction,  State Farm company is rated as the highest of any company on this list. It received an impressive 839 out of 1,000 scores in JD Power’s latest life insurance customer satisfaction ratings. However, the limits are low for those wanting coverage without a medical exam, as State Farm only offers up to $50,000 worth of coverage for those up to age 50 or a 10-year term, whichever comes first. 

State Farm

 

 Pors

• A++ AM Best financial strength rating
• Highest rated for customer satisfaction
• No medical exam option is available

 Cons

• Low coverage limit for no medical exam option

Best for seniors

Mutual of Omaha provides advantageous age limits for seniors seeking life insurance solutions. Term-life products can be obtained up to the age of 80, and whole-life products are accessible until the age of 85. Despite the $25,000 coverage limit for Mutual of Omaha's whole-life policies, applicants are not obligated to undergo a medical examination.

Mutual of Omaha Life Insurance

 Pors

• Policies available up to age 85 
• No medical exam options are available

 Cons

• Limited to $25,000 for Guqrqnteed whole-life policies

Best for term life insurance

Guardian stands out with an impressive A++ rating from AM Best, reflecting strong financial strength. If you're exploring term insurance, Guardian simplifies the process of estimating coverage costs through a user-friendly tool on their website. Additionally, Guardian's level term insurance provides a valuable perk: the option to convert to a whole life policy for free within the first five years if your needs change. This feature, which typically comes with an additional cost as a rider on other policies we reviewed, adds flexibility to your coverage.

Guardian Life Insurance

 Pors

• A++ AM Best financial strength rating

 Cons

• Ranks slightly below other top picks for customer satisfaction
• Policies must be purchased through a financial professional

Best for whole life insurance

MassMutual is a great option for anyone looking for whole-life policies. They provide a diverse range of policies that can be customized to suit your specific needs. The company also boasts impressive records for dividends, forecasting an issuance of $1.9 billion back to customers in 2023.

MassMutual Life Insurance

 Pors

• Offers several policies to choose from 

 Cons

• No online quotes are available
• Policies must be purchased through a financial professional

In conclusion

Choosing the right life insurance company is important to ensure that your policy will work for you, this is why you should choose a company that's ranked high for customer satisfaction and financial strength.