Insurance companies are constantly changing their plans and terms to stay competitive in a crowded market. Taking into account Insurance Geek’s experience, as well as each carrier’s updates, we’ve compiled our list of the best life insurance companies for 2022.
Each life insurance company has made it to our list for various reasons, considering features such as price, underwriting time, product selection, and application process.
However, Insurance Geek did its best to include the companies that rank highly overall, based on types of life insurance policies.
There’s also a handy guide below that offers more information when you are shopping for a life insurance policy.
Without further ado, here is Insurance Geek’s list of the best life insurance companies in the USA for 2022.
Best by Category: Skip Ahead
Term life insurance covers the policyholder for a designated period of time – usually 10, 20, or 30 years.
Because term life insurance policies cover the insured for a shorter period, the rates for a term life insurance policy are much more affordable than a permanent life policy.
Term life policies are the best life insurance coverage option for those who are looking for an affordable and flexible policy.
Here, our top picks for the best term life insurance companies:
Whole life insurance coverage is a type of permanent life insurance that offers both death benefit protection and cash value buildup.
With whole life insurance, the death benefit and premium are locked in for life, regardless of whether the policyholder’s health declines.
The best whole life insurance companies:
Universal life insurance, like whole life, is a type of permanent life insurance coverage.
However, universal life insurance is considered to be more flexible than whole life.
We say that it’s more flexible because a universal life insurance policyholder is allowed to change, within limits, their death benefit as well as the timing and the amount of their premium payments, unlike with the term policy.
Each time the insured pays the premium, the insurance company will allocate a portion to cover the cost of the insurance and another portion to the policy’s cash value account.
The policyholder may even move funds between the cash value and the death benefit components of the universal life plan.
Here are the best universal life insurance companies:
Typically, most types of life insurance will require a medical exam.
No exam term life insurance, just as the name implies, does not require a medical exam in order to buy a policy.
A no medical exam life insurance policy is best for those without health issues, who have a clean MVR and little to no medication history.
Any individual who has significant health issues will want to apply for a fully underwritten life insurance option. Or, if your conditions are bad enough, even a guaranteed issue whole life policy.
Here are the best no exam term life insurance companies:
Here is a list of the best rated life insurance companies, by A.M. Best, Standard & Poor’s, and Comdex ratings. You can also see a link to our full carrier review pages.
Carrier Name | A.M. Best | Standard & Poor’s | Comdex | Geek Rating |
---|---|---|---|---|
Banner | A+ | AA- | 94 | See Review |
Sagicor | A- | NA | NA | See Review |
Allianz | A+ | AA | 90 | See Review |
Securian | A+ | A+ | 93 | See Review |
Nationwide | A+ | A+ | 91 | See Review |
Phoenix | B | BB | NA | See Review |
Pacific Life | A+ | AA- | 90 | See Review |
SBLI | A | NA | 84 | See Review |
Assurity | A1 | NA | NA | See Review |
Lafayette | A+ | A | 97 | See Review |
Ohio National | A+ | A+ | 89 | See Review |
Prudential | A+ | AA- | 91 | See Review |
Protective | A+ | AA- | 92 | See Review |
AIG | A+ | A+ | 83 | See Review |
Principal | A+ | A+ | 90 | See Review |
Lincoln National Life | A+ | AA- | 91 | See Review |
Understand the Ratings
A.M. Best is a reputable company that rates insurance companies according to its A.M. Best Financial Strength scale. It ranges from A to C.
Take a glance at the A.M. Best Financial Strength scale below:
Superior A.M. Best Financial Strength Rating: A+ and A++
Excellent A.M. Best Financial Strength Rating: A and A-
Good A.M. Best Financial Strength Rating: B+ to B++
Fair A.M. Best Financial Strength Rating: B and B-
Marginal A.M. Best Financial Strength Rating: C+ and C++
Weak A.M. Best Financial Strength Rating: C and C-
Poor A.M. Best Financial Strength Rating: D
In addition to A.M. Best Rating, there are more scales that rate customer service of a life insurance company, such as the JD Power customer satisfaction index, Standard & Poor’s best rating, and Comdex best rating.
Standard & Poor’s best rating obtains the data from their financial research. There are 17 ratings expressed by letters.
Comdex’s best rating ranges from 1 to 100 and is comprised as an average score based on the major insurance rating organizations.
J.D. Power carries out studies and surveys that collect the information and data on customer service via customer experience. J.D. Power expanded its focus from car ratings to insurance companies.
All of the life insurance companies that are featured on our list have excellent customer service and score high, regardless of whether A.M. Best Rating, J.D. Power studies, or other scales are considered.
How to Choose the Best Life Insurance Company for You?
Now you know what companies to consider when buying life insurance.
For any additional info or advice, feel free to reach to us! We’ll obtain and compare the best life insurance quotes for you.
Get Life Insurance Quotes Today
Luckily, getting in contact with an Insurance Geek doesn’t mean you have to go to your library and find someone with their nose in a life insurance book (although we might be found there, too).
Instead, just choose your coverage level and fill out a quick form on our site, and a Geek will contact you to help you find the best life insurance plan for your needs.
We ask only for the basic data, nothing more, and your privacy is 100% guaranteed.
Don’t let the life insurance options overwhelm you – see us as your personal insurance shopping assistants, eager to help you find the best policy at the best price and assist you in the application process.
Rest assured that all of our carriers are top-graded for customer satisfaction and customer service because that’s one of the primary factors we assess.
That said, our experience tells us that the best discounts are for bundled policies.
So, if you wish to get more than life insurance – for example, auto insurance, too, notify us, and we’ll help you tailor your policy!
Final Words
Now you know what companies to consider when buying life insurance.
For any additional info or advice, feel free to reach to us! We’ll obtain and compare the best life insurance quotes for you.