Best life insurance companies
Life insurance provides your loved ones with financial support should you unexpectedly pass away. It can also help them finance your funeral, cover your children's college tuition or pay off any debts you leave behind.
It's for these reasons that more than half of Americans currently have a life insurance policy, according to LIMRA.
If you're not one of them, it may be time to invest in life insurance. Just make sure to shop around to ensure you get the best coverage and premiums. Not sure where to start? Below we will analyze the best life insurance companies in six different categories: flexibility, term life insurance, whole life insurance, no-exam life insurance, comprehensive coverage and overall cost.
If you're in the market for life insurance then start by getting a free price quote now.
Best life insurance companies
According to our comprehensive analysis, here are our picks for the best life insurance companies.
- Best for flexibility: Ladder
- Best for term life insurance: Haven
- Best for whole life insurance: Amica
- Best for no-exam life insurance: Ethos
- Best for comprehensive coverage: AIG
- Best for overall cost: Fidelity
Best for flexibility: Ladder
If you're looking for a life insurance company that allows you to change your plan and premium as often as your life changes, then Ladder is your best bet.
With Ladder, you can step up or step down your coverage (just as you'd climb up and down a ladder) as your needs evolve. If you pay down a good chunk of your mortgage, for example, you can ladder down, reducing your coverage and your premiums to boot. If you have another child, on the other hand, you might choose to ladder up, increasing your coverage to account for the extra dependent.
Ladder's policies — which are all term life insurance plans — go up to $8 million. If your policy is under $3 million, no medical exams are required.
Get a free price estimate from Ladder to see if their policies work for you.
Best for term life insurance: Haven
Haven only offers term life insurance, and it comes in two forms: Haven Term and Haven Simple.
With Haven Term, you can get up to $3 million in coverage for 10, 15, 20, 25, or 30 years, and consumers up to age 64 are eligible. The plan also offers fixed premiums for the entire policy term, and it comes with extras — like a digital will and free annual fitness app membership.
Haven Simple is another term life policy Haven offers, but with no medical exam whatsoever (Haven Term's exams are "likely" but not required on every policy). Because of this, you can apply for a Haven Simple plan and get coverage immediately — all online.
Simple policies go up to $1 million and are available in 5-, 10-, 15-, and 20-year terms. Only consumers age 20 to 55 are eligible.
You can get a Haven price quote here now.
Best for whole life insurance: Amica
If whole life insurance is what you're looking for, Amica has a number of options to choose from. The right fit just depends on your budget.
With Whole Life 20, for example, your payments are done in 20 years, and you enjoy continued coverage — up to $1 million — for the remainder of your life. Consumers up to age 80 can qualify. Whole Life 65 is a similar option, though it aims for payment completion by retirement age (65) rather than in 20 years flat. This can help you free up cash flow in retirement and ensure long-term coverage for your loved ones.
Finally, there's Whole Life 100, the company's lowest-cost option. With this one, you'll be done paying your premiums at age 100.
In all cases, your premiums are set for the entire term you agree to. Policies also have a cash value that can be borrowed from. They also come with a terminal illness rider that allows you to receive a portion of your death benefits early if you're diagnosed with a terminal illness.
Learn more about Amica's whole life insurance policies.
Best for no-exam life insurance: Ethos
Many life insurance providers require medical exams before you can get coverage. With Ethos, that's not the case — on any of their plans. The company offers term life insurance and whole life insurance for seniors, and policies go up to $2 million in coverage.
No matter which you choose, you'll never need blood work or a medical exam. "Ethos never requires a medical exam for anyone," the company states. "Regardless of your health status, with Ethos, you are eligible for a no-medical-exam life insurance policy."
Ethos policyholders also get access to free will and estate planning tools.
Learn more about Ethos' no-exam policies here now.
Best for comprehensive coverage: AIG
AIG offers a whole host of life insurance options. If you're looking for the most comprehensive coverage, the company's permanent life insurance plans — which includes whole life, guaranteed issue and universal life — may be a smart choice.
All three offer coverage for your entire lifetime, boast fixed premiums, and have a cash value that accumulates over time. On the universal life and whole life plans, you can get coverage up to $10 million. There are no age restrictions, either.
AIG also offers "quality of life" insurance, which provides you with financial support — or "living benefits" — prior to your death.
Explore your life insurance options with AIG today.
Best for overall cost: Fidelity
Out of all the insurance providers we analyzed, Fidelity had the lowest premiums.
On a 20-year, $1 million term life insurance policy for a healthy 43-year-old woman from New Jersey, the monthly premiums were a mere $60 per month. The other providers we looked at ranged from $90 per month to $132 for the same policy.
Fidelity's term life policies go up to $10 million and come in 10-, 15-, or 20-year terms. Fidelity life insurance also offers universal and hybrid life insurance options.
Compare your options
Shopping around is critical for any insurance policy, so while our best life insurance companies are great starter points, make sure to include a few other companies, too. This will ensure you're getting the absolute best premiums and coverage. If you need assistance, consider working with an independent insurance agent who can guide the way. You can use the table below to get started now.
