Best Life Insurance Companies Of May 2022
MassMutual tops our list of the best life insurance companies, followed by big names like Haven, Guardian, AARP and Fabric.
he life insurance market in the U.S. is competitive, made up of a mix of longstanding insurers and newer “insurtechs” that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaints data, consumer experience and financial strength. We also assessed the types of policies on offer, and the ways you can buy coverage.
Based on these factors, these are our top life insurance companies for 2022.
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Best life insurance companies of May 2022
All of the life insurance companies listed below scored at least 4.5 out of 5 stars. There are hundreds of insurers competing for your business, often selling very similar products, so it’s smart to get life insurance quotes from a few before making a decision.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Best life insurance companies: Pros and cons
Learn more about our top life insurance companies by reading the brief summaries below and checking out our comprehensive reviews.
MassMutual: Best overall
Haven Life: Best for instant coverage
Guardian Life: Best for applicants with a history of HIV
AARP: Best for those who want to skip the medical exam
Fabric: Best online experience
New York Life: Best for high coverage amounts
Pacific Life: Best range of permanent life insurance
State Farm: Best for customer satisfaction
Lincoln Financial: Best for over-the-phone applications
Northwestern Mutual: Best for consumer experience
USAA: Best for members of the military
Best overall: MassMutual has a diverse policy lineup and issues whole life coverage up to age 90, making it a good choice for seniors whose life insurance has expired. ”
Policy types: Term, whole, universal and variable universal.
Pros: You can apply online for coverage. If you need to complete a medical exam, MassMutual provides temporary coverage while the process is completed.
Cons: Online quotes are available only for term life. You have to contact MassMutual for whole, universal and variable universal quotes.
Company overview: Massachusetts Mutual Life Insurance Co., often shortened to MassMutual, is one of the largest life insurers in the country. Founded in 1851, it offers a wide range of products, from term life to variable universal life insurance — a type of permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual company, which means it’s owned in part by its policyholders and pays out dividends to qualifying members. Its 2022 dividend payout is set to be the highest yet at $1.85 billion