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Life insurance isn’t one size fits all. The company that works best for your friends, neighbors and family might not offer the same coverage or price to you. To help you find an insurer that best suits your needs, we’ve collected and examined multiple factors.

Insure.com surveyed more than 1,750 people with auto, home, life and health insurance. Respondents were asked to name their insurer and to gauge each company’s level of customer experience, policy offerings, trustworthiness and other factors.

The editors then selected – based on the number of responses — the top life insurance companies for further evaluation. The editors gathered and analyzed the top insurers’ financial stability scores, their complaint records and other important metrics. We then rated the best life insurance companies, giving each from one to five stars, with five stars being the best ranking.

For 2024, the top life insurance company is MassMutual, according to our analysis, followed by Pacific Life and State Farm.

Our list can take some of the guesswork out of shopping for life insurance and help you pick an insurer that meets your needs.

“LIMRA’s most-recent Insurance Barometer Study shows a record-high proportion of consumers – 39% – who say they intend to purchase life insurance coverage within the next year,” says Karen Terry, assistant vice president, member benefits, at industry research group LIMRA. The Insurance Barometer Study tracks consumer perceptions.

“The type and amount of life insurance consumers need will depend on their specific financial goals and circumstances. It’s important to work with a financial advisor or insurance professional to determine the most suitable life insurance strategy to meet both short- and long-term needs,” Terry says.

Our list may help you narrow down your choices. But you may also want to consult with a financial advisor before making a final decision.

What are the best life insurance companies?

Insure.com editors chose the top life insurance companies based on third-party ratings and responses from the Insure.com consumer survey.

Rank Company Overall Ranking Customer Satisfaction Learn More
1 1. MassMutual Overall rating
4.5
Customer satisfaction rating: 
4.1
2 2. Pacific Life Overall rating
4.5
Customer satisfaction rating: 
4.3
3 3. State Farm Overall rating
4.5
Customer satisfaction rating: 
4.1
4 4. Northwestern Mutual Overall rating
4.5
Customer satisfaction rating: 
3.9
5 5. New York Life Overall rating
4.5
Customer satisfaction rating: 
4.1
5 5. Penn Mutual Overall rating
4.5
Customer satisfaction rating: 
4.1
7 7. John Hancock Overall rating
4.4
Customer satisfaction rating: 
4.0
8 8. Lincoln Financial Overall rating
4.3
Customer satisfaction rating: 
4.2
9 9. Guardian Life Overall rating
4.3
Customer satisfaction rating: 
3.7
10 10. Mutual of Omaha Overall rating
4.1
Customer satisfaction rating: 
4.0
11 11. Amica Overall rating
4.0
Customer satisfaction rating: 
3.5
11 11. Gerber Life Overall rating
4.0
Customer satisfaction rating: 
4.1
13 13. Farmers Overall rating
4.0
Customer satisfaction rating: 
4.0
14 14. AAA Overall rating
3.9
Customer satisfaction rating: 
3.9
14 14. Allstate Overall rating
3.9
Customer satisfaction rating: 
4.1
16 16. Brighthouse Overall rating
3.8
Customer satisfaction rating: 
3.8
16 16. Prudential Overall rating
3.8
Customer satisfaction rating: 
4.0

How we picked Insure.com’s top-rated life insurance companies

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70+

Carriers reviewed
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1,750

Insurance consumers surveyed
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60+

Insurance metrics examined
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34,600

ZIP codes examined

Insure.com’s editors gathered and analyzed the results of our consumer survey, insurer’s rate data, their AM Best grades, their National Association of Insurance Commissioners’ complaint scores and more to select the nation’s best life insurance companies.

What are the best life insurance companies?

Below are the best life insurance companies in specific categories.

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The top-rated life insurance companies of 2024

Below are the best life insurance companies of 2024, chosen by the editors at Insure.com. To determine the best insurance companies, our team analyzed a range of factors: financial stability, complaint scores, customer satisfaction levels, renewal rates, ease of service levels, trustworthiness, and policy offerings.

MassMutual

MassMutual
MassMutual
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A++
Learn More

Receiving high scores in multiple categories, it’s no surprise MassMutual tops the list of the best life insurance companies to choose from in 2024. The insurer came out on top with a 4.54 out of 5-stars rating.

MassMutual also received high scores from third-party rating companies AM Best and the NAIC. The insurer also received the third-highest J.D. power score of 809/1,000 of any other insurer we ranked.

MassMutual’s average annual premiums of $333 are almost 8% cheaper than the industry average of $358.

Pacific Life

Pacific Life
Pacific Life
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Pacific Life came in second place, trailing closely behind MassMutual with a 4.52 out of 5-star rating.

Of the insurers ranked and for which we were also able to obtain rate data, Pacific Life is one of the most affordable — tying with Penn Mutual — costing almost 28% less than the industry average. Insure.com data shows that the average annual premium for a 35-year-old purchasing $500,000 in coverage from Pacific Life for a 20-year-term is $280, compared to the industry average of $358.

Of the insurers ranked, Pacific Life tied Northwestern Mutual with the best score – 0.03 – from the National Association of Insurance Commissioners, which tracks customer complaints.

State Farm

State Farm
State Farm
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A++
Learn More

State Farm received a 4.51 star rating out of 5. The insurance company scored well for ease of service and customer satisfaction.

Of the insurers ranked, State Farm customers gave it high marks for its policy offerings and trustworthiness. It received the highest customer satisfaction rating of 843/1,000 from J.D. Power, above the average of 790. It also received high scores from third-party rating agencies. AM Best gives State Farm a score of A++, while it received an NAIC score of 0.33

Northwestern Mutual

Northwestern Mutual
Northwestern Mutual
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A++
Learn More

Northwestern Mutual received a 4.50-star rating out of 5, receiving high scores for its policy offerings. The insurer tied with Pacific Life for the lowest NAIC score of 0.03 compared to the other carriers we ranked. Additionally, 100% of policyholders surveyed by Insure.com said they would renew their Northwestern Mutual policy.

The insurer also received an A++ score from AM Best and a J.D. Power customer satisfaction rating of 790/1,000, meeting the industry average score of 790. While Northwestern Mutual scored highly in many categories, it doesn’t offer the most affordable rates — the insurer’s average annual premiums are about 20% more than the industry average.

New York Life

New York Life
New York Life
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A++
Learn More

New York Life received a 4.49 star rating out of 5, tying for fifth place with Penn Mutual.

The company’s customers rate it highly for its ease of service and its policy offerings. The insurer received an A++ rating from AM Best and high marks from NAIC, which tracks customer complaints. Insure.com data shows that the company’s average annual premiums were on par with the industry average of $358. New York Life’s average annual premium came to $357.

Penn Mutual

Penn Mutual
Penn Mutual
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Penn Mutual ranks fifth with a 4.49 out of 5-star rating, tying with New York Life. The insurer ranked highly in every category — customer satisfaction, ease of service, policy offerings, and trustworthiness.

Penn Mutual is tied with Pacific Life for premium affordability. With average annual premiums of $280, Penn Mutual’s premiums are well below the industry average of $358.

John Hancock

John Hancock
John Hancock
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

John Hancock received a 4.37 out of 5-star rating.

The insurer scored well for policy offerings and renewals, receiving a 97% score for the latter. However, its average annual premiums were well above the industry average of $358. Insure.com data shows that a policy from John Hancock costs an average of $415 a year.

John Hancock received an A+ rating from AM Best. It was rated highly by NAIC, which tracks customer complaints. Its J.D. Power score of 782 is just slightly below the industry average of 790.

Lincoln Financial

Lincoln Financial
Lincoln Financial
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A
Learn More

Lincoln Financial received 4.30 out of 5 stars. The insurer performed well in ease of service and, of the companies we ranked, had the second-highest customer satisfaction score. It also earned an excellent NAIC score of .38.

Lincoln Financial’s average annual premium of $297 is lower than the industry average of $358, making Lincoln Financial a solid choice for affordable premiums.

Guardian Life

Guardian Life
Guardian Life
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A++
Learn More

Ranking ninth on the Insure.com list of Best Life Insurance Companies is Guardian Life. The insurer received a 4.29 out of 5-star rating and earned a high rating of A++ from third-party rating agency AM Best. While Guardian Life received a J.D. Power score of 784/1,000 — slightly below the industry average of 790 — its NAIC score of 0.07 was one of the best of the insurers ranked.

The insurer received a relatively high score for policy renewal, with 87% of customers surveyed saying they would renew their Guardian Life policy.

Mutual of Omaha

Mutual of Omaha
Mutual of Omaha
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Mutual of Omaha received 4.11 out of 5 stars, coming in 10th place. The insurer received high marks for policy renewal, with 93% of customers saying they would renew their policy. Additionally, it received an A+ score from AM Best and a score of 805/1,000 from J.D. Power, which is higher than the industry average of 790.

Mutual of Omaha’s average annual premiums of $353 are slightly lower than the industry average of $358.

Gerber Life

Gerber Life
Gerber Life
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A
Learn More

Gerber Life received 4.01 out of 5 stars, tying it on the ranking with Amica. The insurer received an A from third-party rating agency AM Best and a score of 1.23 from the NAIC, which tracks customer complaints.

Gerber Life received the highest score for policy renewal, with 100% of customers saying they would renew their Gerber Life policies. Northwestern Mutual, Lincoln Financial, and State Farm also received scores of 100% in this category.

Amica Life

Amica
Amica
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Amica received 4.01 out of 5 stars, tying with Gerber Life. The insurer received high scores from third-party rating agencies, with AM Best giving Amica a score of A+, while NAIC gave Amica a score of 0.63.

The multi-line company is best for people who also need other types of insurance coverage, such as home and auto.

Farmers

Farmers
Farmers
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A
Learn More

Farmers received 3.96 out of 5 stars. The insurer scored highly for policy renewals, with 91% of customers saying they’ll renew their life insurance policy. It received a score of 0.93 from the NAIC and an A from AM Best.

AAA

AAA
AAA
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A
Learn More

AAA ties with Allstate for 14th place, with 3.87 out of 5 stars. The company received an A score from AM Best and an NAIC score of 1.05. With a 90% score for policy renewals, most AAA customers say they’ll renew their coverage. Customers give it high marks for trustworthiness.

Policy premiums from AAA are well above the industry average. Insure.com data shows that AAA customers pay $440 for average annual premiums, while the industry average is $358.

Allstate

Allstate
Allstate
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Allstate received 3.87 out of 5 stars, tying it with AAA for the 14th spot on our list. The insurer’s customers rank it highly for customer satisfaction and trustworthiness. It also received high scores for policy offerings and policy renewals. It received an AM Best score of A+.

Brighthouse

Brighthouse
Brighthouse
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A
Learn More

Brighthouse received 3.84 out of 5 stars, tying with Prudential for 16th place. The insurer performed well for policy renewals, with 91% of customers saying they’ll renew their coverage. The company also received an AM Best score of A.

Prudential

Prudential
Prudential
Ease of service
Customer Satisfaction
NAIC
AM Best Rating
A+
Learn More

Prudential tied with Brighthouse for 16th place, receiving 3.84 out of 5 stars. Prudential’s average annual premiums of $353 are slightly below the industry average of $358. The insurer’s customers give it a high customer satisfaction rating and most – 97% of customers – plan to renew their coverage.

The insurer received an A+ rating from AM Best and a score of 779/1,000 from J.D. Power, just 11 points below the industry average of 790.

The top life insurance companies for customer satisfaction, ease of service and more

But which life insurance company is right for you? To help you determine the best life insurance companies for your needs, our editorial team looked at several factors and rated life insurance companies in different categories.

Best life insurance companies for customer satisfaction

Customer satisfaction is an important indication of the type of experience policyholders have with the insurer.

Pacific Life came out on top for customer satisfaction, with Lincoln Financial and Penn Mutual following close behind.

Insurance companyPercent of customers that are satisfied with customer service
Pacific Life86%
Lincoln Financial81%
Penn Mutual80%

Best life insurance companies for ease of service

No one wants a life insurance policy that isn’t easy to use.

When it comes to ease of service, Pacific Life again came out on top and Penn Mutual placed second. New York Life came in third place.

Insurance companyPercent of customers that are satisfied with ease of service
Pacific Life86%
Penn Mutual84%
New York Life82%

Best life insurance companies for policy offerings

A variety of policy options makes it easier to get the coverage you need. Allstate took the lead in this category. Penn Mutual, State Farm, and John Hancock followed.

Insurance companyPercent of customers that are satisfied with the company’s policy offerings
Allstate85%
Penn Mutual84%
State Farm, John Hancock83%

Most trustworthy life insurance company

Trust is the foundation of any relationship — even the one between an insurer and a policyholder. Penn Mutual came out on top, with 84% of customers finding the insurer trustworthy. State Farm and Pacific Life followed.

Insurance companyPercent of customers who find the company trustworthy
Penn Mutual84%
State Farm83%
Pacific Life81%

Best life insurance provider for renewals

When a policyholder plans to stick with their insurance company, you can assume they’re pretty happy with the insurer. Most of the life insurance companies surveyed by Insure.com had high renewal rates.

Four insurers tied in this category – Gerber Life, Lincoln Financial, Northwestern Mutual and State Farm – with all the customers we surveyed saying they would renew their policies.

Insurance companyPercent of customers who plan to renew their policy
Gerber Life100%
Lincoln Financial100%
Northwestern Mutual100%
State Farm100%


How much life insurance costs

Term life insurance is a good policy option for most people because it is usually the most straightforward and affordable. To determine how much life insurance costs, Insure.com analyzed premiums collected by data provider Compulife. We evaluated rates for 35-year-old non-smokers purchasing $500,000 in coverage for a 20-year term. Here, we expanded our analysis beyond just the companies we ranked.

Among all the insurers with available rate data and of those companies ranked, Pacific Life and Penn Mutual came out on top as the most affordable insurers, offering coverage for $280 annually on average. Pacific Life and Penn Mutual’s average annual premium is almost 28% more affordable than the industry average of $358, according to Insure.com data.

CompanyAverage annual premium
Pacific Life$280
Penn Mutual$280
Lincoln Financial$297
MassMutual$333
Mutual of Omaha$353
Prudential$353
New York Life$357
Guardian Life$395
John Hancock$415
Northwestern Mutual$439
AAA$440
Farmers$508

How much life insurance do you need?

Most people should get at least 10 to 15 times their annual income in life insurance coverage. However, every person’s life insurance needs are different and there are multiple factors that determine the exact amount of coverage you should get.

You can use the DIME method to determine a more precise number. Using this method, you tally up the following:

  • The amount of debt you owe
  • The amount of income you earn multiplied by the number of years you’d be providing that income
  • The remaining balance on your mortgage
  • The cost of education that you would be paying for 

A potential buyer should also assess how their death would impact their loved ones financially:

  • Does your family rely on your income to pay for living expenses?
  • What other assets/financial resources are available to them?
  • Does anyone else depend on you financially?
  • How will your family pay final expenses after your death?

How to shop for life insurance and find a life insurance company that’s right for you

  • Set your budget: Figure out how much life insurance coverage you can afford and stick to that amount when buying a policy, even if the coverage amount is lower than your needs. If you get a policy that is too expensive and can’t pay for it down the line, you may end up canceling your coverage and having no coverage at all.
  • Determine how much life insurance you need: Figure out how much coverage you need. This will help you look for insurers that offer the amount you need at the lowest possible price.
  • Research insurers: Compare quotes, riders, types of coverage offered and costs.
  • Gather quotes: Figure out how much each insurer would charge you for your profile.

Final thoughts on the best life insurance companies

The best life insurance company for you depends on your life insurance needs, budget and unique personal profile. While our guide is a great place to start, to find the best policy you should shop around and compare quotes from at least three insurers. Some insurers may offer you higher rates for your needs, while others may offer you competitive coverage. Compare rates to make sure you aren’t paying more for coverage than necessary.

Methodology

Insure.com in the fall of 2023 surveyed more than 1,750 people with auto, home, life and health insurance (1003 with life insurance). The survey was conducted by online market research company Slice MR. Respondents were asked to name their insurer and the editors then selected – based on the number of responses – the top companies for this year’s Best Life Insurance Companies ranking. Insure.com needed 20 or more of a company’s customers to respond to the survey for that insurer to be included in the ranking, although in some categories the editors did consider companies with 18 or 19 responses.

Respondents were first asked to grade their insurer in the following categories – customer satisfaction, claims satisfaction and policy offerings. The percentage of respondents who said they were satisfied or very satisfied with their insurer is presented in the results.

In addition, the editors also created star rankings for each company. Respondents were asked to pick their insurer’s top three attributes out of the more than the dozen presented – again including categories such as customer satisfaction and policy offerings. The number of responses for each of those attributes was totaled and then divided by the number of each company’s customers who responded to that survey question to create the star ranking.

Respondents were then asked if they would recommend their insurer to someone else. The percentage who said yes is presented in the results.

They also were given the statement “I trust my insurance company” and asked if they strongly agreed, agreed, disagreed or strongly disagreed with the statement. The percentage of those who said they agreed or strongly agreed is presented in the results.

The editors compiled the survey results and then collected National Association of Insurance Commissioners’ complaint data, which ranks a company by the number of customer complaints it receives. The editors identified the NAIC company code or codes that were the primary underwriting companies for each carrier and line of business using total annual premiums. The associated NAIC complaint index score was used in our calculations. If more than one underwriting company was identified for a line, we used a weighted average of the NAIC complaint index scores.

The team also gathered AM Best data, which measures financial strength. They also collected insurance rate data from Quadrant Information Services (for auto and home insurance), Compulife (for life insurance) and the public health marketplace (for health insurance).

With the help of Prof. David Marlett, Ph.D., managing director of the Brantley Risk and Insurance Center at Appalachian State University, the editors created a rating system to determine which insurance companies were best in each sector. For life insurers, we used the following weights to calculate the overall score for each company:

  • AM Best: 25% of total score
  • NAIC: 15% of total score
  • Survey: 60% of total score (10% customer satisfaction, 10% recommended, 10% renewal rate, 10% ease of service, 10% trustworthiness and 10% policy offerings)

To find the industry average annual premium, insure.com weighed the rates from 9 companies: AAA, Farmers, Guardian Life, John Hancock, Lincoln Financial, MassMutual, New York Life, Northwestern Mutual and Transamerica. Rates are based on premiums for 35-year-old males and females who are non-smokers and in good health. Rates are for a 20-year-term policy that provides $500,000 in coverage. No insurer in our ranking received less than half a star and the highest possible ranking is 5 stars.

On company review pages, the editors compared the profiled insurers in various categories against the leaders in that category or against other top insurers that match up well against the profiled company in terms of size and/or coverage area.

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