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Best Life Insurance Providers: Expert-Rated for 2024

In our comprehensive analysis of the life insurance market, we’ve meticulously evaluated numerous companies, focusing on key metrics for both term and permanent life insurance. This rigorous assessment aims to pinpoint the best life insurance companies that align with your financial objectives and budgetary constraints. If you’re currently without life insurance, now is an opportune moment to consider acquiring a policy that will adequately address the financial necessities of your loved ones in the event of your passing.

The importance of life insurance cannot be overstated, especially as a means of providing financial security and peace of mind for your family. A well-chosen policy can offer invaluable support in covering future expenses, such as education costs, mortgage payments, or daily living expenses, ensuring that your family’s financial future is secure even in your absence. Additionally, life insurance can serve as a strategic tool in your overall financial planning, potentially offering tax benefits and serving as a source of cash value in permanent life insurance plans.

William Stern
William Stern

Editor, Working Capital Staff

November 21, 2023

Editor’s note: At WorkingCapital, our revenue is partly generated through commissions earned from affiliate links. It’s important to clarify that these commissions have no impact on the views or evaluations made by our editorial team.

Our editorial integrity is paramount. We offer unbiased evaluations and insights, unaffected by advertisers. Our method is based on a data-driven approach, guaranteeing uniform and equitable evaluation of all financial entities and products. To gain insight into our editorial principles and the particular criteria employed in our reviews, please consult our Evaluation Method.

Best Banks 2024

BEST FOR TERM LIFE INSURANCE RATES

Symetra

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On Policygenius's Website

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, universal, indexed universal

AM Best financial strength rating

A (Excellent)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR INDEXED UNIVERSAL LIFE INSURANCE

Securian Financial/Minnesota Life

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On Policygenius's Website

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, fixed-rate universal, variable universal, indexed universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

GREAT FOR ESTATE PLANNING

Lincoln Financial

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On Policygenius's Website

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, guaranteed universal, variable universal, fixed-rate universal, indexed universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR CELEBRATORY CIGAR USE

John Hancock

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, fixed-rate universal, variable universal, indexed universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR RELIABLE POLICY ILLUSTRATIONS

Transamerica

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, indexed universal

AM Best financial strength rating

A (Excellent)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR GEN X & MILLENNIALS

Mutual of Omaha

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, guaranteed universal, indexed universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR RECREATIONAL MARIJUANA USERS

AIG

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, guaranteed universal, indexed universal

AM Best financial strength rating

A (Excellent)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR UNIVERSAL LIFE INSURANCE

Protective

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On Policygenius's Website

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, guaranteed universal, variable universal, fixed-rate universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR SENIORS

Penn Mutual

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, guaranteed universal, variable universal, indexed universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details

BEST FOR VARIABLE UNIVERSAL LIFE INSURANCE

Pacific Life

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On Policygenius's Website

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On Policygenius's Website

Term life insurance quotes available online

Yes

Policies offered

Term, whole, fixed-rate universal, indexed universal, variable universal

AM Best financial strength rating

A+ (Superior)

Company structure

Mutual holding

Why We Picked It
Pros & Cons
Details
CompanyBest ForTerm life insurance quotes available onlinePolicies offeredCompany structure
Symetra

Symetra

Best for term life insurance ratesYesTerm, universal, indexed universalMutual holding
Securian Financial/Minnesota Life

Securian Financial/Minnesota Life

Best for indexed universal life insuranceYesTerm, whole, fixed-rate universal, variable universal, indexed universalMutual holding
Lincoln Financial

Lincoln Financial

Great for estate planningYesTerm, guaranteed universal, variable universal, fixed-rate universal, indexed universalMutual holding
John Hancock

John Hancock

Best for celebratory cigar useYesTerm, fixed-rate universal, variable universal, indexed universalMutual holding
Transamerica

Transamerica

Best for reliable policy illustrationsYesTerm, whole, indexed universalMutual holding
Mutual of Omaha

Mutual of Omaha

Best for gen x & millennialsYesTerm, whole, guaranteed universal, indexed universalMutual holding
AIG

AIG

Best for recreational marijuana usersYesTerm, whole, guaranteed universal, indexed universalMutual holding
Protective

Protective

Best for universal life insuranceYesTerm, whole, guaranteed universal, variable universal, fixed-rate universalMutual holding
Penn Mutual

Penn Mutual

Best for seniorsYesTerm, whole, guaranteed universal, variable universal, indexed universalMutual holding
Pacific Life

Pacific Life

Best for variable universal life insuranceYesTerm, whole, fixed-rate universal, indexed universal, variable universalMutual holding
Understanding Life Insurance

Life insurance represents a contractual agreement between an individual and an insurance provider, wherein the insurer pledges to disburse a death benefit contingent upon the regular payment of premiums by the policyholder. This arrangement ensures financial protection for the policyholder’s beneficiaries after their passing.

Beneficiaries have the flexibility to utilize the death benefit for various purposes, be it covering day-to-day expenses, paying off a mortgage, or funding a child’s education. The financial assurance provided by life insurance plays a crucial role in enabling families to maintain their standard of living, uphold the financial plans set by the policyholder, and continue to reside in their homes without the burden of financial instability.

The realm of life insurance is primarily divided into two categories: term life insurance and permanent life insurance. Term life insurance offers protection for a specified period, making it a suitable choice for those seeking coverage for a particular phase of life. On the other hand, permanent life insurance, which includes options like whole life and universal life policies, offers coverage that extends throughout the policyholder’s lifetime. This type of insurance not only ensures a death benefit but can also accumulate cash value over time, serving as a potential financial resource during the policyholder’s life.

Understanding the differences between these types of life insurance is essential in making an informed choice that aligns with your long-term financial goals and provides the right level of security for your loved ones. Whether opting for the simplicity and specific duration of term life insurance or the lifelong coverage and added benefits of permanent life insurance, it’s crucial to consider how each option fits into your overall financial plan.