Best Life Insurance Companies in October 2023

COMPANY HIGHLIGHTS

MoneyGeek Score: 93
Monthly Cost: $13
Policies Offered: Term, Universal Life, Whole Life, No Exam

Protective, with a MoneyGeek score of 93 out of 100, stands out as a leading provider in the life insurance industry. The company's offerings may be most attractive for those seeking high coverage amounts, with term policies available ranging from $100,000 to $50 million. These policies, with term limits between 10 and 40 years, provide flexibility and substantial financial protection for policyholders and their beneficiaries.

Affordability is a key strength of Protective, with a monthly cost of just $13. This low cost, coupled with the company's robust financial stability — evidenced by its A+ AM Best rating and 116 years in business — makes Protective a reliable choice for life insurance.

However, the company's offerings are not without their limitations. Protective does not offer any additional support features for policyholders with certain conditions, such as pre-existing conditions, diabetes, high blood pressure, previous cancer diagnoses, HIV or tobacco use. This could potentially limit the benefits of its policies for these individuals.

Additionally, while Protective does offer an online quote tool and allows payments to be made online, it does not have a mobile app for policy management. This could be a drawback for those who prefer managing their policies on the go. While Protective does offer term, whole and universal life products, it does not offer guaranteed acceptance, simplified issue, burial insurance, accidental death, final expense or single premium products.

COMPANY HIGHLIGHTS

MoneyGeek Score: 92
Monthly Cost: $176
Policies Offered: Term, Universal Life, Whole Life, No Exam

Allstate, with a MoneyGeek score of 92 out of 100 and a monthly cost of $176, is a reliable choice for seniors seeking life insurance. The company's long-standing history of 92 years of business and an A+ AM Best rating underline its financial stability, a key consideration for seniors when choosing a life insurance provider.

Allstate offers term policies with coverage amounts ranging from $25,000 to $1 million, with term lengths of one to 30 years. This range of coverage and term lengths provides flexibility for seniors, allowing them to choose a policy that best fits their needs. The company also offers whole and universal life products, adding to the variety of options available.

The availability of policies without a medical exam is a significant advantage for seniors, as it simplifies the application process and makes coverage more accessible. Allstate also provides a mobile app and has physical locations, offering multiple channels for policy management and customer service.

Despite these advantages, Allstate has a higher than average rate of customer complaints. Additionally, the company does not offer extra support features for policyholders with certain conditions, and several types of products — including guaranteed acceptance, simplified issue, burial insurance, accidental death and final expense products — are not offered.

COMPANY HIGHLIGHTS

MoneyGeek Score: 88
Monthly Cost: $13
Policies Offered: Term, Universal Life, Whole Life, No Exam

GEICO, with a MoneyGeek score of 88, is the top life insurance provider for veterans and active military personnel. Its distinction lies in its military-focused support features, unique among companies on our list.

These military life insurance services include a veteran-managed military support center that ensures customers receive assistance from people who understand their needs. An overseas insurance program tailored for military personnel and attractive military discounts on policies further enhance GEICO's offerings for this community.

Affordability is another strength for GEICO, offering monthly premiums as low as $13. A long-standing company, GEICO's 87 years in operation affirm its reliability and enduring service. The availability of a mobile app allows for convenient policy management, giving customers control on the go.

Unfortunately, GEICO typically doesn't provide phone support via agents, potentially limiting personal interaction for customers. The company's support features also don't extend to policyholders with certain health conditions, such as pre-existing conditions, diabetes or high blood pressure. Additionally, GEICO's product range, while including term, whole, universal and accidental death policies, lacks options like burial insurance or guaranteed acceptance products.

COMPANY HIGHLIGHTS

MoneyGeek score: 96
Policies Offered: Term, Universal Life, Whole Life, Accidental Death, No Exam

Mutual of Omaha is MoneyGeek’s pick for the best company for whole life insurance policies. With over a century in business, the company has proven its long-term financial stability, which is important for whole life policyholders who count on the company's longevity to support their lifelong policies. This strength is recognized with an A+ rating from AM Best, highlighting the company's ability to meet its financial obligations and claims.

Excellent customer satisfaction is another pillar of Mutual of Omaha's reputation, signaled by a low average rate of customer complaints. This indicates a focus on customer service and long-term relationships, which are key when dealing with whole life insurance policies that typically span decades.

However, it's worth noting that this company's support features are not extended to policyholders with certain health conditions, which could be a potential downside for some customers. Mutual of Omaha also lacks a mobile application for policy management, which could be an inconvenience for those preferring digital interactions.

COMPANY HIGHLIGHTS

MoneyGeek Score: 98
Policies Offered: Term, Universal Life, Whole Life, No Exam

Protective stands out as MoneyGeek's top pick for life insurance without a medical examination, earning a score of 99 in this category. Its 116 years of operation and A+ AM Best rating indicate a high level of financial stability and the ability to ensure long-term policy payouts.

The company's extensive product diversity is another strength. Term life policies with coverage amounts from $100,000 to $50 million and term lengths between 10 and 40 years cater to a wide range of consumer needs. The availability of whole and universal life products also provides options for those seeking permanent coverage.

Protective's no medical exam policy option eliminates the need for physical examinations or lengthy health questionnaires. This can be beneficial for individuals who have concerns about their health condition influencing premium rates or policy approval.

However, there are some limitations. While Protective does offer online payments, the absence of a mobile app could limit accessibility and convenience for some policyholders. Additionally, the company does not provide telephone agent support, and policies are not available for people with some health conditions.

COMPANY HIGHLIGHTS

MoneyGeek Score: 93
Monthly Cost: $13
Policies Offered: Term, Universal Life, Whole Life, No Exam

With a MoneyGeek score of 93, Protective distinguishes itself as the top choice for customer satisfaction in the life insurance market. The company's low rate of customer complaints, affordable monthly cost of $13 and strong financial stability — as indicated by an A+ AM Best rating and a 116-year history — contribute to its high rating.

Protective's life insurance offerings may be particularly beneficial for those seeking substantial coverage amounts. Term policies range from $100,000 to a significant $50 million, with term limits between 10 and 40 years.

Despite these strengths, Protective does have areas where it could improve. The company does not provide supplemental features for policyholders with certain health conditions. Additionally, while it offers an online quote tool and accepts online payments, it lacks a mobile app for policy management.

Protective offers term, whole and universal life products, but it does not provide guaranteed acceptance, simplified issue, burial insurance, accidental death, final expense or single premium products. This could limit the options for customers seeking these specific types of coverage.

COMPANY HIGHLIGHTS

MoneyGeek Score: 89
Monthly Cost: $22
Policies Offered: Term, Universal Life, Whole Life, Final Expense, Single Premium, No Exam

State Farm’s top-tier financial stability is based on its A++ AM Best rating and a business record spanning over a century. Such stability is crucial in the insurance world, as it underlines the insurer's capacity to meet policy obligations, particularly in the long-term context of life insurance.

State Farm also showcases a diverse product lineup. From term life policies with substantial coverage amounts and flexible term limits to whole life, universal life, final expense and single premium products, the company caters to a range of customer needs. State Farm also provides policies without the necessity for a medical exam, simplifying the process for many potential policyholders.

However, State Farm does have some shortcomings. The company has a higher than average rate of customer complaints, signaling potential concerns around service or policy satisfaction. The lack of support for policyholders with certain health conditions may also restrict accessibility for some customers. Additionally, the absence of phone support from agents could make the buying process less accessible for some individuals.

COMPANY HIGHLIGHTS

MoneyGeek Score: 90 Monthly Cost: $17 Policies Offered: Term, Universal Life, Whole Life, Guaranteed Acceptance, Simplified Issue, No Exam

AAA's offering stands out in the life insurance market with a buying process that earns it top marks. AAA excels in offering a streamlined purchasing experience, integrating online, phone and mail payment options. Coupled with the availability of agents over the phone and an online quote tool, it simplifies the task of getting a life insurance policy.

AAA's term policies offer coverage amounts ranging from $100,000 to $5 million. These options, along with the flexibility of term lengths — 10, 15, 20 or 30 years — cater to diverse client needs. The company also provides the opportunity for clients to secure policies without a mandatory medical exam.

However, AAA may not be the ideal choice for those with certain health conditions like diabetes, high blood pressure or previous cancer diagnoses. The support features for such conditions are lacking, and this could limit the accessibility and usefulness of their policies for such individuals.

Additionally, the absence of a mobile app might be a setback for some customers who prefer digital management of their policies. The company does not offer some specific products like final expense, burial insurance and accidental death policies. Customers seeking these specific policy types may need to look elsewhere. Despite these drawbacks, AAA's competitive pricing at a monthly cost of $17 and its efficient buying process make it a worthy contender in the life insurance space.

COMPANY HIGHLIGHTS

MoneyGeek Score: 93
Monthly Cost: $31
Policies Offered: Term, Universal Life, Whole Life, No Exam

Protective is MoneyGeek's top pick for high coverage amounts in life insurance policies, offering an affordable $1 million policy priced at $31 per month. Protective's coverage is extensive, offering term policies from $100,000 to $50 million. This broad range caters to a variety of financial needs and goals, from family protection to estate planning. The options of 10 to 40-year term limits further add to this flexibility, allowing customers to choose a term that best suits their financial planning timeline.

The company's financial stability is also evidenced by an A+ AM Best rating and a solid 116-year history, reflecting Protective's long-standing reliability. Customers can have confidence in the company's longevity and its ability to fulfill policy obligations.

Protective does have a few areas where it could improve, though. The absence of a mobile app means that customers cannot manage their policies on the go, which could be inconvenient for some. The company also has limited support for policyholders with certain conditions, which might affect accessibility for some potential customers. Additionally, the buying process may lack personalized service, as there's no phone agent available.