Topping the list as the best life insurance company is Protective, with a MoneyGeek score of 93 and a monthly cost of $13. Allstate and Mutual of Omaha tied for second place, receiving a MoneyGeek Score of 92. Protective edged ahead by offering more affordable coverage and a more diverse range of insurance products than the second-place companies.
Best Life Insurance Companies









Best Overall Life Insurance Company
Protective is the best overall life insurance company with a MoneyGeek score of 93, reflecting financial stability, customer satisfaction and affordability. The company’s term life insurance policy is competitively priced at $13 monthly. The table below compares MoneyGeek scores and costs of reviewed companies, highlighting Protective’s standing.
How was this MoneyGeek score calculated?
Best Overall: Protective

pros
Affordable monthly cost
A+ AM Best rating, indicating strong financial stability
High coverage amounts up to $50 million available
cons
No support features for policyholders with certain conditions
No mobile app for policy management
Certain types of products not offered
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.
Best Life Insurance Company for Seniors
Allstate, with a MoneyGeek score of 92, is the top life insurance company for seniors. With commendable financial stability and high customer satisfaction, the company offers senior-friendly policies at a monthly premium of $176, making it an affordable choice for older adults.
How was this MoneyGeek score calculated?
Best for Seniors: Allstate

pros
A+ AM Best rating, denoting financial stability
Mobile app and physical location available
Policies available without a medical exam
cons
No additional support for policyholders with certain conditions
Limited product diversity, with several types not offered
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.
Best Life Insurance Company for Military and Veterans
GEICO stands out as MoneyGeek's top life insurance choice for military personnel and veterans. It's the only company on our list offering specific support features for this demographic. Its MoneyGeek score of 88, coupled with its affordable $13 monthly premium, makes GEICO an unrivaled choice for military members and veterans.
Best for Military and Veterans: GEICO

pros
Cost-effective monthly premiums
Support features for veterans and military
Accessible mobile app for policy management
cons
Absence of agent phone support
Doesn't cater to some health conditions
Limited product diversity
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.
Best Life Insurance Company for Whole Life Policies
Mutual of Omaha ranks as the best life insurance company for whole life insurance policies, with a MoneyGeek score of 96. Noted for its financial stability, customer satisfaction and range of whole life products, this provider is a trusted choice for lifelong coverage and financial security.
How was this MoneyGeek score calculated?
Best for Whole Life: Mutual of Omaha

pros
Strong financial stability, with an A+ AM Best rating
Low rate of customer complaints
Offers a variety of whole and universal life products
cons
Does not offer a mobile app for policy management
No support for policyholders with specific health conditions
Limited product diversity
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.
Best Life Insurance Company for No Medical Exam
Protective earns the top spot as MoneyGeek's best life insurance company for no-exam coverage with a score of 98. Its diverse product offerings and impressive financial stability make Protective a standout choice for those seeking life insurance without the need for a medical examination.
How was this MoneyGeek score calculated?
Best for No Medical Exam: Protective

pros
Extensive product lineup offering term and permanent options
Strong financial stability with an A+ AM Best rating
No medical exam required for policy issuance
cons
No mobile app for policy management
No support for policyholders with certain health conditions
Over-the-phone agent support not available
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.
Best Life Insurance Company for Customer Satisfaction
Protective is MoneyGeek's top pick for the best life insurance company for customer satisfaction. While it shares perfect customer satisfaction ratings with Fidelity, GEICO, Progressive and Mutual of Omaha, Protective distinguishes itself with the highest overall MoneyGeek score of 93 among these companies.
Best for Customer Service: Protective

pros
Low-cost policies
Strong financial stability with A+ AM Best rating
High coverage amounts up to $50 million
cons
Lack of coverage for policyholders with specific conditions
Absence of a mobile app for policy management
Certain types of life insurance products not offered
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.
Best Life Insurance Company for Financial Stability
State Farm, earning the highest financial stability score of the companies we evaluated, is MoneyGeek's pick for the best life insurance company for financial stability. The provider's strong financial health — reflected in its overall MoneyGeek score of 89 — ensures a reliable and steady life insurance option for policyholders.
Best for Financial Stability: State Farm

pros
Highly financially stable with an A++ AM Best rating
Offers policies without requiring a medical exam
Provides a variety of life insurance products
cons
Higher than average volume of customer complaints
No support for policyholders with certain health conditions
No phone support from an agent
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.
Best Life Insurance Company for Buying Process
AAA emerges as MoneyGeek's top pick for life insurance company for buying process with the highest buying process score and an overall MoneyGeek score of 90. The company aims to simplify the purchase journey and provide a hassle-free experience.
Best for Buying Process: AAA

pros
Seamless buying process with multiple payment options
Range of term policy coverages up to $5 million
Option for no medical exam policies available
cons
Limited support features for certain health conditions
Absence of a mobile app for convenience
Some products, like final expense and burial insurance, are not available
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.
Best Life Insurance Company for High Coverage Amounts
Protective is MoneyGeek's top choice for high coverage amounts in life insurance policies, offering a $1 million life insurance policy for a monthly price of $31. With a MoneyGeek score of 93, Protective is notable for its affordability.
Best for High Coverage Amounts: Protective

pros
Offers substantial coverage, up to $50 million
Affordable $1 million policy
Stable company with 116 years of operation
cons
No mobile app for policy management
Limited support for policyholders with certain conditions
Buying process may lack personalized service
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.
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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable coverage available.
How Much Does Life Insurance Cost?
The average monthly cost of life insurance can vary based on several factors. For instance, the average monthly cost is $23 for a policy with $250,000 in coverage. As the coverage amount increases, so does the cost of insurance; the cost for a policy with $1 million in coverage will be higher than the cost of a policy covering $500,000.
Other factors, such as the individual's age, health status and lifestyle habits, can also influence costs. The sample premiums provided here are based on a specific profile: men aged 31-40 that are in excellent health, don't use tobacco and have a policy with a term length of 10 years.
The table below provides a breakdown of sample costs and offers a look at how the monthly cost of life insurance can vary based on the coverage amount, given the specified profile described above.
The cost of life insurance coverage can also significantly vary depending on the company providing the insurance and the amount of coverage selected. Each insurance company has its own pricing model, leading to differences in cost for the same amount of coverage.
As the coverage amount increases, the monthly cost of insurance also tends to rise. The table below provides a comparison of the average monthly cost for different coverage amounts across various insurance companies.
What Factors Impact the Cost of Life Insurance?
The cost of life insurance can vary significantly based on a range of different factors, including:
Age: One of the most impactful cost factors when you apply for life insurance is your age. The older you are, the more expensive your policy will be. Generally, the younger you are, the healthier you will be, which can also have a positive effect on your life insurance premium and allow you to lock in a lower rate.
Gender: Women usually pay less for life insurance than men because they tend to have a longer life expectancy and are statistically less likely to participate in risky activities, based on actuarial data. However, some states prohibit the use of gender as a basis for determining life insurance premiums.
Height and Weight: How tall you are and how much you weigh can give a life insurance company an idea of your overall health. Body mass index (BMI) is a key measure used to determine life insurance rates.
Medical History: Your overall health is another significant factor that affects your eligibility for and cost of life insurance. The healthier you are, the less likely you are to pass away during your policy term, which poses a lower risk to the life insurance company. Expect to provide a detailed history of current and past illnesses, medications and hospital visits when applying for life insurance.
Smoking and Tobacco Use: People who smoke, vape, chew tobacco or smoke marijuana pay more for life insurance than nonsmokers. Even occasional use can negatively affect life insurance rates.
Family History: Your family genetics and health history are also used to determine your life insurance eligibility and pricing. Health conditions like cancer, diabetes, heart disease and Alzheimer’s disease in your family put you at greater risk of developing these illnesses, which could shorten your life expectancy.
Occupation and Hobbies: Your work and hobbies can affect how much you pay for life insurance. The riskier your occupation and hobbies, the more expensive life insurance may be. First responders, construction workers and active-duty military are a few examples of high-risk occupations. Activities like racing, bungee jumping, skydiving and scuba diving are hobbies that could also make you a riskier applicant to an insurance company.
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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable coverage available.
How to Get the Best Life Insurance
When searching for the best life insurance company and policy, it’s important to choose the right coverage for you. Unless you die prematurely, you can expect to keep a life insurance policy for many years. Follow the steps below to make sure you get the best life insurance for your needs.
Assess your needs
Take a comprehensive look at your financial situation, including your current income, debts, savings and future financial obligations. Understand how your family would cope if your income were suddenly lost. Would they be able to sustain their current lifestyle and meet their future financial goals?
Decide how much coverage you need
Life insurance coverage should ideally replace your income for the number of years your dependents would need it, pay off your debts, and cover future obligations — like college education for your children. A common recommendation in determining an appropriate coverage amount is to make sure it equals 10 to 15 times your annual income. However, this can vary greatly depending on your individual situation and long-term financial obligations.
Understand different types of policies
Life insurance comes in various forms, but the two primary types of coverage are term and permanent. Term insurance covers you for a specific period, say 10 or 20 years, while permanent insurance like — whole or universal — covers you for life and can also include a cash value component. Each type of life insurance has its benefits and drawbacks; the best choice for you depends on your specific needs, financial health and life stage.
Comparison shop
As with any financial product, don’t settle for the first quote you receive. Insurers can offer different rates for the same coverage. Use online comparison tools and gather quotes from multiple companies to find the most affordable life insurance policy. Be sure to also look into each company’s financial stability and customer service reputation.
Consider policy riders
Most insurance policies offer additional features, or life insurance riders, that provide added benefits at an extra cost. Examples include a critical illness rider or an accelerated death benefit rider. Consider your specific needs to decide which riders might be worthwhile.
Lead a healthy lifestyle
Life insurance companies use your health status as a primary factor in determining your premiums. The healthier you are, the lower your risk, leading to lower premiums. Adopting a healthy lifestyle — quitting smoking, reducing alcohol intake, maintaining a healthy weight, exercising regularly and managing any existing health conditions — can significantly reduce your premium rates.
Work with a financial advisor
A financial advisor, especially one with expertise in insurance, can be a valuable ally in navigating the life insurance landscape. They can guide you through the process, clarify the often confusing language of insurance, and help ensure that the policy you choose aligns with your financial goals and circumstances.
Review your policy regularly
Life changes, such as getting married, having a child, buying a house or getting a promotion, may require adjustments to your life insurance policy. Make a habit of reviewing your policy annually or after major life events to ensure your coverage continues to meet your needs.
Common Types of Life Insurance
There are several types of life insurance, each with its own features, advantages and disadvantages. A few of the most common types of coverage are term life, whole life and universal life insurance.
Term Life Insurance
Term life insurance is the simplest and often the most affordable type of life insurance. As its name implies, term life insurance provides coverage for a specific term or period, typically 10, 20 or 30 years. The insurance company pays out a death benefit to the designated beneficiaries if the policyholder passes away during this term.
Term life policies do not accumulate cash value and are often described as "pure" life insurance because they exist solely to provide a death benefit. This form of insurance is often preferred by individuals who need coverage for a specific period — for instance, until children graduate from college or a mortgage is paid off.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that covers a policyholder for their entire life. In addition to providing a death benefit, whole life insurance also features a savings component where cash value can accumulate.
Part of the premiums you pay into a whole life policy go toward the death benefit, while the remainder is invested, creating a cash value that grows over time. Policyholders can borrow against this cash value component, or it can be cashed out during the policyholder's lifetime.
While generally more costly than term life insurance, whole life insurance can be beneficial for individuals who want to provide a guaranteed death benefit to their heirs, secure a cash-value component or use life insurance as an investment tool.
Universal Life Insurance
Universal life insurance is also a form of permanent life insurance known for its flexibility. It provides a death benefit and accumulates cash value, similar to whole life insurance. Universal life insurance allows the policyholder to adjust the premium and death benefit amounts within certain limits over time to suit changing circumstances. Interest credited to the cash value component of a universal life policy is usually tied to a financial index or market interest rates, which can mean higher returns but also more risk than a whole life policy.
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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable coverage available.
Frequently Asked Questions About the Best Life Insurance
Find out which company offers the best life insurance and learn how you can make sure you get the right coverage for your needs.
Expert Advice: Finding the Best Life Insurance
- What type of person should look into buying life insurance?
- How do I determine whether permanent or term life insurance is the best fit for me?
- Beyond cost and policy type, what other factors should you consider when looking for the best life insurance?
- How do I know whether an HMO, PPO or other type of plan is best for me?
- What type of person is best suited to buying a Health Savings Account (HSA) plan?
- What type of person should look into buying life insurance?
About Mandy Sleight, Licensed Insurance Agent

sources
- GEICO. "Dedicated Support and Service." Accessed July 28, 2023.