Best Life Insurance Companies in January 2024
Updated: October 21, 2024
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Topping the list as the best life insurance company is Nationwide, with a MoneyGeek score of 97 and an average monthly cost of $16. GEICO comes in second place, scoring a MoneyGeek score of 96. Nationwide edged ahead thanks to its better buying process and more diverse product lineup.
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Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for a variety of needs.
Coverage costs and company information for life insurance providers were updated in 2023.
Nationwide is the best company for life insurance with a MoneyGeek score of 97, reflecting affordable premiums, a smooth buying process and a wide range of available products. The company’s term life insurance policy, a top-rated life insurance policy, is competitively priced at $16 monthly. The table below compares MoneyGeek scores and costs of reviewed companies, highlighting Nationwide’s standing.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies:
Costs are based on quotes gathered for a $250,000 life insurance policy with a 10-year term. MoneyGeek used the following sample profile to gather life insurance quotes:
| Nationwide | 97 | $16 |
| GEICO | 96 | $13 |
| Mutual of Omaha | 95 | $17 |
| State Farm | 95 | $22 |
| Protective | 95 | $13 |
| Transamerica | 94 | $12 |
| Allstate | 94 | $12 |
| Prudential | 93 | $17 |
| AAA | 93 | $17 |
| Haven | 91 | $22 |
| Progressive | 90 | $31 |
| Bestow | 89 | $27 |
| Fidelity | 88 | $20 |
Check out our life insurance cost calculator to estimate your monthly premiums based on personal factors such as your gender, age and health profile. You can also adjust your desired coverage amount and explore quotes from various insurers.
Affordable monthly cost
Comprehensive product diversity, including no-exam options
Low rate of customer complaints
Financial stability score slightly lower than competitors
Term length offerings may be limited compared to some competitors
Nationwide is the best life insurance company in our study, with a MoneyGeek score of 97. The company offers policies at a budget-friendly monthly cost of $16, on average, providing an accessible option for term life insurance. Its A+ AM Best rating underscores its financial stability, assuring policyholders of a secure investment.
With 97 years in the industry, Nationwide boasts a low rate of customer complaints and a streamlined buying process, with 24/7 chat support and multiple payment options. Its diverse product offerings include term life, whole life, universal life and final expense coverage, as well as no-exam options. Term life coverages range from $250,000 to $1.5 million. Nationwide is also MoneyGeek’s top choice for those seeking substantial financial protection. For $33 a month, you can secure a term policy worth $1 million.
GEICO, with a MoneyGeek score of 97, is the top life insurance company for seniors. The company offers senior-friendly policies at a monthly premium of $176, making it an affordable choice for older adults.
GEICO tied with Progressive for the best customer satisfaction score — both earned perfect scores in the category. However, GEICO's higher overall MoneyGeek score makes it the best life insurance company for customer satisfaction.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies for seniors:
Costs are based on quotes gathered for a $250,000 life insurance policy with a 10-year term. MoneyGeek used the following sample profile to gather life insurance quotes:
Low customer complaint rate
No-exam products available with quick approval
Strong financial stability
GEICO does not issues its own policies
Limited product diversity, mainly offering term life
Multiple payment options may not be available
GEICO is a leading life insurance provider for seniors and those seeking top-notch customer service. GEICO earned a MoneyGeek score of 97 for seniors, offering term policies for an average monthly cost of $176 for older individuals. GEICO issues policies through Ladder and other partners.
Ladder’s AM Best rating of A++ and low rate of customer complaints back GEICO’s financial stability and strong customer satisfaction record. While the product offerings are limited mainly to term life and no-exam options, the coverage is substantial, ranging from $100,000 to $8 million. With 87 years of industry experience and a user-friendly mobile app, GEICO is a dependable choice for diverse needs.
Life insurance comes in various forms, each serving different needs. A few of the most common types are:
State Farm ranks as the best life insurance company for whole life insurance policies and no-exam coverage, with a MoneyGeek score of 99 in both categories. Noted for its strong financial stability, high customer satisfaction and diverse range of life products, it's a trusted choice for lifelong coverage and financial security.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies for whole life policies:
And we used the following weights to score and rank the best life insurance companies for no exam policies:
We did not weigh affordability as we did not collect whole or no-exam life insurance quotes.
Comprehensive product offerings, including whole life and no-exam options
Exceptional financial stability
Multiple payment options and user-friendly buying process
No 24/7 online chat support available
Limited Pay Whole Life terms may not suit all needs
State Farm is our top choice for whole life and no-exam life insurance, with a MoneyGeek score of 99 in both categories. State Farm's diverse offerings include a Limited Pay Whole Life product with level terms for 10, 15 or 20 years, as well as no-exam term life and guaranteed issue final expense policies. Its term life policies offer flexibility in coverage amounts — starting at $100,000 — and durations, ranging from 10 to 30 years. Backed by an A++ AM Best rating and a low rate of customer complaints, State Farm combines financial stability with 101 years of reliability, flexibility and convenience in one package.
The average monthly cost of life insurance can vary based on several factors. For instance, the average monthly cost for a policy with $250,000 in coverage is $23. As the coverage amount increases, so does the insurance cost; a policy with $1 million in coverage will be more expensive than a policy with a coverage limit of $500,000.
Other factors, such as the policyholder'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 who 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 from top life insurance companies 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.
| $250K | $23 |
| $500K | $29 |
| $1 Million | $53 |
The cost of life insurance coverage can also vary significantly depending on the insurance company. Each insurance company has its own pricing model, leading to differences in cost for the same amount of coverage. The table below compares the average monthly cost for different coverage amounts across various insurance companies.
| AAA | $17 | $25 | $42 |
| Allstate | $12 | $18 | $29 |
| Bestow | $27 | $48 | $88 |
| Fidelity | $20 | $32 | $93 |
| GEICO | $13 | $19 | $26 |
| Gerber | $76 | ||
| Haven | $22 | $38 | $70 |
| Mutual of Omaha | $17 | $26 | $46 |
| Nationwide | $16 | $22 | $33 |
| Progressive | $31 | $52 | $93 |
| Protective | $13 | $20 | $31 |
| Prudential | $17 | $32 | $63 |
| State Farm | $22 | $31 | $48 |
| Transamerica | $12 | $17 | $26 |
Several factors influence the cost of life insurance, and understanding these can help when selecting the best life insurance policy. These factors include:
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 positively affect 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
Your height and weight 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. When applying for life insurance, expect to provide a detailed history of current and past illnesses, medications and hospital visits.
Smoking and Tobacco Use
People who smoke, vape or chew tobacco or smoke marijuana pay more for life insurance than nonsmokers and non-tobacco users. 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 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. Examples of high-risk occupations include first responders, construction workers and active-duty military. Activities like racing, bungee jumping, skydiving and scuba diving are hobbies that could also make you a riskier applicant to an insurance company.
It's important to be deliberate when searching for the best life insurance company and policy. 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.
Begin by assessing your current financial situation, including income, debts and future obligations like your children's education. This will help you gauge how your family would manage without your income.
Based on your financial assessment, decide the amount of coverage you'll need. A general guideline is to choose a coverage amount that's 10 to 15 times your annual income. However, your specific circumstances and long-term commitments can influence this figure.
Familiarize yourself with the different types of life insurance available — mainly term and permanent insurance. Term insurance offers coverage for a specific period, while permanent insurance provides lifelong coverage and may include a cash value component. The best life insurance is the one that aligns with your financial health and life stage.
Don't rush into the first offer that comes your way. Use online tools to compare quotes from multiple insurers to find the lowest price. Pay attention not just to the rates but also to the company's financial stability and customer service reputation. It may also help to look at life insurance reviews.
Consider adding policy riders that suit your specific needs, such as a critical illness rider, and adopt a healthy lifestyle to lower your premiums. Consider consulting a financial advisor with insurance expertise to ensure your policy aligns with your overall financial strategy.
Find out which company offers the best life insurance and learn how you can make sure you get the right coverage for your needs.
Nationwide is the best overall life insurance company, receiving a MoneyGeek score of 97. Offering $250,000 in coverage with a 10-year term at $16 per month, it couples affordability with exceptional service.
Term life insurance is often the best type of life insurance for many because it offers a significant death benefit at a lower cost than permanent policies. It's ideal for those needing coverage during specific periods, such as until children are self-sufficient or a mortgage is paid off.
Determining the right life insurance coverage involves assessing your financial obligations and goals. Consider your income replacement needs, outstanding debts, future expenses — like children's education — and end-of-life costs. It's often suggested that a coverage amount equal to 10–15 times your annual income is a good starting point for determining how much coverage you need.
Anyone with financial dependents should consider life insurance. This includes parents with young children, individuals with a non-working spouse, homeowners with a mortgage and those who want to cover potential end-of-life expenses. It can also be useful for estate planning or charitable giving purposes.
Life insurance provides a benefit to beneficiaries upon the policyholder's death, assisting with income replacement, debt repayment and final expenses. However, it typically doesn't cover situations involving fraud, certain types of death — like suicide within a specific period after policy initiation — or unpaid premiums. Specific exclusions vary by policy.
About Mandy Sleight
Mandy Sleight is a licensed property, casualty, life and health insurance agent with 20 years of experience in the industry. She has worked for major insurance companies like State Farm and Nationwide, and most recently as the Operations Coordinator for a startup employee benefits company.
Sleight holds a business administration and management degree from the University of Baltimore and a master's in business administration from Southern New Hampshire University. She uses her vast knowledge of insurance and personal finance to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.
