:fill(white):max_bytes(150000):strip_icc()/nationwide-mutual-insurance-logo-d57b08115c36416c93b5a9b192251fdc.png){kind=logo}
David is a financial content writer in New York City. He specializes in covering insurance, investing, and retirement planning. Before writing full-time, he worked as a financial advisor and passed both the CFP and Series 6 exams.
Updated September 06, 2024 Fact checked by Fact checked by Myles MaMyles Ma is a Senior Insurance Editor at Investopedia. He has nearly a decade of experience writing and editing insurance content at Policygenius, a leading insurance marketplace. His expertise has been featured in The Washington Post, CNBC, and PBS.
Of the 45 life insurance companies we researched, we found that the best life insurance company is Nationwide. We evaluated insurers on 70 criteria, including price, policy types, financial stability, customer satisfaction, and the application process. While Nationwide was the best overall, other top insurers stood out in other categories.
Investopedia reviews are data-driven and written by life insurance experts who follow strict editorial guidelines to provide unbiased, accurate, comprehensive reviews that can help you make the right decision. Investopedia launched in 1999 and has been helping readers find the best life insurance companies since 2020. We are dedicated to helping you find the right life insurance provider for your needs.
Nationwide is an excellent one-stop shop for life insurance, with the widest selection of product types and coverage limits, plus excellent customer satisfaction ratings and a very good financial strength rating from AM Best. To boot, it offers three living benefit riders for no extra charge.
Nationwide has no coverage limits on children’s whole life, so you can buy as much protection as you can afford. You can also transfer the policy to your child when they’re grown. And if you buy a child term rider, the policy can be converted to a permanent life insurance policy at adulthood.
Besides all of the things that make this a great policy for applicants of any age, we like that Nationwide offers no-medical-exam coverage of up to $1.5 million. It also has a final expense policy with no minimum issue age and a coverage limit of $50,000.
Pros & ConsWhatever kind of life insurance you want, there’s a good chance it’s available at Nationwide. It has one of the widest selections of product types among the insurance companies we reviewed. It was also one of the very best for its selection of riders to customize coverage, along with Ameritas and Brighthouse Financial. On top of that, Nationwide has a good customer service record, as shown by its National Associations of Insurance Commissioners (NAIC) complaint index and the fact that it was ranked #2 out of 22 insurers in the 2023 J.D. Power U.S. Individual Life Insurance Study.
In addition, Nationwide policies include free living benefits. Your policy pays out while you’re alive if you develop a critical, chronic, or terminal illness.
Nationwide only has a couple of minor flaws. It doesn’t pay whole life dividends. And it only sells term coverage up until age 70. Nationwide was founded in 1925 and has its headquarters in Columbus, Ohio.
Policy Types & RidersAvailable Policy Types
Available Riders
:fill(white):max_bytes(150000):strip_icc()/Legal_General-99c81dbfffae4c7f8e5862bb5f1c1a91.jpg)
Banner Life Insurance Company’s term life insurance policies have low premiums and terms lasting up to 40 years. Coverage options start at $100,000 and have no upper limit. We like that term policies are renewable annually, and you can convert them to a permanent plan at no extra cost. The company also lets you get a quote and apply for a policy online.
Pros & ConsBanner by Legal & General could be a fine choice if you want temporary term life insurance coverage. It had some of the most competitive prices among the companies who gave us quotes, and it allows you to apply online. It is also the only insurer in our list besides Protective Life selling 40-year term policies that can last your entire working life. Most insurers limit you to 30 years.
Banner Life falls short on product selection, though. Besides term, it only sells universal life and doesn’t provide many riders to customize coverage. Banner Life is headquartered in Frederick, Maryland, and its parent company, Legal & General, was founded in 1836.
Policy Types & RidersAvailable Policy Types
Available Riders
:fill(white):max_bytes(150000):strip_icc()/Lafayette_insurance-0439947e96294c259ba160ca612e29ae.jpg)
With a wide selection of whole life policy options, high coverage limits, and many rider benefits included free of charge, Lafayette Life is our top pick for whole life insurance.
Pros & ConsLafayette Life is our top choice for whole life insurance policies. It sells seven different whole life products, allowing you to customize your coverage to suit your needs. There’s also no limit on how much whole life insurance coverage you can buy. Finally, Lafayette Life includes many rider benefits at no extra charge, such as riders that let you use your death benefit for medical care while you’re alive if you get a chronic, critical, or terminal illness.
While Lafayette Life pays whole life dividends, its dividend interest rate is lower than that of competitors such as MassMutual and Guardian Life. You must also call or meet an agent in person to sign up; you can’t enroll online. Lafayette Life, founded in 1905, is based in Cincinnati.
Policy Types & RidersAvailable Policy Types
Available Riders
:fill(white):max_bytes(150000):strip_icc()/SBLILifeInsurance-acc6ccc3504746ea81e5c88756916cac.jpg)
SBLI combines low premiums for term insurance with a good customer service record, making it an ideal choice for someone on a budget. And it lets you convert your term policy to a permanent plan at no additional cost.
Pros & ConsIf you’re looking for a deal on term life insurance, consider SBLI. It quoted some of the lowest overall premiums for term policies of all the companies we researched. Yet SBLI does not skimp on service. It has high customer satisfaction, as shown by its low number of customer complaints to state regulators. At the same time, SBLI offers excellent online capabilities, including online quotes, an online application, and live chat.
If you want a permanent policy, SBLI might not be the best choice. It doesn’t sell universal or variable life policies, has a small rider selection, and pays a low whole life dividend rate. SBLI was founded in 1907 and is based in Woburn, Massachusetts.
Policy Types & RidersAvailable Policy Types
Available Riders
:fill(white):max_bytes(150000):strip_icc()/PML_linear_logo_cmyk-black-ca70e9fd3ad341bdafef2a6d8b2d2c31.png){kind=logo}
Penn Mutual customers can apply for coverage worth up to $10 million without a medical exam, more than any other company we reviewed.
Penn Mutual has the highest coverage limit for no-medical-exam insurance among the companies we reviewed. You can get a policy worth up to $10 million through its accelerated underwriting program.
The company, founded in 1847 and based in Horsham, Pennsylvania, has paid dividends to policyholders for 175 straight years, reaching a high of $200 million in 2024. The dividend interest rate of 5.75% was among the highest of the companies we reviewed. Penn Mutual has an excellent NAIC index, indicating that customers have made few complaints relative to the company's size.
But if you want to shop for life insurance online, Penn Mutual doesn't offer the digital quoting and application features that many of its competitors do. You need to speak to an agent to buy its products. And while it has a wide product selection, it doesn't sell smaller, more affordable policies to cover final expenses.
Available Policy Types
Available Riders
