Provides financial support to your loved ones if you die unexpectedly. It can help them finance your funeral, cover your children’s college tuition, or pay any bills. You leave behind.
That’s because more than half of Americans currently have a life insurance policy, according to Limra.
If you are not one of them, it may be time to invest in life insurance. Make sure to shop around to make sure you get the best coverage and premiums. Not sure where to start? Below we’ll break down the best life insurance companies into six different categories: flexibility, term life insurance, whole life insurance, no-test life insurance, comprehensive coverage, and overall cost.
If you’re in the market for life insurance, get started now by getting a free price quote.
Best Life Insurance Company 2023
Here are our picks for the best life insurance companies, based on our extensive analysis.
Best for Flexibility: Ladders
If you are looking for a life insurance company that allows you to change your plan and premiums as your life changes, thenYour best bet.
With laddering, you can scale up or down your coverage as your needs evolve (like you would climb a ladder). If you pay off a good portion of your mortgage, for example, you can move down the ladder, reducing your coverage andIf you have another child to boot, on the other hand, you can move up the ladder by increasing your coverage for additional dependents.
Ladder’s policies — which are all term life insurance plans — go up to $8 million If your policy is under $3 million, nois required.
Get a free price estimate from Ladder to see if their policies work for you
Best for Term Life Insurance: Haven
Offer only And it comes in two forms: Haven Term and Haven Simple.
With Haven Term, you can get up to $3 million in coverage for 10, 15, 20, 25 or 30 years, and customers up to age 64 are eligible. Plans are also offeredFor the entire policy term, and it comes with extras — like a digital will and free annual fitness app subscription.
Haven Simple is another term life policy Haven offers, but without a medical exam (a Haven term exam is “possible” but not required in every policy). Because of this, you can apply for a Haven Simple plan and get immediate coverage — all online.
Go up to simple principlesand available in 5-, 10-, 15-, and 20-year terms. Only customers aged 20 to 55 years are eligible.
You can now get a Haven price quote here.
Best for whole life insurance: Amica
ifwhat you are looking for There are many options to choose from. The right fit depends on your budget.
With Whole Life 20, for example, your payments are made over 20 years and you enjoy continued coverage — up to $1 million — for the rest of your life. Customers up to age 80 can qualify. Whole Life 65 is a similar option, although it aims to pay by retirement age (65) instead of a flat 20-year plan. This can help you free up cash flowAnd ensure long-term coverage for your loved ones.
Finally, there’s the Whole Life 100, the company’s lowest-cost option. With this, you can pay your premium at the age of 100.
In all cases, your premiums are set for the entire term you agreed to Policies also have a cash value that can be borrowed from. They come with a terminal illnessThis allows you to receive a portion of your death benefit early if you are diagnosed with a terminal illness.
Learn more about Amica’s whole life insurance policies.
Best for no-test life insurance: Ethos
Many life insurance providers require a medical exam before you get coverage. with, it is not the case — any of their plans. The company offers term life insurance and whole And policy coverage goes up to $2 million.
Whichever you choose, you will never need blood work or medical tests. “Ethos never requires a medical exam for anyone,” the company says. “Regardless of your health condition, with Ethos, you qualify for a no-medical-exam life insurance policy.”
Ethos policyholders get access to free will and estate planning tools.
Now know more about Ethos’ no-test policy here.
Best for comprehensive coverage: AIG
Life insurance offers a whole host of options. If you’re looking for the most comprehensive coverage, the company’s permanent life insurance options — which include whole life, And – can be a smart choice.
All three offer coverage for your entire lifetime, boast fixed premiums, and have cash values that accumulate over time. With universal life and whole life plans, you can get coverage. There is no age limit.
AIG also offers “quality of life” insurance, which pays you financial support — or “living benefits” — before you die.
Explore your life insurance options with AIG today.
Best for overall cost: Fidelity
Of all the insurance providers we analyzed, Fidelity’s premiums were the lowest.
For a 20-year, $1 million term life insurance policy for a healthy 43-year-old woman in New Jersey, the monthly premium was only $60 per month. Other providers we looked at ranged from $90 to $132 per month for the same policy.
Fidelity’s term life policies go up to $10 million and come in 10-, 15- or 20-year terms. The company offers whole life insurance options.
Compare your options
It’s important to shop around for any insurance policy, so while our top life insurance companies are a great starting point, be sure to include a few other companies as well. This will ensure that you are getting the absolute best premium and coverage. If you need assistance, consider working with an independent insurance agent who can point the way. You can use the table below to get started now.