Best Life Insurance Companies of 2023: Top Picks & Reviews

State Farm stands out as a no-hassle company with exceptional customer service. You can purchase several policies without having to undergo a medical exam, and there are perks for parents, too. You can add a child term rider to an existing policy for additional coverage while your kids grow up.

State Farm’s #1 ranking in the J.D. Power 2023 study indicates stellar service, pricing and products. Its 0 NAIC rating indicates little to no complaints, solidifying State Farm’s trustworthiness.

It’s important to note that there are age restrictions with State Farm’s term policies. For example, their 30-year term policy is only available for those 18 to 45 years old, and their 20-year term policy is available for those 18 to 65 years old.

Mutual of Omaha caters to those shopping for a customizable and cost-effective term policy. When comparing quotes with five life insurance companies, Mutual of Omaha had the second most affordable quote. Term policies are available for those up to 80 years old. With a 0.48 NAIC rating, Mutual of Omaha has fewer complaints on average.

New York Life offers more money back in whole life policyholders’ pockets and customization options. If you have a whole policy through New York Life, you’re eligible for dividends. Dividends are extra funds returned to policyholders each year. New York Life announced its largest dividend payout in company history — $2 billion, which is expected to pay out in 2023.

Disability waiver of premium, chronic care option, living benefits and accidental death benefit riders are available with New York Life’s whole policies. However, they don’t offer quotes or policies for purchase online, so you must speak to a representative to apply.

Pacific Life’s universal policy features stood out against all other companies considered as it doesn’t require a medical exam and includes free two riders.

In some cases, you can get up to $3 million in coverage without an exam with a Pacific Life universal policy. The two riders included are the up-to-lifetime, no-lapse guarantee rider and the terminal illness benefit rider.

However, Pacific Life doesn’t offer policies for purchase online, and if you’re interested in its other policies, you may be limited in your options as it doesn’t offer whole life policies.

If affordability is your main priority, Corebridge Financial is likely to have a term policy within your budget. When comparing quotes with five other life insurance companies, Corebridge Financial had the most affordable quote.

Corebridge Financial also offers flexibility in term lengths. While most companies offer 10-, 20- or 30-year terms, Corebridge allows you to pick between 10- to 35-year term periods, at each year instead of ten-year increments.

Even though Corebridge Financial has recovered in stability and credibility since the 2008 scandal, it’s important to not brush the shortfall under the rug. It also doesn’t offer the most popular type of permanent policy — traditional whole life.

If you want to skip a medical exam now or in the future for a policy conversion, Prudential Life Insurance would fit your needs as several whole life policies have a same-day approval rate. Plus, Prudential offers the living needs benefit rider at no additional cost with some policies.

But it’s important to note that the only whole life policy available is a simplified issue whole life policy, which offers minimal coverage intended to cover burial costs. If you want a no-exam whole life policy with over $30,000 of coverage, Prudential may not be a good fit for your needs

No matter what life insurance policy type you choose, Nationwide has options for long-term care coverage. You can add a long-term care rider to a universal policy or living access benefit riders to a term or whole life policy. Both riders allow you to receive a portion of your death benefit while you’re still alive, which you can use to cover long-term care costs.

However, Nationwide’s term policies were nearly double the cost compared to other competitors ($43.33 vs. other competitors at $20 to $30).

Lincoln Financial has dual benefits — over a century of trustworthy service and free riders. Riders usually increase your premiums, but with Lincoln Financial, most term policies include a free accelerated death benefit rider.

There are other noteworthy features to consider. Several term policies don’t require a medical exam, and you can convert your term policy into a permanent one without redoing the underwriting process.

But if you prefer a whole life policy, then you’ll have to look elsewhere. Lincoln Financial doesn’t offer whole life policies, only term and universal.