5 Best Life Insurance Companies in February 2024

By Taaza Facts

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Life Insurance Companies

5 Best Life Insurance Companies in February 2024: The life insurance business in the U.S. is competitive, with both well-established companies and newer ones selling policies online. To find the best companies, we checked customer complaints, user experiences, and financial strength. We also looked at the types of policies they offer and how you can buy them. Based on all these things, here are our top life insurance companies for 2024.

How we ranked the top life insurers

NerdWallet rates life insurance by looking at how customers feel, using complaint scores from the National Association of Insurance Commissioners. They also consider how financially strong a company is and how easy it is for customers to communicate with them. They check if the company provides clear policy details online. The final rating is given on a 5-point scale after adjusting the scores.

The Best life insurance company overall: MassMutual

Massachusetts Mutual Life Insurance Co., also known as MassMutual, is one of the biggest life insurance companies in the country. It started in 1851 and provides various insurance products, including term life and a kind of permanent insurance called variable universal life insurance. MassMutual is a mutual company, so its policyholders partially own it, and it gives dividends to eligible members. In 2024, it’s expected to pay its highest-ever dividend, nearly $2.2 billion.

The best life insurance company for applicants with HIV: Guardian

Guardian started in 1860 and has been giving money back to its policyholders since 1868. In 2024, the company plans to pay $1.4 billion in dividends, the most it has ever paid. Guardian received fewer complaints to regulators than expected for a company of its size. Besides life insurance, Guardian also sells other types of insurance like dental, vision, and cancer coverage.

The best life insurance company for consumer experience: Northwestern Mutual

Northwestern Mutual, which started in 1857, is the biggest seller of individual life insurance in the United States, as per the latest data from S&P Global Market Intelligence. People with universal life policies can choose how much they pay and how much coverage they get. Term-life customers can switch to permanent coverage without a medical exam. In 2024, the company plans to give $7.3 billion in dividends to policyholders who qualify. Northwestern Mutual has received fewer complaints to state regulators than expected for its size, making it a trustworthy choice for customers.

The best life insurance company for coverage amounts: New York Life

New York Life is a company where the people who have insurance policies own the company. If you’ve had a policy for more than a year and get money back from the company, you can vote in their elections. In 2024, they plan to give out $2.2 billion. It’s one of the biggest life insurance companies in the U.S. and got fewer complaints than expected for its size. It was rated better than most in a 2023 customer satisfaction study. One of their insurance plans lets you choose when to pay your premiums.

The best life insurance company for permanent life insurance: Pacific Life

About the company: Pacific Life has been around for over 150 years. Despite its large size, it has received fewer complaints than expected in the last three years. One of the types of insurance they offer is called indexed universal life insurance. These policies usually increase in value based on stock market indexes, such as the S&P 500. Additionally, they come with a guarantee that ensures your life insurance cash value won’t drop below a certain amount even if the stock market performs poorly.

Best term life insurance companies of 2024

Term life insurance is a kind of temporary coverage that lasts for a specific number of years, typically from one to 30. It’s the most affordable and widely chosen type of insurance. Insurers can be recognized in the market for providing competitive prices, additional features called riders, and other benefits.

How to choose the best life insurance company

Check out how happy customers are. By checking complaints on the National Association of Insurance Commissioners website, you can see if a company is good to do business with. The companies mentioned above have fewer complaints than expected for their size, according to three years of data from the NAIC.

Check how financially strong a life insurance company is. This is crucial because you want a company that can pay claims in the future. NerdWallet’s insurance reviews use average financial strength ratings. For more info on life insurance companies, check a ratings agency like AM Best. We suggest choosing insurers with an AM Best rating of A- or higher.

Compare prices from a few different companies when looking for life insurance. Companies have different costs for coverage, so it’s a good idea to check quotes from multiple insurers. Even though many companies offer similar policies, some specialize in specific types of insurance, like whole life, or cater to certain customers, like seniors. To make it easier, focus on companies that specialize in the type of insurance you need.

Frequently asked questions

How do I know the price of life insurance?

Life insurance usually costs around $26 per month for a healthy 40-year-old who is buying a 20-year, $500,000 policy. However, the cost can differ depending on the insurance company and the type of policy. It’s a good idea to compare quotes from different companies to find the best price for the coverage you want.

What kinds of life insurance are there?

There are mainly two types of life insurance. Term life insurance gives you coverage for a specific time, like 10, 20, or 30 years, and pays out if you pass away during that time. Permanent life insurance lasts your whole life and has a cash value that grows. Once it reaches a certain amount, you can borrow money against your policy.

Can I get life insurance without a medical exam?

Yes, you can buy life insurance without a medical exam, but your choices might be fewer. Some types of no-medical-exam life insurance may still ask you questions about your health and lifestyle, while others don’t require any questions or exams.

Which life insurance company is the least expensive?

The cost of life insurance depends on factors like your age, gender, whether you smoke, and the coverage you choose. It’s a good idea to compare quotes from different companies to find the best price.

Taaza Facts

I am a multifaceted content creator with expertise in blogging, Finance, and Cryptocurrency reviews. My creative journey involves weaving captivating stories in blogs, designing aesthetically pleasing and functional websites, and dissecting the nuances of cinema. We are dedicated to sharing our passion and insights with a global audience.

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