Of the 28 life insurance companies we evaluated, our analysis determined that the best life insurance company is Pacific Life. We researched and compared several key factors in choosing a life insurance company, such as price, policies, coverage, riders, the application process, the company’s financial strength, and customer satisfaction.
Pacific Life
Pacific Life offers both term and permanent life insurance policies. While it doesn’t offer whole life insurance it does offer a wide variety of universal, indexed universal, and variable universal life insurance policies. Both of its term life policies can be converted to a universal life policy with an additional medical exam.
This can provide you with some flexibility when shopping, if you’re unsure whether a universal life policy is right for your situation you can purchase a term policy and then convert it to a universal policy at a later date.
Northwestern Mutual
Northwestern Mutual offers term, whole life, universal, and variable universal policies. Its term life policies can be converted to a whole life policy, the company’s website states that this is guaranteed regardless of your health.
Northwestern Mutual’s whole life policies have the potential to earn dividends, which the company says have been paid annually since 1872.
Guardian Life
Guardian Life offers term and a wide range of permanent life policies. Its term life policy can be converted to a permanent policy. One of the downsides of life insurance from Guardian Life is there is very little policy information on its website, although you will find information on the different types of life insurance available. However, online quotes and applications are available for term life policies.
Protective
Protective offers both term and permanent life insurance policies. Its term policies, during the first five years, can be converted to any of its permanent policies. After the first five years, it can only be converted to a whole life policy. Also, Protective offers term life policies up to 40 years in length.
Generally, term life policies are offered up to 30 years in length.You can get a term life quote through Protective’s website but may need to work with a Protective Life insurance agent to start the application process.
Lincoln Financial Group
Lincoln Financial Group offers a mix of term and permanent life insurance policies. Its permanent policies include variable and indexed universal policies but doesn’t include either whole or universal life. Its term life insurance policies can be applied for online or over the phone, but you may need to speak to an agent to purchase other forms of coverage.
If you meet certain qualifications you might not need to take a medical exam during the application process. You can also convert its term policies to a permanent life policy.
MassMutual
Review: MassMutual has a wide variety of available policies. If you purchase its term policy through a MassMutual agent, it can be converted to a permanent policy. You can start the process of filing a claim online.
Coverage limits: Coverage limits will depend on the type of policy. The upper limit for many of its policies will be dependent on the results of the underwriting process. The set maximum amount of coverage for a term policy purchased through an agent is $10 million.
State Farm
Review: State Farm offers several optional riders, such as waiver of premium for disability and a children’s term rider. There are also two policies that don’t require a medical exam: Instant Answer Term and Guaranteed Issue Final Expense. You will need to work with an agent to purchase a policy.
Coverage limits: Coverage starts at $10,000 for its Final Expense policy and goes up from there. Its term life policies provide coverage starting at $50,000. You’ll need to speak to a State Farm agent about what the upper coverage limits for any individual policy are.
Mutual of Omaha
Review: Mutual of Omaha offers term and several styles of permanent policies. This includes two types of final expense-style whole life policies, with its Living Promise Whole Life policy offering coverage up to $50,000 and not requiring a medical exam.
There is also a children’s whole life policy available. Its Term Life Express policy uses simplified underwriting in the application so you won’t have to take a medical exam, although you will still have to answer health questions.