10 Best Life Insurance Companies for July 2025

10 Best Life Insurance Companies for July 2025 View All 10 Best Life Insurance Companies for July 2025

• Our Top Picks
• Nationwide
• Banner by Legal & General
• Protective Life
• See More (7)
• SBLI
• Pacific Life
• Lafayette Life
• MassMutual
• Penn Mutual
• Symetra
• Thrivent
• Why Trust Us
• How Does Life Insurance Work?
• Life Insurance Benefits
• Life Insurance Underwriting
• Types of Life Insurance Policies
• No-Medical-Exam Life Insurance
• Methodology

Nationwide sweeps the titles in Investopedia’s list of best life insurance companies, earning the top spot thanks to its great variety of products and features, rock-solid financial footing, and high customer satisfaction ratings. We also named Nationwide best in two other categories, but other insurers may still fit your needs better. 

Life insurance is an important product that protects your loved ones financially after you die. But it’s complex, which is why Investopedia researched 70 criteria for 45 life insurance companies, including price, policy types and features, customer satisfaction, and much more before naming the best life insurers.

10 Best Life Insurance Companies for July 2025

• Best Overall, Best Children’s Life Insurance, Best for People Over 50: Nationwide
• Best Term Life Insurance: Banner by Legal & General
• Also Great for Children’s Life Insurance: Protective Life
• Cheapest Term Premiums: SBLI
• Best for Universal Life: Pacific Life
• Best Whole Life Insurance: Lafayette Life
• Also Great for Whole Life Insurance: MassMutual
• Best No-Medical-Exam Insurance: Penn Mutual
• Also Great for No-Medical Exam Life Insurance: Symetra
• Best for Financial Strength, Best for Customer Satisfaction: Thrivent

Tip

Compare life insurance quotes with our partner Covr Financial from multiple providers before buying.

Best Overall, Best Children’s Life Insurance, Best for People Over 50 : Nationwide

• Financial Strength Rating: A+
• Complaints: Much better than expected for company size

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Why We Chose It

Best Overall

With a broad range of product types and features, very satisfied customers, no coverage limits for many policy types, and a stellar grade from credit rating agency AM Best, Nationwide is at the top of our list of the best life insurance companies. Its three living benefit riders—which come at no extra cost— also helped boost its overall score. 

Best Life Insurance for Children

Nationwide is a great choice for anyone looking to insure a child. Reason #1: You can buy as large of a whole life policy as you like for a child. Reason #2: The child can take over the policy when they’re an adult. Reason #3: If you buy a child term rider on your own policy, the rider can cover them until they’re 22 and be made into a permanent life insurance policy for the child without a health exam.

Best Life Insurance for People Over 50

Many of the features that make Nationwide our favorite pick overall also propelled it to the top of our list of the best life insurance for people over 50. But it also scored well for this age group because you can buy up to $1.5 million in coverage without a medical exam and get an instant decision. And there’s no minimum age requirement for a final expense policy worth up to $50,000. 

Pros & Cons

Pros

• Outstanding selection of product types

• Superior financial strength rating (A+)

• 3 living benefits included in many policies

• Stand-out child life insurance features

• Very few customer complaints to state regulators

Cons

• Doesn’t pay dividends on whole life policies

• Won’t sell term life to applicants over 70

• No live chat for customer service

• No way to start a claim online 

Overview

Nationwide rises above competitors on a multitude of fronts. It has one of the widest product selections Investopedia saw among the 45 companies we surveyed. Ditto that for riders—only Ameritas and Brighthouse Financial offer as many. Nationwide’s riders include three free living benefits that let you use your death benefit while you’re alive if you develop a chronic, critical or terminal illness. 

Customers generally like the company, lodging few complaints with state regulators and pushing it to No. 4 out of 22 companies in the 2024 J.D. Power U.S. Individual Life Insurance Study. 

There are only a few things we found to not like. It doesn’t pay dividends on its whole life policies, so if you want that, you’d be better off looking for a mutual company such as Lafayette or MassMutual. And you can’t buy a term life insurance policy from Nationwide if you’re over 70.

Founded in 1925, Nationwide is based in Columbus, Ohio.

Policy Types & Riders

Available Policy Types 

• Term life
• Whole life
• Children’s whole life
• Universal life
• Indexed universal life
• Variable universal life
• No-medical-exam life (term)
• Final expense 

Available Riders

• Term conversion
• Child term
• Guaranteed insurability rider
• Waiver of premium
• Accidental death benefit
• Terminal illness
• Long-term care
• Chronic illness
• Critical illness

Best Term Life Insurance : Banner by Legal & General

• Financial Strength Rating: A+
• Complaints: Much better than expected for company size

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Why We Chose It 

Low premiums and terms lasting up to 40 years helped propel Banner to the top of our list of best term life insurance providers. Many competitors don’t offer term life insurance that covers you for that long. The minimum death benefit is $100,000, and there is no maximum, so these policies are good for people with a wide range of coverage needs. You can renew a Banner term policy every year and convert it to a permanent life insurance plan with no additional health exam. And applying is easy, with an online quote and application process.

Pros & Cons

Pros

• Competitive premiums for term life insurance

• Lengthy 40-year terms available 

• No-medical-exam policies have no coverage caps

Cons

• Fewer permanent policy options than competitors

• Not many riders available

• No live chat

Overview

Many people choose term life insurance because the premiums are more affordable than permanent life insurance. That’s especially true of policies you get from Banner by Legal & General. Its premiums are some of the most competitive we found when gathering quotes for 45 life insurance providers. It’s also the only company besides Protective Life that offers 40-year term policies, which means they could last your entire working life. Most companies limit you to 30 years at most for term coverage. 

Like Nationwide, Banner has a low incidence of consumer complaints and an impressive financial stability rating from AM Best.

But Banner’s selection of other products is disappointing. Universal life is the only other type of life insurance it sells, though that won’t matter much if you’re set on buying term insurance. The other factor to consider is that you won’t find many riders with which to customize your coverage. 

Banner is based in Frederick, Maryland, and owned by Legal & General, which has been in business since 1836.

Policy Types & Riders

Available Policy Types

• Term life
• Universal life
• No-medical-exam life 

Available Riders

• Term conversion
• Child term
• Waiver of premium
• Terminal illness

Also Great for Children’s Life Insurance : Protective Life

• Financial Strength Rating: A+
• Complaints: Better than expected for company size

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Why We Chose It

Protective’s child term rider is the best we found, so it’s possible to add superb protection for your children through your own life insurance policy. 

Pros & Cons

Pros

• Child term rider offers long-lasting, transferable, and convertible coverage

• Whole life policies start at just $1,000 in coverage

• 40-year term life policies available

Cons

• No children’s whole life policies are available

• All applications require a medical exam

• Whole life policies don’t pay dividends

Overview

Investopedia found Protective’s child term rider distinctive because it covers your children until they turn 25, and it’s transferable and convertible to a permanent policy such as whole life or universal life when they become adults. 

However, child coverage is limited to this rider. Protective Life does not sell a standalone child’s whole life policy. 

Beyond child coverage, Protective has a fine selection of policies and riders for adults. These include term policies for as long as 40 years and whole life policies with death benefits ranging from $1,000 to as high as you can qualify for. There is no maximum coverage limit. 

Protective Life has been around since 1907 and has its headquarters in Birmingham, Alabama.

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Universal life
• Index universal life
• Variable universal life

Available Riders

• Term conversion
• Child term
• Guaranteed insurability rider
• Waiver of premium
• Accidental death benefit
• Terminal illness
• Chronic illness

Cheapest Term Premiums : SBLI

• Financial Strength Rating: A
• Complaints: Much better than expected for company size

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Why We Chose It

SBLI not only has some of the lowest premiums for term life insurance, but it also has a strong record of customer satisfaction. On top of that, it lets you convert your term policy to permanent insurance without a medical exam, and that option is included for no extra cost. 

Pros & Cons

Pros

• Budget-friendly term insurance premiums

• Helpful online features and tools

• Few customer complaints

Cons

• Doesn’t offer universal or variable universal life insurance

• Whole life dividend rate is low

Overview

For term life insurance at an affordable price, it’s hard to beat SBLI. It provided some of the lowest premiums Investopedia found when gathering quotes from 45 companies. You can get an individualized quote for yourself, apply for a term policy, and chat with a live representative all through the  website. Customers seem happy with SBLI, lodging relatively few complaints with state regulators compared to the company’s size.

These qualities make SBLI great for cheap term insurance, but it’s not the best for permanent life insurance. SBLI doesn’t offer universal or variable universal life insurance and the dividend rate for its whole life insurance is low. Investopedia found the company’s rider selection on the skimpy side too. 

SBLI’s headquarters is in Woburn, Massachusetts and it was founded in 1907. 

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Children’s whole life
• No-medical exam life (term and whole life)
• Final expense 

Available Riders

• Term conversion
• Child term
• Guaranteed insurability rider
• Waiver of premium
• Accidental death benefit
• Terminal illness

Best for Universal Life : Pacific Life

• Financial Strength Rating: A+
• Complaints: Much better than expected for company size

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Why We Chose It

Pacific Life excels at universal life (UL) insurance, offering numerous policies across all the main types of UL (traditional universal, indexed universal, and variable universal). Death benefits can run as small as $25,000 and have virtually no top limit. You’ll find a lot of riders to choose from, including a child term rider available for UL policies.

Pros & Cons

Pros

• Offers every main type of universal life insurance

• Death benefits have no maximum limits

• Customer complaints are few relative to company size 

Cons

• No online quotes or applications

• Doesn’t offer whole life insurance 

Overview

Pacific Life is one of the few companies that sells universal life, indexed universal (IUL), and variable universal life insurance (VUL). Nationwide, Prudential, and John Hancock do as well, but they don’t offer as many different policy options for each type. In some markets, Pacific Life features two UL, four IUL, and five VUL products. 

But these products are complex and Pacific Life doesn’t let you apply online. You’ll have to talk with an agent by phone or in person. And the company does not sell whole life insurance.

Based in Newport Beach, California, Pacific Life was founded in 1868.

Policy Types & Riders

Available Policy Types

• Term life
• Universal life
• Index universal life
• Variable universal life
• No-medical exam life 

Available Riders

• Term conversion
• Child term
• Waiver of premium
• Disability income
• Terminal illness
• Long-term care
• Chronic illness

Best Whole Life Insurance : Lafayette Life

• Financial Strength Rating: A+
• Complaints: Much better than expected for company size

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Why We Chose It

Lafayette Life outscored rivals in the whole life department thanks to its broad range of whole life policies and riders (many included at no cost), and its high coverage limits. You can buy as large of a policy as you want (provided you can qualify based on your income).

Pros & Cons

Pros

• Offers seven whole life insurance policies

• No caps on whole life coverage

• Pays whole life dividends

• Policies come with 3 free living benefit riders

Cons

• Other top competitors pay better dividend rates

• Doesn’t offer universal or variable life insurance

Overview

With seven different whole life policies, Lafayette Life offers options to suit a variety of needs. There’s no limit on how large the death benefit can be, and we like that Lafayette has a lot of free riders, including those that let you use your coverage while you’re alive if you get a serious illness. 

On the downside, Lafayette’s dividend rate is lower than that of competitors such as MassMutual and Guardian Life. You’ll also need to call the company or meet an agent in person to apply; there’s no online application. 

Founded in 1905, Lafayette Life is headquartered in Cincinnati, Ohio. 

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Children’s whole life
• No-medical-exam life (whole life)
• Final expense

Available Riders

• Term conversion
• Child term
• Guaranteed insurability rider
• Waiver of premium
• Accidental death benefit
• Terminal illness
• Chronic illness
• Critical illness

Also Great for Whole Life Insurance : MassMutual

• Financial Strength Rating: A++
• Complaints: Much better than expected for company size

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Why We Chose It

MassMutual pays the highest whole life dividend rate to policyholders of the companies Investopedia researched. That means cash value grows faster than with whole life policies at competing insurers. 

Pros & Cons

Pros

• Whole life policies have paid generous dividends

• People up to 90 years old can apply for whole life 

• Complaints about the company are extremely rare, given its size

Cons

• You can’t get a quote or apply for a policy online

• No same-day decisions

• All policy applications require a medical exam

Overview

MassMutual scored slightly lower than Lafayette for our best whole life insurance list, but it was a close call. MassMutual beats Lafayette on a couple of fronts. Its dividend rate is the highest of all insurers on this list at 6.10%, and it offers whole life policies to people up to age 90. Only Thrivent and Guardian Life have age limits that are that high. 

On the downside, you have to talk to an agent and take a medical exam to buy a MassMutual policy, and there are no same-day decisions. 

MassMutual has called Springfield, Massachusetts, home since its founding in 1851. 

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Children’s whole life
• Universal life
• Variable universal life

Available Riders

• Term conversion
• Spouse rider
• Guaranteed insurability rider
• Waiver of premium
• Disability income
• Terminal illness
• Chronic illness

Best No-Medical-Exam Insurance : Penn Mutual

• Financial Strength Rating: A+
• Complaints: Much better than expected for company size

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Why We Chose It

If you want a substantial life insurance policy and don’t want to take a medical exam when you apply, Penn Mutual is the best provider. Its no-medical-exam policies can run up to $10 million—the highest amount we found in our research. 

Pros & Cons

Pros

• Large policies available without a medical exam

• High dividend rate for whole life policies

• Great customer complaint record

Cons

• Doesn’t offer final expense insurance 

• No online application or quotes

• No live chat for customer service

Overview

Penn Mutual’s cap on no-medical-exam coverage is double that of the next-highest limit we saw ($5 million from Nationwide or Symetra) and many orders of magnitude higher than competitors whose caps run as low as $25,000. 

Whole life policyholders enjoy dividends, and at 5.75%, Penn Mutual’s dividend interest rate is among the highest of the companies Investopedia researched. Dividends are never guaranteed, but the company has paid them for 175 straight years, with a record $200 million of dividends paid in 2024. 

Customers made few complaints to state regulators about Penn Mutual, according to the National Association of Insurance Commissioners (NAIC) Complaint Index.  

Our main issue with Penn Mutual is that if you’re looking for a small no-exam final expense policy, you’ll have to look elsewhere. Penn Mutual doesn’t offer these types of policies. It also lacks online quotes and application features that many competitors have. 

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Children's whole life
• Universal life
• Indexed universal life
• Variable universal life
• No-medical-exam life

Available Riders

• Spouse rider
• Guaranteed insurability rider
• Accidental death benefit
• Terminal illness rider
• Chronic illness rider
• Children's term rider
• Waiver of premium rider

Also Great for No-Medical Exam Life Insurance : Symetra

• Financial Strength Rating: A
• Complaints: Much better than expected for company size

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Why We Chose It

Symetra has the second-highest coverage limit ($5 million) Investopedia dug up for life insurance policies you can apply for without taking a medical exam—and you could get approved in a matter of minutes. 

Pros & Cons

Pros

• No-medical-exam policies come with high coverage limits 

• Rapid approval process 

• Low rate of customer complaints relative to the company’s size 

Cons

• Limited policy types

• Small selection of riders 

Overview

Symetra is another great choice for no-medical-exam insurance, along with Penn Mutual. Its coverage limit is half as big as Penn Mutual’s but at $5 million, that’s still ample for many people. You must still qualify based on age, income, and medical records. But you can apply online, and Symetra can make coverage decisions in minutes.

Beyond no-exam term life insurance, Symetra’s product lineup is patchy. The company doesn’t sell whole life, final expense, or universal life insurance, though it does offer three indexed universal life policies and one variable universal policy. It has a few riders, but not nearly as many as a powerhouse like Nationwide. 

Symetra was founded in 1957 and is based in Bellevue, Wash.

Policy Types & Riders

Available Policy Types

• Term life
• Index universal life
• Variable universal life
• No-medical exam life (term)

Available Riders

• Term conversion
• Child term
• Waiver of premium
• Accidental death benefit
• Terminal illness

Best for Financial Strength, Best for Customer Satisfaction : Thrivent

• Financial Strength Rating: A++
• Complaints: Much better than expected for company size

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Why We Chose It

Best for Financial Strength

Thrivent’s A++ grade from credit rating agency AM Best is the highest possible, indicating what Best calls a “superior ability to meet ongoing insurance obligations.” Note that Thrivent is a member-owned organization for Christians. To sign up, you’ll need to sign a statement saying that you or your spouse is Christian. If you’re applying for a minor, you’ll need to assert that they’re being raised in the Christian faith. 

Best for Customer Satisfaction

Thrivent’s record for customer complaints to state regulators is nearly pristine. State regulators received far fewer complaints than expected for a company of its size over a three-year period, giving Thrivent the best record of all the life insurers Investopedia researched. (MassMutual came in a close second.) 

Pros & Cons

Pros

• Highest available financial strength rating

• Best complaint score of any insurer Investopedia reviewed

• Offers a wide variety of policy types

Cons

• Only available to applicants who declare themselves Christians

• No online applications

• Rider selection is lacking

Overview

Founded in 1902 and based in Minneapolis, Thrivent has the highest financial strength rating there is: A++. That means you can rest assured that the company will be able to pay its claims many years down the road. Thrivent’s wide range of life insurance products includes term, whole life, and universal. And if you’re like many of Thrivent’s other customers, you’ll find little to complain about once you get a policy. 

However, applying is less straightforward than with other competitors. There’s no online application, so you’ll have to pick up the phone and meet or speak with an agent to apply. And you’ll need to be a Christian to buy a policy—or at least attest that you are. 

We’re also not impressed with Thrivent’s limited set of riders, especially the lack of a child term rider.

Policy Types & Riders

Available Policy Types

• Term life
• Whole life
• Children’s whole life
• Universal life
• Variable universal life
• No-medical-exam life (term)

Available Riders

• Term conversion
• Guaranteed insurability rider
• Waiver of premium
• Terminal illness