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Accessibility
Before considering policy options or pricing, you have to find a provider that will actually cover you. As a preliminary step, we cleared our list of companies that limit their customer base. That meant nixing providers that only write employer-sponsored group policies (like Metlife) and those with special eligibility requirements (like USAA, which only insures members of the armed forces). We also required that each c
ompany write policies in at least 40 states, so you won’t have trouble finding coverage in your area.
Financial strength
Financial security is the backbone of insurance — after all, a provider is only as good as its ability to pay out on a claim if need be. That’s why experts like Scott Johnson of Marindependent Insurance Services recommend that you “always check and understand the financial strength of an insurer you’re considering.” Luckily, there are a number of independent agencies that do this work for you, evaluating insurers’ financial health by measuring their current assets against their ongoing obligations.
We checked in with the three most prominent agencies to make sure that all of our top picks are in excellent financial standing. Each provider earned “Superior” scores from A.M. Best, which focuses solely on insurance, as well as top ratings from a second major agency: either “Very Strong” or better from S&P Global or “Excellent” or better from Moody’s. Each one is guaranteed to have the funds to pay out on your death benefit, should it come to that.
Coverage options
After vetting each company on our list for availability and financial strength, it was time to dive into coverage details. The best life insurance policies can be customized through add-ons called ”riders.” When tacked onto your insurance, they might extend coverage or bolster protections against unforeseen circumstances, like accidental death or disability. Some are even classified as “living benefits” and allow part of the death benefit to be accessed during your lifetime.
The most critical riders for you depends on the type of policy you’re considering. For instance, long-term care coverage is an important add-on for lifelong insurance but may not make sense for a short-term policy that’s set to expire while you’re still young. Keeping this in mind, we looked for providers that offer a wide range of riders to accommodate different needs. You can see a complete list of the coverage options we considered and who offers them in our guide on how to choose a life insurance provider.
The 4 best life insurance providers :
1. State Farm — Best Term Life Insurance
2. Northwestern Mutual — Best Whole Life Insurance
3. New York Life — Best Life Insurance for Seniors