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The Best Life Insurance Companies for 2021

How to choose the best companies of life insurance

Multiple life insurance companies exist in the market. However, with so many options on the market, it can feel overwhelming at times trying to get your money’s worth. Confused? We’ve broken down some of the best life insurance companies for 2021 below.

Northwestern Mutual

Northwestern Mutual is the largest insurer in the nation. It is ranked very high for customer service in J. D Power’s U.S. Life Insurance Study of 2020. 

Among its most prominent products are whole life insurance, term life, and universal life. Payments and coverage options for universal life holders are flexible premiums, while term life customers enjoy the convertibility option for their policy to permanent coverage without taking a medical exam.

Pros

        • The benefit of working with a financial advisor.
        • All policies have dividends
        • Flexible options
        • Nationwide availability

Cons

        • Must go through an Agent
        • Medical exam required

Guardian

Customers get term life insurance and permanent life insurance policies with universal life and whole life. Guardians’ special perk for universal coverage is the freedom of flexible premiums to fit your needs.  

The company also has a unique offer for whole life and term life insurance for people living with HIV and Aids. Their eligibility criteria are being between the ages of 20 and 60 and free from AIDS-defining illnesses.

Pros

        • Dividends on policies 
        • Policies for HIV positive applicants
        • Easy online management

Cons

        • You can only buy through an agent

Haven Life

The best part of Haven Life is its accelerated underwriting term life insurance. This process will quickly use data and algorithms to assess your insurability and takes no more than 25 minutes.  It is conducted online.

MassMutual

MassMutual means Massachusetts Mutual Life Insurance Company. Offering a wide range of products, MassMutual is easily one of the leading life insurers in the U.S. 

Its unique products include variable universal life and term life insurance policies. Variable universal life is a permanent policy that has very flexible premiums as well as investment opportunities.

Pro

        • Live support
        • Free coverage for low-income families
        • Convenient mobile app

Cons

        • Limited online quotes
        • Medical exam requirement

AARP

AARP gives life insurance policies to members of a group. Anyone 50 years or above is allowed to join. Its underwritings are simplified, and you are not required to take a medical exam to qualify. 

Acceptance is based on the information you supply in your application. Whole life and term life are both available and are issued by New York Life.

Auto-Owners

Auto owners have 48,000 licensed agents who offer insurance products in 26 states.  The company offers universal, whole, and term life insurance policies.

The term life insurance policies come in 30, 20, and 10-year lengths. The whole life policy covers you until you are 110 years old! You can insure multiple family members under Auto-Owners universal policy. If you choose to, you can select the convertibility option and change it into an individual policy.

New York Life

Policyholders of this company own New York Life, making it a mutual company. Eligibility to vote on the board is based on the ability to buy specific policies.

The company is among the largest insurers in the U.S. and offers term and permanent life insurance policies, such as variable universal life, whole life, and universal life. You also have the option of converting your term life to permanent life, if you’d like, and some whole life policies even have flexible premiums.

State Farm

State Farm is best known for its motorist’s life insurance company ratings. In addition, it offers a permanent life insurance policy with a paid-up additional rider. Notable is its select term policy available for people between 18 – 75 years whose covering starts at $100,000.

The policy has the option of being converted into a permanent product at its expiry. Its permanent policies include universal life and whole life.

USAA

The term and permanent insurance policies offered by USAA are specifically formulated to suit military members and their families. However, their life insurance products are also available to nonmilitary members.

The USAA policies can supplement the government-supported Servicemembers Group Life Insurance, which is automatically given to eligible military personnel.

USAA is different from many other life insurance covers as it will continue to cover you even during acts of terrorism or war. Even more, policyholders between 18 and 35 years who have a baby, buy a house, or get married can increase their coverage.

Pacific Life

Pacific Life is, in essence, a stock life insurance company. The company offers term and permanent products, including exceptional indexed universal life insurance, universal life insurance, and term life insurance.   The indexed universal life allows your stock to grow based on stock market indexes like S&P500. Its floor is guaranteed, so the cash value of your life insurance cash value won’t fall below a specific range even if the stock market nosedive.

How to Choose the Best Insurance Company for You

Choosing a life insurance policy is no easy task, especially if you are just figuring things out. Here is what you need to consider:

      • Customer Satisfaction: Check the company’s customer service and satisfaction data.  The experiences of other customers will help you decide whether to do business with a particular company.  
      • Financial Might: Consider the company’s financial strength since you want your claim to be paid when it’s due.
      • Compare Rates: Check the cost and compare life insurance quotes from many companies.
      • Evaluate the Product Selection: Most companies offer a whole range of insurance policies. Shop around within each company to find what works best for you.
      • Budget: While life insurance is a long-term investment, it’s still important to consider your current financial health. Make sure the policy you’re choosing is realistic, not just for the future, but for your situation now.

Just like any other big purchase, it’s important to carefully weigh your options before deciding on a life insurance policy to go for. Make sure to consider your individual needs–what might work for one person may not work for another. There’s no right or wrong company, only one that’s best for you.

Featured Image: Megapixl

About the author: Shaan is a content writer who enjoys creative writing and her career in the marketing field. Shaan also has an educational background in Marketing Management.