The best life insurance companies of 2020 – Get our quote in 5 minutes

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Business Insider compiled data from 30 different life insurance companies based on customer service, financial stability and asset size rankings, along with premium prices where available. The complete methodology of this ranking is listed below, under "How we determined the winners". Here & # 39; list: CompanyFinancial stability (max 200) Customer satisfaction by JD Power (up to 1000) Ranking by total equity (top 20) weighted ScoreNorthwestern Mutual1908106492New York Life1907703478State Farm190808 461Nationwide15078314453Mutual of Omaha150795 443MassMutual1807517458Prudential Financial1507541462Guardian Life180770 439Principal financial Group9078912442Pacific Life15076517438John Hancock1607398444MetLife1107442443Lincoln financial Group160750 423Protective Life150754 422AXA Equitable16073011435Securian170739 421Transamerica14073210432AIG1307225432PennMutual160733 415Liberty Mutual30788 national 403Midland Life150723 407Voya Financial8074416408Primerica100741 401Brighthouse Financial4072913395TIAA2006004394Jackson1306009365Allianz 15060015359RiverSource16060020354Sammons Enterprises (North American Co. for Life & Health Insurance) 13060019343Talcott common Resolution7060018329Northwestern in favor of a deadline Northwestern Mutual poles cyHighest life R e at customer satisfaction by JD Power Strong financial stability Offers several types of policies, including a renewable policy with a duration of one year Cone of a north-west common mortgage life policy The Polish must be purchased through a consultant No easy way to get an online quote to compare prices Probably will require a medical examination Best for: Someone who doesn't mind a very traditional approach to life insurance In the industry since 1857, Northwestern Mutual is an insurer specializing in life and health insurance. In JD Power's 2019 customer satisfaction survey, Northwestern Mutual took first place, earning 810 points out of 200. Northwestern Mutual also earned some of the highest credit rankings from financial security rating company A.M. The best and second rankings for Fitch and Moody & # 39; s. However, Northwestern reciprocal policies must be purchased through a financial advisor, who adds more work to anyone who simply wants to get a quote to compare. While Northwestern Mutual has been around for a long time, this buying approach shows its age. New York LifePros of a life policy in New York Life Life in New York is the third largest life insurance company by activity This company has earned top marks for financial security ratings from AM The best and negative of a life in New York Life-to-Life Policy Policies must be purchased through an agent No online quotes available Might require medical examination Best for: Anyone who wants highly personalized coverage As the third-largest life insurance company in the United States, New York Life is known. But the fact that the policies are only available through an agent means that it is not easy to compare the policies and check the rates as it could be. New York Life has a variety of cyclists – or coverage in addition to your policy that can expand what it covers and when it pays – you can choose to add it to your policy. One such example with New York Life is a chronic disease pilot who could help cover medical bills for someone who falls ill later in life. As one of the largest life insurers in the United States, New York Life has policies available nationwide. State FarmPros of a Farm State term life policyPurchase of policies can be done completely on your own and onlineNo medical examination is required.High levels of customer satisfactionCons of a Farm State term life policyOffers only 30 terms years for people under the age of 45. 30-year policies Best for: current state farm customers; people seeking coverage for 20 years or less. While it's probably better known for auto and home insurance than life insurance, the State Farm offers both long-term and lifetime coverage. This company ranks second in customer satisfaction, just two points away from Northwestern Mutual. It is not one of the largest life insurance companies, but there may be incentives for current customers. Since it offers other types of insurance, discounts may be provided for customers with other policies. ValuePenguin data shows that the typical customer with a life insurance policy of over $ 125,000 could get an 8% discount on his auto policy by grouping. State Farm life insurance is not the cheapest available, however, for long term 30 year coverage. For our 35-year-old champion, a 30-year policy would cost around $ 28 a month. However, for shorter periods, coverage becomes significantly less expensive: a 20-year policy would cost $ 19 a month. While it is true for many other insurers that a 20-year policy would be cheaper than a 30-year policy, State Farm has a significant difference between the two policies in this example. State Farm only offers 30-year terms for people under the age of 45. NationwidePros of a National Long Term Life Policy Prices Available Online Other types of insurance (such as homeowners, renters and auto policies) available to keep all your insurance in one place do the top five for national customer satisfaction offers just a life insurance product, not much variety or customization. Best for: people who want to group their life insurance coverage with other types of insurance; anyone who wants a simple and online shopping experience. In addition to auto, home and many other types of insurance, Nationwide offers lifetime insurance policies. With good customer satisfaction scores and good credit ratings, Nationwide is a solid and stable choice. Unlike many other major life insurance companies, Nationwide will offer premiums online via email. And their rewards are relatively reasonable – for our 35-year-old female champion, a 30-year, $ 250,000 policy would cost about $ 23 a month. Plans are available in terms of 10, 15, 20 and 30 years. However, Nationwide offers only one life insurance product. It doesn't offer multiple types of term life insurance policies or many other policy additions (drivers.) But it can be a good thing: it makes the experience simple without complicating it too much. Nationwide life insurance is simple and easy to obtain online.Mutual of OmahaPros of a Mutual of Omaha term life policyNo medical tests are available for some policies with benefits of $ 100,000 Online quotes available The sample quote arrived as the cheapestCons of a Mutual of Omaha term policy life $ 100,000 require an agent for purchase The municipality of Omaha has been around since 1926 and has grown to become a competitive life insurance company in terms of size, satisfaction. customer and industry rating. There are two main types of term life insurance from this insurer: Answers and Express. The express policy does not require a medical examination. Omaha staff takes fifth when considering customer service rankings, company size and credit rankings. But, looking at the prices, this company takes gold. Of all the companies that offered quotes online, Mutual of Omaha offered the lowest premium for a 35-year-old New York woman in excellent health for a 30-year policy, $ 250,000, with a quote of around $ 21 a month , cheaper than National ($ 23 per month) and State Farm ($ 28). Life or full life insurance To get started, you need to decide what type of insurance you need. Two main types, full life insurance and duration, divide the options. Whole life insurance is a permanent policy that will ultimately guarantee payment. But it's about six to ten times more expensive than full-term life. Term life covers a person for a specified number of years and is the most convenient. It is ideal for families with young children, people with debts or people with dependents, but only pays if there is an accident within that certain period. For most people, life insurance coverage is sufficient and this is the type of policy that we have focused on when compiling this list. How to understand how much coverage you need Traditionally, the rule of thumb is to get life insurance worth 10 times your annual income – so if you earn $ 75,000 a year, you will get coverage worth $ 750,000.However, some experts believe it to be a low estimate, especially if you want your life insurance payment to cover your child's college tuition, or if you have a home loan you want to pay. Some people choose to get millions of coverage. In general, you will probably want to get all the life insurance you can comfortably afford every month. If it would be difficult to fight for premium payments, it's probably too much for you. How to Find the Best Price Like any other type of insurance, life insurance policies have many factors that influence the price you will pay for coverage. Your age, health, location and amount of coverage needed will change your monthly premium. The chosen company will look at all these factors differently, leading to different prices for each company and each policy. To get the best possible life insurance deal, we recommend looking around and comparing the quotes. This may be easier with some companies than others, as some on this list do not offer online quotes. But when available, comparing four or five quotes to find the best deal could be an effective way to save a few dollars a month on your premium. Since you will pay life insurance for 20 or 3 years, the savings will add up. Business Insider has collected data on 30 companies from S&P Global, JD Power and the sites owned by the insurer. Focused on customer satisfaction, financial stability ratings and asset size. If available, Business Insider has also collected sample awards. Customer Satisfaction The JD Power 2019 United States Life Insurance Customer Satisfaction Survey served as the basis for this category. Using the responses of over 6,000 life insurance customers, JD Power collected information on customer happiness with the application process, communications and interactions with the company, product offerings, prices and returns. Financial Stability Rating Numerous companies and agencies evaluate the stability and prospects of insurance companies, including Moody & # 39; s, A.M. Fitch's best and ratings. Business Insider has collected ratings for each life insurance company from each of these three S&P Global companies. A scoring system was used to compile these ratings, adding the scores of the two most recent ratings for each life insurance company. Size of financial assets Business Insider obtained information on the major life insurance companies based on the size of the assets through global S&P data. Sample Premiums Sample premiums were collected when available through the companies' websites and via the Policygenius insurance comparison site. Everyone used the same sample person, a 35-year-old single woman, non-smoking, who lives in New York, with the same height, weight and excellent health. These sample awards were calculated based on a 30-year $ 250,000 policy. Do I need life insurance? If you have dependents, i.e. people who depend on your income, such as children, a non-working spouse or senior parents who support, you need life insurance. If you don't have dependents but you have a debt or you own a business, you may also consider it. What is the average cost of life insurance per month? The cost of the coverage varies according to the company, the policy and the insured. A healthy 35-year-old man can expect to pay around $ 49 a month for a 20-year life insurance policy according to Policygenius data, but many factors influence the price of life insurance. Your overall health, your hobbies, sex, age and the amount of coverage you need will affect the price you will pay for the coverage. Do I need a life insurance or a life insurance? Most people only need life insurance or 10 to 30 year coverage. For families with young children, people with mortgages or anyone with debt, this is usually the right choice. While politics will eventually expire, it will expire after debts have been paid and the children have grown up and on their own. It covers you when you have the most stakes. Generally, they cost between $ 20 and $ 40 per month, depending on your health and age when you start. Whole life insurance, however, works differently. This policy is significantly more expensive on a monthly basis, but is guaranteed to pay off when you die, regardless of your age. While helping to protect your family from final expenses and other costs, this policy also aims to leave a financial legacy, donate to charity or build an inheritance for the family. Whole life insurance can cost six to 10 times more per month than a time insurance. For most young families, a life insurance policy is sufficient coverage to protect your family while remaining affordable. If you're not sure which type of policy is best for your family, you may want to consult a financial planner. what kind of politics you need. Policies can be found through these insurers or through online agencies, which are supported by major insurance companies. Online agencies allow you to circumvent the need for an insurance agent in person and often offer the opportunity to get a quote and buy your policy entirely online. If you want to follow the more traditional path, you can work with an agent. With some of the above companies, such as Northwestern Mutual, you will need to work with an agent to obtain a policy. Companies will generally help you get in touch with an agent or provide a list of agents in your area. If you work with a company that does not require an agent, you can proceed with the application process yourself. After completing a few questions about your medical history, hobbies, and travel plans, you may be asked to complete a medical exam. If so, you can make arrangements with a paramedic examiner to meet you at your home. However, some companies are changing their medical examination policies because of COVID-19. Talk to your potential insurer to arrange an exam with which you feel comfortable. After completing these steps and being approved by the insurer, you will get the final monthly payment. From there, you will start paying for your policy and have your coverage in place.