12 Best Life Insurance Companies in America for 2024 + Video

Top 12 Best Life Insurance Companies in America: In-Depth Review for [2024] + YouTube Video

Comparing the best life insurance companies in America can be a little time-consuming. This article will lay everything out, so it is quick and straightforward.

Applying with one of the top companies just because you like the name or its financial rating is not the answer. There is much more strategy required to make the best choice.

Most smart consumers planning to purchase affordable life insurance want to know their choices before applying.

The top 12 best life insurance companies in America being compared in this article will answer most of your questions about the rating of these companies.

There is no one or two specific best life insurance companies you can put your finger on. Through my 30 years of experience, I have created this list of highly trusted and good solid choices.

Choosing any one of these trusted carriers would be a smart move. An experienced agent can help determine the best fit for your needs.

 

What to Consider When Choosing the Best Life Insurance Companies in America

I have constructed a list of over 60 insurers and targeted 12 of America’s best life insurance companies to review. As I said, these companies would make a great choice and be equally ranked as some of the finest. Of course, this is only my opinion based on years of experience and feedback, but there is no doubt these are some of the best insurers in America.

The two prerequisites to make this list are financial condition and claims-paying ability. The last thing you want is a company becoming insolvent or failing to pay a life claim promptly. All the top life insurance companies in the US are admitted and licensed, which means the Life & Health Guarantee Fund will cover them.

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Each state in the US has its own branch of the Life & Health Guarantee Fund. Their job is to step in and pay claims if the insurance company for your life or health insurance becomes insolvent and cannot pay a claim, such as a death claim on your life insurance policy.

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Prudential: A.M. Best Rating   A++ (Superior)

The Prudential Insurance company has over 1.456 Trillion dollars in strictly managed assets, and all assets are monitored closely by the company’s executive staff.

Prudential has more than 48,000 employees and sales associates worldwide, and this legendary life insurance company has been insuring people’s lives for more than 135 years.

Prudential was founded by an insurance agent named John Dryden in a small basement office in Newark, New Jersey, in 1875. It was the first life insurance company in America to offer life insurance to the working class. Check out our Prudential Life review.

 

Prudential Is a Name Recognized Around the World

Prudential sold “industrial life insurance,” which provided funeral and burial expenses for low-income families. Some of the premiums were as low as three cents per week, with their ever-growing sales and assets reaching $1 million. They sold their one-millionth policy to John Dryden.

The company was renamed The Prudential Insurance Company of America. A few years later, Prudential adopted the famous Rock of Gibraltar as its company symbol. This reflected the strength and security it offered to its life insurance customers. 

Prudential’s life insurance family of companies is now some of the most financially secure companies globally, making it an excellent choice for life insurance. In addition, Prudential insurance company is one of America’s best life insurance companies in America.

Prudential Strong Points:

Prudential has many advantages to consider such as their very competitive smoker rates. Smoker rates can easily double or even triple your premiums to the point where most people cannot afford the premium or have to reduce the face amount they are applying for.

Height and weight issues can increase your premium or even cause your application to be declined.

Prudential’s life insurance companies are also some of the best if you have any number of serious health conditions. 

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Although this list of companies is not being ranked in any specific position, we felt that the Prudential Insurance Company deserved to be at the top of the list with its 1.6 trillion dollars in assets and impeccable products and services to consumers. 

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MetLife: A.M. Best Rating: A++ (Superior)

The Metropolitan Insurance company is now renamed MetLife. It was founded in 1868 and has a customer database of over 100 million customers. MetLife has more than 68,000 workers and has been one of the leading life insurers for nearly 150 years.

At this point, they have 473.7 billion dollars in managed assets. MetLife was organized by a group of New York City businessmen in 1863. They began business in July 1864, insuring Civil War sailors and soldiers against wartime-related disabilities.

MetLife Had Its Growing Pains in the Beginning

After five difficult years in business, the company president James Dow, a medical doctor and on the board of directors, decided to drop the casualty business and concentrate solely on selling life insurance. That’s when MetLife opened for business in March 24, 1868.

The telephone was not yet invented, and electric lights were still uncommon. The population of the United States was approximately 37 million. There were only 37 states in the country. The company’s first home office consisted of two rooms. This was just enough space for a total of six employees. A lot has changed since then, and MetLife is one of the most respected names in the life insurance industry. 

MetLife’s Strong Points:

MetLife is an excellent choice if you have more severe health conditions such as diabetes. This is where some of the other companies may decline your application. They also offer an excellent whole-life insurance policy for young children.

If you are looking for life insurance, you should consider MetLife. 

Transamerica: A.M. Best Rating: A+ (Superior)

The Transamerica Life Insurance Company was founded in 1904 by a young entrepreneur named Amadeo Giannini. He also created the Bank of Italy, which opened its doors in a converted San Francisco tavern.

His goal was to make financial services available to everyone, not just the wealthy. After the historic 1906 earthquake and fire, Amadeo Giannini set up a makeshift bank on the San Francisco docks.

He gave residents loans to rebuild, secured with only a friendly handshake.

Transamerica Merged With Bank of America

In 1928, Amadeo Giannini merged with the now-famous Bank of America. In 1930 they acquired the Occidental Life Insurance Company through his Transamerica Corporation.

The banking and life insurance businesses were separated in 1956 into two different entities. The life division took on the Transamerica name.

In 1972, the now iconic Transamerica Pyramid claimed its place in the San Francisco skyline. The rest later became the rest of the company’s history. Transamerica grew incredibly, owning interests not only in life insurance.

But in financial services, motion picture studio United Artists, Trans International Airlines, and the Budget-Rent-A-Car companies.

Today, Transamerica is one of the premier life insurers in the United States and many other countries. They are one of the best choices today for an excellent source of affordable life insurance products.

Transamerica’s Strong Points:

Transamerica has a term product: the Trendsetter LB policy with “Living Benefits.” These benefits are for critical and chronic illnesses. These plan designs will give you excellence while you are alive.

 

Banner Life: A.M. Best Rating: A+ (Superior)

Banner Life Insurance Company is not usually going to be a household term for many consumers. Such as Prudential, MetLife, John Hancock, and others.

But this does not reflect their performance as a stable and competitive life insurance company. Banner Life is a part of the Legal & General America family of life insurance companies.

They have over $1,000,000 customers with over 624 billion dollars of life insurance in force and multiplying. Legal & General opened its doors for business in London, England, 178 years ago in 1836.

Banner Life is Usually the Most Competitive Company for Term Insurance

They have over 10 Million customers all around the world. Their managed assets have a rank of the 7^th largest insurance companies globally. The life insurance sales force knows Banner Life very well. They have some of the lowest life insurance rates, especially for term products.

Banner life is always an excellent choice for competitive life insurance policies. They will give you peace of mind in having a very financially stable company you can count on if the unexpected happens. Banner Life is one of the best life insurance companies in America. 

Banner Strong Points:

Suppose you have medical conditions such as high blood pressure or high cholesterol. Banner Life will usually come back with the best rate classification after completing their underwriting process.

This will enable you to receive some of the lowest life insurance premiums. Low-cost term insurance is Banner’s middle name. For more information, check out our Banner Life review.

Principal Financial: A.M. Best Rating: A (Superior)

Independent agents have turned to Principal Life Insurance Company for the best life insurance solutions to help their clients for decades. Principal Financial is also a firm that is active in the financial investment markets.

Thanks to their financial stability, they have been very successful in helping people and companies build their financial futures. 

The company was first founded in 1879 as an unknown life insurance company. They are a Fortune 500 company and a global investment leader worldwide.

1. Principal has been named one of the most ethical companies in America.

2. They have received the Adviser’s Choice Award for excellence in record keeping. In addition, over the past ten years, Principal has received nearly 100 Best in Class designations from Plan Sponsor magazine’s Defined Contribution Services Survey.

3. The company offers a diversified portfolio of insurance products at very competitive rates.

Principal Financial’s Strong Points:

Principal is a very versatile company with many valuable, cost-effective plan designs such as:

• Term life.
• Indexed universal life.
• Universal Life.
• Variable Universal Life.
• Survivorship Life.

Principal Life Insurance Company is one of America’s best life insurance companies.

New York Life: A.M. Best Rating: A++ (Superior)

The company, New York Life, is a household word in the United States. The life insurance giant has been in business for 170 years. They opened for business on April 12, 1845, as The New York Life Insurance Company.

The Company Secretary, Lewis Benton, purchased the first policy for $5,000. This was when it all began for the new life insurance company.

Their corporate president and chairman of the board was Darwin Kingsley. He called the shots and brought the young company into a life insurance behemoth.

New York Life would also be one of the largest life insurance companies in the world. They have been in business for over 170 years. New York Life is one of the best life insurance companies in America.

New York Life Is One of the Original Companies That First Developed Life Insurance

The New York Life Company’s definition of “what is life insurance” is. Life insurance can help make sure your family is well provided for. Your child’s educational needs are financially secure.

Also, your children won’t have to worry about their future. These are well-spoken words and sum up the common question that most consumers have.

Especially when they think of whether they need life insurance and its benefits, this company is one of the most prominent and secure players in the market, to say the least, and always a great choice.

New York Life’s Strong Points:

The New York Life Insurance Company is a large company that can afford to be more liberal in the underwriting department. For example, they can allow applicants with medical conditions to be placed in a better-rate class. They may then be able to be issued at lower rates than some smaller companies. 

SBLI: A.M. Best Rating: A+ (Superior)

Savings Bank Life Insurance Company is one of America’s finest life insurance companies. Louis Brandeis founded the SBLI insurance company in 1907. Brandeis had an idea that he refused to accept as impossible.

This provided affordable insurance to all families who needed it, regardless of their income. We can trace SBLI’s roots back to the Panic of 1907, one of the stock market’s worst crashes in the history of the United States.

Many banks failed then, and the life insurance industry was exposed to crime and corruption. This is one of the reasons that crippled the entire financial world.

This triggered SBLI’s Boston lawyer, Louis Brandeis, to advocate for responsible practices. The good part was that this meant low-cost life insurance for America’s working families.

SBLI Has Over 125 Billion Dollars of Life Insurance in Force

He was largely responsible for the passage of Chapter 561. It was an act that allowed savings banks to be incorporated under the laws of the state of Massachusetts to establish departments to issue life insurance and annuities. The legislation was passed, and Louis Brandeis established the first SBLI department.

This department was responsible for launching the SBLI Bank. A new era in the life insurance industry was born.

The very first policy was issued to Charles Jones in 1908. The world of purchasing affordable insurance for all Americans has now begun. SBLI Life Insurance Company now has over 125 Billion dollars of life insurance in force. They also have some of the lowest premiums in the industry.

Today SBLI is one of the most competitive insurance companies and is an excellent choice to apply with.

SBLI is now one of the best life insurance companies in America.

SBLI Strong Points:

SBLI has traditionally had some of the industry’s most competitive term life insurance rates.

Voya: (ING) A.M. Best Rating: A+ (Superior)

Voya Financial, Inc. debuted in April and completed its rebranding in September. The company name Voya is an abstract name coined from “voyage.” The name reflects momentum and optimism.

Voya is also an industry leader in the retirement planning field. They are also a leading provider of retirement products and services in the U.S.

It serves more than 46,000 institutional clients and nearly 5 million individual retirement plan investors. Voya Corporation has more than 2,300 financial advisers operating in the retail market.

The Voya Retirement business is focused on guiding and consulting Americans on more incredible retirement planning strategies. It’s not just the usual employer-sponsored savings plans and holistic retirement guidance.

Voya Annuities offers fixed index and immediate annuities. It is aimed at helping individuals save and protect their retirement savings. It serves over 417,000 retail fixed annuity product customers in the United States and other parts of the world.

Voya Is One of the Newer Companies on This List

They have over 40 years of investment history in investment management. The company has the experience and resources to provide clients with investment solutions. Voya concentrates on equities, fixed income, asset strategies, and solutions.

Voya is a term insurance leader and provides wealth protection and transfer opportunities. This is done through universal, variable, and term products.

Voya’s complete line of life insurance products is very well designed. They have some of the most competitive rates you will ever find for low-cost Term life insurance. Voya will always make a fine choice to apply with and enjoy affordable life insurance rates you can easily afford.

Voya’s Strong Points:

Voya is well known for issuing many life insurance rates in a preferred rate class, whereas some of the other carriers would be placing you in a standard rate class, resulting in higher premiums. 

Protective Life: A.M. Best Rating: A+ (Superior)

Protective Life opened its doors for business while President Theodore Roosevelt was in his 7^th year in office. This dates back to 1907, indicating that Protective Life has a lot of experience in the life insurance industry. But it also reflects a financially strong company that has stood the test.

Financial strength and longevity are critical when considering the purchase of life insurance. This is because your policy may be in force for well over 30 years before the policy is expected to pay out any benefits. See our Protective Life review.

Protective Life Has Some of the Best Rates

Protective Life has very competitive term life insurance rates—an excellent universal life insurance policy when a person needs a permanent life insurance policy.

Protective Life has over 427 Billion dollars of life insurance in force. This is living proof that the company has very competitive life insurance rates. They also do an excellent job of paying benefit claims when the time comes.

Protective Life is one of the most popular companies due to its broad spectrum of life insurance products. They also have excellent underwriting practices and competitive rates. As a result, they put a quality insurance product into the hands of thousands of Americans at an affordable premium.

Protective Life offers Excellent Customer Service

In 1997 Protective Life acquired another excellent and competitive insurer from San Francisco called West Coast Life. The division is a favorite of life insurance agents around the country.

Especially those who wanted to provide excellent life insurance products for their clients with affordable life insurance rates. West Coast Life now goes under the name Protective Life, just like its parent company.

Protective Life’s Strong Points:

Protective Life is very competitive on term insurance. They also have very competitive underwriting for people applying for term life insurance with health conditions.

Suppose you are looking to purchase low-cost life insurance from a very financially strong company. Protective Life will prove to be one of your very best choices. Protective Life is another company that quickly falls into one of the best life insurance companies in America.

American General: A.M. Best Rating: A (Excellent)

American General is a well-known company in the United States and many other countries. As part of the AIG family. They are financially secure and have been in business for over 160 years.

It also has more than 12 million customers with life insurance in force. American General has a complete line of high-quality insurance products.

They range from employer group benefits to individual life insurance products. They are backed by tremendous financial strength and some of the most affordable premiums.

American General has been in business since 1850

The American general has been in business since 1850. They are considered one of the industry’s largest and most secure life insurance companies. Term life insurance is the most popular life insurance plan designed in the United States.

As a result, American General is usually a top contender for competitive term life premiums compared to their competition. Consider American General products if you are considering applying for a new policy.

You can’t go wrong with AIG American General.

General American Strong Points:

American General has many strong points for offering low-cost life insurance rates. This is especially true for applicants with serious health problems. They also provide some of the best permanent universal life insurance products. 

Assurity Life: A.M. Best Rating: A- (Excellent)

Assurity Life Insurance Company is a mutual insurance company based in Lincoln, Nebraska. Assurity employs over 400 Home Office associates and is licensed to conduct business in 49 states and the District of Columbia.

They have been in business for over 125 years. They may not be household names like Prudential, MetLife, or Transamerica. But don’t let that fool you for one minute.

Assurity Life is an excellent life insurance company with a great line of products and very affordable premiums. They are used extensively by the life insurance sales force in this country.

They are a good company, from innovative life insurance products to excellent customer service and competitive rates.

They have a whole arsenal of life insurance policies, from conventional term life insurance to final expense life insurance. Assurity Life can compete with the most prominent New York carriers for products any day of the week.

In addition, this company has other excellent products, such as disability income, Critical Illness Insurance, Accidental Death, and life insurance company annuities. 

Assurity Life Strong Points:

This excellent carrier has a full spectrum of life insurance products. These products are offered, from low-cost Term Life Insurance to some unique Burial Insurance products.

Assurity Life is a well-rounded carrier with high-quality insurance products and competitive premiums. 

Sagicor Life: A.M. Best Rating: A- (Excellent)

Sagicor Life Insurance Company has over 60 years of experience. They also have a complete line of insurance products. All of their products provide quality and value to all their policyholders.

They also offer a wide range of life and annuity products to serve the needs of all Americans at every stage of their life.

Their life products include term and universal life plan designs to choose from. Its annuities range from immediate options to those that address long-term financial savings needs.

Sagicor does business in 45 states and the District of Columbia, and its product lines are provided through well over 6,000 independent insurance agents in the US.

The company currently ranks as one of the 140 largest life insurance companies in the United States by total assets. Sagicor was founded in 1840 and is one of the oldest insurance carriers in America.

They operate in 21 countries, mainly in the United States, Central America, and the Caribbean. Sagicor has approximately $5.5 billion in assets and has been an industry leader for over 170 years. If you have never heard of this company before, don’t let this alter your opinion. They are one of the top companies to consider when purchasing life insurance.

Sagicor’s Strong Points:

One of Sagicor’s best and most vital points is the opportunity to receive a preferred rating if you use tobacco products. They also offer an excellent non-medical exam policy and an underwriting process as short as 24 hours. As a result, Sagicor is now one of the best life insurance companies in America for No-Medical-Exam life insurance.

 

How Accurate Are Online Life Insurance Quotes: YouTube Video

Our Final Thoughts

All of the best life insurance companies in America that we have listed above are the most intelligent choices to consider. More companies deserve praise, but I wanted to mention these top 12.

There are approximately 40 more companies that are included in our website’s quote engine for your review.

They all offer some of the best rates and plan designs. Review these companies and more in our instant quoting system.

Please don’t hesitate to contact us seven days a week with any questions. There is never any obligation to our help. 

All the best,
Jack Venturi

Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545 for an immediate response. We’re here to help!