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Life Insurance Companies for 2022

Buying a life insurance policy can be a confusing process. There are multiple different types of life insurance policies with and without investment options. You also have to contemplate what life will be like for your loved ones after you’ve passed. To help make the process easier we have compiled a list of the top life insurance companies of 2022.

We also have gathered information to explain the different types of life insurance, how the quote process works, and even how to buy.

List of Life Insurance Companies Rating

#1 Haven Life

#2 Bestow

#3 New York Life

#3 Northwestern Mutual

#5 Lincoln Financial

#5 John Hancock

#7 AIG

#7 State Farm

#9 Nationwide

#9 Banner Life

#11 Mutual of Omaha

#12 Prudential

#12 MassMutual

#14 Transamerica

#15 Guardian Life

Best Life Insurance Companies of 2022 in Detail:

  • Haven Life

Pros

Can be purchased online

No medical exam is required for some applicants

Cons

Only offers term life insurance

Haven Life is a digital insurance agency that offers two term life insurance options, Haven Term and Haven Simple. Haven Term is a term policy with durations of between 10 and 30 years and coverage of up to $3 million. Haven Simple is also a term-based policy but has lower coverage amounts and shorter offered durations of between five and 20 years.

The upside for some people maybe that it doesn’t require a medical exam for coverage. Both policies can be applied online without the aid of an agent.

It should be noted that Haven Life doesn’t issue the policies it sells. Instead, the policies are issued by MassMutual, which also made our rating or one of its subsidiaries.

 

  • Bestow

Pros

None of its policies require a medical exam

Terms policies between 10 and 30 years in duration

Cons

Only term life policies available

Doesn’t offer any riders

Bestow sells one type of policy with terms between 10 and 30 years available in five-year increments. The policy has coverage amounts up to $1.5 million. The entire application can be completed online, and you can text or call Bestow’s customer support team with any questions. One of the things that set Bestow apart from the other companies in our rating is that none of their policies require a medical exam.

Bestow doesn’t issue the life insurance policies it sells. Instead, the policies are issued by North American Company for Life and Health Insurance.

  • New York Life

Pros

Offers term, whole, and universal life policies

Term policies can be converted to permanent

Cons

Policies are more expensive than many companies in our rating

Policies aren’t fully explained on the company website

New York Life is the highest-rated company in our rating to offer both term and permanent policies. Its permanent life insurance options include both whole and universal policies. The term policies it offers can also be converted to a permanent policy.

You also have the option of adding riders such as Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits.

The New York Life website doesn’t necessarily provide a lot of information on its policies, so you may have to contact a New York Life agent for more detail. Also, its term policies are more expensive than most of the companies in our rating.

  • Northwestern Mutual

Pros

Offers term, whole, and universal policies

Offers a single-payment universal policy

Cons

Can only be purchased through an agent

Limited online pricing information

Founded in the 1850’s Bestow offers both term, whole, and two universal policy options. One of its two universal policy options, Custom Universal Life, gives you options to customize both your death benefit and your premiums. While its Single Premium universal policy is exactly what it sounds like, you can make a single premium payment for a universal life insurance policy.

Something to keep in mind is that all policies must be purchased through an agent, although you can begin the application process online. We were not able to find much information on the pricing of Northwestern’s policies.

 

  • Lincoln Financial

Pros

Offers term and universal policies

Some policies may not require a medical exam

Cons

Doesn’t offer whole life insurance policies

Applying for policies requires working with a Lincoln financial professional

Lincoln Financial Group offers both term and universal policies. Its two-term policies, TermAccel and LifeElements, have durations of between 10 and 30 years with coverage starting at $100,000. Depending on your application, you may not be required to take a medical exam.

Lincoln offers three types of permanent life insurance: universal life, variable universal life, and indexed universal life.

Applying for a policy requires reaching out to Lincoln Financial.

 

  • John Hancock

Pros

Offers term and universal life insurance policies available

Offers higher coverage levels than many of the companies in our rating

Cons

Doesn’t offer whole life insurance

Some policies have high minimum coverage amounts

John Hancock offers both term and universal policies. One thing that sets it apart from other companies in our rating is its terms policy, which offers coverage up to $65 million. The downside is that the policy’s minimum coverage amount is $750,000. Both the minimum and maximum are higher than many of the companies in our rating. For example, Haven Life’s Haven Term policy starts at $100,000 and maxes out at $3 million.

The company’s permanent life insurance options are universal life, indexed universal life, and variable universal life. It doesn’t provide any whole life insurance options.

You may be able to save money with John Hancock’s Vitality Plus program where you can save money on your premiums by recording healthy activities in the company’s mobile app or program website.

Cheapest Life Insurance Companies of 2022
According to LIMRA, a life insurance trade association, the top reason most people don’t purchase life insurance is they believe it to be too expensive, while over half of Americans overestimate how much a life insurance policy is. To help you find a less expensive life policy here is our rating of the Cheapest Life Insurance Companies of 2022.

Best Term Life Insurance Companies of 2022
Not everyone needs a life insurance policy to last their whole lives. For example, you may only need a life insurance policy to last as long as it takes to pay off a mortgage. This is where term life insurance can come in handy, you can choose how long you want your policy to last, usually for periods ranging from five to 30 years and it is frequently one of the less expensive life insurance options. Here is our rating of the Best Term Life Insurance Companies of 2022.