Top Life Insurance Coverage: What You Need to Know

If you’ve decided now is the time to buy life insurance, you’ve already taken the first, and likely the easiest, step in the process.

As you shop around, your choice of provider will depend on comparing life insurance rates from multiple companies. However, more than just cost should factor into this decision, such as available life insurance products, coverage limits, and riders. 

Take a look at our guide to learn more about the top life insurance coverage and what each of the top companies has to offer. 

The Top Life Insurance Companies

Here are the 12 best life insurance companies. 

1. Lincoln Financial
2. Mutual of Omaha 
3. Pacific Life
4. Protective
5. Prudential
6. AIG
7. Equitable 
8. Nationwide
9. Northwestern Mutual
10. Penn Mutual
11. Transamerica
12. John Hancock

We’ll provide further details about each company and how they compare. 

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Compare the Top Life Insurance Companies

Depending on what you are looking for, one life insurance company may be a better fit for you and your needs. Here are some of the best life insurance companies and what they offer.

Top Life Insurance Coverage: Lincoln Financial Group

Lincoln Financial Group, named after Abraham Lincoln, was founded in 1905. Headquartered in Radnor, Pennsylvania, the company offers life insurance, annuities, retirement plan services, and workplace benefits in all 50 states and Washington, D.C.

Here are the pros of Lincoln Financial Group Life Insurance:

• Offers term and permanent life insurance options
• Strong A.M. Best rating of “A”
• Term periods range from 10 to 30 years
• Life insurance is available in all 50 states and Washington, D.C. 
• Mobile app
• Network of local life insurance agents

Here are the cons of Lincoln Financial Group Life Insurance:

• Online quotes are not available
• Applicants must work with a financial professional
• Whole life insurance only available through workplace plans

Online quotes for term life and permanent life insurance are not available, and the application process must be started with the assistance of a Lincoln Financial Group financial professional. 

You can learn more about Lincoln Financial Group life insurance by visiting the company website or using our free quote tool below to find a local agent near you.

Top Life Insurance Coverage: Mutual of Omaha

Mutual of Omaha, formerly known as Mutual Benefit Health & Accident Association, was founded in 1909. Headquartered in Omaha, Nebraska, Mutual of Omaha offers life insurance in 48 states. In addition to life insurance, the company offers various insurances and services, including long-term care insurance, disability income insurance, annuities, and mortgages.

Applicants can get term and whole life insurance quotes, but you must speak to an agent for universal life quotes. Once a policy is purchased, customers can access an online account and mobile app to manage their policies.

Here are the pros of Mutual of Omaha life insurance:

• Offers term, whole, and universal life
• Offers accidental death insurance
• Superior A.M. Best rating of “A+”
• Online quotes available for term life and whole life insurance
• Mobile app
• Instant coverage is available depending on the applicant
• Term life coverage ranges from 10 to 30 years
• No-medical exam coverage may be available

Here are the cons of Mutual of Omaha life insurance:

• Online quotes not available for universal life insurance
• Death benefits and premiums cannot be adjusted for term life and whole life insurance policies

You can learn more about Mutual of Omaha life insurance by visiting the company website. 

Top Life Insurance Coverage: Pacific Life

Pacific Life was founded in 1868 in Sacramento, California. It currently offers life insurance, annuities, and mutual funds. The company’s life insurance products, which include term life and universal life insurance, are available in all states except New York.

Here are the pros of Pacific Life insurance:

• Offers term, universal, indexed universal, variable universal
• Superior A.M. Best rating of “A+”
• Customizable policies give policyholders access to riders offering additional benefits
• Life insurance products are available in 49 states

Here are the cons of Pacific Life insurance:

• Online quotes are not available
• Doesn’t offer whole life
• Mobile app cannot be used to manage life insurance policy
• Policies are not available in New York

Online quotes are not available, so applicants must contact a Pacific Life insurance agent to request a quote and start the application process. Unfortunately, life insurance policyholders cannot manage their policies through the mobile app. You can learn more about Pacific Life by visiting the company website. 

Top Life Insurance Coverage: Protective

Protective Life Insurance Company was founded in 1907 and is headquartered in Nashville, Tennessee. Its life insurance offerings are term, whole, and universal life. Policyholders can purchase various riders, including disability income and waiver of premium riders.

You can get term life insurance quotes online, but anyone interested in whole or universal life insurance must speak to an agent. There is no mobile app for quick, convenient management of your policy, but policyholders have access to their accounts online through the Protective website. 

Here are the pros of Protective life insurance:

• Offers term, whole life, and universal life insurance
• Online quotes are available for term life insurance
• Life insurance products are available in 49 states
• Term life periods range from 10 to 40 years
• Term policies are convertible and renewable
• Terminal illness riders are available in certain states
• SuperiorA.M. Best rating of “A+”

Here are the cons of Protective life insurance: 

• Online quotes are not available for whole life or universal life insurance
• Life insurance products not available in New York
• Premium increase when you renew your term life insurance policy
• Term life and whole life death benefits cannot be adjusted.
• No mobile app

You can learn more about Protective life insurance by visiting the company website or using our free quote tool below to find a local agent near you.

Top Life Insurance Coverage: Prudential

Prudential is the third-largest life insurance provider in the country. It was founded in 1875 in Newark, New Jersey. The company offers term life and universal life insurance coverage, but whole life insurance is unavailable.

Policies are customizable, so policyholders can choose between several riders to increase their coverage. Those interested in getting life insurance coverage immediately can take advantage of the no-medical exam life insurance. 

Here are the pros of Prudential life insurance:

• Offers term life and universal life insurance
• No medical exam insurance is an option
• Online quotes available for term life
• Various riders available, including disability riders and serious illness riders
• Superior A.M. Best rating of “A+”
• Mobile app

Here are the cons of Prudential life insurance:

• Does not offer whole life insurance
• Online quotes are not available for universal life insurance
• Life insurance rates increase when you renew your term life policy
• Term life death benefits cannot be adjusted

You can learn more about Prudential life insurance by visiting the company website or using our free quote tool below to find a local agent near you.. 

Top Life Insurance Coverage: AIG

Corebridge Financial, formerly known as AIG,  was founded in 1995 and is headquartered in New York. The company’s life insurance offerings include term life, universal life, and many other policy options, such as final expense and accidental death insurance.

Policyholders have their pick of riders to boost coverage, and term life insurance policies are renewable and convertible for those who want life insurance protection beyond their initial policy term. 

Here are the pros of AIG life insurance:

• Offers a variety of life insurance options, including term life, permanent life, and final expense.
• Offers no medical exam life insurance
• Strong A.M. Best rating of “A” 
• Term life policies are renewable and convertible
• Various riders available

Here are the cons of AIG life insurance:

• Online quotes are not available
• Does not offer whole life
• Mobile not available to life insurance policyholders

You can learn more about AIG life insurance by visiting the company website or using our free quote tool below to find a local agent near you. 

Top Life Insurance Coverage: Equitable

The Equitable Life Insurance Society of the United States was founded in 1859 and headquartered in New York. Available life insurance options include term life and permanent life, and policyholders can choose riders to add to their policies. Quotes are not available online, so applicants have to work with an Equitable life insurance agent when applying. 

Here are the pros of Equitable life insurance:

• Term life and permanent life insurance are offered
• Term periods range from one to 20 years
• No medical exam life insurance is an option
• Term life insurance is convertible and renewable
• Riders available to policyholders
• Strong A.M. Best rating of “A” 

Here are the cons of Equitable life insurance: 

• Longer term period of 25 or 30 years not available
• Online quotes are not available

You can learn more about Equitable life insurance by visiting the company website or using our free quote tool below to find a local agent near you. 

Top Life Insurance Coverage: Nationwide

Headquartered in Columbus, Ohio, Nationwide offers term and permanent life insurance options, including whole, universal, and variable universal life. Depending on the type of life insurance policy you are interested in, you can request a quote and complete an online application or contact a Nationwide life insurance agent. 

Here are the pros of Nationwide life insurance:

• Offers term and permanent life insurance
• No-medical exam insurance may be available to certain applicants
• Superior A.M. Best rating of A+
• Multiple rider options
• Wide network of life insurance agents
• Mobile app allows you to manage your life insurance policy from your phone
• Term periods range from 10 to 30 years
• Term policies are renewable and convertible
• Term life insurance quotes can be requested online

Here are the cons of Nationwide life insurance:

• Online quotes and applications are limited to term life insurance
• Term policies are limited to applicants 70 years old or younger
• Premiums increase when you renew your term life insurance policy
• Term life death benefits cannot be adjusted

You can learn more about Nationwide life insurance by visiting the company website or using our free quote tool below to find a local agent near you. 

Top Life Insurance Coverage: Northwestern Mutual

Northwestern Mutual was founded in 1857 in Janesville, Wisconsin. The company is now headquartered in Milwaukee, Wisconsin, and it offers term and permanent life insurance options through agents.

Policyholders can access an online profile and mobile app to manage and view their policies. Riders are available for both term life and permanent life policies, but options are limited for term life insurance policyholders. 

Here are the pros of Northwestern Mutual life insurance: 

• Offers term and permanent life insurance
• Policyholders have access to an online portal and mobile app
• Multiple rider options
• Wide network of local agents
• Customer service is available 24/7
• Superior A.M. Best rating of A++
• Certain policies offer flexible payments
• Whole life premium never increases
• Term policies are renewable and convertible

Here are the cons of Northwestern Mutual life insurance: 

• Life insurance must be purchased through an agent.
• No online quotes or applications
• Rider options are limited for term policies
• Term periods are limited to one, 10, or 20 years

You can learn more about Northwestern Mutual life insurance by visiting the company website.

Top Life Insurance Coverage: Penn Mutual

Penn Mutual Life Insurance Company, or Penn Mutual, was founded in 1847 in Philadelphia.

It offers term, whole, variable universal, indexed universal, and guaranteed universal life insurance nationwide. To request a quote or apply for life insurance, applicants must contact a Penn Mutual life agent. No mobile app is available, but policyholders have access to an online account where they can manage their life insurance policy. 

Here are the pros of Penn Mutual life insurance:

• Offers term, whole, variable universal, indexed universal, and guaranteed universal life insurance
• Superior A.M. Best rating of A+
• Term periods range from 10 to 30 years
• Variety of riders are available
• Certain term policies are convertible

Here are the cons of Penn Mutual life insurance: 

• No online quotes
• No online application
• No mobile app

To learn more about Penn Mutual life insurance, you can visit the company website. 

Top Life Insurance Coverage: Transamerica

Transamerica got its start in San Francisco in 1906 as a bank. Years later, the company now offers a variety of products and services, including term, whole, indexed universal, and final expense life insurance. Depending on the type of life insurance policy, customers must contact an agent for a quote and to complete an application. 

Here are the pros of Transamerica life insurance:

• Offers term, whole, indexed universal, and final expense life insurance
• Strong A.M. Best rating of “A”
• Term periods range from 10 to 30 years
• Medical exam may not be required for certain applicants
• Policyholders can add riders to policy
• Wide network of local life insurance agents

Here are the cons of Transamerica life insurance: 

• No online quote for whole or indexed universal life insurance
• Mobile app does not allow policyholders to manage their life insurance policies

Further information on life insurance options from Transamerica is available on the company’s website. 

Top Life Insurance Coverage: John Hancock

John Hancock, named after one of the Founding Fathers of the U.S., was founded in 1862 in Boston. Online quotes and applications are not available, so you must buy a term, universal, indexed universal, or variable universal life insurance policy through an agent.

Policies are customizable, so in addition to picking the type, coverage limit, and term, policyholders can also add riders, depending on the policy type. 

Here are the pros of John Hancock life insurance:

• Offers term, universal, indexed universal, and variable universal life insurance
• John Hancock Vitality and Aspire offers savings and discounts on policyholder’s wellness purchases
• Term periods range from 10 to 30 years
• Riders make policies more customizable
• Superior A.M. Best rating of “A+”

Here are the cons of John Hancock life insurance: 

• Does not offer whole life
• No online quotes
• Mobile app doesn’t allow policyholders to manage their policies

You can learn more about life insurance options from John Hancock by visiting the company’s website. 

What is life insurance?

Life insurance is an agreement between a policyholder and a life insurance company. The policyholder agrees to pay an annual premium in exchange for a guaranteed payout issued to the designated beneficiary after they die. 

Policyholders have their choice of policy type, death benefit, riders, and term, if applicable. They are required to submit an application, which will be reviewed by the life insurance company. And if the application is approved, coverage will last for a specified number of years or the policyholder’s entire life, depending on the type of policy. 

Life insurance can be used for the following: 

• Debts
• Savings
• Probate
• Income replacement
• Inheritance
• Medical expenses
• Funeral expenses
• Charity donation
• State and federal death taxes

No one is required to purchase life insurance, but because it offers financial security after the policyholder dies, many people see it as a good investment.   

Types of Life Insurance Policies

There are two main types of life insurance — permanent and term life. Under these categories of life insurance are additional types, including whole and universal. 

What is term life insurance?

Term life insurance offers a temporary agreement between the policyholder and the life insurance company. The policyholder pays the annual premium in exchange for coverage of varying limits for a term of one, five, 10, 15, 20, 25, or 30 years. 

Pros of term life insurance include the following:

• Inexpensive
• Renewable
• Guaranteed insurability
• Convertible, depending on the life insurance company
• High coverage limit 

Cons of term life insurance include the following:

• Short-term coverage
• No cash value 
• Age limit impacts available terms
• Premium increases upon each renewal
• Medical exam may be required

Depending on your age when purchasing a term life insurance policy, only certain term lengths will be available. Term life is renewable, but policyholders may also have the option to convert their policy to permanent life insurance and get covered for the rest of their life rather than renew the policy for another term. 

What is permanent life insurance?

Permanent insurance offers a long-term agreement between the policyholder and the life insurance company. The policyholder pays the annual premium in exchange for coverage of varying limits that lasts their entire life. Unlike term life insurance, permanent life insurance comes with a savings account and uses a portion of your premium to build cash value over time. 

The two main forms of permanent life insurance are whole and universal.

What is whole life insurance?

Whole life insurance is a type of permanent life insurance, so it offers lifelong coverage. The annual premium is fixed, but this type of policy is more expensive than term life insurance. 

Pros of whole life insurance include the following:

• Long-term coverage
• Builds cash value
• Fixed premium
• Option to withdraw cash or borrow against the policy

Cons of whole life insurance include the following:

• More expensive than term life insurance
• May not be available to individuals 75 years old or older 
• Medical exam may be required

Thanks to the cash value component, policyholders can withdraw the cash or borrow against the policy and use the fund for financial obligations, such as medical bills. However, if you borrow against the policy and do not repay the loan or die before it is repaid, the amount will be deducted from the death benefit. 

What is universal life insurance?

Universal life insurance is a type of permanent life insurance that offers similar features to whole life insurance, but the death benefit and premium are flexible.

Additionally, the cash value can be used in one of three ways — to pay the premium, to borrow against the policy, or to receive it as a payout after surrendering the policy. Common universal life insurance policies are indexed universal life, variable universal life, and guaranteed universal life insurance. 

Here are the pros of universal life insurance:

• Long-term coverage
• Flexible premium
• Adjustable death benefit
• Option to use cash to pay premiums
• Option to borrow against the policy 
• Option to surrender the policy and receive cash value as a payout
• Builds cash value

Here are the cons of universal life insurance:

• More expensive than term life insurance
• Medical exam may be required
• May not be available to individuals 75 years old or older 

When applying for life insurance, you have a lot of options to choose from. Ultimately, your needs and budget will be the most important factors that influence your decision. 

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What is no-exam life insurance?

Both term life insurance and permanent life insurance may require the applicant to complete a health questionnaire and a medical exam, which gives the insurance company insight into their health. No-exam life insurance offers an expedited underwriting and approval process. Although the applicant won’t have to complete a medical exam, they may still be required to fill out a health questionnaire.

Due to a medical exam not being needed, these policies are often more expensive than fully medically underwritten policies. 

Common types of no-exam life insurance include the following:

• Simplified issue life insurance: Simplified issue life insurance doesn’t require a medical exam, but applicants must complete a health questionnaire. 
• Guaranteed issue life insurance: Guaranteed issue life insurance doesn’t require a medical exam or health questionnaire, but there are age restrictions for applicants, the death benefit is low, and the payout may be partial depending on when you die.  

Life insurance underwriting reviews the following information to assess the applicant’s risk and calculate the life insurance premium: 

• Age 
• Lifestyle
• Smoking status 
• Gender
• Health
• Credit score 
• Occupation
• Driving record
• Family medical history

• Type of insurance policy
• Coverage amount

Although similar information is used to determine life insurance premiums, rates will vary between companies.  

Top Life Insurance Coverage: The Bottom Line

The best life insurance policy for you will depend on your needs. Both term life and whole life insurance offer great coverage, but it depends on your life insurance needs. If you prefer short-term coverage that is affordable and offers high coverage limits, term life insurance may be a good fit. But if you want long-term coverage with a fixed premium and cash value, whole life is the better option. 

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