Best Life Insurance Companies for 2023 (10 Most Recommended)
last updated on July 6, 2023
Choosing the best life insurance companies when considering coverage can be challenging to say the least.
What are the best life insurance companies based on ratings, products, and other factors?
These and other similar questions are completely understandable since there are more than 2,500 life insurance companies in the United States alone.
This article, Best Life Insurance Companies for 2020 (10 Most Recommended), provides an overview of the best life insurance companies in our opinion based on company ratings, insurance products, customer service, and other considerations.
JUST NEED A QUICK
LIFE INSURANCE QUOTE?
Choosing the Best Life Insurance Companies
The best life insurance companies provide a source of security for those with financial obligations and other responsibilities.
Whether you are raising a family, running a business, or planning for retirement, life insurance allows you to financially protect those you care about the most.
Best Life Insurance Companies Ratings
Since the strength of a company’s financial products are only as reliable as the underlying company itself, selecting a reputable and fiscally sound life insurance provider is extremely important. In order to determine the financial strength and creditworthiness of a particular life insurance company, credit rating agencies such as A.M. Best, Standard & Poor's, Fitch Ratings, and Moody's are commonly referenced. These agencies offer an unbiased opinion of an insurer’s financial strength and overall ability to meet financial obligations. Traditionally, companies rated “A” (excellent) or better by A.M. Best are recommended as the best life insurance companies.
Best Life Insurance Companies Products
The life insurance product portfolio available in today’s marketplace can be overwhelming. However, life insurance policies essentially come down to either term (temporary) or permanent (lifetime) coverage. There are also several policy riders, living benefits, and other features for consideration. The key is to ensure that you secure an adequate amount of coverage (death benefit) for an appropriate period of time (term) from a reputable life insurance company. Highlights of term and permanent life insurance coverage have been provided below for review.
Term
Permanent
Life Insurance Underwriting Standards
Another consideration in choosing the best life insurance companies is to review an insurer’s underwriting standards.
All companies evaluate a proposed insured’s application for coverage, yet differing underwriting standards often make one company more advantageous than another.
This is especially true with certain health and/or lifestyle considerations and when comparing fully underwritten versus non-medical policies.
Most Recommended Insurance Companies
In shopping for life insurance, it is important to choose the right type of policy, an appropriate amount of coverage, and the best company for your specific situation. The following have been selected as the best life insurance companies in our opinion based on company ratings, product portfolio, underwriting standards, customer service, and other considerations. Recommended insurers have been listed in alphabetical order for review.
Best Life Insurance Companies Reviewed
The following provides a comprehensive list of the insurers reviewed for this article based on our experiences related to industry ratings, products offered, underwriting, customer service, and other relevant factors. Again, reviewed insurance companies have been listed in alphabetical order for convenience.
Note: Company information provided is based on data from NAIC Consumer Information Source.
AETNA Life
Aetna Life Insurance Company, based in the state of Connecticut, has been in business since 1850.
The company holds an “A” (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Aetna Life had assets of $19.8 billion and liabilities of $16.9 billion.
Aetna Life Insurance Company
151 Farmington Avenue
Hartford, TC 06156
A.M. Best
A (Excellent)
American Amicable
American Amicable Life Insurance Company, based in the state of Texas, has been in business since 1981.
The company holds an “A-” (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, American Amicable had assets of $297.7 million and liabilities of $251.2 million.
American Amicable
Life Insurance Company
425 Austin Avenue
Waco, TX 76701
A.M. Best
A- (Excellent)
American General
American General Life Insurance Company, based the state of Texas, has been in business since 1960.
The company holds an “A” (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, American General had assets of $178.7 billion and liabilities of $170.7 billion.
American General
Life Insurance Company
2727-A Allen Parkway
Houston, TX 77019
A.M. Best
A (Excellent)
American Home Life
American Home Life Insurance Company, based in the state of Kansas, has been in business since 1909.
The company holds a “B++” (Good) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, American Home Life had assets of $261.3 million and liabilities of $239.1 million.
American Home
Life Insurance Company
400 S. Kansas Avenue
Topeka, KS 66603
A.M. Best
B++ (Good)
American National
American National Insurance Company, based in the state of Texas, has been in business since 1905.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, American National had assets of $20.1 billion and liabilities of $16.8 billion.
American National
Insurance Company
One Moody Plaza
Galveston, TX 77550
A.M. Best
A (Excellent)
Americo Financial
Americo Financial Life and Annuity Insurance Company, based in the state of Texas, has been in business since 1946.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Americo Financial had assets of $4.4 billion and liabilities of $3.9 billion.
Americo Financial Life
& Annuity Insurance Company
300 W. 11th Street
Kansas City, MO 64105
A.M. Best
A (Excellent)
Ameritas Life
Ameritas Life Insurance Corporation, based in the state of Nebraska, has been in business since 1887.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Ameritas Life had assets of $20.0 billion and liabilities of $18.5 billion.
Ameritas Life
Insurance Company
5900 O Street
Lincoln, NE 68510
A.M. Best
A (Excellent)
Assurity Life
Assurity Life Insurance Company, based in the state of Nebraska, has been in business since 1964.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Assurity Life had assets of $2.6 billion and liabilities of $2.2 billion.
Assurity Life
Insurance Company
2000 Q Street
Lincoln, NE 68503
A.M. Best
A (Excellent)
AXA Equitable
AXA Equitable Life Insurance Company, based in the state of New York, has been in business since 1859.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, AXA Equitable had assets of $194.7 billion and liabilities of $187.3 billion.
AXA Equitable Life
Insurance Company
525 Washington Blvd
Jersey City, NJ 07310
A.M. Best
A (Excellent)
Baltimore Life
The Baltimore Life Insurance Company, based in the state of Maryland, has been in business since 1882.
The company holds a “B++" (Good) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Baltimore Life had assets of $1.2 billion and liabilities of $1.1 billion.
The Baltimore Life
Insurance Company
175 Red Run Blvd
Owings Mills, MD 21117
A.M. Best
B++ (Good)
Banner Life
Banner Life Insurance Company, based in the state of Maryland, has been in business since 1981.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Banner Life had assets of $3.8 billion and liabilities of $3.0 billion.
Banner Life
Insurance Company
3275 Bennett Creek Ave
Fredrick, MD 21704
A.M. Best
A+ (Superior)
Christian Fidelity
Christian Fidelity Life Insurance Company, based in the state of Texas, has been in business since 1935.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Christian Fidelity had assets of $59.6 million and liabilities of $32.9 million.
Christian Fidelity
Life Insurance Company
2721 N. Central Avenue
Phoenix, AZ 85004
A.M. Best
A- (Excellent)
Fidelity Life
Fidelity Life Association, based in the state of Illinois, has been in business since 1896.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Fidelity Life had assets of $406.3 million and liabilities of $278.7 million.
Fidelity Life Association
8700 W. Bryn Mawr Ave
Suite 900S
Chicago, IL 60631
A.M. Best
A- (Excellent)
Foresters
Foresters Life Insurance & Annuity Company, based in the state of New York, has been in business since 1962.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Fidelity Life had assets of $2.4 billion and liabilities of $2.3 billion.
Foresters Life Insurance
& Annuity Company
Raritan Plaza 1
Suite 900S
Edison, NJ 08818
A.M. Best
A (Excellent)
Gerber Life
Gerber Life Insurance Company, based in the state of New York, has been in business since 1968.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Gerber Life had assets of $3.7 billion and liabilities of $3.4 billion.
Gerber Life
Insurance Company
445 State Street
Fremont, MI 49412
A.M. Best
A (Excellent)
Grange Life
Grange Life Insurance Company, based in the state of Ohio, has been in business since 1968.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Grange Life had assets of $412.1 million and liabilities of $72.5 million.
Granger Life
Insurance Company
671 S. High Street
Columbus, OH 43206
A.M. Best
A (Excellent)
John Hancock
John Hancock Life Insurance Company, based in the state of Massachusetts, has been in business since 1956.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, John Hancock had assets of $242.8 billion and liabilities of $234.7 billion.
John Hancock
Life Insurance Company
197 Clarendon Street
Boston, MA 02116
A.M. Best
A+ (Superior)
LifeShield National
LifeShield National Insurance Company, based in the state of Oklahoma, has been in business since 1982.
The company holds a “B++" (Good) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, LifeShield National had assets of $78.7 million and liabilities of $26.2 million.
LifeShield National
Insurance Company
5701 N. Shartel
Oklahoma City, OK 73118
A.M. Best
B++ (Good)
Lincoln National
Lincoln National Life Insurance Company, based in the state of Indiana, has been in business since 1905.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Lincoln National had assets of $239.8 billion and liabilities of $231.9 billion.
Lincoln National
Life Insurance Company
1300 S. Clinton Street
Fort Wayne, IN 46802
A.M. Best
A+ (Superior)
Minnesota Life
Minnesota Life Insurance Company, based in the state of Minnesota, has been in business since 1880.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Minnesota Life had assets of $46.4 billion and liabilities of $43.3 billion.
Minnesota Life
Insurance Company
400 Robert Street N.
St. Paul, MN 55101
A.M. Best
A+ (Superior)
Mutual of Omaha
Mutual of Omaha Insurance Company, based in the state of Nebraska, has been in business since 1910.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Mutual of Omaha had assets of $7.8 billion and liabilities of $4.6 billion.
Mutual of Omaha
Insurance Company
3300 Mutual of Omaha Plaza
Omaha, NE 68175
A.M. Best
A+ (Superior)
North American
North American Company for Life & Health Insurance, based in the state of Iowa, has been in business since 1886.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, North American had assets of $25.6 billion and liabilities of $24.2 billion.
North American Company
for Life & Health Insurance
One Sammons Plaza
Sioux Falls, SD 57193
A.M. Best
A+ (Superior)
Oxford Life
Oxford Life Insurance Company, based in the state of Arizona, has been in business since 1968.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Oxford Life had assets of $1.9 billion and liabilities of $1.7 billion.
Oxford Life
Insurance Company
2721 N. Central Avenue
Phoenix, AZ 85004
A.M. Best
A- (Excellent)
Phoenix Life
Phoenix Life & Annuity Company, based in the state of Connecticut, has been in business since 1981.
The company holds an “B" (Fair) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Phoenix Life had assets of $31.1 million and liabilities of $20.9 million.
Phoenix Life &
Annuity Company
One American Row
Hartford, CT 06103
A.M. Best
B (Fair)
Principal Life
Principal Life Insurance Company, based in the state of Iowa, has been in business since 1879.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Principal Life had assets of $189.0 billion and liabilities of $184.0 billion.
Principal Life
Insurance Company
711 High Street
Des Moines, IA 50392
A.M. Best
A+ (Superior)
Protective Life
Protective Life Insurance Company, based in the state of Alabama, has been in business since 1907.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Protective Life had assets of $47.6 billion and liabilities of $43.3 billion.
Protective Life
Insurance Company
PO Box 12687
Birmingham, AL 35202
A.M. Best
A+ (Superior)
Prudential
Prudential Financial based in the state of New Jersey, has been in business since 1875.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2018, Prudential Financial had assets of $822.7 billion and liabilities of $775.6 billion.
Prudential Financial
200 Wood Avenue S.
Iselin, NJ 08830
A.M. Best
A+ (Superior)
Royal Neighbors
Royal Neighbors of America, based in the state of Illinois, has been in business since 1895.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Royal Neighbors had assets of $1.0 billion and liabilities of $814.5 million.
Royal Neighbors
of America
230 16th Street
Rock Island, IL 61201
A.M. Best
A- (Excellent)
Sagicor Life
Sagicor Life Insurance Company, based in the state of Arizona, has been in business since 1954.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Sagicor Life had assets of $1.1 billion and liabilities of $1.0 billion.
Sagicor Life
Insurance Company
4343 N. Scottdale Rd.
Scottsdale, AZ 85251
A.M. Best
A- (Excellent)
SBLI
The Savings Bank Life Insurance Company of Massachusetts, based in the state of Massachusetts, has been in business since 1992.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, SBLI had assets of $3.0 billion and liabilities of $2.8 billion.
The Savings Bank Life Insurance
Company of Massachusetts
One Linscott Road
Woburn, MA 01801
A.M. Best
A (Excellent)
Security National
Security National Life Insurance Company, based in the state of Utah, has been in business since 1967.
The company holds an “A" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Security National had assets of $584.6 million and liabilities of $548.3 million.
Security National Life
Insurance Company
5300 South 360 West
Salt Lake City, UT 84123
A.M. Best
A (Excellent)
Transamerica
Transamerica Life Insurance Company, based in the state of Iowa, has been in business since 1962.
The company holds an “A+" (Superior) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, Transamerica had assets of $125.3 billion and liabilities of $119.8 billion.
Transamerica Life
Insurance Company
4333 Englewood Rd NE
Cedar Rapids, LA 52499
A.M. Best
A+ (Superior)
United Home Life
United Home Life Insurance Company, based in the state of Indiana, has been in business since 1948.
The company holds an “A-" (Excellent) financial strength rating with A.M. Best, and offers life, accident, and health insurance products.
As of 2017, United Home Life had assets of $92.7 million and liabilities of $73.3 million.
United Home Life
Insurance Company
225 South East Street
Indianapolis, IN 46202
A.M. Best
A- (Excellent)
Need life insurance coverage?
Our team can assist in choosing the right type of policy, appropriate amount of coverage, and best insurance company for your situation. Get the coverage you need at rates you can afford. Give us a call at (800) 770-8229, or request an instant quote today!
James Shiver is the founder of ChoiceLifeQuote.com and a multi-state licensed independent life insurance agent serving the individual family and small-business markets. Dr. Shiver also serves as a university business professor, as well as being an Accredited Financial Counselor®.
