MassMutual, Haven Life and Guardian top our list of the best life insurance companies for 2023.
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The life insurance market in the U.S. is competitive, made up of a mix of longstanding insurers and newer “insurtechs” that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaints data, consumer experience and financial strength. We also assessed the types of policies on offer, and the ways you can buy coverage.
Based on these factors, these are our top life insurance companies for 2023.
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Our picks for the best life insurance companies in October 2023
All of the life insurance companies listed below scored 5 out of 5 stars. There are hundreds of insurers competing for your business, often selling very similar products, so it’s smart to compare life insurance quotes from a few before making a decision.
How we ranked the top life insurers
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Best life insurance companies: Pros and cons
Learn more about our top life insurance companies in 2023 by reading the brief summaries below and checking out our comprehensive reviews.
Jump to:
MassMutual: Best overall
Haven Life: Best for online experience
Northwestern Mutual: Best for consumer experience
New York Life: Best for high coverage amounts
Pacific Life: Best range of permanent life insurance
State Farm: Best for customer satisfaction
Best life insurance company overall: MassMutual
on Nerdwallet
MassMutual
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Company overview: Massachusetts Mutual Life Insurance Co., often shortened to MassMutual, is one of the largest life insurers in the country. Founded in 1851, it offers a wide range of products, from term life to variable universal life insurance — a type of permanent policy with flexible premiums and investment opportunities. MassMutual is a mutual company, which means it’s owned in part by its policyholders and pays out dividends to qualifying members. Its 2023 dividend payout is the highest yet at almost $1.9 billion
.
» Read the full review: MassMutual life insurance
Best life insurance company for online experience: Haven Life
Haven Life
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Company overview: Haven Life offers term life insurance with accelerated underwriting, a process that uses algorithms and data to quickly assess your insurability. The entire application process is conducted online and the company says it can be completed in about 25 minutes. While Haven specializes in one type of life insurance, it offers choices for its customers. Depending on the policy you pick, you could buy $25,000 to $3 million in coverage, and choose a term lasting from five to 30 years. Haven Life’s policies are issued by MassMutual, which drew significantly fewer than expected customer complaints for a company of its size.
» Read the full review: Haven Life insurance
Best life insurance company for applicants with HIV: Guardian
on Nerdwallet
Guardian Life
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Company overview: Guardian was founded in 1860 and has paid dividends to its eligible policyholders since 1868. The company is set to pay out $1.26 billion in dividends in 2023, the largest sum in the company’s history
. The insurer drew significantly fewer complaints to state regulators than expected for a company its size. Aside from life insurance, Guardian also sells a range of products including dental, vision and cancer insurance.
» Read the full review: Guardian life insurance
Best life insurance company for consumer experience: Northwestern Mutual
on Nerdwallet
Northwestern Mutual
Financial strength rating
Online purchase
NAIC complaints
Policies offered
Company overview: Founded in 1857, Northwestern Mutual is the largest seller of individual life insurance in the United States, according to the latest data from S&P Global Market Intelligence. Universal life policyholders have flexible payment and coverage options, while term life customers have the opportunity to convert their policy to permanent coverage without taking a medical exam. The company is set to pay $7.3 billion in dividends to qualifying policyholders in 2024
. Northwestern Mutual received significantly fewer complaints to state regulators than expected for a company of its size, making it a trustworthy choice for shoppers.
» Read the full review: Northwestern Mutual life insurance
Best life insurance company for coverage amounts: New York Life
on Nerdwallet
