Here are the top picks in our analysis of the best life insurance companies sproutt. See how Lincoln Financial, Prudential, Pacific Life, AIG and others stack up against one another.
Purchasing life insurance can help provide financial security for your loved ones, but selecting the right policy can be difficult.
Life insurance policies come in a variety of forms. Some, such as term life insurance, have a set number of years.
Others, such as permanent life insurance policies, can provide coverage for a lifetime while also including savings or investment components.
To get you started, we’ve compiled a list of the top 2022 life insurance companies. We’ve also compiled information on various types of policies, how the life insurance quote process works, and how to buy a policy once you’ve found the right one.
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15 Best Online Life Insurance Companies Sproutt
Here are the top 15 best Life Insurance Companies Sproutt and agencies to help you with your final arrangements.
1. Haven Life
Haven Life is a digital insurance agency that offers two term life insurance options, Haven Term and Haven Simple. Also, 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 may be 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 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.
3. New York Life
However, 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.
4. Northwestern Mutual
Northwestern Mutual offers both term and permanent life insurance options. Its term policies range in length from 10 to 20 years. Among its permanent life insurance policies, Northwestern Mutual offers universal and whole life insurance.
You can start out with a term life policy from Northwestern Mutual and then later, without additional fees or medical exam, convert it to a whole life policy.
There is limited pricing information available on its website, and policies must be purchased through a life insurance agent.
The type of riders available to customize your policy will depend upon the type of policy you choose, so make sure to ask your life insurance agent.
5. Lincoln Financial
Lincoln National Life Insurance Company was founded in Fort Wayne, Indiana, in 1905.
The company was named after Abraham Lincoln, and Lincoln’s son Robert Todd Lincoln gave the company permission to use the name and Abraham Lincoln’s likeness, which remains part of the company logo.
Today, Lincoln Financial Group offers insurance and financial planning solutions to individuals and employers.
Lincoln Financial offers term policies ranging from 10 to 30 years, as well as universal policies that build cash value, to qualified applicants.
Term policies can also be converted to universal policies, provided you’re younger than 70. And, depending on the policy you get, there are coverage options of $1 million or more.
Those who are between 18 and 60 years old, are in excellent health, and looking for a policy of $1 million or less also don’t need to complete a medical exam to qualify for coverage.
6. John Hancock
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. Also, 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.
American International Group (AIG) entered the insurance market in 1919.
Today, the insurer operates around the globe, offering financial services, general property and casualty insurance products, and retirement and investment services.
In the U.S. market, AIG sells health insurance, personal accident insurance, and travel insurance. AIG also offers individual life insurance, including term life and permanent life policies.
AM Best gives AIG an A (Excellent) financial strength rating, which means the carrier can meet its claims obligations. AIG sells life insurance products in all states and offers some of the lowest term life rates in our rating.
AIG’s life insurance products include term life, whole life, and universal life policies.
Although AIG offers coverage levels that may be able to provide adequate protection for most American families, its policies might not provide enough financial security for high-net-worth individuals.
And while some providers offer no-exam term life insurance policies, AIG doesn’t.
Even so, AIG offers no-exam whole life coverage for seniors (ages 50-80) and no-exam policies for qualified universal life applicants.
AIG’s guaranteed issue whole life policies feature advantages many seniors may need, such as chronic illness and terminal illness benefits.
And term life applicants can choose riders that extend coverage to their kids and provide greater financial security when faced with a disability or terminal illness.
Nationwide was founded in 1925 and is one of the largest financial services companies in the world. It offers a wide variety of services, including life, auto, homeowners, renters, and pet insurance. The company is headquartered in Columbus, Ohio.
Nationwide’s term life insurance policies range in duration from 10 to 30 years and provide coverage to age 95.
Term life policies are renewable and can be converted to permanent coverage, also to age 65. Also, Nationwide offers average term life rates, higher than some and lower than others.
Nationwide’s universal life policies provide tax-deferred earnings, a tax-free death benefit, and the flexibility to adjust your premium payments.
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9. State Farm
State Farm was founded in 1922 as an auto insurance company and today operates as a mutual company with 85 million policies and accounts in effect.
Products include life insurance, home and renters insurance, auto and specialty vehicle insurance, and insurance for health, liability, and disability. In addition, State Farm has partnered with Trupanion to offer pet insurance.
The company also offers home and vehicle loans, checking and savings accounts, credit cards, and a wide variety of investments and other financial services. It is based in Bloomington, Illinois.
In our analysis of the Best Life Insurance Companies of 2021, State Farm ties for No. 7, with a score of 3.9.
The company offers numerous products in the term, whole, and universal life insurance categories, which means that potential customers can shop for coverage that meets their particular needs and, in most cases, customize policies through riders.
State Farm also offers an option called “survivorship universal life insurance,” which is available from only about half the companies in our ratings.
The company came in fourth among the cheapest insurance companies in our rating, with a sample monthly premium of $62.19 for a $1 million, 20-year term policy for a nonsmoking, 35-year-old applicant with average health.
You can pay premiums online, through automatic billing, by mail, or in person. Currently, State Farm Life Insurance is available in all states except Massachusetts and Rhode Island.
10. Banner Life
Banner Life, owned by Legal & General America, offers two life insurance products – term and universal life.
This may appeal to those who want to keep the process of buying life insurance as simple as possible, but it means Banner Life may not be the best fit for people seeking customizable life insurance solutions.
Banner Life offers two main types of life insurance policies: term life and universal life. Terms are between 10 and 40 years in 5-year increments.
Banner offers life insurance for Americans between the ages of 20 and 80, with coverage amounts that start at $100,0000 for the term life policy.
Policyholders have the option to renew and convert to a permanent policy. And while policyholders can tack on riders, there aren’t too many options to choose from.
Banner Life’s universal life insurance can be purchased when the policyholder is between the ages of 50 and 80, and it provides the benefit until you’re 121.
An attractive feature is that there’s flexibility in the premium payments, and you can opt to lower the death benefit should your needs or situation shift. According to our ratings, Banner Life offers affordable premiums for its base term policies.
11. Mutual of Omaha
Mutual of Omaha dates back to 1909 and operates as a mutual company based in Omaha, Nebraska.
In addition to life insurance, it offers Medicare supplement insurance, disability income insurance, and insurance for long-term care.
Mutual of Omaha also offers financial services including mortgages and annuities are also available.
Mutual of Omaha’s term life policies start at $100,000, with terms ranging from 10 to 30 years.
The company gives policyholders the option to convert their term life policies to permanent life insurance and issues some term life products up to age 80.
The carrier’s universal life policies include accelerated death benefits at no additional cost.
Mutual of Omaha’s indexed universal life policies feature downside protection, accelerated death benefits, and guaranteed refund option riders.
Also, Mutual of Omaha also offers guaranteed whole life insurance for people ages 45 to 85 (50 to 75 in New York).
Whole life policies do not require answering health questions or taking a medical examination. They feature face values from $2,000 to $25,000 ($5,000 to $25,000 in Washington).
This death benefit is limited compared to Mutual of Omaha’s term and universal policies.
As one of the Best Life Insurance Companies Sproutt, Mutual of Omaha also offers riders to round out your protection. Term life policies include accelerated death benefit, chronic illness, and guaranteed refund option riders.
You can also add an additional insured term rider and a dependent children’s rider to cover your entire family.
Prudential Financial is the largest life insurance company in the U.S. based on assets and the second-largest based on net premiums.
Prudential was founded in 1875 as the Prudential Friendly Society.
Today, Prudential operates in more than 40 countries and offers products for businesses and individuals. The company is headquartered in Newark, New Jersey.
Prudential offers 12 main life insurance products that qualify as either term or universal life insurance.
Within those products, it’s possible to choose a life insurance plan that provides the coverage you need within your budget.
Most term life insurance policies are available to anyone between the ages of 18 and 75 with coverage starting at $100,000 per policy.
Typical terms include one, 10, 15, 20, and 30 years, and premiums are guaranteed to remain the same for the life of the term.
Available to anyone up to age 85, Prudential’s universal life insurance plans also offer many options with lifetime coverage starting at $25,000 per policy.
These are available with flexible premiums, so you can, with limits, choose payments that fit your budget.
In addition, these plans include a tax-free death benefit, and many offer a tax-deferred cash value that you could access as needed, such as during retirement.
Unlike many other insurance companies, Prudential does not offer any discounts when you bundle a life insurance purchase with other insurance products such as homeowners and auto insurance.
MassMutual was established in 1851 and is based in Springfield, Massachusetts.
In addition to a variety of life insurance policies, MassMutual offers retirement planning, investment management services, and financial wellness expertise on topics such as estate planning and saving for college.
Business owners can use MassMutual to manage business insurance and employee benefits packages, such as group life insurance and pensions.
Available nationwide, MassMutual offers 15 main products in three categories: term, whole, and universal life insurance.
Within those categories, policies can be customized to fit your individual needs.
With certain whole and universal policies, you can build cash value over the life of the policy.
You can borrow against this cash value and use these funds for such expenses as emergencies or end-of-life care. In addition, certain life insurance policies pay dividends to policyholders.
As one of the Best Life Insurance Companies Sproutt, MassMutual sells most of its life insurance products through agents or financial advisors, so it may not be a good fit if you are interested in buying and managing your life insurance online.
Transamerica was founded in San Francisco in 1904 as a bank. Today, Transamerica’s services include retirement services, mutual funds, and annuities in addition to a variety of life insurance policies.
Services are available to companies and individuals. Although the company retains offices in its iconic San Francisco pyramidal skyscraper, Transamerica now is headquartered in Cedar Rapids, Iowa.
As one of the Best Life Insurance Companies Sproutt, Transamerica offers several products within the categories of term, whole, and indexed universal life insurance.
A variety of riders also are available so you can customize your policy to get the coverage you need. However, Transamerica offers fewer products overall than other life insurance agencies.
Most policies offer coverage starting at $25,000. In addition to the tax-free death benefit, whole and indexed universal life policies also may build up tax-deferred cash value that you can access during your lifetime.
With term and whole life insurance, premiums are guaranteed so you can budget accordingly.
You may find Transamerica’s website lacking given the limited online tools, which include a coverage estimator and customer service portal.
As one of the best Life Insurance Companies Sproutt, Guardian is a mutual company based in New York City was founded in 1860 and offers individual life insurance.
Individual insurance options include investment management, disability insurance, and retirement planning, among others. Guardian Life Insurance Company also provides companies, insurance, and benefits such as 401(k) plans.
Guardian Life Insurance Company provides three types of life insurance: term life insurance, universal life insurance, and whole life insurance.
Its term life insurance is available for terms ranging from ten to thirty years, with coverage starting at $100,000. You can buy at any age between the ages of 18 and 75, depending on the term length.
You can buy at any age between the ages of 18 and 75, depending on the term length.
A 10-year term life insurance policy requires you to be between the ages of 18 and 75, while a 30-year term life insurance policy requires you to be between the ages of 18 and 55.
Guardian’s term life insurance can be converted to a permanent life insurance policy in the future.
Universal life insurance policies from Guardian are available for people aged 18 to 85. Whole life policies from Guardian can pay out dividends.
FAQs about Best Life Insurance Companies Sproutt
These are 7 frequently asked questions about Best Life Insurance Companies Sproutt. Study them carefully:
We recommend you purchase a term life insurance policy worth 10–12 times your annual income. That way, your income will be replaced if something happens to you.
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