Best Life Insurance Companies of 2022
Purchasing a life insurance policy can help provide financial protection for your loved ones, but choosing the right policy can be confusing.
There are many types of life insurance policies. Some, like life insurance, last for a set number of years. Others, such as permanent life insurance policies, can provide coverage that lasts a lifetime while providing additional savings or investment components.
To help you get started, we've compiled a list of the best life insurance companies for 2022. We've also collected information about different types of policies, how the life insurance quote process works, and how to purchase a policy once you find the right thing.
Our Top Rated Life Insurance Companies
1/ Haven Life
2/ Bestow
5/ Lincoln Financial
6/ John Hancock
Haven Life
Haven Life is a digital insurance agency that offers two fixed term life insurance options: Haven Term and Haven Simple. Haven Term offers policies with tenures of 10 to 30 years and coverage up to $3 million. Haven Simple offers policies with terms ranging from 5 to 20 years and coverage up to $500,000. While many life insurance policies require a medical exam prior to coverage, Haven Life's Simple plan does not.
There is one limitation to note, however, Haven Term is limited to 64 and under and Haven Simple eligibility cuts off at 55.
Bestow
Bestow is an online life insurance agency that provides term life insurance policies. It does not offer any other types of life or passenger insurance. But, none of the policies they sell require a medical exam.
The life policies that Bestow sells range from 10 to 30 years with coverage ranging from $50,000 to $1.5 million. There is an age limit for registration of 60 years.
As mentioned, no medical exams are required during the application process, but Bestow will look at your credit and medical history, previous attempts to purchase insurance, and driving records.
Bestow does not issue the life insurance policies it sells. Instead, policies are issued by the North American Life and Health Insurance Corporation.
New York Life
New York Life is the highest-rated company in our rankings for offering long-term and durable policies. Permanent life insurance options include both full and comprehensive policies. The term policies he offers can also be converted into a permanent policy.
You also have the option to add passengers such as disability insurance premium waivers, accidental death benefits, and living benefits.
The New York Life website does not necessarily provide much information about their policies, so you may have to contact a New York Life agent for more details. Also, their terms policies are more expensive than most of the companies in our ranking.
Northwestern Mutual
Northwestern Mutual offers both permanent and term life insurance options. The term of their policies ranges from 10 to 20 years. Among the permanent life insurance policies, Northwestern Mutual offers comprehensive and whole life insurance. You can start with a lifetime term policy from Northwestern Mutual and then later, without additional fees or a medical exam, convert it to a lifetime policy.
Limited pricing information is available on its website, and policies must be purchased through a life insurance agent. The type of riders available to customize your policy depends on the type of policy you choose, so be sure to ask your life insurance agent.
Lincoln Financial Group
Lincoln Financial Group offers both comprehensive and term life insurance. Its two-season policies, TermAccel and LifeElements, range from 10 to 30 years. TermAccel coverage levels range from $100,000 to $2,500,000, and in some cases a medical exam is not required to purchase the insurance policy. LifeElements offers death benefit policies starting at $250,000 and up to a maximum of $1,000,000, subject to individual considerations and underwriting limits.
Lincoln Financial also offers two types of variable universal life for permanent life insurance, indexed universal life. In the past, it has also sold comprehensive life insurance, but the company does not sell new universal insurance policies, according to the company's website.
To purchase any life insurance policy with Lincoln Financial, you will need to speak to a financial expert.
John Hancock
John Hancock sells term insurance policies and three different types of comprehensive life insurance. It offers term policies that range from 10 to 30 years and provides coverage from $750,000 to $65 million. The minimum and maximum coverage amounts are higher than what you might find with other companies. For example, Haven Life's Haven Life policy starts at $100,000 and goes up to $3 million.
While John Hancock does not have any public policies, he presents three different types of public policies; Global Life, Indexed Universal Life (IUL), and Variable Global Life (VUL).
It also provides a way to save money with the Vitality Plus program. By making healthy decisions, such as watching a webinar on nutrition or going to the gym and recording your results in its mobile app, you can earn discounts with many retailers.
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