[Last updated September 3, 2025]
Life insurance can ease your loved one’s burdens in the event of your passing by building up funds and financially preparing for the future. Depending on the policy, you may also be able to use funds to help pay for your senior care needs during your lifetime. Many providers offer life insurance, so it’s important to find a policy and provider that suit your needs. Here, we describe some of the best life insurance providers and define terminology you may need to know.
What is life insurance?
A life insurance policy pays a predetermined amount of money to designated beneficiaries after the policyholder passes away. Prior to that, the policyholder pays a premium throughout their life, either in monthly installments or as a single upfront payment.
The right kind of life insurance and its cost will depend on factors such as medical history, family history, lifestyle, gender, and age. For example, smokers or those with heart conditions may find it difficult to obtain a policy with the optimal amount of coverage due to the risk factors associated with their health.
Different types of life insurance policies exist to meet individuals’ varying needs, whether you want coverage for a certain number of years, the rest of your life, or other options. The main types of policies are:
- Permanent life insurance: These types of policies last for the rest of the policyholder’s life. Permanent life insurance policies can end, though, if the policyholder doesn’t pay the premium payments or if they relinquish the policy. Policyholders will pay more for permanent life insurance but with the added benefit of having coverage for longer than a term life policy.
- Term life insurance: This type of policy offers coverage for a set term or period of time, typically between 10 and 30 years. At the expiration of the term, policies can be renewed to remain active. Typically, term life policies are cheaper than permanent policies.
The best life insurance providers
Now that you know the basic types of available policies, let’s take a look at the best life insurance providers in the United States that offer these policies.
State Farm: Best for term life insurance
State Farm consistently earns top marks for its term life insurance products, which provide coverage for a specific period, typically 10 to 30 years. The company is a four-time winner of the Bankrate Award for Best Term Life Insurer and receives high customer satisfaction scores from J.D. Power.
In addition to standard term life policies with 10-, 20-, or 30-year terms, State Farm offers a Return of Premium term life policy that refunds your premiums if you outlive the term. They also have an Instant Answer term insurance option that provides quick approval without a medical exam for those who qualify, making it convenient for people who need coverage quickly.
Northwestern Mutual: Best for customer service and claim approval
For those prioritizing a smooth claims process and excellent support, Northwestern Mutual is a top choice. The company consistently ranks highly for customer satisfaction and has a significantly lower rate of customer complaints than its competitors, according to the National Association of Insurance Commissioners (NAIC).
Northwestern Mutual is known for its comprehensive support, which extends beyond just paying claims. Their website offers clear instructions and forms for submitting claims, and they provide multiple contact methods for beneficiaries and policyholders to get help. This focus on accessibility and personalized service is a key part of their high customer satisfaction ratings.
Legal & General America: Best deals on premiums for couples
When shopping for affordable coverage for two, Legal & General America (also known as Banner Life) stands out for its highly competitive rates on term life insurance. According to Policygenius, it offers some of the most budget-friendly premiums on the market, along with some of the longest policy terms, up to 40 years, making it a great value for couples seeking long-term financial protection.
This company provides a wide range of term life insurance options for couples and families. They are one of the few providers to offer policies with terms as long as 40 years, which can be an ideal solution for couples looking to lock in an affordable rate for a very long period, such as until their children are grown and financially independent.
Nationwide: Best for long-term care (LTC) coverage
Nationwide excels in providing hybrid life insurance policies that combine a life insurance death benefit with long-term care coverage. Its CareMatters II plan, in particular, is recognized for its customizable design and “living benefits” feature. This allows you to access a portion of your policy’s death benefit to cover long-term care expenses if you come to need care, offering valuable financial flexibility in your later years. It also guarantees a minimum death benefit to beneficiaries, even if the entire long-term care benefit is used.
MassMutual: Best for customers over 65
MassMutual is a strong contender for seniors seeking a new policy. It boasts one of the highest maximum issue ages for whole life policies, extending coverage up to age 90. Its exceptional financial strength, rated A++ (Superior) by AM Best, provides assurance that the company will be able to meet its financial obligations well into the future.
For seniors, MassMutual’s whole life insurance policies offer a combination of guaranteed lifetime coverage and a tax-deferred cash value component. These policies provide a predictable premium that never increases, and the cash value can be accessed through withdrawals or loans to help fund retirement expenses or unexpected costs.
Guardian Life: Best for customers with medical conditions
Navigating life insurance with a preexisting medical condition can be challenging, but Guardian is known for its flexible underwriting process. The company is often cited for its willingness to offer coverage to individuals with certain chronic illnesses, such as type 2 diabetes or heart conditions, and may offer standard rates to applicants with specific preexisting conditions. While premiums may be higher, their flexibility allows many people to secure a policy who might otherwise be denied by other insurers.
Lincoln Financial Group: Best for policy adaptability
For those who anticipate their needs changing over time, Lincoln Financial Group offers excellent options for adaptability. Its convertible term life insurance policies allow you to change your coverage to a permanent policy later on, often without requiring a new medical exam. This is a great feature if you want a low-cost term policy now but desire the option for lifelong coverage down the road, especially if your health declines. Having this option gives policyholders a safety net to ensure lifelong coverage without the risk of a future health change making them uninsurable.
Pacific Life: Best for universal life insurance
Pacific Life is widely regarded as a leader in universal life (UL) insurance, a type of permanent policy known for its flexibility. Investopedia named Pacific Life their top choice for UL policies due to its wide range of policy options, low coverage minimums, and strong financial ratings. These policies allow you to adjust your premium payments and death benefit within certain limits, giving you greater control over your coverage.
Pacific Life offers a variety of universal life policies, including indexed universal life (IUL), that provide flexibility in both premiums and death benefits. These policies offer a guaranteed minimum interest crediting rate, so the policy’s cash value is protected from market downturns, while still having the potential for growth based on the performance of a stock market index.
Essential terminology for life insurance
Understanding the terminology used in life insurance policies is crucial for making informed decisions. Here’s a guide to some key terms:
- Accidental death benefit: A rider that provides an additional benefit if the insured’s death is accidental.
- Beneficiary: The person or entity designated to receive the death benefit from a life insurance policy upon the insured’s death.
- Cash value: A savings component included in some permanent life insurance policies, which can accumulate tax-deferred value over the policy’s lifetime.
- Convertible term insurance: A term life policy that offers the option to convert to a permanent policy without a medical exam.
- Death benefit: The money paid out by the life insurance company to the beneficiary upon the insured’s death.
- Exclusions: Specific conditions or circumstances for which the policy will not provide coverage.
- Grace period: A set period after the premium due date during which the policy remains in effect even though the premium is not paid.
- Insurability: The eligibility to obtain life insurance based on factors like health, age, and lifestyle.
- Lapse: The termination of a life insurance policy due to nonpayment of premiums.
- Premium: The payment made to the insurance company in exchange for coverage. Premiums can be paid monthly, annually, or in lump sums.
- Rider: An add-on to a life insurance policy that provides additional benefits or adjustments to the coverage. For instance, a long-term care insurance rider may be added to a policy to help the insured pay for assisted living or home care.
- Underwriting: The process used by insurers to assess the risk of insuring a potential client, which involves evaluating the applicant’s health, lifestyle, and medical history.
- Universal life insurance: A flexible type of permanent life insurance that allows policyholders to adjust their premiums and death benefits.
- Whole life insurance: A type of permanent life insurance with fixed premiums and guaranteed cash value growth.
Understanding these terms can help you navigate life insurance’s complexities and choose a policy that aligns with your needs and financial goals. Consult with a financial advisor or insurance specialist for more detailed information or specific advice.
This information is for educational purposes and is not legal, financial, tax, or investment advice. It should not be substituted for information from professionals authorized to practice in your area. You should always consult a suitably qualified professional regarding your specific situation.
