The best life insurance companies of 2021

Best life insurance companies 2x1

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Life insurance protects your loved ones if you die. There are two types of life insurance: permanent life and term life. This article focuses on the best term life insurance companies — as term life insurance is the most affordable option for most people.

The best life insurance companies of 2021

Business Insider compiled data from 20 different life insurance companies based on customer service, financial stability, and asset size rankings, along with premium prices where available. From there, we determined the top five.

Company

Financial Stability Rating (AM Best)

JD Power Customer Satisfaction (out of 5)

Sample Premium for a $250,000 policy 30-year term

1. Northwestern Mutual

A++
5/5
n/a

2. State Farm

A+
5/5
$30/mo

3. Guardian Life

A++
4/5
$30/mo

4. New York Life

A++
4/5
n/a

5. Nationwide

A+
4/5
$21.44/mo

The full methodology of this ranking is listed below, under “How we determined the winners.”

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Northwestern Mutual has been around since 1857.

Pros:

Highest rated for customer satisfaction by JD Power
Strong financial stability

 

Cons:

Policy must be purchased through an advisor
No easy way to get a quote online to compare prices
Will likely require a medical exam

 

Visit Northwestern Mutual’s website for more information.

 

While probably better known for auto and home insurance, State Farm also offers life insurance coverage.

Pros:

Second place in customer satisfaction, just behind Northwestern Mutual
Policy purchase can be done on your own and online
No medical exam required
Discounts available for customers who have other policies with State Farm

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Con:

Only offers 30-year terms for people under age 45

 

Visit State Farm’s website for more information.

 

The company has longevity like Northwestern Mutual. It has been around since 1860.

Pros:

Top marks for financial security ratings from A.M. Best
4 of 5 for customer satisfaction
Online calculator for premium …read more

Source:: Businessinsider

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