Trying to find the best life insurance company can be a daunting task. With so many options out there, it’s hard to know where to start. And on top of that, you have to consider what kind of coverage you need and what you can afford.
We’ve done the research for you and compiled a list of the best life insurance companies for 2022.
Whether you’re looking for term life insurance or whole life insurance, we’ve got you covered. So read on to find the perfect policy for you and your family.
The Ascent’s best life insurance companies for 2022
There are a lot of different life insurance companies out there, so it can be tough to know which one is the best for you. That’s why we’ve done the research for you and compiled a list of the best life insurance companies for 2022.
1. Northwestern Mutual
2. New York Life
3. MassMutual
4. Guardian Life
5. State Farm
6. AIG
7. Transamerica
8. Lincoln Financial Group
9. Primerica
Bestow
There are many life insurance companies out there, but not all of them are created equal. Some are better than others when it comes to things like coverage options, pricing, and customer service.
So, which life insurance company is the best? That’s a question that doesn’t have a simple answer, as the best company for one person might not be the best for another.
That said, there are some life insurance companies that stand out from the rest. These companies offer great coverage options, competitive prices, and excellent customer service.
MassMutual
MassMutual is one of the oldest and largest life insurance companies in the United States. It has more than five million policyholders and over $600 billion in assets.
MassMutual has a strong financial rating and offers a variety of life insurance products, including term life, whole life, and universal life.
Northwestern Mutual
Northwestern Mutual is one of the oldest and largest life insurance companies in the United States. The company offers a wide range of life insurance products, including term life, whole life, and Universal life insurance. Northwestern Mutual also offers annuities and long-term care insurance.
In addition to its wide range of life insurance products, Northwestern Mutual is known for its excellent customer service.
The company has a team of more than 5,000 financial representatives who are available to help policyholders with their financial needs. Northwestern Mutual also has a network of more than 400 offices across the country.
Despite its large size, Northwestern Mutual has a strong financial rating. The company holds an A++ rating from AM Best and an AA+ rating from Standard & Poors.
State Farm
When it comes to life insurance, there are few companies as well-known or trusted as State Farm. A mutual company owned by its policyholders, State Farm has been in business since 1922 and has a long history of financial stability.
In addition to traditional whole life insurance, State Farm also offers term life, universal life, and indexed universal life products.
While State Farm’s life insurance premiums are generally higher than average, the company makes up for it with low costs and fees. And policyholders can take comfort in knowing that they’re backed by one of the largest and most recognizable insurers in the country.
New York Life
New York Life is one of the largest life insurers in the United States and has been in business for over 170 years.
It offers a variety of life insurance products, including term life, whole life, and universal life. New York Life has an excellent financial strength rating from AM Best and is a member of the Fortune 500.
Principal Financial
When it comes to life insurance, Principal Financial Group is one of the best companies out there. They offer a variety of different policy types, so you can find one that fits your needs and budget.
And, they have great financial ratings, so you can be confident that your policy is in good hands.
What is life insurance?
Life insurance is a contract between an insurer and a policyholder in which the insurer agrees to pay a designated beneficiary a sum of money (the “death benefit”) upon the death of the insured.
Most life insurance policies are either whole life or term life. Whole life insurance provides coverage for the policyholder’s entire lifetime, while term life insurance only covers the policyholder for a specific period of time (usually 10, 20, or 30 years).
When you purchase a life insurance policy, you pay premiums to the insurer. In exchange, the insurer agrees to pay your beneficiaries a death benefit if you die during the policy’s term.
If you have a whole life policy, your premiums remain level for your entire lifetime and your death benefit is guaranteed.
If you have a term life policy, your premiums are only paid for the length of time that you’re covered by the policy. At the end of the term, you can either renew your coverage or let it lapse.
Types of life insurance
There are two primary types of life insurance: term life insurance and whole life insurance.
Term life insurance is the most basic form of coverage. It provides protection for a set period of time, typically 10, 20, or 30 years. If you die during that term, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy expires and you (or your beneficiaries) get nothing.
Whole life insurance is a more permanent form of coverage. It remains in force until you die, as long as you continue to pay the premiums. Whole life also has an investment component known as cash value. This cash value grows tax-deferred and can be accessed through policy loans or withdrawals.
