2022'S BEST LIFE INSURANCE COMPANIES

It can be confusing to choose the right life insurance policy for your loved ones, but you can help provide financial security for them by purchasing a policy. Life insurance policies can be classified into several types. Most life insurance policies last for a specified period of time, such as term life insurance. Depending on the policy, some can provide coverage that lasts a lifetime and may also include investment or savings components. Here is a list of the best life insurance companies of 2022 to help you get started. As part of our endeavor, we have also collected information about the various types of life insurance policies, the process of obtaining a life insurance quote, and how to purchase a policy once you have chosen one.

 Haven Life Insurance

 
https://havenlife.com

A relatively new entrant to the insurance market, Haven Life was founded in 2014 and is headquartered in New York City. In order to simplify the process of purchasing term life insurance online, Haven Life offers affordable, easy-to-manage policies without the hassles of traditional insurance shopping. The policies issued by Haven Life are issued by MassMutual or one of MassMutual's subsidiaries. As a digital insurance agency, Haven Life offers two term life insurance products: Haven Term and Haven Simple. The Haven Term policy offers coverage of up to $3 million over a period of between 10 and 30 years. As a term-based policy, Haven Simple offers a lower coverage amount and a shorter term duration of five to twenty years. Those who qualify for coverage may benefit from the fact that there is no medical examination required. Neither policy requires the assistance of an agent and can be applied for online. Despite the fact that Haven Life sells insurance policies, the company does not issue them. 

Bestow Life Insurance

 
https://www.bestow.com
The company was founded in 2016 in Dallas, Texas, and offers individual term life insurance policies. The company serves as a licensed agent and partners with insurers, such as the North American Company for Life and Health Insurance, to issue the policies. The decision to purchase a life insurance policy can alleviate anxiety and protect your loved ones financially if the unexpected should occur, but determining which policy is the best fit for you can be challenging. With term life insurance policies ranging from 10 to 30 years, Bestow has been ranked among the best life insurance providers of 2022. You can choose between fast, modern technology and the big names in the insurance industry at Bestow. As a company with more than 250 years' combined experience and an A+ rating from A.M. 

New York Life Insurance

 
https://www.newyorklife.com
New York Life's commitment is to be there for their customers, whether they need them now or decades from now. For over 175 years, the company has delivered on its promise by investing wisely, building a portfolio of strategic businesses, and remaining dedicated to its mission as a mutual company, accountable only to its members, not to outside investors. The company strives to provide its customers with the confidence that comes from knowing they are capable of building a better future for themselves and their loved ones. The company offers both whole life and universal life insurance policies. There is also the option of converting the term policies it offers into permanent ones. Furthermore, riders such as Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits can also be added. There is not a lot of information available on the New York Life website regarding its policies, so you may need to contact an agent to obtain more information. 

Northwestern Mutual Life Insurance

 
https://www.northwesternmutual.com
Founded in 1857, Northwestern Mutual has been operating in the financial services industry for many years. Life insurance products are offered by Northwestern Mutual in both term and permanent forms. It offers term insurance policies that range from ten to twenty years in length. Northwestern Mutual offers both universal and whole life insurance policies as part of its permanent life insurance program. The Northwestern Mutual entire life policy can be converted from a term life policy to a whole life policy without additional fees or medical examinations. The website provides limited information regarding pricing, and policies must be purchased through a life insurance agent. Depending on the type of policy you choose, you may be able to customize your policy with riders. Consult your life insurance agent to learn more.

Lincoln Financial Life Insurance
 
https://www.lincolnfinancial.com
Fort Wayne, Indiana, was the location of the founding of Lincoln National Life Insurance Company in 1905. Robert Todd Lincoln, Abraham Lincoln's son, gave permission to the company to use the name and Abraham Lincoln's likeness as a part of its logo. Currently, Lincoln Financial Group offers insurance and financial planning solutions to individuals and businesses. There are both term and universal policies available from Lincoln Financial Group. TermAccel and LifeElements, two of the company's term policies, offer coverage options ranging from $100,000 to $1 million over terms of 10 to 30 years. A term life insurance policy may also be convertible into a permanent life insurance policy for some policyholders. The price range begins at $100,000. It may not be necessary for you to undergo a medical examination based on your application. Permanent life insurance is available from Lincoln in three different forms: universal life, variable universal life, and index universal life. Contact Lincoln Financial if you are interested in applying for a policy.

John Hancock Life Insurance

 
https://www.johnhancock.com
John Hancock is a Boston-based life insurance company that offers a number of financial services in addition to its life insurance coverage. Term policies and universal life insurance are available from John Hancock. The company offers term insurance policies ranging in duration from 10 to 30 years and providing coverage ranging from $750,000 to $65 million. Compared to other companies, both the minimum and maximum coverage amounts are higher. For example, Haven Life's Haven Term policy has a starting value of $100,000 and a maximum benefit of $3 million. There are no whole life policies offered by John Hancock, but it does offer three types of universal life insurance policies: universal life, indexed universal life (IUL), and variable universal life (VUL). With its Vitality Plus program, it also offers a means of saving money. A variety of retailers offer discounts if you exercise regularly or watch webinars on nutrition to earn discounts.

AIG Life Insurance
 
https://www.aig.com
Founded in 1919, American International Group (AIG) is one of the world's largest insurance companies. A variety of financial services, general property and casualty insurance products, and retirement and investment services are provided by the insurer today. AIG provides health insurance, personal accident insurance, and travel insurance in the United States. The company also offers individual life insurance policies, including term life and permanent life policies. Globally, AIG operates in approximately 80 countries and jurisdictions.  The company's General Insurance and Life & Retirement business units provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to support clients in business and in life. Their commitment to helping individuals, businesses, and communities prepare for and respond to times of uncertainty unites all of these services. They offer specialized expertise to help clients manage risk, whether they are facing natural disasters or trying to reach a financially secure retirement. Furthermore, they are committed to making a positive difference in the lives of their colleagues and in the communities in which they lived and worked. The company encourages its employees to volunteer time off and make matching grants to the causes they care most about.

Nationwide Life Insurance

 
https://lifesales.nationwide.com
A world leader in financial services, Nationwide was founded in 1925. Among its services are life insurance, auto insurance, homeowners insurance, renters insurance, and pet insurance. Columbus, Ohio is the headquarters of the company. Term life insurance policies offered by Nationwide have a duration ranging from 10 to 30 years and provide coverage to age 95. Policyholders of term life insurance may convert their policies to permanent coverage until the age of 65. Regarding term life insurance rates, Nationwide offers an average rate -- higher than some and lower than others. Among the benefits of Nationwide's universal life policies are the ability to defer earnings, a tax-free death benefit, and the ability to adjust premium payments. Moreover, Nationwide whole life insurance policies offer fixed rates throughout their term. The plan also includes a fixed rate of interest and a tax-free death benefit. As part of Nationwide's Whole Life 100 product, premiums are fixed up to the age of 100, and then the policy becomes premium-free once the individual turns 100. Upon reaching the age of 20 years, Nationwide's 20-Pay Whole Life policies will no longer require premium payments. The majority of Nationwide's life insurance policies include riders that cover chronic illnesses, critical illnesses, and terminal illnesses at no additional cost. There is also an option to include a rider for children's term insurance and long-term care coverage.

Legal & General (Banner Life Insurance)

 
https://www.legalandgeneral.com
A term and universal life insurance product are offered by Banner Life, which is owned by Legal & General America. People seeking customized life insurance solutions might not find Banner Life to be the best fit because it keeps the process of buying life insurance simple. Life insurance policies offered by Banner Life can be classified as either term life insurance or universal life insurance. There are five-year increments between the terms of 10 and 40 years. For Americans between the ages of 20 and 80, Banner offers term life insurance policies with coverage amounts starting at $100,000. There is an option for policyholders to renew their policies and convert them to permanent ones. Despite the fact that policyholders may add riders to their policies, there are not a great number of options available. It is possible for a policyholder to purchase Banner Life's universal life insurance between the ages of 50 and 80, and the benefit lasts until the policyholder reaches the age of 121. There's flexibility in the premium payments, and if your circumstances or needs change, you can lower the death benefit. Banner Life offers affordable base-term policies based on our ratings.

Prudential Life Insurance

 
https://www.prudential.com
In terms of assets, Prudential Financial is the largest life insurance company in the United States, and in terms of net premiums, it is the second largest company. It was founded in 1875 as the Prudential Friendly Society. The Prudential Group currently operates in more than 40 countries and offers goods and services to individuals and businesses. A newark, New Jersey-based company, the company has its headquarters there. Life insurance products offered by Prudential can either be term or universal. These products offer a range of life insurance plans that can meet your needs while remaining within your budget. Term life insurance policies typically start at $100,000 and are available to anyone between the ages of 18 and 75. In most cases, premiums are guaranteed to remain the same for the lifespan of the policy. Terms include 1, 10, 15, 20, and 30 years. Prudential's universal life insurance plans offer a variety of options, starting at $25,000 per policy for those up to the age of 85. The premiums are flexible, so that you may choose payments within your budget, with limits. These plans also provide a tax-free death benefit, and many have a tax-deferred cash value that may be accessed during retirement. Prudential does not offer any discounts for bundling life insurance with other insurance products such as homeowners or auto insurance. The bundling discount may enable you to obtain better rates from other insurers.

MassMutual Life Insurance

 
https://www.massmutual.com
The Springfield, Massachusetts-based company was founded in 1851. MassMutual offers a variety of life insurance policies as well as retirement planning, investment management, and financial wellness services, such as estate planning and college savings. It is possible for business owners to use MassMutual to manage their business insurance as well as employee benefits packages, such as group life insurance and pension plans. There are 15 main products offered by MassMutual in three categories, term life insurance, whole life insurance, and universal life insurance. It is possible to customize policies within those categories in accordance with your individual needs. The cash value of certain whole and universal policies can be built over the course of their lives. Expenses such as emergency care and end-of-life care can be financed from this cash value. The policyholders of certain life insurance policies may also receive dividends. Considering that MassMutual sells most of its life insurance products through agents or financial advisors, the company may not be a suitable choice if you are interested in purchasing and managing your life insurance online. There are few online tools and services available from MassMutual. Compared to other companies in our rating, its rates tend to be higher than others. A++ rating from AM Best indicates that MassMutual has superior financial strength, which indicates that it is capable of paying claims, but rates for its insurance products tend to be higher than those of its competitors.

Transamerica Life Insurance

 
https://www.transamerica.com
In 1904, Transamerica became a bank in San Francisco. In addition to a variety of life insurance policies, Transamerica offers retirement services, mutual funds, and annuities. Companies as well as individuals can take advantage of these services. Transamerica retains its offices in its iconic pyramidal skyscraper in San Francisco, but now has its headquarters in Cedar Rapids, Iowa. Several life insurance products are available through Transamerica, including term, whole, and indexed universal life policies. It is also possible to customize your policy to ensure that you receive the coverage you require by adding riders. It is important to note, however, that Transamerica offers fewer products overall than its competitors. There is usually a minimum coverage limit of $25,000 for most policies. Aside from the tax-free death benefit, whole and indexed universal life policies may also accumulate tax-deferred cash values. Premiums for term and whole life insurance are guaranteed, so you can plan your budget accordingly. Considering Transamerica's limited online tools, including coverage estimators and customer service portals, you may find the site lacking. 

By Rashmi Goel