11 Best Life Insurance Companies You May Not Have Heard OfLife Insurance
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If you are about to start the process of looking for life insurance, chances are at some point you’ll be overwhelmed by information and comparison services. Insurance companies are eager to compete for your business, but most of insurers offer remarkably similar services, making it difficult to decide which one to choose.
Good to Know: Typically, all life insurance companies will offer you a package deal based on price, customer service, and financial strength. You should try to get at least three quotes before choosing the insurance provider.
Not sure where to start? We’ve made a list of 11 of the best life insurance companies you should check out.
1. Haven Life
Owned by Massachusetts Mutual Life Insurance Company (MassMutual), Haven Life feels more like a small, local company that wants to do right by its community. With the backing from MassMutual’s 160 years of experience in the insurance industry, Haven is able to guarantee both a personal service and dependable annuity benefits and a top rating for being able to pay claims.
Keep in Mind: Whether an insurance provider is insuring your car or your life, it’s often a very pressurized environment intended to sell you something quickly with add-ons you might not require. A policy through Haven is commission-free, which means the representative won’t try to sell you something that only benefits them. Their policies are also renewable without new underwriting and they offer level term premiums, which means your monthly payments will be the same until the end of the original term.
Pro Tip: Haven has also put a lot of energy into making the process of buying life insurance simple and efficient. With an online application system and paperless processing, using Haven can be done entirely online.
Extra: And if you are a U.S. citizen under the age of 59, you won’t even require a medical exam to finalize your coverage. If you do become a policy holder at Haven, you can receive an online legal will at no extra cost. This is one of the best life insurance companies in terms of ease and customer experience.
This insurance provider has been on the scene for just over 100 years. Founded in 1918, TIAA not only provides life insurance, but is also a top money manager that will help you organize your retirement and financial future.
Keep in Mind: If you’re new to life insurance, you might want to consider TIAA because of its emphasis on giving guidance from experienced representatives who know the industry inside out. Not only will they help you through the application process, but they’ll thoroughly explain how policies work and which policy you should choose based on your lifestyle and goals.
Bonus tip: And because TIAA is well-established, you can use their services in a way that suits you best. That means online or in-person help, and flexible policies. The flexibility in TIAA’s life insurance policies means that they’re open to helping everyone from graduates who are worried about their student loans to caregivers who want to make sure the person they’re looking after will always be okay.
If you’re looking for a policy that can adapt and grows as your life changes, look into TIAA. You might be surprised by their affordable rates and reliable customer service.
The co-founders of Bestow, Jonathon Abelmann and Melbourne O’Banion, are both husbands and fathers who started the company with families in mind. They wanted to make sure that families had a service designed to support and protect their financial futures.
Keep in Mind: Bestow is an online life insurance policy that honors five main aspects of its services: product, platform, partners, purpose, and people. Combined, these five elements offer you a streamlined service that focuses on the customer.
Advantages: Bestow is designed for exceptional convenience. Your online application should take no more than five minutes—including an instant decision of accepting or rejecting your application. The provider also boasts of in-house underwriting, which means more flexibility than ever when addressing the needs and wants of customers.
- Extras: Bestow has the backing of two of the biggest life insurance companies, which means your money is protected.
- This insurer also relies on big data to inform its policies, this means you’re ensured to get a fair price that’s based on facts, not arbitrary decisions.
If you’re looking to mold your own insurance plan or have the freedom to cancel at any time, look into Bestow.
Looking for one-on-one guidance? Try Voya. Voya says that they see every customer as an individual and therefore, each plan is tailor-made to suit specific needs and goals.
Keep in Mind: And their one-on-one help can be accessed at their online portal, myOrangeMoney, 24/7. This means total access to their services when it suits you best, making it one of the best life insurance companies for customer service. Plus, Voya wants to look after your finances in a holistic way. So whether it’s just life insurance you want, or retirement and investment management too, Voya is there to help.
Good to Know: There are already 13.8 million people relying on Voya to help them plan for the future, which means your finances and coverage are secure with this provider. Another amazing feature offered by Voya is their ‘Life Insurance Needs Calculator’. The calculator helps determine exactly how much life insurance you would need to help your family when they need it most.
By looking into medical expenses, debt, and education funds, among other factors, Voya will give you an immediate estimate for free.
Voya is an insurance provider to look into if you’re looking for an accurate quote that covers your needs without going overboard.
Protective is a more old-fashioned life insurance provider that first focuses on educating their customers before outlining a comprehensive, affordable policy. Like Voya, Protective encourages you to calculate your financial needs. Their calculator includes number of children that are planning on attending college and available funds from savings and investments.
Good to Know: After calculating your needs, Protective will help you find the right policy. You can choose between a short term policy, ten years or less, and a long term policy, which can last your entire life.
Protective will also help explain the three main uses for life insurance:
- Income replacement
- Children’s education
- Business preservation
Pro Tip: It’s important to be with an insurer who understands what motivates you so you can expect good customer service and care.
Like its name suggests, Protective’s values and mission is to help protect families during hard times while working around your budget and needs.
Despite being one of the larger life insurance providers on this list, you might be unfamiliar with Primerica. As with Protective, Primerica provides learning tools to prospective customers so that you can understand the industry—as well as your own needs—before speaking with a representative or requesting a quote.
Good to Know: One of the best tools on Primerica’s website is their complimentary ‘Financial Needs Analysis’ that works to put families on the right path to reach their goals. It also suggests which Primerica solution aligns with their needs and budget.
Pro Tip: Along with a life insurance policy, the analysis will also provide you with a financial life strategy so that you can build your savings and prepare effectively for big moments like buying a home or sending children to college.
If you need additional financial guidance, Primerica is one of the best life insurance companies to choose. It’s website is engaging and offers videos that breakdown complex financial topics.
7. Brighthouse Financial
Brighthouse is a part of Metlife, the major retail insurance provider. However, Brighthouse is focused on protecting individuals and their families. Its website offers concise and transparent financial guides that will help you quickly grasp insurance concepts.
Good to Know: Brighthouse specializes in only two services: annuities and life insurance. This means that Brighthouse is exceptional at the services it offers because they understand these products completely. The insurer is also very reliable, as it has received all A and A+ scores from all the major rating agencies.
Any Cons? One of the downsides of Brighthouse is that at $1 million, it has a very high minimum face amount for its term life insurance policies. Because of this steep minimum, your payments will also be slightly higher than at other companies.
You should probably check one of the other companies on this list if you think this amount is too high.
8. Legal & General America
Throughout its long history, Legal & General America has consolidated several other life insurance companies. This has given the company varied perspectives and a strong innovative streak. If you are looking to build a strong relationship with your insurance agent, this is the best life insurance company to choose.
Pro Tip: Before even suggesting one of their own agents, Legal & General advises that you seek recommendations from family members and friends for life insurance agents. This kind of transparency is reassuring and points toward a customer-first approach.
Good to Know: Legal & General also offers a variety of payment methods, allowing you to pay installments monthly, quarterly, semi-annually, or annually. Choosing to pay in a lump sum will likely save you money in the long run.
Bonus: They also offer universal life insurance, which they claim is one of the most versatile insurance products on the market. Universal life insurance is a permanent policy that will remain active as long as you keep paying sufficient premiums.
You can also check out their blog for comprehensive content on financial planning, life insurance, budgeting, and even technology. It’s a wealth of information that’s worth looking at even if you decide to buy insurance with another provider.
9. American National
American Nation Insurance Company (ANICO) offers a large variety of insurance options including life insurance, retirement annuity, and accident and health insurance. ANICO’s company values are based on building trust with their customers. Their core values are financial strength, integrity, respect, and teamwork. Putting these into practice makes ANICO one of the best life insurance companies.
Good to Know: This insurer works with you to ensure that your life insurance fits your budget. They suggest buying term life insurance if you are worried about affording the service. They offer clear and to the point explanations of why you should consider life insurance. For example, ANICO advises that term insurance is especially useful when you have payments with a time constraint, such as a large loan or mortgage payment.
Ultimately, ANICO wants to make sure that you completely understand the process of buying insurance and are prepared for any changes that happen along the way.
Pro Tip: With ANICO you can often keep using the same insurance agent even if you move to another state. If this isn’t possible for you, they’ll make sure to find you the perfect replacement near your new home.
Principal is an insurance company with a focus on letting you live your best life. This means that along with life insurance, they also encourage you look into retirement plans so that you can achieve long-term financial stability.
- They also offer personalized services for individuals, businesses, and institutional investors. This means they have financial solutions and expertise that will suit everyone. Their guidance is based on tried and true methods rather than industry fads.
- They also offer advice and help to everyone depending on their current situation and future goals. So whether you’re saving for college, are planning to have kids in soon, or retirement is on the horizon, Principal can help.
Good to Know: Principal is one of the best insurance companies for those who want their spouse left in good hands in the unfortunate case of death. They provide helpful articles on how to plan for death, or if it is sudden, a checklist of the things you will have to do. There is also a helpful guide on what to do about life insurance and retirement accounts after divorce.
Overall, Principal stresses that it is their job to make your life easier. They want to make sure that an already hard time isn’t made any more difficult.
11. Pacific Life
Pacific Life Insurance has been providing top notch customer service and protected coverage for over 150 years. Pacific Life understands how important your family’s future is to you, which is why their life insurance focuses on protecting them financial in case of unexpected death. This provider also offers useful analogies that will help you get to grips with the basics of life insurance.
Good to Know: For example, they compare renting a house to term life insurance, whereas buying a house is like permanent insurance. Analogies like this can help you as you start your researching what type of insurance you need.
- Along with traditional options, Pacific Life also offers variable universal life insurance, which is a great option is you are looking for direct market-driven cash value potential.
- Or opt for indexed universal life insurance which gives you index-based cash value growth potential, as well as guaranteed protection from index-based losses.
This scope of insurance options makes Pacific Life one of the best life insurance companies around.
Are you enthusiastic about your life insurance provider? Let us know who they are below!
Logan is a CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.