The best term life insurance companies have affordable premiums, quick application processes, and flexible policy features. The top-rated insurers also have high customer reviews and strong financial ratings.
State Farm offers competitive term insurance policies with various coverage lengths and additional riders. Its streamlined application process is beneficial for people with health issues.
State Farm
State Farm offers various insurance products, including auto, homeowners, and business insurance. Its agents can help customers navigate the sometimes-confusing world of insurance, and they can customize policies to meet their needs. The company also has a robust learning center that provides valuable insurance information. Founded in 1922, State Farm has over 18,000 agents throughout the country and is one of the largest property and casualty insurers in the United States.
The company’s auto insurance product has a solid reputation and some of the best customer ratings. In a NerdWallet survey, respondents gave State Farm a score of 79 out of 100 for customer loyalty, and more than 78% said they were satisfied with the value of their policy. State Farm also receives fewer complaints than most other companies in the industry.
However, the company has been accused of undervaluing home damage and delaying claims payments. In one case, State Farm undervalued a Malibu home by more than half and delayed payment for nearly a year. Another lawsuit was filed against the company by actor Shannen Doherty, who claimed that State Farm failed to compensate her for losing her home and personal belongings in a wildfire. A jury awarded her $6.3 million in damages, and the company is appealing the verdict.
Protective
Protective Life offers a variety of term and permanent policies, including whole and universal life insurance. The company has some standout features, such as the ability to convert a level term policy to a permanent one without a medical exam, and the option for a terminal illness rider that pays out an accelerated death benefit if you are diagnosed with a terminal disease.
Its term life policy ranges from 10 to 40 years and covers up to $50 million. If you need extra protection, you can convert your term policy to a permanent one later.
Protective Life offers two types of permanent policies: a traditional universal life policy and an indexed universal life policy. These products provide flexible premiums and death benefits, but the indexed universal life policy lets you tie its cash value growth to a specific stock index.
Overall, Protective Life offers a wide range of life insurance options and is rated A+ by AM Best for financial strength. This rating is important because it means the company should be able to pay out claims decades from now. However, the company scored lower than average in J.D. Power’s 2023 customer satisfaction survey and has a high NAIC complaint ratio.
Guardian
Guardian is one of the best life insurance companies with a high customer satisfaction rating. Its products include term and permanent policies. The company also offers a variety of riders. For example, some of its term policies include a waiver of premium rider that covers payments if you become disabled or cannot work. Other rider options let you convert to a whole or universal life policy without undergoing a medical exam, and others provide for a paid-up benefit.
The company’s financial strength gives it an advantage over many competitors. In addition, its broad range of products includes disability income coverage, long-term care, and retirement planning. Its extensive community involvement, from health initiatives to financial empowerment, also shows its commitment to making a difference in the lives of individuals and communities.
Its Website has extensive term and whole life insurance pages, including product details, comparison tables, and frequently asked questions. There’s a tool on its homepage to find an agent in your area. Alternatively, you can input your contact information to request a call from a Guardian financial representative. The company doesn’t offer a calculator for its whole and universal life insurance products, but has an estimate tool for its term life insurance policies. Its rates are competitive with other top-rated life insurers. But they’re slightly higher than State Farm’s for some term and whole policies.
Pacific Life
Pacific Life has been in business for over 150 years, providing clients with various insurance and annuity products. The company’s universal life policies offer a guaranteed minimum interest crediting rate, and clients can choose from multiple riders to customize their coverage. The company also provides competitive pricing for those with medical conditions like anxiety and depression, those taking less than two medications for asthma, and pilots flying between 26 and 150 hours per year.
In addition to its term, whole, and variable life insurance offerings, the company also provides several annuities, including a multi-year guaranteed annuity, four fixed index annuities, and five deferred annuities. Its annuities are available for sale in all 50 states. The company also provides several online policy management tools, including an online account portal where clients can view statements, make premium payments, request withdrawals, and change their beneficiaries.
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