Five Best Life Insurance Companies of July 2024 – Adding life insurance to your financial plan is a must-do if you want to protect your loved ones. But with so many options out there, it can be tough to find the best life insurance for your needs.
We thoroughly analyzed the term life and cash value policies of 16 companies and found that Pacific Life and Protective are among the best life insurance companies, earning five stars in our analysis. We used a database of more than 9,000 policies and scored key metrics including cost, historical performance, financial strength, and cash value.
How We Chose the Best Life Insurance
Our evaluation included the cost competitiveness of both term and permanent policies, the reliability of policy illustrations, how fast policies build cash value, and more. Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers and we use data-driven methodologies so all companies are measured equally.
Our Picks for the Best Life Insurance Companies of July 2024
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Pacific Life
Pacific Life’s variable universal life insurance earned top marks in our analysis. We found that it has highly reliable illustrations for its VUL policies and very competitive costs. We also like that its VUL policies can build cash value relatively quickly.
- Very cost-competitive for most cash-value policies.
- Low costs for smokers.
- Can build cash value well even in the early years.
- Superior rates for term life insurance.
More: Pacific Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Fixed-rate universal life
- Indexed universal life
- Variable universal life
Life Insurance Riders Available
- Additional insurance rider
- Child life insurance rider
- Chronic illness rider
- Early/enhanced cash value rider
- Estate protection rider
- Lapse protection rider
- Long-term care rider
- Option to split/change/convert rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
Availability of riders could depend on the type of policy.
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Protective
Protective’s indexed universal life insurance policies earned top marks in our analysis. We liked that these policies are highly cost-competitive (including internal charges), and they can be good at building cash value early on.
In addition, we’re impressed by the stellar historical investment performance underlying its indexed universal life policies.
- Low term life insurance rates.
- Long 35- and 40-year level term life lengths available.
- Choice of up to 8 cash value policies if you convert a term life policy.
- Superior historical performance of company investments helps keep premiums low.
More: Protective Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Universal life
- Indexed universal
- Variable universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Child life insurance rider
- Disability rider
- Guaranteed insurability rider
- Lapse protection rider
- Overloan protection rider
- Return of premium rider
- Terminal illness accelerated death benefit rider
- Waiver of premium rider
The availability of riders could depend on the type of policy.
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Corebridge Financial (formerly AIG Life & Retirement)
Corebridge is notable in our analysis for its relatively friendly underwriting for marijuana users. Buyers who use marijuana eight or fewer days per month can still qualify for the best rate class from Corebridge. But life insurance shoppers who use marijuana frequently (more than 16 days a month or more than four days a week) should expect to be declined.
- Excellent term life insurance rates for a range of buyer ages and coverage levels.
- Customizable level term length between 10 and 35 years, such as 27 years.
- Low internal costs for cash value policies.
- Good reliability of policy illustrations.
More: Corebridge Financial Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Types of Life Insurance Sold
- Term life
- Whole life
- Guaranteed universal life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Child life insurance rider
- Disability rider
- Early/enhanced cash value rider
- Lapse protection rider
- Maturity extension rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
- Waiver of premium rider
Availability of riders could depend on the type of policy.
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Penn Mutual
Penn Mutual’s universal life insurance policies offer a great combination of financial strength, competitive internal policy costs, and reliable policy illustrations. Senior buyers will like the ability to maximize their death benefit for the premiums paid for the UL policies.
- Very competitive rates for term life insurance (non-convertible policy).
- Cash value policies are cost-competitive.
- Term life conversion is available to any Penn Mutual permanent life insurance policy.
More: Penn Mutual Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Guaranteed universal life
- Variable universal life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Additional insurance rider
- Child life insurance rider
- Chronic illness rider
- Disability rider
- Early/enhanced cash value rider
- Estate protection rider
- Guaranteed insurability rider
- Lapse protection rider
- Option to split/change/convert rider
- Overloan protection rider
- Return of premium rider
- Spouse/other insured rider
- Terminal illness accelerated death benefit rider
- Waiver of monthly deduction rider
- Waiver of premium rider
- Waiver of surrender charges rider
Availability of riders could depend on the type of policy.
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Transamerica
Cash value life insurance buyers will appreciate Transamerica’s reliable policy illustrations. It earned top marks in this category. This means you’re less likely to be taken by surprise by lower cash value gains than you expected.
Top-notch benefits in its Trendsetter Living Benefits term life policy, such as the ability to access your own death benefit money if you develop a chronic or critical illness.
- High maximum ages for renewing or converting term life insurance.
- Cash value generally builds fairly well in the early years.
More: Transamerica Life Insurance Review
*Average cost per year is for a $250,000, 20-year term life policy for a 30-year-old buyer.
Types of Life Insurance & Riders Available
Types of Life Insurance Sold
- Term life
- Whole life
- Indexed universal life
Life Insurance Riders Available
- Accidental death benefit rider
- Additional insurance rider
- Child life insurance rider
- Disability rider
- Guaranteed insurability rider
- Overloan protection rider
- Terminal illness accelerated death benefit rider
Availability of riders could depend on the type of policy.