Best life insurance companies of 2024

Receiving high scores in multiple categories, it’s no surprise MassMutual tops the list of the best life insurance companies to choose from in 2024. The insurer came out on top with a 4.54 out of 5-stars rating.

MassMutual also received high scores from third-party rating companies AM Best and the NAIC. The insurer also received the third-highest J.D. power score of 809/1,000 of any other insurer we ranked.

MassMutual’s average annual premiums of $333 are almost 8% cheaper than the industry average of $358.

Pacific Life came in second place, trailing closely behind MassMutual with a 4.52 out of 5-star rating.

Of the insurers ranked and for which we were also able to obtain rate data, Pacific Life is one of the most affordable — tying with Penn Mutual — costing almost 28% less than the industry average. Insure.com data shows that the average annual premium for a 35-year-old purchasing $500,000 in coverage from Pacific Life for a 20-year-term is $280, compared to the industry average of $358.

Of the insurers ranked, Pacific Life tied Northwestern Mutual with the best score – 0.03 – from the National Association of Insurance Commissioners, which tracks customer complaints.

State Farm received a 4.51 star rating out of 5. The insurance company scored well for ease of service and customer satisfaction.

Of the insurers ranked, State Farm customers gave it high marks for its policy offerings and trustworthiness. It received the highest customer satisfaction rating of 843/1,000 from J.D. Power, above the average of 790. It also received high scores from third-party rating agencies. AM Best gives State Farm a score of A++, while it received an NAIC score of 0.33

Northwestern Mutual received a 4.50-star rating out of 5, receiving high scores for its policy offerings. The insurer tied with Pacific Life for the lowest NAIC score of 0.03 compared to the other carriers we ranked. Additionally, 100% of policyholders surveyed by Insure.com said they would renew their Northwestern Mutual policy.

The insurer also received an A++ score from AM Best and a J.D. Power customer satisfaction rating of 790/1,000, meeting the industry average score of 790. While Northwestern Mutual scored highly in many categories, it doesn’t offer the most affordable rates — the insurer’s average annual premiums are about 20% more than the industry average.

New York Life received a 4.49 star rating out of 5, tying for fifth place with Penn Mutual.

The company’s customers rate it highly for its ease of service and its policy offerings. The insurer received an A++ rating from AM Best and high marks from NAIC, which tracks customer complaints. Insure.com data shows that the company’s average annual premiums were on par with the industry average of $358. New York Life’s average annual premium came to $357.

Penn Mutual ranks fifth with a 4.49 out of 5-star rating, tying with New York Life. The insurer ranked highly in every category — customer satisfaction, ease of service, policy offerings, and trustworthiness.

Penn Mutual is tied with Pacific Life for premium affordability. With average annual premiums of $280, Penn Mutual’s premiums are well below the industry average of $358.

John Hancock received a 4.37 out of 5-star rating.

The insurer scored well for policy offerings and renewals, receiving a 97% score for the latter. However, its average annual premiums were well above the industry average of $358. Insure.com data shows that a policy from John Hancock costs an average of $415 a year.

John Hancock received an A+ rating from AM Best. It was rated highly by NAIC, which tracks customer complaints. Its J.D. Power score of 782 is just slightly below the industry average of 790.

Lincoln Financial received 4.30 out of 5 stars. The insurer performed well in ease of service and, of the companies we ranked, had the second-highest customer satisfaction score. It also earned an excellent NAIC score of .38.

Lincoln Financial’s average annual premium of $297 is lower than the industry average of $358, making Lincoln Financial a solid choice for affordable premiums.

Ranking ninth on the Insure.com list of Best Life Insurance Companies is Guardian Life. The insurer received a 4.29 out of 5-star rating and earned a high rating of A++ from third-party rating agency AM Best. While Guardian Life received a J.D. Power score of 784/1,000 — slightly below the industry average of 790 — its NAIC score of 0.07 was one of the best of the insurers ranked.

The insurer received a relatively high score for policy renewal, with 87% of customers surveyed saying they would renew their Guardian Life policy.

Mutual of Omaha received 4.11 out of 5 stars, coming in 10th place. The insurer received high marks for policy renewal, with 93% of customers saying they would renew their policy. Additionally, it received an A+ score from AM Best and a score of 805/1,000 from J.D. Power, which is higher than the industry average of 790.

Mutual of Omaha’s average annual premiums of $353 are slightly lower than the industry average of $358.

Gerber Life received 4.01 out of 5 stars, tying it on the ranking with Amica. The insurer received an A from third-party rating agency AM Best and a score of 1.23 from the NAIC, which tracks customer complaints.

Gerber Life received the highest score for policy renewal, with 100% of customers saying they would renew their Gerber Life policies. Northwestern Mutual, Lincoln Financial, and State Farm also received scores of 100% in this category.

Amica received 4.01 out of 5 stars, tying with Gerber Life. The insurer received high scores from third-party rating agencies, with AM Best giving Amica a score of A+, while NAIC gave Amica a score of 0.63.

The multi-line company is best for people who also need other types of insurance coverage, such as home and auto.

Farmers received 3.96 out of 5 stars. The insurer scored highly for policy renewals, with 91% of customers saying they’ll renew their life insurance policy. It received a score of 0.93 from the NAIC and an A from AM Best.

AAA ties with Allstate for 14th place, with 3.87 out of 5 stars. The company received an A score from AM Best and an NAIC score of 1.05. With a 90% score for policy renewals, most AAA customers say they’ll renew their coverage. Customers give it high marks for trustworthiness.

Policy premiums from AAA are well above the industry average. Insure.com data shows that AAA customers pay $440 for average annual premiums, while the industry average is $358.

Allstate received 3.87 out of 5 stars, tying it with AAA for the 14th spot on our list. The insurer’s customers rank it highly for customer satisfaction and trustworthiness. It also received high scores for policy offerings and policy renewals. It received an AM Best score of A+.

Brighthouse received 3.84 out of 5 stars, tying with Prudential for 16th place. The insurer performed well for policy renewals, with 91% of customers saying they’ll renew their coverage. The company also received an AM Best score of A.

Prudential tied with Brighthouse for 16th place, receiving 3.84 out of 5 stars. Prudential’s average annual premiums of $353 are slightly below the industry average of $358. The insurer’s customers give it a high customer satisfaction rating and most – 97% of customers – plan to renew their coverage.

The insurer received an A+ rating from AM Best and a score of 779/1,000 from J.D. Power, just 11 points below the industry average of 790.