Best Life Insurance Companies of 2021

Sagicor is our favorite company overall. Their pricing for term life insurance without a medical exam is excellent, and their application can be completed online. See our 10 favorite companies.
Get a Free Quote
Author: Brian Greenberg CEO of True Blue Life Insurance
Last updated: June 21, 2021

Why you should research companies before you buy life insurance

Just because a life insurance company has A+ ratings doesn’t necessarily make it best for your personal situation. Your age, health, build, and financial history all play an important role in selecting the right company.

For example, Mutual of Omaha is an exceptional life insurance provider. Their experience dates back to 1909, and their customer service is terrific. But if you are young and healthy, their term life insurance isn’t worth the cost. In that case, Banner or Sagicor would be a better option.

The opposite is true as well. If you are a senior, Haven life or Bestow isn’t a great option. They have good reviews and pricing, but they mainly focus on term life insurance. In that case, Mutual of Omaha or AIG is a much better choice.

Best life insurance companies of 2021

The following list is our pick of the best life insurance providers by category. We have helped over 52,000 individuals on their quest to find the right life insurance in 2020 alone. We chose these companies based on our vast experience.

  1. Sagicor: Best for affordable no medical exam term
  2. Banner: Lowest price on term
  3. Foresters: Best for low credit scores
  4. Prudential: Best for people with health conditions
  5. Protective: Best for whole life insurance for under age 50
  6. Haven Life: Offers a convenient online-only approach
  7. Mutual of Omaha: Best for final expense
  8. AIG: Best for guaranteed issue
  9. Lincoln: Offers exceptional customer service
  10. John Hancock: Gives discounts if you are healthy & active

Best price for term life insurance without an exam: Sagicor

Our advice:
Sagicor excels at no medical exam life insurance in terms of product offering, price, and speed.

Is Sagicor the best choice for you?

No medical exam term life insurance is a very convenient and straightforward option. And Sagicor does term life insurance very well.

If you are between ages 18 and 65, you’ll be able to get up to $1million in coverage. And without a medical exam. If you don’t mind a medical exam, you can get up to $10 million in life insurance coverage instead.

Their application process is extremely streamlined and fast. The application is taken over the phone and signed digitally. Combined with very competitive rates makes Sagicor one of the most popular choices for no medical exam life insurance.

Sagicor ProsSagicor Cons
Best pricing on term life insurance without a physicalSagicor does not offer whole life insurance
Great term life insurance and universal life insurance productsPeople with serious health conditions won’t qualify
Simple application that can be completed online

Learn more about Sagicor

Our advice:
Banner is a great company that we love for its exceptional pricing. The application isn’t as short as we’d like to see, though. Be prepared to spend about 30 minutes on paperwork.

Is Banner the right company for you?

Banner shines when it comes to their universal life and term life insurance pricing. If you are healthy, life insurance prices don’t get much lower than with Banner. Additionally, if you have a credit score of 700 or more, Banner will likely waive the need for a medical examination.

Banner has been providing customers with life insurance for over 180 years, but their application feels dated. If that’s not a problem for you, Banner is an excellent option.

Banner ProsBanner Cons
Exceptional term life insurance ratesA medical exam is required unless you are healthy and have a credit score of 700+
180+ years of experience
Health forgiving

Learn more about Banner

Best for low credit scores: Foresters

Our advice:
Foresters does not qualify you based on your financial history. That makes it a go-to insurance provider for people with low credit scores or bankruptcy.

Is Foresters your best option?

If your credit score isn’t the best, you could have a tough time qualifying for many insurance providers. But since Foresters doesn’t qualify you based on your financial history, having a low credit score won’t be held against you.

The same is true health-wise. If you have some mild health conditions or aren’t in the best shape physically, Foresters won’t penalize you as much as others. On the flip side, if you are in great shape, both physically and financially, Foresters may not be your best option.

The company has a streamlined application process. Most individuals receive an approval decision within 15 minutes.

As a customer, Forester will provide you with additional benefits. Such benefits include discounted legal services, grants, and scholarships.

Foresters ProsForesters Cons
Experience that spans over three centuriesIf you are healthy, both physically and financially, there are cheaper alternatives
It focuses on insurance for the average working family and includes many benefits for free
Access to exclusive member benefits when you become a customer
No financial or credit history checks. Great for those with low credit scores

Learn more about Foresters

Best for people with health conditions: Prudential

Our advice:
Prudential is a well-respected company. They are a great option for people who would have a tough time qualifying with other life insurance providers.

Is Prudential the right choice for you?

If your health isn’t the best, but you want term life insurance, Prudential is a great option.

In addition to their health forgiveness, you can extend your term life policy once it ends. You can do so up to age 95. Why is that important, you may ask?

Well, term life insurance has a predefined policy end date. Most people get term life insurance for 20 years. But once those 20 years are up, and you are still alive, the policy comes to an end. If you still want life insurance, you’ll have to re-apply and go through the entire process once again. With Prudential, that’s not the case.

In addition to having the option to extend the policy, you can also convert your term policy into a whole life insurance policy. And you can do so without having to undergo a medical examination, guaranteed.

The forgiveness and flexibility that Prudential offers are what truly sets it apart from its competitors.

Prudential ProsPrudential Cons
Prudential’s term life insurance policy can be extended once the term endsA medical exam is required
In addition to be able to extend, you also have the option to convert your term policy into a permanent policy

Learn more about Prudential

Best inexpensive permanent life insurance under age 50: Protective

Our advice:
Protective offers a hybrid term life insurance product. You can continue to extend the policy, as well as change the coverage amount.

Is Protective the best life insurance company for you?

It depends. There are better products from other companies available for people who simply want life insurance for 10, 20, or 30 years. But, if you want flexibility, Protective is unique.

Protective’s hybrid product allows you to get a term life insurance policy for, say, 20 years. Then, you can continue to extend the policy. As you continue to extend the policy, the coverage will decrease without the need for a new medical exam.

Eventually, the policy will act as a whole life policy, with a maximum of $10,000. While the product is unique and very convenient, some may prefer the simplicity of a standard term policy instead.

Protective ProsProtective Cons
Provides a unique product that allows you to extend a term policy past the original termMost of Protective’s products require a medical exam
Has a strong company foundation, both moral and financial

Learn more about Protective

Best for an online-only approach: Haven life

Our advice:
We love them for their low rates and their online application. Haven Life is an excellent choice for those who want to avoid agents.

Is Haven Life best for you?

It depends. Haven Life offers an online approach. There is no paperwork involved, and you qualify online. But an online-only system usually translates itself to a lengthy questionnaire.

Also, not having to undergo a medical examination is not guaranteed. Depending on your answers and your public records, Haven may request a medical exam after all.

Haven Life is an excellent option if you want to avoid life insurance agents, want a DIY approach, and want term life insurance.

If you have health conditions or a low credit score, there are better alternatives. Since Haven only offers term life insurance, a denial could leave you stranded. Other companies often recommend a different product if you don’t qualify for term.

Haven Life ProsHaven Life Cons
It offers an online, agentless approachProducts are limited to just term life insurance
Great rates on term life insuranceIf you aren’t very healthy, a medical exam is likely required
Those in good health can enjoy an instant approval

Learn more about Haven Life

Best life insurance company overall: Mutual of Omaha

Our advice:
Their Term Life Express product offers instant approval without a medical exam. But we feel Mutual of Omaha really shines with their final expense life insurance product.

Is Mutual of Omaha the right company for you?

Mutual of Omaha is a company with a strong financial background. Their experience dates back to 1909, which has translated itself to superior customer service.

But, Mutual of Omaha isn’t the cheapest option for life insurance. Are they worth the cost? We think so. Their products often include riders for free. Other insurance companies can be more affordable but charge you an additional fee for these riders.

We like Mutual of Omaha’s product called Living Promise. It’s a whole life insurance policy, which is a popular choice for seniors. If you are between ages 45 and 85, you’ll be able to get $2,000 – $40,000 in coverage. Since this is a whole life policy, you don’t have to worry about renewing terms or policy end dates.

Mutual of Omaha ProsMutual of Omaha Cons
Exceptional financial history and customer supportMutual of Omaha is not the cheapest or fastest company
100+ years of experienceThere are cheaper and better options for term life insurance
Great company for final expense life insurance
Mutual of Omaha’s products often include free riders
If you seek under $350,000 in coverage, you could qualify for their express-issue term life insurance product

Learn more about Mutual of Omaha

Best for guaranteed acceptance: AIG

Our advice:
AIG is one of the world’s largest insurance companies, and their rates are among the best in any category. But we like their guaranteed acceptance product the most.

Is AIG the right company for you?

AIG American General Life Insurance has competitively priced products. It is one of the best companies to get a policy with whether you are healthy or not.

Their term and universal life products are competitively priced, and they can insure most applicants. Both term and universal require a medical exam, and the process can take 4 to 8 weeks.

But we believe AIG stands out with its guaranteed acceptance policy. It’s one of the best guaranteed issue policies on the market, and it’s priced very well. You’ll also get the option to set delayed billing and specify the payment date. Additional riders include Chronic Illness Acceleration Benefit and Terminal Illness Benefit.

AIG ProsAIG Cons
AIG’s financial ratings are among the best of the bestFor products that require a medical exam, the entire process typically takes 1-2 months
Great guaranteed issue product
Competitive pricing on most of their products

Learn more about AIG

Best for exceptional service: Lincoln Financial

Our advice:
Lincoln has a long history and a full portfolio of products in the insurance and financial industries. Their term product is one of the lowest priced.

Is Lincoln Financial a good option for you?

Lincoln is well known for its full-service financial planning. But regarding their life insurance products, we have found their customer service to be exceptional.

We like their term life insurance products. It is available for people age 18 to 60. Qualifying applicants can skip the medical exam. The application process is simple, easy, and paperless. The underwriting happens automatically, and you will receive a decision on your approval in minutes.

Three years after the policy goes into effect, you can reduce the coverage amount if desired. This is convenient as life changes. You may pay off your mortgage or other debt and simply no longer require as much coverage as you did initially.

Lincoln ProsLincoln Cons
Lincoln offers full-service financial planningLonger time to approval
Exceptional customer serviceThere are more affordable alternatives
Up to $1,000,000 in coverage, without a medical exam
Good for those with multiple medical conditions

Learn more about Lincoln

Best for active and healthy individuals: John Hancock

Our advice:
John Hancock has innovative products that reward you for being active and healthy.

Is John Hancock the best life insurance company for you?

If you live a healthy life, you’ll enjoy life insurance through John Hancock.

John Hancock provides various great life insurance products. But its most innovative product is Vitality Life. It rewards customers for being healthy. Such rewards include discounts on Amazon, savings of up to $120 a month on fresh fruits and vegetables, and a free Fitbit!

But aside from rewards, John Hancock can offer a much higher coverage amount than most companies. If you qualify, you can get coverage up to $65 million. For an even more advanced product, you can add various riders. Riders like Unemployment Protection or Total Disability will provide additional protection.

John Hancock ProsLincoln Cons
John Hancock has a unique and innovative approach to life insuranceThe cost can outweigh the rewards depending on your health
Great term product for healthy, active individualsThere are more affordable alternatives
Rewards you for being active

Learn more about John Hancock

How to weigh life insurance company options

When shopping for life insurance, you will likely come across a life insurance company not mentioned on our list. Does that mean they are unreliable? Not at all. There are over 770 insurers in the United States alone.

But here are some things to look for before you decide to move forward:

Financial ratings

Search for the company name followed by “AM Best 
rating” and “S&P rating”. The AM Best rating is issued based on the company’s 
financial performance. Financial performance includes financial strength, total debt, credit, and more.


This can be harder as it sounds. Most people don’t review their insurer unless they want to voice their bad experience. Part of this reason is that insurers don’t ask for a review. At True Blue, you can find reviews for 
many insurers as we do ask people for a company review after they buy.

Riders and policy features

When comparing life insurance rates, you’ll find 
that rates vary widely. Sometimes, this price difference is due to riders and policy features. Ask if the policy includes special features or riders, as this could make the price difference worth it.

Our methodology for choosing these companies

We prepared this list of the best companies based on our direct experience with them. As a life insurance brokerage, we are not tied to any particular company. Instead, we can speak freely and unbiased.

We help thousands of individuals acquire life insurance every year. This results in a ton of experience with these companies. As a result, we know which companies are better for individual circumstances.

If you’d like to get a consultation with a licensed True Blue agent, we’re here for you! You can call us at 1-866-816-2100, or submit an online request.

Get the most accurate rates in 2 minutes or less
Making a financial decision doesn’t have to be stressful.
See what you qualify for by answering some health questions.

Find The Best Policy
Find The Best Policy

About the author
Brian Greenberg author
Brian Greenberg
Founder and CEO
Brian is licensed to sell life, health, annuities, and property and casualty insurance in all 50 U.S. states. He is the author of The Salesman Who Doesn't Sell and is a member of the Million Dollar Round Table, an organization that consists of the top 1% of financial advisors worldwide.