The best life insurance companies in May 2025

Life insurance can be a valuable financial tool that allows you to protect your loved ones after you're gone. It can replace lost income, help pay off large debts (like a mortgage or college tuition) and even allow you to leave a financial legacy.

There's a lot to consider about life insurance, though, with different providers, different policy types, coverage limits, riders and more.

CNBC Select has reviewed more than 40 life insurance companies to find the best ones based on policy types, rates, coverage options, customer satisfaction and more. (See our methodology for more on how we made our choices.)

Who's this for?Amica offers competitive premiums and policyholders who bundle with home or auto policies can save up to 30%.

Standout benefits: Amica's policies include a free terminal illness rider, which many providers charge for.

Who's this for? Mutual of Omaha's no-exam whole life policies are available to seniors up to age 85, while term life is available up to age 80. Those are both higher age limits than many competitors offer.

Standout benefits:Long-term care insurance is available to applicants between ages 30 and 79, with a 15% discount for couples who enroll together and a 5% discount if only one partner gets coverage.

Who's this for?Ladder's term life insurance offers no-medical-exam policies for up to $3 million, three times what some competitors offer.

Standout benefits: Ladder's most unique feature is that coverage is adjustable, so you can dial it back later in life when you've met goals like paying off your mortgage.

Who's this for? If you only want coverage for a set period, Protective has terms of up to 40 years — a rarity in the industry.

Standout benefit: Protective term life insurance can be converted into any permanent policy in the first five years. After that, you can convert it to whole life.

Who's this for:MassMutual offers several whole life insurance options, including a survivorship whole life insurance policy. The Whole Life Legacy 65 policy allows you to stop paying premiums at age 65 and still get a guaranteed death benefit, plus a cash value component and the chance to receive dividends.

Standout benefits: MassMutual has paid dividends to eligible policyholders annually since 1869, with a record 6.4% interest rate set for 2025.

Who's this for?Nationwide has two hybrid long-term care insurance policies, CareMatters and CareMatters Together, which pay out for up to seven years and have a cash indemnity benefit, so you don't have to wait to get reimbursed. It also has a long-term care rider on some life insurance policies.

Standout benefits: Nationwide's advanced underwriting program enables healthy applicants to get approved for up to $5 million in term life coverage without an exam. You can make one-time, monthly or annual payments for five or 10 years, or until age 65 or 100.

Who's this for?Northwestern Mutual has a generous number of useful riders, including a long-term care rider, an additional purchase benefit and a waiver of premium rider, which can keep coverage from lapsing even if you can't pay because of an illness or disability.

Standout benefits: You can convert a term life insurance policy into whole life with no underwriting or medical exam.

Who's this for: State Farm offers affordable final expense plans, which can pay for funeral arrangements, outstanding legal or medical bills and other expenses your loved ones may face. Policies are available with up to $15,000 death benefits for those between ages 45 and 85 (50 to 75 in New York).

Standout benefits: Final expense coverage is a guaranteed issue policy, so your approval is almost instant and doesn't hinge on answers to medical questions or an exam.

At its core, life insurance provides money to your beneficiaries in the event of your death. In many cases, these funds are intended to replace the income lost by your passing — to cover everything from daily expenses to sending your children to college.

The payout, known as a death benefit, can also be used for a funeral, to help settle your estate or to provide a financial legacy.

Some policies pay out if you're diagnosed with a disability or terminal illness, allowing you to cover the cost of care while you're still alive. And some have a cash value component that accrues over time.

Life insurance functions differently depending on the policy you choose: For individual life insurance, you typically select a plan and provide personal information for the provider to use in its underwriting process. (You may have to undergo a medical exam to determine what level of risk you pose to the insurer.)

If you're accepted, you'll begin paying monthly premiums and coverage will begin.

For a term life policy, which generally has the lowest premiums, a 30-year-old female in good health will pay an average of about $23 per month for a $500,000, 20-year term policy, according to October 2024 data from Policygenius.

A 30-year-old male would pay about $30 per month for the same policy.

For a $500,000 whole life policy, a 30-year-old female would pay about $408 per month, while a male would pay about $472 per month.

Several factors play into the cost of premiums, however, including:

• Age: As we get older, more health issues may emerge, so premiums cost more the older you are.
• Gender: Men have a shorter life expectancy than women, so they tend to pay more for life insurance.
• Medical history: Insurance companies consider people diagnosed with or who have a family history of diabetes, high blood pressure, or heart disease a bigger risk to ensure.
• Smoking: Smoking can shorten your life expectancy by at least 10 years, so smokers can pay more than twice what a nonsmoker would for the same policy.
• Risk factors: High-risk hobbies, a risky profession or even a spotty driving record can be factors in how much you pay.

There's no set amount of life insurance coverage for everyone. Many experts suggest getting a policy with a payout equal to 10 times your annual salary.

Another strategy is the DIME method, whichadds up the total sum from these four categories:

• Debt: All the debt you would leave to your family after your death.
• Income: Your annual income multiplied by the number of years you think your family would need your financial support after you die.
• Mortgage: Your outstanding mortgage and property taxes.
• Education: How much it would cost to put each of your children through college.

These are just rough estimates that don't consider the age of your dependents, any unusual assets or debts, an expected inheritance or other specific circumstances. It's a good idea to work with a financial advisor to determine your specific needs.

What to know about the most common types of coverage

Term life insurance

A term life policy is in force for a predetermined number of years, with fixed premiums and a fixed payout if you die. If you survive to the end of the term, there's no payout or refund. This is often a cheaper option chosen by families who want to be protected during their most vulnerable years (when children are young, when the mortgage isn't paid off, etc.)

Whole life insurance

Assuming you keep up with payments, whole life insurance policies remain in effect for your entire life. Premiums and death benefits are also fixed but, unlike term life, the policy builds cash value you can use to help pay your premiums, make withdrawals or use as collateral for a loan.

Depending on the company, whole life insurance can also qualify you for dividends. You can use the dividends to pay premiums, take them in cash or leave them with the insurance company to earn interest.

Burial insurance (also known as pre-need, funeral or final expense insurance) is a whole life policy used to pay for a funeral and burial, outstanding medical or legal bills and other end-of-life expenses. Payouts are usually capped at $25,000, though some companies offer up to $40,000 of coverage.

It's a guaranteed issue policy, so you don't have to worry about having to get approved or take a medical exam.

Universal life insurance

Unlike term and whole life insurance, universal life insurance has premiums and a cash value component that fluctuate and death benefits that aren't guaranteed.

There are several different kinds of universal life insurance policies.

• Indexed universal life builds cash value based on index funds. 
• Variable universal life allows the policyholdermore control over how premiums are invested. That means the death benefit isn't guaranteed if the funds have been poorly managed.
• Guaranteed universal life offers fixed premiums and a guaranteed payout, but it won't accumulate much, if any, cash value. 

There are a few strategies to keep your premiums down

1. Buy it when you're young

As you get older, life insurance companies see you as a bigger risk and the cost to cover you goes up. Locking in a level-term policy will keep your premiums the same for the length of your policy.

2. Get term life insurance

While term life is only active for a set period, on average, it costs a fraction of a whole life policy. Pick a term length that protects your family when you need the most coverage — like while your children are still young.

3. Maintain a healthy lifestyle

We can't control every aspect of our health, but regular exercise, a healthy diet, limited alcohol use and good sleep habits can get you a better rate. And if you smoke, it's time to quit: Tobacco smokers are charged anywhere from 40% to 100% more than non-smokers for the same policy. (If you take a medical exam, you may be given a nicotine test to verify your tobacco usage.)

4. Don't skip the medical exam

If you're young and relatively healthy, a policy requiring a medical exam will have lower premiums and higher coverage amounts than a no-exam policy. It's free and can take as little as 30-40 minutes.

5. Comparison shop

Not every insurance company considers your medical history and risk factors the same. Get quotes from several providers and be sure to ask about discounts.

Life insurance can be worth it if you have loved ones who depend on your income to meet the necessities of life and pay major bills, like mortgage payments, insurance and student loans.

Even if you don't have dependents, a burial insurance policy can help with final expenses: According to the National Funeral Directors Association,  the median cost of a funeral with a viewing and burial in 2023 was $8,300. Even just a cremation has a median price tag of $6,280.

Whether you need a policy, what kind and for how much are very personal questions, however, and it may be worth discussing with a financial advisor with a clear picture of your situation and available options.

Amica issues life insurance in all U.S. states except for Hawaii, including dividend policies with returns up to 20% of your annual premium and discounts for bundling life and auto insurance. Amica

Founded in 1909, Mutual of Omaha paid out $7.1 billion in life insurance benefits in 2023, representing nearly 6.5 million policies in force. It offers life insurance in all U.S. states except for New York and also offers long-term care and disability insurance, supplemental Medicare, mortgages and investment services.

Online provider Ladder arrived on the scene in 2015 and its no-frills term policies are backed by Amica, Allianz, Fidelity Security and other well-established insurance companies. Policies are available in all 50 states to applicants between 20 and 60 years old.

Licensed to issue life insurance in all 50 states, Nashville-based Protective had more than 14 million policies in force in 2024. In addition to term, whole and seven different universal life policies, the brand also offers disability insurance, annuities and other financial products.

The Massachusetts Mutual Life Insurance Company, commonly known as MassMutual, has more than $1 trillion in life insurance protection in force. It also offers retirement planning and investment management services.

Founded in 1926, Nationwide is one of the largest life insurance companies in the U.S. It also offers highly customizable long-term care insurance with no restrictions on how benefits can be used.Nationwide CareMatters is not available in California or New York.

Northwestern Mutual is available in all 50 states and, while not guaranteed, has paid out dividends annually since 1872, with a record payout of $8.2 billion in 2025. Northwest Mutual also offers disability insurance, annuities, financial planning services and more.

While it started with auto insurance in 1922, State Farm is now one of the largest life insurance providers in the U.S., with $1.1 trillion in policies in force and over $725 million in dividends issued in 2023. It's licensed in all U.S. states except for Massachusetts and Rhode Island.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every life insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of life insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine the best life insurance companies, CNBC Select collected data points on over 40 U.S. providers that write individual policies. 

We considered policy types, coverage limits, average rates, state availability and the number and types of riders. We also reviewed the application process, including if there were policies that did not require a medical exam. 

We incorporated ratings from J.D. Power’s life insurance customer satisfaction survey, the National Association of Insurance Commissioners complaint index and the Better Business Bureau.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Based on these criteria, our picks for the best life insurance in 2025 are:

• Amica: Best for affordability
• Mutual of Omaha: Best for seniors
• Ladder: Best for no medicalexam
• Protective: Best for term life insurance
• MassMutual: Best for whole life insurance
• Nationwide: Best for long-term care insurance
• Northwestern Mutual: Best for riders
• State Farm: Best for burial insurance

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