Best life insurance companies of 2026: Top picks for term, whole and no
Securing life insurance is often one of the most significant financial choices a family will make, yet navigating the process is rarely simple. The marketplace is filled with dozens of providers, a variety of coverage types, and substantial differences in everything from underwriting standards to premium quotes and policy flexibility. According to the 2026 Insurance Barometer Study from LIMRA, 38% of American adults — roughly 92 million people — indicate they either need life insurance or require additional coverage, meaning many consumers are still searching for the right solution.
The ideal life insurance provider ultimately depends on your specific priorities. For instance, someone seeking a straightforward term policy might prioritize affordability and an easy application process, while an individual purchasing permanent coverage may place more weight on financial stability, cash value features, and policy versatility. Based on our evaluation of current offerings, financial strength, customer service, and other essential criteria, we have outlined the top life insurance companies for 2026 below.
Compare your top life insurance options online now.
Our selections for the best life insurance companies of 2026 include:
State Farm: Best for term life insurance
MassMutual: Best for whole life insurance
Pacific Life: Best for universal life insurance
Ladder: Best for flexible coverage
Ethos: Best for no-medical-exam life insurance
Policy availability, coverage limits, age requirements, and underwriting criteria vary by applicant, product, and state, so it is vital to review the specifics before you apply.
Find out more about the life insurance options available to you here.
Coverage types: Term, whole and universal life
Term lengths: 10, 15, 20 and 30 years for Term Life Answers
Minimum term coverage: $100,000
Eligible ages: Vary by product; Term Life Answers may be available for seniors up to age 80 for a 10-year term for eligible nonsmokers
Mutual of Omaha earns our top overall ranking due to its blend of policy variety, financial robustness, and quality customer service. The insurer provides both term and permanent options, allowing customers to secure coverage for needs ranging from short-term income replacement to lifelong protection. Its Term Life Answers product features various term durations, while its permanent life insurance portfolio offers solutions for those seeking coverage that does not expire.
Customer satisfaction is another strong point. Mutual of Omaha performed well in the J.D. Power 2026 U.S. Individual Life Insurance Study. Furthermore, the company and its United of Omaha subsidiary maintain A+ financial strength ratings from both AM Best and S&P Global, alongside A1 ratings from Moody’s.
Wide range of term and permanent policies
Strong third-party financial strength ratings
Ranked highly in J.D. Power’s latest individual life insurance satisfaction study
Term options available to some older applicants
Eligibility and policy availability vary by product
Some policies require working with an agent rather than completing the process online
Term lengths: 10, 20 or 30 years with Select Term
Coverage amount: Starts at $100,000 for Select Term
Eligible ages: 18 to 75 for a 10-year Select Term policy; maximum issue age is lower for longer terms
State Farm is a standout for shoppers looking for the best term life insurance, particularly those who desire traditional coverage with multiple ways to customize their plan. Its Select Term policies provide 10-, 20-, and 30-year level-premium periods, and policyholders can generally extend coverage after the initial term on an annually renewable basis until age 95, though premiums will rise. Additionally, term coverage can often be converted into permanent insurance, depending on the policy’s conversion guidelines.
There are other term alternatives available as well. State Farm provides return-of-premium term insurance, which refunds eligible premiums if the insured survives the initial 20- or 30-year term and meets the policy criteria. This is a less common feature that may attract buyers willing to pay a higher price for the benefit.
Multiple types of term coverage
Term-to-permanent conversion options
Coverage can generally be renewed beyond the initial term
Strong customer satisfaction; State Farm ranked second in J.D. Power’s 2026 study
30-year Select Term coverage has a maximum issue age of 45
An agent may be required for parts of the purchasing process
Coverage types: Term, whole, universal and variable universal life
Permanent coverage: Multiple whole life designs
Cash value: Guaranteed growth with whole life policies
Underwriting: Some applicants may qualify for up to $3 million without physical exams or labs
MassMutual is a compelling choice for those pursuing permanent life insurance. Its whole life policies offer lifelong protection, guaranteed cash value growth, and the potential for dividends, though these are not guaranteed. The company recently expanded its portfolio with Whole Life Guard 10 Pay and Whole Life 95, providing buyers with more options for structuring their premium payment schedules.
Financial stability is crucial for any insurer, but it is especially important when purchasing a policy intended to last for decades. As of September 2026, MassMutual held an A++ rating from AM Best, AA+ ratings from Fitch and S&P Global, and an Aa3 rating from Moody’s. The company also reported $34.4 billion in total adjusted capital for 2025.
Extensive permanent life insurance lineup
Whole life policies provide guaranteed cash value growth
Participating policies may earn dividends
Among the industry’s strongest financial strength ratings
Permanent coverage is generally more expensive than term insurance
Buyers seeking a fully self-directed digital experience may prefer another company
Coverage types: Term, universal, indexed universal and variable universal life
Term lengths: 10-, 20- and 30-year level-premium periods with Pacific Elite Term
Permanent options: Multiple IUL and VUL products
Financial strength: A+ from AM Best and AA- from Fitch as of March 2026
Pacific Life’s extensive range of universal life products makes it a solid choice for consumers with more intricate permanent-coverage requirements. Its offerings include traditional universal life, several indexed universal life policies, and various variable universal life products, alongside term coverage.
The company continued to update its lineup in 2026. It introduced Pacific Admiral VUL 2 and Pacific Horizon Survivorship IUL earlier this year, both created to offer extra flexibility for long-term financial planning. These products are more sophisticated than basic term insurance, so buyers should thoroughly examine policy illustrations, guarantees, fees, and potential cash value performance before buying.
Broad universal life insurance lineup
Traditional, indexed and variable universal life options
Strong financial strength ratings
Multiple options for estate, business and long-term financial planning needs
Universal life policies can be complex
Product availability varies by state
Buyers may need professional guidance to compare permanent policy designs
Term lengths: 10, 15, 20, 25 or 30 years in most states
Coverage amount: $100,000 to $8 million in most states
Medical exam: Generally not required for coverage of $3 million or less
Ladder is built for buyers whose insurance needs might evolve over time. Its primary feature is the ability to “ladder” down coverage as financial responsibilities decrease. For example, someone who initially purchases enough insurance to cover income replacement, a mortgage, and child-rearing costs could reduce the death benefit later as those needs fade. Policyholders can also apply to increase their coverage, though approval is not guaranteed.
The application is entirely digital, and Ladder states that policies of $3 million or less typically do not require a medical exam. Coverage up to $8 million is offered in most states, though higher amounts might necessitate an at-home health screening. Ladder acts as an insurance agency rather than the direct insurer; policies are issued by partner carriers, including Amica Life Insurance Company, Fidelity Security Life Insurance Company, and S.USA Life Insurance Company.
Coverage can be reduced as needs change
Up to $8 million in term coverage in most states
No medical exam generally required for policies of $3 million or less
Only term life insurance is available
Increasing coverage requires a new application and approval
Age plus the selected term generally cannot exceed 70
Coverage types: Term and permanent options
Term coverage: Up to $3 million
Ethos is worth considering for consumers who wish to bypass the traditional medical exam process. The company provides a completely online experience, where applicants answer health-related questions instead of undergoing blood work or a physical. Ethos currently advertises coverage amounts up to $3 million.
Unlike Ladder, Ethos is not restricted to term insurance. Its platform provides access to both term and permanent products, including whole life and indexed universal life options. This gives shoppers who prefer a streamlined application more variety in the type of coverage they select. Ethos is a platform rather than the direct insurer, so the company underwriting and issuing the policy will depend on the specific coverage chosen.
Up to $3 million in coverage advertised
Term and permanent options available
Ethos isn’t the insurer issuing the policy
Coverage, terms and eligibility depend on the underlying carrier and applicant
A life insurance policy is a legal agreement between you and an insurance provider. You pay premiums to maintain the policy, and if you pass away while the coverage is active, the insurer pays a death benefit to your designated beneficiaries.
The duration of this protection depends primarily on the type of insurance you purchase. Term life insurance usually lasts for a set number of years. Permanent life insurance, such as whole or universal life, is intended to provide lifelong coverage as long as the policy remains in good standing. Permanent policies can also build cash value, whereas most term policies do not.
There are many varieties of life insurance to consider, including:
Term life insurance is typically the most straightforward choice. Coverage lasts for a specific period — usually 10, 20, or 30 years — and pays a death benefit if the insured dies while the policy is in force. Because term insurance generally does not accumulate cash value, it often provides more death-benefit protection per dollar of premium than permanent coverage.
Whole life insurance is a form of permanent coverage with premiums typically paid on a fixed schedule. It also builds cash value over time. Participating whole life policies may pay dividends based on the insurer’s performance, though these are not guaranteed.
Universal life insurance is another type of permanent coverage that generally offers more flexibility than whole life. Policyholders may have options regarding premium payments or death benefits, depending on policy rules. Because insufficient funding can lead to the lapse of certain universal policies, it is crucial to understand the guarantees and assumptions outlined in the policy illustration.
Indexed and variable universal life insurance
Indexed and variable universal life insurance provide additional methods for potential cash value growth. Indexed universal life credits interest based partly on the performance of a market index, subject to policy terms like caps, participation rates, and floors. Variable universal life allows the policyholder to allocate cash value among various investment options, which carries greater market risk.
Is life insurance worth it?
Life insurance can be worthwhile if you have financial dependents or debts that would be passed on to others upon your death. However, the value of a life insurance policy, like any other insurance product, is relative to the policyholder, their financial situation, and their personal goals. Therefore, life insurance may not be necessary for every adult. But for millions of others, it serves as a vital financial safety net, providing security for beneficiaries after the policyholder’s death while offering peace of mind while the insured is alive. That said, there are specific reasons why life insurance can be worth the expense:
It can cover expenses your beneficiaries would otherwise be saddled with: If you still owe a significant amount on your mortgage or have substantial student loan or other debt that would otherwise need to be paid by your loved ones, a life insurance policy that can be used to pay them could be worth the cost, particularly if you choose a term life insurance plan that has reasonable premiums compared to alternative types.
It can replace income that your budget is already reliant upon: Chances are good that your current budget is reliant upon a steady income flow. If that gets cut off, your ability to pay your monthly bills will be curtailed, even with a robust savings account to withdraw from. Life insurance, however, can easily replace this income, allowing your beneficiaries to maintain the lifestyle they’re currently accustomed to.
It can be tailored to your individual needs: Want a life insurance policy that has a cash reserve that you can borrow from in the future? Whole life insurance offers that. Or do you want one that can provide temporary protection until your home is paid off or until you no longer have financial dependents? Then term life insurance can be worth it. Life insurance is flexible and there are multiple types, coverage amounts and policies to explore that can be tailored to your individual needs, often making it an extra cost worth paying for.
And here are some reasons why it may not be worth paying for:
You have no major debt or financial dependents: If you’re in a financially sound position or expect to be in the short term, securing a life insurance policy may not be the best way to spend your money. In other words, if life insurance can’t fill an obvious financial gap left in the wake of your death, then it’s probably not worth paying for while you’re still alive.
You have robust savings that can cover end-of-life expenses: Life insurance doesn’t necessarily need to pay for big expenses like mortgages, student loans or auto debts. It can also cover end-of-life expenses like a wake or funeral if you secure a final expense life insurance plan. At the same time, if you already have robust savings that can adequately cover these costs – and don’t expect your savings balance to decline before your death – then paying for life insurance on top of it may not make sense.
The coverage you qualify for may not meet your goals (or fit your budget): Simply paying for life insurance, no matter the coverage you’re eligible for or the cost it takes to get it, doesn’t make sense. For example, if you’re suffering from health issues that substantially curtail your coverage eligibility, buying it anyway generally doesn’t make sense. Similarly, if the premiums are out of your budget and thus directly impact your current financial situation in a detrimental way, life insurance may be worth skipping (at least until your current financial health improves enough to be able to pay the premiums with ease).
How much is life insurance?
There is no standard price for life insurance. Costs fluctuate significantly based on age, health, gender, policy type, and family medical history. Even then, expect to see variations in premiums and coverage amounts when comparing providers. According to AFLAC, here is the average monthly life insurance cost for a 20-year, $1 million term life policy for healthy, non-smoking men and women:
Age 30: $67 for males and $54 for females
Age 40: $109 for males and $86 for females
Age 50: $262 for males and $194 for females
Age 60: $771 for males and $545 for females
Female policyholders often pay lower rates than males because men typically have shorter life expectancies, leading providers to anticipate a payout sooner. Whole life insurance is more expensive for both genders, though women generally still pay less. Here are those monthly premiums according to AFLAC:
Age 30: $815 for males and $783 for females
Age 40: $1,115 for males and $1,065 for females
Age 50: $1,665 for males and $1,283 for females
Additionally, here are the monthly premiums for a smaller, $500,000 20-year term policy for healthy, non-smoking men and women, per AFLAC:
Age 30: $18 for males and $15 for females
Age 40: $28 for males and $23 for females
Age 50: $68 for males and $53 for females
Age 60: $195 for males and $137 for females
Age 70: $914 for males and $649 for females
Here is what a $500,000 whole life insurance policy costs per month:
Age 30: $305 for males and $274 for females
Age 40: $460 for males and $414 for females
Age 50: $729 for males and $649 for females
*The monthly premiums for the $500,000 policies were calculated by dividing the average annual premiums of each by 12.
As shown, life insurance premiums can vary widely based on several factors. If you are shopping for a plan, whether term or whole, it is wise to diligently compare providers and pricing before committing.
How much life insurance do I need?
Similar to the questions regarding costs, the amount of life insurance you require depends on your financial situation, goals, and how much your budget can accommodate. Factors such as income replacement, debt, future costs (like college tuition or a child’s wedding), and funeral expenses can influence the coverage amount you need. For some, a plan worth $1 million or more might be appropriate, while others may need far less, especially if they have minimal debt and significant savings.
There are several methods to determine a specific amount. Multiplying your annual income by 10 or 15 times could provide enough to settle debts and leave beneficiaries with a comparable salary for a decade or longer. Alternatively, an amount equal to 10 times your income plus $100,000 per child may be suitable, or you could simply subtract your assets from your debts to calculate a death benefit. You might also consider the DIME formula, which calculates coverage by adding your total debt, the income you wish to replace, your mortgage balance, and education costs. Do not hesitate to speak with providers directly, as they can clearly explain your options and help design a plan that fits your budget and needs.
Before moving forward with a life insurance plan, it is helpful to know the answers to these four common questions:
What does life insurance cover?
Instead of asking what life insurance covers, it may be easier to ask what it does not cover. A life insurance policy can be used for a wide range of purposes, from paying off debts the policyholder had before death to simply providing an inheritance for loved ones. This applies whether the insured died from natural causes, an accident, or a homicide, though there may be a waiting period for suicide, depending on the provider and policy.
Is a medical exam required to get life insurance?
Not always. You will generally be required to complete a medical exam for term life insurance and likely a more comprehensive one for whole life policies. However, there are no-exam life insurance options that older applicants or those with health issues might consider. While these do not require a medical exam, costs may be higher and coverage amounts more limited compared to policies that require health documentation in advance.
Is life insurance taxable?
Life insurance is generally tax-free, though there may be exceptions for cash withdrawals on whole life plans, interest earnings, estate issues, or group-term life plans provided by employers that exceed $50,000. It is advisable to consult a tax professional to understand when you might be subject to taxes, as specifics vary by policy and provider.
What is voluntary life insurance?
Voluntary life insurance is a benefit you may already have access to. Typically offered through an employer, this serves as supplemental coverage with costs deducted directly from your paycheck. Premiums are usually lower than what you would find for similar coverage on your own, but the details regarding coverage, premiums, and medical requirements will be determined by the insurer your employer uses.
CBS News evaluates life insurance providers based on our editorial research, reporting, interviewing and extensive experience covering the industry since 2022. This includes analyzing factors ranging from coverages to premiums, policy types and more. This is an ongoing process that accounts for changes in policies, costs and coverage limitations. This review reflects our assessment of these factors at the time of publication and it is not based on commissions or compensation from insurers, providers or policyholders.
