On Hayvine Today: Best 10 Life Insurance Companies Of 2023

  • AUTHOR: editor
  • POSTED ON: April 6, 2023

When our adulthood responsibilities kick in, we all plan to have a perfect life ahead. And while many things can disturb that peaceful thinking, signing up for life insurance won’t. Instead, you’ll stay stress-free. Plus, with financial security for you and your loved ones, you wouldn’t have to worry about anything. 

But since there are so many life insurance companies, it’s easy to get confused while selecting one. That’s why we have formed a list of the best 10 life insurance companies to look forward to in 2023. 


1. Pacific Life – Contract Life Insurance

Are you looking for life insurance that lasts for a specific time only? If yes, then Pacific Life Insurance is the best option for you! Further, with their compare prices feature, you can save money and increase your cash value. 

So far, the company has a good record of investments and satisfied customers. Lastly, their consultation fee isn’t much either, which saves the customer money!

Pros & Cons 

  • Top marks in analysis 
  • Superior term life insurance rates
  • Competitive cash values
  • Reasonable policies for smokers 
  • Early cash value buildup 
  • Reliable policy illustrations 
  • Various life insurance riders
  • Limited universal life insurance policy 


2. Penn Mutual – Senior’s Pick

Not a fan of Pacific Life? No problem. Check out the next on our list, Penn Mutual. Just like the previous, it also offers reasonable prices and contract lengths. 

Further, Penn Mutual offers financial strength, internal policy costs and reliable policy illustrations. And it’s best for seniors as it maximizes the death benefit for premium customers.

Pros & Cons 

  • Competitive rates for term life and non-convertible policy 
  • Provides policy converting options 
  • Cost competitive policies 
  • Good record of strong financial strength
  • Less cost-effective convertible policies 
  • No specified early cash value build-up


3. Protective Life – Universal Life Insurance

Protective Life insurance company is another affordable option on the list. It’s famous for offering contracts from 10 to 40 years. Further, with its universal life insurance policy, you can get an internal policy depending on your age and health risks.

In addition, the company has notable records of bonds and mortgages increasing cash value. And policy illustrations are reliable.  

Pros & Cons 

  • Competitive and reasonable policy rates 
  • Provides 8 permanent life insurance options for converting 
  • Low internal costs
  • Great performance
  • Slow cash value build-up


4. AIG – For Marijuana Consumers

Let’s not shy away from bringing up real issues upfront. We all know about the increasing number of marijuana users across states. So, to help them, we’ve mentioned this AIG life insurance. Unlike others, this policy offers affordable rates for recreational marijuana users. 

Pros & Cons 

  • Excellent rates and coverages for multiple age groups 
  • Customizable contract feature 
  • Frequent marijuana users declined by American General 
  • Quality cash value policies 
  • Reliable cash growth 
  • Poor performance record 


5. Mutual Of Omaha – Gen X & Millennials

This fifth-best Mutual of Omaha is best for Generation X and millennials. It offers financial strength and the best policy costs. Further, it has an excellent record of satisfied customers. And it’s also great for cash-value life insurance buyers.

Pros & Cons 

  • Superior financial growth 
  • Excellent cost-competitive and cash-value policies 
  • Excellent performance record
  • High rates for term insurance buyers 
  • Problem with accessing cash value in early years

life insurance companies

6. Transamerica – Reliable Policy Illustrations

Transamerica is another reliable life insurance company to choose from in 2023. It’s best for cash-value insurance buyers and leads the charts. Though there are many reasons to go for Transamerica. It lets you withdraw your death benefit early in case of chronic or critical illnesses.  

Pros & Cons 

  • High convertible renewals for term insurance buyers 
  • Reliable cash value and policy illustrations 
  • Strong early year cash value growth, easy to withdrawal 
  • Non-satisfactory record of investments 


7. John Hancock – Nicotine Users Pick

No, we haven’t forgotten nicotine users while sorting out this list. Hence, the John Hancock life insurance option!

While most life insurance companies only cover smokers’ rates for nicotine users. Hancock is different and better for regular and occasional tobacco customers. Further, it doesn’t let you pay twice that of regular non-tobacco users.

Pros & Cons 

  • Strong financial growth 
  • Trustworthy policy illustrations 
  • High rates for term insurance buyers 
  • Slow process of cash value build-up
  • Expensive internal policies 


8. Lincoln Financial – Estate Planning Essential

Since estate planning is essential, Lincoln Financial is the best option for that. The company insures two lives under one and provides a payout when both consumers pass away. Further, the beneficiaries can use that money later to pay estate taxes or other duties.

Pros & Cons 

  • Reliable policy illustrations and investments
  • Low internal policy costs
  • Expensive term insurance rates
  • Less effective cash value growth over the years


9. Minnesota Life/Securian Financial – Indexed Universal Life Insurance

If you want Indexed Universal Life Insurance (IUL), try Minnesota Life. They have affordable rates and reliable policy illustrations.

Pros & Cons 

  • History of strong financial growth 
  • Cost competitive policies 
  • Reliable policy illustrations, especially for IUL users 
  • The Advantage Elite Select feature lets you make changes in your policy easily 
  • High term life insurance rates
  • Limited life insurance, asks advanced cash for extended insurance 
  • Poor performance records 


10. Symetra – Affordable Term Life Insurance Rates

And last but not least, Symetra life insurance company. The company has a record of strong sales and provides reasonable insurance. Further, it has cost-competitive policies for cash-value buyers.  

Pros & Cons 

  • Low and affordable term life insurance rates
  • SwiftTerm life insurance can be easily purchased
  • Slow growth of cash value 
  • Poor investment record
  • Lacks financial strength compared to other companies 


Found What You Were Looking For?

life insurance companiesOf course, the list doesn’t end at these picks, but now you have various life insurance companies to consider. Analyze the pros and cons for each and pick one that fits you the best.

Updated April 6, 2023
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