Best Life Insurance Companies of 2020

Author: Brian Greenberg CEO of True Blue Life Insurance
Last updated October 5, 2020

It’s important to research companies before you commit to buying life insurance. If you have health conditions, an important part of this research is making sure that the company won’t penalize or deny you based on this health condition.

It is for this reason that we prepared a convenient health quiz. This quiz will ask the same questions insurance providers ask during underwriting. Based on your answers, we’ll weed out the companies you’d have a tough time qualifying for and match you with only your best options.

Depending on the month, life insurance companies might approve more people at lower rates. They do this by offering applicants better health classes. A health class can be considered a health grade that insurers use to determine your rate. With a better health class (or health grade), you’ll pay less for the same policy.

Choosing the right policy at the right time can result in saving thousands of dollars over the term of an insurance policy.

Going with any company on our top 10 list will ensure that you get a quality product backed by excellent consumer and financial ratings. Since we don’t work directly for a life insurance provider, our opinions are unbiased. We base them on our experiences as a life insurance broker, selling thousands of policies a year.

To get the assistance from a True Blue licensed agent, you can submit this form or call 1-866-816-2100.

Best ForCompanyPolicy NameCompany Info
Final expense / burial insurance
Living PromiseS&P: A+
A.M. Best: A+
BBB: A+
Assets: $34.4 billion
Term insurance with poor credit scoreTerm LifeS&P: A+
A.M. Best: A+
BBB: A+
Assets: $44 billion
Lowest prices on term life insuranceOPTermS&P: AA
A.M. Best: A+
Fitch: AA-
BBB: A+
Assets: $618.5 billion
Best for people with health conditions / poor healthTerm EliteS&P: AA-
A.M. Best: A+
Moody’s: A1
Fitch: A+
$1.184 trillion
Guaranteed issue no health questionsGWLIS&P: AAA
A.M. Best: A+
BBB: A+
Assets: $11 billion
Inexpensive no medical term life insuranceSage TermA.M. Best: A-
BBB: A+
Assets: $5.78 billion
People under 50 looking for inexpensive permanent insuranceCustom Choice ULS&P: AA
A.M. Best: A+
BBB: A+
Assets: $70.4 billion
Those wanting to complete the application themselves onlineHaven Term SimplifiedBBB: A+
Those wanting a company with exception serviceTermAccelS&P: AA-
A.M. Best: A+
BBB: A-
Assets: $253 billion
Best for active people wanting a discountVitality TermS&P: AA-
A.M. Best: A+
BBB: A+
Assets: $132 billion

1. Mutual of Omaha

True Blue’s advice:

Best-in-class products, though typically more expensive.

Mutual of Omaha offers both term and whole life insurance. Their Term Life Express product offers instant approval without a medical exam. Additionally, they offer an excellent final expense life insurance product. While they are more expensive than their competitors, Mutual of Omaha’s products are best-in-class.

Pros
Financial history
Customer support
100+ years of experience
Products that often include free riders
Express issue no exam plans for policies under 350k
Has a lenient build chart for those that are overweight.
Cons
Pricing
Time to approval
The express issue no med plan has one health class

Living Promise

  • Death Benefit: 100%
  • Issue Ages: 45-85
  • Face Amounts: $2,000 – $40,000
  • Underwriting Classes: Standard Tobacco/Nontobacco
  • Underwriting Requirements: MIB, pharmaceutical check, random phone interviews
  • Accelerated Death Benefit for Terminal Illness Rider in CA (D482LCA14R): Allows the owner a one-time election to receive the Accelerated Benefit if the insured is diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness.

Living Promise Brochure

Living Promise Graded

  • Issue Ages: 45-80
  • Face Amounts: $2,000 − $20,000
  • Death Benefit: This policy contains a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums paid plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.
  • Underwriting Class: Standard (no tobacco distinction)
  • Underwriting Requirements: MIB, pharmaceutical check, random phone interviews
  • Simplified underwriting. No medical exam – coverage is based on your answers to a few simple health questions.
  • ***Not available in AR, MT, NC.

Living Promise Graded Brochure

2. Foresters

True Blue’s advice:

Foresters has excellent products and are typically more health forgiving than other companies.

If you are looking for a company with a wide range of life insurance products and strong financial standing, Foresters is an excellent choice.

Aside from life insurance, Foresters’ customers receive additional benefits such as free or discounted legal services, grants, and scholarships, as well as terminal illness loans.

Forester’s experience spans 3 centuries. As a result, the company has a streamlined application process. Most individuals receive an approval decision within 15 minutes.

Pros
Experience that spans over 3 centuries
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 exam term insurance available for policies under 400k
No financial or credit history checks. Great for those with poor credit
Cons
Price
Fewer health classes available
For those in excellent health, there are lower cost options

Your Term

  • Issue ages: 18-80 years
  • Face amounts: $100,000 to $10,000,000
  • Term periods: 10, 15, 20, 25, and 30 years
  • Automatically included riders: Accelerated Death Benefit Rider, Family Health Benefit Rider and Common Carrier Accidental Death Rider
  • Optional Riders: Accidental Death Rider, Waiver Of Premium Rider, Disability Income Rider (Accident Only) and Children’s Term Rider
  • Death benefit is guaranteed
  • Premiums for base coverage and most riders are guaranteed for the length of the initial term

Your Term Life Brochure

Your Term Non-Medical

  • Issue Ages: 18-80
  • Face Amount: $50,000 – $400,000 (Ages 18-55), $50,000 – $150,000 (Ages 56-80)
  • Standard non-tobacco and Standard tobacco health classes
  • Term periods: 10, 15, 20, 25, and 30 years
  • Automatically included riders: Accelerated Death Benefit Rider, Family Health Benefit Rider and Common Carrier Accidental Death Rider
  • Optional Riders: Accidental Death Rider, Waiver Of Premium Rider, Disability Income Rider (Accident Only) and Children’s Term Rider
  • Death benefit is guaranteed
  • Premiums for base coverage and most riders are guaranteed for the length of the initial term
  • Application takes about 20 minutes over the phone
  • They don’t run background or credit checks
  • They have multiple health classes, so rates are great for those in excellent to below-average health

Your Term Non-Medical Life Brochure

PlanRight Level

  • Issue ages: 50-85 years
  • Face amounts: $35,000 ages 50-80, and $15,000 ages 81-85
  • Whole life to age 121
  • Automatically included rider: Common Carrier Accidental Death Rider
  • Optional riders: Accidental Death Benefit rider

PlanRight Level

Advantage Plus 20 Pay

  • Death Benefit: 100%
  • Issue Ages: 0-75
  • Face Amounts: $25,000 to $150,000 (ages 0-15) $25,000 to $400,000 (ages 16-55) $25,000 to $150,000 (ages 56-75)
  • Underwriting Classes: Standard Tobacco/Nontobacco
  • Premium Period: 20-Pay or Level Pay to Age 100 Note: the 20-Pay option is not available for issue ages 76-85. Due to the limited pay period, the rates per thousand for the 20-pay option are higher. This applies to both the base coverage and certain riders if added to the 20-pay option
  • Automatically included riders: Accelerated Death Benefit Rider, Family Health Benefit Rider and Common Carrier Accidental Death Rider
  • Optional Riders: Accidental Death Rider, Waiver Of Premium Rider, Children’s Term Rider, Guaranteed Insurability Rider, 10-Year Term Rider, 20-Year Term Rider, Single Payment Paid-up Additions Rider, and Flexible Payment Paid-up Additions Rider

Advantage Plus 20 Pay Brochure

True Blue’s advice:

They are a great company that we love for their amazingly low rates. The applications are long, though.

Banner Life is a popular company for both term life insurance and universal life insurance. With over 180 years of experience, Banner Life brings more than competitive pricing to the table. They are backed by a strong financial history and are committed to providing financial peace of mind.

Pros
Exceptional rates
180+ years of experience
Health forgiving
Cons
Medical exam required unless you are healthy and have a credit score of 700+

OPTerm

  • Exceptional pricing making it one of the most affordable term policies available.
  • Wide range of coverage amounts and various terms allow you to get the coverage you need when you need it most.
  • The medical exam can be waived if you are in good health, with a credit score of 700+.

OPTerm Brochure

Life Step UL

Life Step UL is a flexible premium universal life insurance plan. This product offers a coverage guarantee to maturity at age 121. Abbreviated or level payment and coverage options are available.

Life Step UL was designed for term conversions or new policies with face amounts as low as $50,000.

The guaranteed cash value is designed to endow the policy for its face amount at age 121, provided the contract is funded to maturity.

  • Builds cash value
  • Permanent life policy that lasts up to age 121

Life Step UL Brochure

4. Prudential

True Blue’s advice:

Prudential is a well-respected company. We love them for clients who are difficult to insure elsewhere.

Prudential provides term life insurance that can be extended once the term ends. They also offer the option to convert the term policy into a permanent whole life insurance policy without a medical exam, guaranteed.

One of Prudential’s products, PruLife ROP, is a “return of premium” policy. While more expensive and not as popular as Prudential’s regular term policies, this product offers something unique: If you outlive your life insurance policy, all paid premiums will be returned to you in one tax-free lump sum payment.

Pros
You can extend the policy once the term ends
You can convert the term policy into a permanent policy
Cons
A medical exam is required

Term Elite

  • Convertible to a permanent whole life policy up to age 50-65
  • Renewable up to age 95

Term Elite Brochure

Term Essential

  • Convertible to a permanent whole life policy up to age 50-65
  • Renewable up to age 95

PruLife ROP

  • Paid premiums are returned if you outlive the term
  • Convertible to a permanent whole life policy up to age 50-65
  • Renewable up to age 95

5. AIG

True Blue’s advice:

AIG is one of the largest insurance companies in the world, and their rates are among the best in any category.

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

Their term and universal life products are priced very well, and they can insure most applicants. They do require a medical exam, and the process can take 4 to 8 weeks. They have one of the best guaranteed acceptance policies on the market, and it’s priced very well.

Pros
Good for those with medical conditions
Price
Great guaranteed issue product
Cons
Expect a longer approval time

Guaranteed Issue Whole Life (GIWL)

AIG’s Guaranteed Acceptance policy is one of our favorites. It is priced about 20% less than other companies, with exception to Gerber’s policy. The application is completed online with a digital signature and the process takes about 15 minutes to complete. A short phone call is required to verify your identity.

AIG is one of the largest insurance companies in the world, and you can rest easy knowing your policy is with a financially stable insurance company.

  • Face Amounts: $5,000 – $25,000
  • Issue Ages: 50-85
  • Premiums are level and are guaranteed not to increase during the policy’s life
  • Quick processing – most cases 15 minutes or less
  • Multiple payment options (ACH, social security debit card, and credit card) for initial and recurring payments
  • Ability to set delayed billing and specify the date.
  • Additional Riders: Chronic Illness Acceleration Benefit and Terminal Illness Benefit

Guaranteed Issue Whole Life Brochure

Select-a-term

AIG has had one of the most reliable term insurance products for a long time. If you are in excellent health, the prices are some of the lowest in the industry. If you have medical conditions, they tend to provide offers to most applicants. The product can be customized to have any term period you like, for example, 27 years.

AIG Term products have good conversion options so you can convert some or all of your coverage to a permanent policy.

The product requires a medical exam and a 45-minute telephone interview with an AIG representative. The whole process takes 4 – 8 weeks and tends to take a bit longer than other companies. Once you get your policy, you can feel secure in being covered by one of the largest companies in the world.

  • Face Amounts: $100,000 – $1,000,000
  • Custom Term Durations Available: 10, 15-30, 35 year
  • Issue Ages: 20-80
  • Optional Riders: Children’s Term Rider, Accidental Death Benefit, Terminal Illness Rider, and Waiver of Premium Rider

Select-a-Term Brochure

Return of Premium Term

  • Face Amounts: $100,000 – $1,000,000
  • Custom Term Durations Available: 10, 15-30, 35 year
  • Issue Ages: 20-80
  • Optional Riders: Children’s Term Rider, Accidental Death Benefit, Terminal Illness Rider, and Waiver of Premium Rider

Return of Premium Term Brochure

Secure Lifetime GUL

The Guaranteed Universal Life product is a well-priced product with a unique feature. In year 20, you can get 50% of your paid premiums back, and at 25 years you can opt to get 100% of your premiums back. This option makes this product somewhat of a Return of Premium product.

The product is well priced, and if the return of premium feature is important to you, this is an attractive plan.

The plan requires a medical exam and a 45-minute call with an AIG representative. The policy can take 4 – 8 weeks to get approved, so be prepared to be patient. Once approved, you can feel secure knowing your plan is with one of the largest insurance companies in the world.

  • Face Amount: $100,000 +
  • Issue Ages: 18-80
  • Term Policies: 10, 15, 20 or 30 years
  • No health questions to answer
  • Guaranteed death benefit protection
  • Flexible Continuation Guarantee allows policy owners to select their guarantee period and premium funding period
  • Guaranteed cash value accumulation provides flexibility if needed in the future
  • Unique pro-rata adjustments on partial withdrawals allow policy to remain in force with proportionally reduced death benefit, cash values, and guaranteed premiums
  • 24-month rolling target premiums (not available in New York)
  • Consumer-friendly feature
  • Optional Riders: Accidental Death Benefit, Children’s Insurance Benefit Rider, Enhanced Surrender Value Rider, Accelerated Access Solution®, Lifestyle Income Solution®, Terminal Illness Rider, and Waiver of Monthly Deduction Rider

Secure Lifetime GUL Brochure

6. Sagicor

True Blue’s advice:

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

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

Pros
Pricing
Wide range of life insurance products that do not require a medical exam
Their application process and overall speed
Cons
While Sagicor has a good range of products, other companies may offer better whole life insurance choices

Sage Term Simplified Issue (No Medical Exam)

  • 10, 15, and 20 year term life insurance.
  • Issue Ages 18 to 65
  • Amount $50,000 to $1,000,000.00
  • Guaranteed Level Premiums for the Term
  • Preferred Non-Tobacco, Standard Non-Tobacco, Preferred Tobacco, Standard Tobacco and Substandard health classes
  • E-App or Paper Application Available
  • Application can be completed in 20-25 minutes
  • No Medical exams, bodily fluids or attending physician’s statement (issuance of the policy may depend upon the answers to the health questions set forth in the application)
  • When both spouses purchase policies, one of the policies receives a $35 discount.
  • Policies issued within 1 -7 business days

Sage Term Simplified Issue Brochure

Sage Term

  • Issue ages: 18-65 years
  • Face amounts: $50,000 to $10,000,000
  • Term periods: 10, 15, and 20 years
  • Additional Rider: Accelerated Benefit Insurance Rider for Terminal Condition or Nursing Home Confinement
  • Optional Riders: Accidental Death Rider, Children’s Term Rider, Waiver of Premium Rider
  • Death benefit is guaranteed

Sage Term Brochure

Sage Universal Life – No Medical

Sagicor’s UL is a flexible premium universal life insurance policy designed to create an accumulation value over the lifetime of the policy. The product is guaranteed up to the age of 121.

  • Income and living expense protection
  • Mortgage payment protection
  • Guaranteed 3% minimum interest rate
  • Increasing death benefit option
  • Potential to create wealth and plan for estate concerns
  • Flexible premiums and coverage
  • Available from age 15 days – 85 years with a minimum face amount of $50,000

Sage Universal Life – No Medical Brochure

Sage Univeral Life

  • 10, 15, and 20 year term life insurance.
  • Issue Ages 15 days to 85 years
  • Amount $50,000 to $1,000,000
  • Guaranteed Level Premiums
  • Competitively priced, flexible-premium
  • Guaranteed Annual Interest Rate
  • Sagicor’s Accelewriting® Process Available
  • Preferred Non-Tobacco, Standard Non-Tobacco, Preferred Tobacco, Standard Tobacco and Substandard health classes
  • Built-in Lapse Protection*

Sage Universal Life Brochure

7. Protective

True Blue’s advice:

Protective offers a hybrid product that offers term life insurance, with the option to extend the term once it ends.

Protective offers a unique term/universal life product — the policy gives you the option to extend it past the original term.

Applications are taken during a 30-minute phone call with a Protective representative. With an average approval time of 2 to 3 weeks, Protective is quicker than most companies that require an exam.

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

Custom Choice UL

Flexible premium universal life insurance for clients desiring affordable coverage without cash value accumulation. Offers flexible death benefit periods ranging from 10 to 30 years. After the initial level benefit period, the death benefit decreases each year while the premium remains level. When the death benefit reaches $10,000, the premiums will increase each year.

  • Issue ages: 18-75 years
  • Face amounts: $100,000 to $1,000,000
  • Standard non-tobacco and Standard tobacco health classes
  • Term periods: 10, 15, 20, 25, and 30 years
  • Optional Riders: Accidental Death Rider, Children’s Term Rider, Disability Benefit Rider, Income Provider Option, Terminal Illness Accelerated Death Benefit
  • Death benefit is guaranteed

Custom Choice UL – Term Brochure

8. Haven Life

True Blue’s advice:

We love them for their low rates and their simple online application—an excellent choice for those that want to avoid agents.

A Mass Mutual company that specializes in term insurance, Haven Life is a newcomer to the list. Haven Life offers $100,000 – $3 million in life insurance to healthy individuals ages 18 to 64. For applicants who qualify, approval is super fast.

Pros
Offers an online, agentless aproach
Great rates on term life insurance
Those in good health can enjoy an instant approval
Cons
Only offers term life
A medical exam could be required

Haven Term Simplified

This is one of our favorite no medical exam term life insurance products. What sets it apart is:

  • The online application process.
  • The financial strength of MassMutual and its subsidiaries, including the issuer of the Haven Term Simplified Issue policy, C.M. Life Insurance Company.
  • They offer excellent customer support. Haven Life has one of the best application processes we have seen.
  • You can complete the whole application online in minutes. There are no agents.

Those that want to can talk with Haven Life’s Customer Support to complete the application over the phone.

Once you finish the application, you receive an approval or denial immediately.

Haven Term Simplified Brochure

9. Lincoln

True Blue’s 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.

Lincoln offers great universal life and annuity products, as well as full-service financial planning. We focus on their insurance products, of course, and have found their customer service to be exceptional. They offer an accelerated no medical exam option for policies under $1 million.

Pros
Up to $1,000,000 in coverage, without a medical exam
Good for those with multiple medical conditions
Cons
Time to approval

Lincoln TermAccel Level Term

This is one of the best-priced term policies on the market. For people with excellent health, they often waive the medical exam requirement. A Lincoln representative will take your application by phone. It takes about 30 minutes. Lincoln has a great reputation and excellent customer service.

Safeguarding your family is at the top of your to-do list. And we’ve simplified how you do it. With Lincoln TermAccel life insurance, you can apply for coverage through our quick, secure and fully electronic process. If approved, you’ll have your coverage in a fraction of the time of a traditional life policy!

Whatever the need, Lincoln TermAccel can help protect the people that mean the most to you with a guaranteed income-tax-free death benefit.

From competitive pricing to an efficient online eTicket process and streamlined turnaround times, it’s easy to see how Lincoln TermAccel® Level Term is built with your business in mind.

  • Affordable protection for middle market clients, ages 18–60
  • 10-, 15-, 20- or 30-year terms with face amounts from $100,000 to $1,000,000
  • Easy and paperless Tele-App electronic ticket process with automated underwriting
  • Lab-free opportunity for qualifying clients
  • Quick approval process means cases are issued in a fraction of the time
  • Guaranteed premiums that stay the same for the length of the term
  • Flexibility to convert to a Lincoln permanent life policy. Ask your advisor what opportunities may apply.
  • Optional Riders: Children’s Term Rider, Accelerated Benefit Rider and Waiver of Premium Rider

Lincoln TermAccel Brochure

10. John Hancock

True Blue’s advice:

John Hancock has a full line of products and a highly trusted name. We love them for their groundbreaking products designed for active people.

John Hancock provides various great life insurance products, but the most innovative product is its 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!

Pros
Great term product for healthy, active individuals
Rewards you for being active
Cons
More expensive

Hancock Vitality Term

John Hancock Term is designed for individual clients looking for a straight-forward, affordable, and easy-to-understand policy. Benefits include:

  • Affordable coverage for face amounts of up to $65 million
  • Level premiums — clients can select guaranteed level premiums for 10-, 15- or 20-years
  • A guaranteed conversion feature during the entire term period
  • Unemployment Protection, Total Disability, and Accelerated Benefit riders for extra protection

Vitality Term Brochure

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