Top 10 Best Life Insurance Companies in the USA

Top 10 Best Life Insurance Companies in the USA That Are Underrated

Discover the Top 10 Best Life Insurance companies in the USA that offer hidden value, strong ratings, and great coverage most people overlook.insurers that don’t dominate advertising but deserve a spot on any list of Top 10 Best Life Insurance companies.

We evaluated each on policy variety (term, whole, universal, etc.), financial strength ratings, customer satisfaction, pricing transparency, and unique features like no-exam underwriting or hybrid policies. The result is a roster of hidden gems for life insurance shoppers, with citations to authoritative sources for every claim Top 10 Best Life Insurance.

Insurance shoppers typically see State Farm, MetLife or USAA mentioned in “top 10” lists. But these familiar brands have competitors and niche players that can offer equally good (or better) options. For example, Banner Life Insurance is often overlooked by consumers, yet it consistently earns top marks for its term policies. Likewise, Protective Life – though not a household name – has a stellar AM Best rating and very few complaints Top 10 Best Life Insurance.

This article turns the spotlight on ten such carriers. Each section below summarizes the company’s history, product lineup, financial ratings, customer-service record, and any standout offerings (like return-of-premium term or accelerated underwriting). We’ve included Top 10 Best Life Insurance in context to ensure keyword density, but we also focus on clear, human-friendly writing Top 10 Best Life Insurance.

Below are the ten life insurers we recommend for outstanding value and service, despite being underrated. Each offers at least term and permanent coverage, and many include innovative options (e.g. life/long-term-care hybrids, indexed policies, or no-medical-exam underwriting) Top 10 Best Life Insurance.

Where possible, we cite financial strength ratings (A.M. Best, S&P, Fitch, Moody’s) and customer satisfaction data (NAIC complaint indices, J.D. Power, etc.). The goal is to help you find providers that should appear on Top 10 Best Life Insurance lists for their merits, even if they fly under the radar.

1. Banner Life Insurance (Legal & General America)

Banner Life Insurance Company (a subsidiary of Legal & General America) excels in term and universal life products. It does not sell whole life (except through William Penn in New York), but its term coverage is both flexible and affordable Top 10 Best Life Insurance.

For example, Banner’s term rates are consistently lower than most competitors – roughly 9–15% cheaper on average. It also lets policyholders “stack” multiple term policies: you can buy a smaller term plan now and add another later to increase coverage, which is a built-in flexibility not offered by all insurers Top 10 Best Life Insurance.

Banner’s financial health is top-tier. It carries an A+ (Superior) rating from A.M. Best (one of the highest possible) and similarly high marks from Fitch and Moody’s. This “Superior” rating means Banner is very likely to meet its obligations and pay claims, even under stress. Moreover, Banner has an excellent customer satisfaction record: it receives far fewer complaints than the industry average. One analysis found Banner had 57% fewer complaints than comparable insurers. This suggests its policyholders generally have smooth experiences, from application to claim Top 10 Best Life Insurance.

While Banner isn’t widely advertised to the public, it ranks highly among experts. Its term life policies (up to 30 years coverage) include rich riders like disability waivers and conversion options. Its indexed and universal life plans also offer cash value growth. In short, Banner Life belongs on any list of Top 10 Best Life Insurance companies for term coverage – it pairs strong ratings with low rates.

2. Protective Life Insurance (BB&T/Ally Financial)

Protective Life Insurance Company may not be a consumer household name, but it’s a powerhouse in life insurance. Protective offers term, whole, and multiple types of universal life, including indexed and variable UL. Notably, it markets long-term term policies (up to 40 years) with coverage as high as $50 million. Many states allow conversions of term to permanent with no exam, and most policies include an accelerated death benefit rider (paying early benefits if the insured becomes terminally ill) Top 10 Best Life Insurance.

For shoppers, Protective is also known for its Costco partnership: the Costco Member Advantage Life plan (sold by Protective) offers fixed premiums for 5 years, then level premiums thereafter for qualifying Costco members Top 10 Best Life Insurance.

Protective’s financial strength is exceptional. The company holds an A+ (Superior) AM Best rating and AA- from S&P and Fitch, among the highest grades in the industry. In fact, Consumer Reports ranked Protective Life highly for index policies, and the insurer was honored by USA Today/Forbes Advisor as the best overall carrier for term, whole and universal life.. Patient and thorough underwriting contribute to that strength: Protective is known to be careful but fair, and its highly-rated investment portfolio supports its promises Top 10 Best Life Insurance.

On the customer side, Protective also shines. It consistently records fewer complaints than expected relative to its size. NerdWallet notes Protective earned 4 out of 5 stars overall, citing its “strong financial position and low number of consumer complaints”. In J.D. Power’s 2024 Life Insurance Study, Protective ranked 9th out of 21 for customer satisfaction (roughly middle of the pack, despite being one of the largest insurers). These factors – especially the mix of solid ratings and product flexibility – put Protective Life on our list of Top 10 Best Life Insurance picks. Its lineup (term, universal, whole, indexed life) covers most needs, and its term rates are very competitive Top 10 Best Life Insurance.

3. North American Company for Life and Health (Sammons Financial)

North American Company (a subsidiary of Sammons Financial Group) is a great example of an underrated insurer. It has a Superior A+ rating from A.M. Best, indicating very strong ability to meet claims. Its product offerings include term life, guaranteed and index universal life.

A standout feature is its accelerated underwriting program: North American can issue policies without a medical exam for many applicants. You can get coverage up to $3 million (if under 50) or $2 million (ages 51–60) through its no-exam process. This is unusual flexibility for a smaller company and speeds up issuance Top 10 Best Life Insurance.

All of North American’s life policies include living benefit riders (for critical, chronic, and terminal illness) at no extra charge. Its base term rates are also very attractive: one analysis found North American’s term premiums were in the lowest 25% of the market. In practice, this means North American is often cheaper than large competitors for the same coverage.

Likewise, customer feedback is excellent: over three years, the insurer received virtually zero complaints, giving it a complaint index well below 1.00 (on the NAIC scale). This suggests North American’s customers are very satisfied Top 10 Best Life Insurance.

Overall, North American’s combination of a top-tier rating (A+), competitive pricing, and rich benefits makes it a Top 10 Best Life Insurance candidate for those wanting term or universal coverage. Its indexed universal policy can accumulate cash value based on market indexes, and its universal and term plans all have conversion options. In short, despite its modest size (founded 1886, ~135 years in business), North American Company delivers value and stability you’d expect from a far larger insurer Top 10 Best Life Insurance.

4. Cincinnati Life Insurance Company (Cincinnati Financial Corp.)

Cincinnati Life is the life insurance arm of Cincinnati Financial Corporation (better known for P&C insurance). Though not advertised widely, Cincinnati Life has earned strong ratings: A (Excellent) from A.M. Best and A+ (Strong) from both S&P and Fitch. In fact, one review notes this puts Cincinnati among the top 20% of life insurers by financial stability. The company also has an A+ rating from the BBB and only a single consumer complaint in three years, demonstrating excellent service Top 10 Best Life Insurance.

On the product side, Cincinnati Life offers term, whole, and universal life. Its term life (branded “LifeHorizons TermSetter”) comes in 10–30 year lengths and is convertible to permanent coverage. The universal life policy (“LifeHorizons Universal”) features flexible premiums with cash-value growth. The guaranteed whole life (“LifeHorizons Guaranteed WL”) has level lifetime premiums and fixed cash value, and it can be purchased as paid-up additions or with term conversion riders Top 10 Best Life Insurance.

For term, Cincinnati includes riders such as accelerated death benefit and waiver of premium, and even offers a return-of-premium term variant (refunds your premiums if you outlive the term). Notably, Cincinnati Life can even issue some term policies with no exam, speeding up issue (though specifics depend on face amount and state) Top 10 Best Life Insurance.

Cincinnati Life’s focus on service and stability makes it an under-the-radar pick. It maintains around 3,000 associates and 800 local claim personnel to give personalized attention. Its life claims process is noted as efficient and compassionate. For policy shoppers, Cincinnati Life’s term and permanent rates tend to be fair. Given its combination of strong ratings, low complaints, and full lineup of products, Cincinnati Life Insurance earns a place among the Top 10 Best Life Insurance companies deserving recognition.

5. Primerica Life Insurance (Primerica, Inc.)

Primerica’s name may ring a bell to those who know insurance sales networks, but to many it’s obscure. Primerica sells term life only (no whole or universal). Its term policies range from 10 up to 35 years and have no maximum face amount for qualified buyers (subject to underwriting). It’s also notable that Primerica was among the first to popularize large simplified-issue terms – coverage often starts at $15,000 with massive upper limits, and many can skip the medical exam. The company touts multi-year renewability beyond the initial term with options like decreasing or annual-renewable term extensions.

Financially, Primerica is solid. AM Best affirms Primerica Life Insurance Company at A+ (Superior) – meaning it is very strong on claims-paying ability. Primerica has a very strong balance sheet and reportedly maintained high returns on equity (per its AM Best release). On the consumer side, Primerica has surprisingly few complaints for its size Top 10 Best Life Insurance.

NerdWallet’s analysis shows Primerica drew fewer than the expected number of complaints to regulators over three years. This low complaint volume (combined with its A+ rating) underscores why Primerica is financially stable and customer-friendly in practice.

The catch with Primerica is its distribution model: policies are sold by independent multi-level marketing agents. Some shoppers dislike this structure, but it also means Primerica stays under most mainstream radar. In any case, its term products are well-regarded enough that we include Primerica on our list of Top 10 Best Life Insurance companies. Its pros: very broad availability (nationwide, except no presence in New York), very long terms (up to age 95 possible via renewals), and riders like waiver of premium and accelerated death benefit. The con: no permanent policies and minimal online info. Overall, for straightforward term coverage, Primerica’s combination of strong ratings and low complaints make it a hidden-value pick.

6. Illinois Mutual Life Insurance Company

Illinois Mutual is a small, regional mutual insurer (based in Peoria, Illinois) with a surprising array of offerings. Founded in 1910 and still family-run, it has an A‑ rating from A.M. Best (solid, though not at the very top). Its specialty is term life (including return-of-premium term). The “Path Protector” term product comes in 10-, 15-, 20-, or 30-year lengths, and allows conversions to permanent coverage. Face amounts run from $25,000 up to $1,000,000 for level term. There’s also a Return-of-Premium (ROP) version for 20- or 30-year terms (ROP up to $500,000) – meaning if you outlive the term, your premiums are refunded.

Illinois Mutual also offers basic whole and universal life. Its universal life (“ValueLife Protector UL”) has a minimum $50,000 face and various riders (accelerated benefit, term riders, paid-up additions). Whole life (“Life Foundations WL”) can be single-pay, limited pay, or level-pay, with dividend options. Importantly, Illinois Mutual can issue many term policies via tele-underwriting: applicants as young as 18 can get coverage up to $250,000 with no exam or lab tests. This ease of issue is attractive to middle-income buyers who want swift approval.

Given its size, Illinois Mutual is not widely known outside the Midwest, but it offers competitive rates and personalized service. Its NAIC complaint index is below average (fewer complaints than expected for its size). Indeed, one reviewer notes that its term and ROP policies are particularly strong for small face amounts. For people who need straightforward coverage without bells and whistles, Illinois Mutual deserves consideration. It may not pop up on every “Top 10 Best Life Insurance” list, but its solid rating and niche offerings make it a strong value play for term insurance.

7. Sagicor Life Insurance Company

Sagicor Life Insurance Company (U.S. operations) is part of Sagicor Financial Corp., originally founded in Barbados in 1840. It is relatively unknown to American consumers, but it has earned an A‑ (Excellent) rating from A.M. Best. In fact, Sagicor is one of the few carriers of Caribbean origin in the U.S. market (after acquiring American Founders Life). Its U.S. life insurance business serves 45 states, and A.M. Best ranks it among the top ~150 life insurers in the U.S. with just over $1.1 billion in assets.

Product-wise, Sagicor is surprisingly versatile: it offers term, whole, no-lapse universal, indexed universal, and even single-premium life. For term insurance, standard terms (10, 15, 20 years) are available, with level premiums and conversion riders. Unique to Sagicor is the automatic inclusion of living benefits: every policy comes with coverage for critical illness, chronic illness, and terminal illness (up to 50% of the death benefit or $300,000, whichever is lower) at no additional cost. This is a strong selling point for policyholders who might need early access to their benefit on serious health events.

Sagicor’s customer service record is also strong. It has been BBB-accredited with an A+ grade since 2009 and closed all complaints; only two complaints appear in three years, per BBB data. Taken together, Sagicor’s A‑ rating, minimal complaints, and array of products (including uncommon ones like no-lapse UL) make it a notable underdog. It certainly merits inclusion in an unconventional “Top 10 Best Life Insurance” list. Many American shoppers skip it due to unfamiliarity, but we recommend at least getting a quote from Sagicor, especially if you’re attracted to its built-in living benefits.

8. Brighthouse Financial

Brighthouse Financial was spun off from MetLife in 2017 and is better known for retirement products, but it maintains a solid life insurance franchise. It holds an A (Excellent) rating from A.M. Best, indicating financial soundness. Brighthouse offers term life and indexed universal life, with a few twists. Its SimplySelect term plan can provide coverage from $100,000 up to $3 million for 10, 20, or 30 years, often without a medical exam for approved applicants. The company’s integrated underwriting means many buyers can get quick coverage. (Brighthouse even advertises “coverage within 24 hours” for SimplySelect on qualifying cases.)

Beyond term, Brighthouse’s standout policy is SmartCare – a hybrid that merges universal life insurance with long-term care insurance. This long-term care rider is built into an IUL plan, so policyholders get both a death benefit and an LTC benefit under one contract. For some buyers (especially older ones), this can be very appealing. Brighthouse also allows term-to-whole conversion: if you bought term, you can convert to a whole life policy (with guaranteed cash value) when the term ends.

However, Brighthouse has limited product breadth. It does not offer standalone whole life or final expense. Its indexed UL (“SmartGuard Plus”) is relatively new and not widely sold. In terms of customer satisfaction, Brighthouse has struggled: J.D. Power ranked it last (21st of 21) in its 2023 life insurance study. So there’s that downside. Still, its hybrid LTC policy and strong financial rating give it a unique niche. We include Brighthouse in our Top 10 Best Life Insurance list because its products serve specific needs (e.g. hybrid policies, large term amounts) that big traditional carriers often don’t match. If you value a life policy that also provides for potential long-term care, Brighthouse’s offerings are worth a look.

9. American National Insurance Company

American National (ANICO) is a large mutual insurer (founded 1905 in Texas) that flies under many consumers’ radar. It consistently earns an A (Excellent) rating from A.M. Best, reflecting strong capitalization. ANICO sells nearly every type of life insurance: term, whole life (including limited-pay and single-pay), universal life, indexed universal life, final-expense (guaranteed whole life), and no-exam lifetime policies. Its website notes that term, UL, IUL, and guaranteed-issue products are all available.

ANICO’s whole life policies are dividend-paying, which is unusual among mutuals besides the largest (it has paid dividends regularly for decades). Its term insurance is priced attractively – one reviewer found ANICO’s term rates were below the industry average for comparable coverage. The company also offers many riders (accelerated death benefit, child term rider, etc.). Notably, ANICO draws fewer complaints than expected on a per-size basis, indicating good customer service.

Despite its $136 billion in life in force and 117-year history, American National doesn’t advertise much to the general public. Its products tend to be sold through independent agents and career sales channels. This reticence in marketing is exactly why ANICO belongs on a list of underrated insurers. Its combination of broad options, robust ratings, dividend history, and low complaints means it should be on every Top 10 Best Life Insurance list focused on value. In practice, ANICO can be especially attractive for middle-income families needing flexible policies backed by a stable mutual insurer.

10. Securian Financial (Minnesota Life)

Rounding out our list is Securian Financial, the mutual insurance giant formerly known as Minnesota Mutual. It’s often called Minnesota Life in the context of insurance. Securian is massive – over $1 trillion of life in force and founded in 1880 – yet it isn’t widely publicized outside financial circles. It has long held top ratings (historically even A++ from A.M. Best) due to its financial strength. According to NerdWallet, Securian’s life business earned 4 out of 5 stars overall, and it boasts fewer complaints than expected.

Securian’s product catalog is vast. It offers standard term policies (10, 20, 30 years) – in fact, its Advantage Elite Select Term can be issued at preferred rates for well-qualified buyers, starting at a $250,000 face amount. Securian also sells all forms of permanent insurance: fixed (traditional) UL, indexed UL (with joint-life options), variable UL, and whole life. Uniquely, it sells a hybrid life/LTC policy (MaxiFlex) that combines life coverage with a long-term-care benefit. Securian’s universal and variable life products allow a wide range of investment and premium-flexibility choices, appealing to affluent or planning-savvy clients.

One thing to note: Securian does not offer online quoting for most policies, and its website has limited product details. Even the NerdWallet review says its site “doesn’t have much policy information”. But behind the scenes, Securian has all the hallmarks of a conservative, well-run mutual: strong capitalization, consistent dividend history (for its dividend-indexed plans), and an A+ rating on financial reports. Its complaint index is below 1.00, meaning better than average customer satisfaction.

For consumers, Minnesota Life through Securian means reliability and choice. We list it here because many shoppers skip it due to its low profile, yet it deserves a spot among the Top 10 Best Life Insurance companies on merit alone. In particular, families or couples needing joint coverage or hybrid LTC benefits will find Securian’s offerings unique. Its market strength and few complaints suggest it’s definitely a carrier worth considering.

Conclusion

Choosing a life insurance provider isn’t just about brand recognition. The ten companies above – though not always top of mind – deliver financial strength, customer satisfaction, and innovative coverage that puts them on par with bigger names. Each has earned strong ratings (A- or higher from A.M. Best and peers), demonstrating stability. Many also have consumer-friendly features like no-exam underwriting (North American, Illinois Mutual), return-of-premium term (Illinois Mutual, Cincinnati Life), or built-in living benefits (Sagicor, North American).

In short, our list gathers ten insurers that should belong on any list of Top 10 Best Life Insurance companies in the U.S., especially for discerning shoppers. When comparing quotes, consider these under-the-radar carriers alongside the usual suspects. You might find that an insurer like Banner Life or American National offers a better deal or fit for your needs. We encourage readers to get quotes and do side-by-side comparisons, using the details above as a guide.

By expanding your search beyond the common names, you’ll likely discover excellent value. All ten companies highlighted here have the financial backing and product quality to give you confidence. In the crowded field of life insurance, they truly stand out as hidden gems – and each deserves recognition on any Top 10 Best Life Insurance list for their respective strengths.