Best life insurance companies of 2026: Top picks for term, whole and no-exam coverage

Buying life insurance can be one of the more consequential financial decisions a household makes, but choosing a policy isn't always straightforward. The market includes dozens of insurers, multiple types of coverage and significant differences in everything from underwriting requirements to quotes to policy flexibility. And with 38% of American adults — about 92 million people — saying they need life insurance or need more coverage, according to LIMRA's 2026 Insurance Barometer Study, plenty of consumers are still trying to find the right fit.

The best life insurance company ultimately depends on what matters most to you. Someone looking for a straightforward term policy may prioritize price and a simple application, for example, while someone buying permanent coverage may care more about financial strength, cash value features and policy options. Based on our review of current products, financial strength, customer experience and other key factors, below we'll detail the best life insurance companies that stand out in 2026.

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Best life insurance companies of 2026

Our picks for the best life insurance companies of 2026 include:

• Mutual of Omaha: Best overall
• 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 vary by applicant, product and state, so it's important to compare the details before applying.

Find out more about the life insurance options available to you here.

Mutual of Omaha: Best overall

• 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 best overall designation for its combination of policy variety, financial strength and customer experience. The insurer offers term and permanent options, making it possible to find coverage for needs ranging from temporary income replacement to lifelong protection. Its Term Life Answers product offers multiple term lengths, while its permanent life insurance lineup provides options for buyers who want coverage that won't expire.

Customer satisfaction is another standout. Mutual of Omaha ranked highly in J.D. Power's 2026 U.S. Individual Life Insurance Study. The company and its United of Omaha subsidiary also hold A+ financial strength ratings from both AM Best and S&P Global, along with A1 ratings from Moody's.

Pros

• 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

Cons

• Eligibility and policy availability vary by product
• Some policies require working with an agent rather than completing the process online

State Farm: Best for term life insurance

• Coverage types: Term, whole and universal life
• 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 stands out for buyers searching for the best term life insurance companies, particularly those who want traditional term life insurance with several ways to tailor the coverage. Its Select Term policies offer 10-, 20- and 30-year level-premium periods, and policyholders can generally continue coverage after the initial term on an annually renewable basis until age 95, although premiums increase. Term coverage can also be converted to permanent insurance, subject to the policy's conversion rules.

There are other term options, too. State Farm offers return-of-premium term insurance, which returns eligible premiums if the insured outlives the initial 20- or 30-year term and the policy requirements are met. That's a less common feature that may appeal to buyers willing to pay more for that benefit.

Pros

• 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

Cons

• 30-year Select Term coverage has a maximum issue age of 45
• An agent may be required for parts of the purchasing process

MassMutual: Best for whole life insurance

• 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 particularly compelling for buyers seeking permanent life insurance. Its whole life policies offer lifetime protection, guaranteed cash value growth and the potential for policyowner dividends, although dividends aren't guaranteed. The company also recently expanded its lineup with Whole Life Guard 10 Pay and Whole Life 95, giving buyers additional choices for structuring how long they pay premiums.

Financial strength is important for any insurer, but it can be especially relevant when buying a policy designed to last 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. It also reported $34.4 billion in total adjusted capital for 2025.

Pros

• 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

Cons

• Permanent coverage is generally more expensive than term insurance
• Buyers seeking a fully self-directed digital experience may prefer another company

Pacific Life: Best for universal life insurance

• 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 breadth of universal life products makes it a strong option for consumers with more complex permanent-coverage needs. Its lineup includes traditional universal life, several indexed universal life policies and multiple variable universal life products, in addition to term coverage.

The company has also continued updating that lineup in 2026. It launched Pacific Admiral VUL 2 and Pacific Horizon Survivorship IUL earlier this year, both designed to provide additional flexibility for long-term planning. These products are more complex than basic term insurance, though, so buyers should carefully review policy illustrations, guarantees, fees and potential cash value performance before purchasing.

Pros

• 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

Cons

• Universal life policies can be complex
• Product availability varies by state
• Buyers may need professional guidance to compare permanent policy designs

Ladder: Best for flexible coverage

• Coverage type: Term life
• 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 designed for buyers whose coverage needs may change over time. Its defining feature is the ability to "ladder" coverage down as financial obligations shrink. Someone who initially buys enough insurance to replace income, pay a mortgage and support young children, for example, could reduce the death benefit later as those obligations disappear. Policyholders can also apply to increase coverage, although approval isn't guaranteed.

The application is digital, and Ladder says policies of $3 million or less generally don't require a medical exam. Coverage of up to $8 million is available in most states, though higher amounts may require an at-home health screening. Ladder is an insurance agency rather than the insurer itself; policies are issued by partner carriers, including Amica Life Insurance Company, Fidelity Security Life Insurance Company and S.USA Life Insurance Company.

Pros

• Coverage can be reduced as needs change
• Up to $8 million in term coverage in most states
• Fully digital application
• No medical exam generally required for policies of $3 million or less

Cons

• Only term life insurance is available
• Increasing coverage requires a new application and approval
• Age plus the selected term generally cannot exceed 70

Ethos: Best for no-medical-exam life insurance

• Coverage types: Term and permanent options
• Term coverage: Up to $3 million
• Medical exam: Not required
• Application: Online

Ethos is worth considering for consumers who want to avoid the traditional medical-exam process. The company offers an entirely online experience, and applicants answer health questions rather than undergoing blood work or a physical exam. Ethos currently advertises up to $3 million in coverage.

Unlike Ladder, Ethos isn't limited to term insurance. Its platform offers access to term and permanent products, including whole life and indexed universal life options. That gives shoppers who want a streamlined application more flexibility in the type of coverage they choose. Ethos is also a platform rather than the direct insurer, so the company underwriting and issuing the policy will depend on the coverage selected.

Pros

• No medical exam
• Online application process
• Up to $3 million in coverage advertised
• Term and permanent options available

Cons

• Ethos isn't the insurer issuing the policy
• Coverage, terms and eligibility depend on the underlying carrier and applicant

How life insurance works

A life insurance policy is a contract between you and an insurance company. You pay premiums to keep the policy active, and if you die while eligible coverage is in force, the insurer pays a death benefit to the beneficiaries named on the policy.

How long that protection lasts depends primarily on the type of insurance purchased. Term life insurance typically lasts for a specified number of years. Permanent life insurance, such as whole or universal life, is designed to provide lifelong coverage as long as the policy remains in force. Permanent policies can also accumulate cash value, while most term policies do not.

Types of life insurance

There are numerous types of life insurance to choose from, including the following:

Term life insurance 

Term life insurance is generally the simplest option. Coverage lasts for a set term — commonly 10, 20 or 30 years — and it pays a death benefit if the insured dies while the policy is active. Because term insurance generally doesn't accumulate cash value, it tends to provide more death-benefit protection per premium dollar than permanent coverage.

Whole life insurance 

Whole life insurance is permanent coverage with premiums typically paid according to a set schedule. It also builds cash value. Participating whole life policies may pay dividends depending on the insurer's performance, although they aren't guaranteed.

Universal life insurance 

Universal life insurance is another form of permanent coverage but generally provides more flexibility than whole life. Policyholders may have flexibility over premium payments or death benefits, subject to policy requirements. Because insufficient funding can cause certain universal policies to lapse, it's important to understand the guarantees and assumptions in the policy illustration.

Indexed and variable universal life insurance 

Indexed and variable universal life insurance add additional ways for cash value to potentially grow. Indexed universal life credits interest based partly on the performance of a market index, subject to policy terms such as caps, participation rates and floors. Variable universal life allows the policyholder to allocate cash value among investment options and therefore involves greater market risk.

Is life insurance worth it?

Life insurance can be worth it if you have financial dependents or debts that will be passed on to others in the event of your death. The value of a life insurance policy, like any other insurance coverage, however, is relative to the policyholder, their financial circumstances and their goals. So life insurance may not be worth it for every adult. But for millions of others, it can provide vital financial protection, functioning as a safety net for beneficiaries after the death of the policyholder while providing peace of mind while the insured remains alive. That noted, there are specific reasons why life insurance can be worth the cost:

• 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 universal price associated with life insurance. The cost will vary significantly based on age, health status, gender, policy type and family medical history. Even then, expect to see variability in premiums and coverage amounts when shopping around for providers. According to AFLAC, here's the average life insurance cost by age each month for a 20-year, $1 million term life policy for non-smoking, healthy 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 less than males because males typically have shorter lifespans and providers expect to pay out quicker than they will for insured females. Whole life insurance, however, is more expensive for both sexes (though females will still typically pay less). Here's what those monthly premiums look like 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

And here's what the monthly premiums would look like for a smaller, $500,000 20-year term policy for non-smoking healthy men and women, also according to 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's what a $500,000 whole life insurance policy will look like 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 can be seen, life insurance premiums can change significantly based on a variety of factors. So if you're in the market for a plan, regardless if it's a term or whole policy, it makes sense to diligently shop around for providers and prices before making any commitment.

How much life insurance do I need?

Similar to the questions surrounding life insurance costs, how much life insurance you need will vary depending on your financial circumstances, goals and how high of a premium your existing budget has room for. Factors including but not limited to income replacement, debt obligations, costs tied to future expenses (like college tuition or a wedding for children as they get older), funeral and other end-of-life expenses, can also impact the coverage amount you need. For some, a robust plan worth $1 million or more may be right while others may need significantly less, especially if they have minor debts and robust savings to rely on. 

That said, there are some ways in which you can determine a specific amount. Multiplying your annual income by 10 or even 15 times, could give you a large enough amount to complete your debt obligations and leave beneficiaries with a commensurate salary amount in your absence for a decade or longer. Similarly, an amount worth 10 times your income plus $100,000 per child may make sense as can something as simple as a formula in which you subtract your assets from your debt to produce a death benefit that beneficiaries can use in the future. Consider, too, the DIME formula, which generates a coverage amount by adding your existing debt amount, the income you'll want to replace, your mortgage balance and any education costs all together. And don't hesitate to speak with providers directly as they can clearly outline your coverage options and come up with a tailored plan that fits your budget and meets your needs.

Life insurance FAQs

Before proceeding with a life insurance plan, it helps to know the answer to these four frequently asked questions:

What does life insurance cover?

Instead of asking what life insurance covers it may be easier to ask what life insurance doesn't cover. That's because a life insurance policy can be used for a vast amount of things ranging from outstanding debt that the policyholder had prior to their death to simply serving as 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 in the event of suicide, depending on the provider and the policy in question.

Is a medical exam required to get life insurance?

Not always. You generally will be required to complete a medical exam for term life insurance policies and likely a more expansive one for whole life insurance policies. That said, there are no-exam life insurance policies that older applicants or those with serious health issues may want to consider. While these won't require a medical examination, costs could be higher and coverage amounts may be limited compared to the alternatives in which you'll need to provide documentation about your health status 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 paid by employers that exceed $50,000. That said, it's worth consulting a tax professional to understand when (and when you won't) pay taxes as the specifics will vary from policy to policy and provider to provider.

What is voluntary life insurance?

Voluntary life insurance is something you may already have. Typically offered through your employer, this serves as additional coverage in which costs are deducted directly from your paycheck. Premiums are typically lower than what you'd secure with the same type of coverage on your own but the specifics surrounding coverage, premiums, medical exams and more will be tied to the insurer your employer is working with.

How we review

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.