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Life Insurance Company Comparison

We compare the most popular and competitive U.S. life insurance companies in three areas: price, financial strength and ease of policy issue. We obtain pricing information from the Top 15 Life Insurance Companies at Budget Life. We use the financial ratings from A.M. Best. Ease of policy issue reflects whether the company uses a standard, simplified or instant issue process.

If you would like more details, you may request comparison quotes from an independent agent.

Comparison results are presented in the following table. Specifics on the scoring are discussed below.

Rank Company Price Rating Issue Total
  1   Banner Life Insurance Company   5   3   0   8
  1   Ohio National Life Assurance Corporation   5   3   0   8
  1   West Coast Life Insurance Company   5   3   0   8
  4   First Colony Life Insurance Company   4   3   0   7
  4   MONY Life Insurance Company   4   3   0   7
  6   Empire General Life Assurance Corporation   3   3   0   6
  6   Lincoln National Life Insurance Company   3   3   0   6
  8   American General Life Insurance Company   2   3   0   5
  8   Chase Insurance Life and Annuity Company   3   2   0   5
  8   Cincinnati Life Insurance Company   2   3   0   5
  8   USAA Life Insurance Company   1   4   0   5
  12   John Hancock Life Insurance Company   0   4   0   4
  12   New York Life Insurance Company   0   4   0   4
  12   Primerica Life Insurance Company   0   4   0   4
  12   Security Mutual Life Insurance Company of NY   2   2   0   4
  16   Allstate Life Insurance Company   0   3   0   3
  16   Gerber Life Insurance Company   0   2   1   3
  16   Metropolitan Life Insurance Company   0   3   0   3
  16   Pruco Life Insurance Company   0   3   0   3
  16   Transamerica Occidental Life   0   3   0   3
  21   American Life Insurance Company of NY   0   0   2   2
  21   Chesapeake Life Insurance Company   0   1   1   2
  21   Veterans Life Insurance Company   0   2   0   2
  24   Colonial Penn Life Insurance Company   0   0   1   1
  24   United Home Life Insurance Company   0   0   1   1

Our comparison methodology reflects the features we have observed to be most critical to consumers. Without a doubt, the majority of consumers are looking first for the lowest price. So, price competitiveness per thousand dollars of coverage is our top feature.

Price points are awarded based on the company's standing in the BudgetLife Top 15: 5 points for the top three, 4 points for the next three, and so on, with the last three scoring 1. Rate quotes are evaluated for 32 different price points. For illustration, the results are shown below for one of these price points. Prices were obtained from the industry database provided by Term4Sale.Com, or directly from the insurance company's Website.

Financial strength is a close second in most consumers' minds. Our top score in this category is 4, awarded to those companies with A.M. Best's top financial rating of A++. Successive ratings score one less point accordingly, ending with 1 point for A-.

Ease of policy issue is of growing importance to consumers. More companies are starting to offer simplified issue policies, which do not require a medical exam. Others have gone even further and now offer instant issue policies, wherein the consumer can bind coverage online. The top score in this category is 2, assigned to those companies offering instant issue. Companies offering simplified issue score 1 point.

$250,000 20 Year Level Term
Preferred Plus Male Non-Smoker Age 45

Rank Company Price $ $/(000)
  1   Lincoln National Life Insurance Company   342   1.37
  2   Banner Life Insurance Company   355   1.42
  3   First Colony Life Insurance Company   357   1.43
  4   Chase Insurance Life and Annuity Company   360   1.44
  5   West Coast Life Insurance Company   362   1.45
  6   American Life Insurance Company of NY   372   1.49
  7   Metropolitan Life Insurance Company   379   1.52
  8   American General Life Insurance Company   385   1.54
  8   Cincinnati Life Insurance Company   385   1.54
  8   MONY Life Insurance Company   385   1.54
  11   Empire General Life Assurance Corporation   390   1.56
  11   Security Mutual Life Insurance Company of NY   390   1.56
  13   Ohio National Life Assurance Corporation   397   1.59
  13   Pruco Life Insurance Company   397   1.59
  15   John Hancock Life Insurance Company   1/   1.61
  16   USAA Life Insurance Company   410   1.64
  17   Primerica Life Insurance Company   497   1.99
  18   New York Life Insurance Company   502   2.01
  19   Transamerica Occidental Life   510   2.04
  20   Allstate Life Insurance Company   540   2.16
  21   Chesapeake Life Insurance Company   667   2.67
  22   United Home Life Insurance Company   2/   5.10
  23   Gerber Life Insurance Company   3/   14.3
  24   Colonial Penn Life Insurance Company   4/   24.8
  25   Veterans Life Insurance Company   5/   5/

1/ Below minimum of $750,000. If offered, $250,000 would be $402.
2/ Above maximum of $100,000, for which price is $510.
3/ Above maximum of $50,000, for which price is $717.
4/ Above maximum of $25,000, for which price is $621.
5/ Above maximum of $50,000. Price not provided.

The opinions offered here are strictly those of the editors. Our hope is that the underlying information will be useful to consumers making decisions about life insurance coverage. If you would like to contact another life insurance company, perhaps the following links will be of some use:



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