Best life insurance companies

To help you make an informed choice, Budget Life has developed a ranking system to determine the best term life insurance companies with the most competitive rates. The list is based on two primary factors -- financial strength and the lowest life insurance rates. Budget Life periodically collects term life insurance quotes for $500,000 policies from the Compulife Software Inc. database, which has provided over 1.9 million term life insurance comparisons since 2002.

Budget Life's top 15 life insurance companies

Rates are gathered from 129 life insurance companies in five risk categories:

  1. Health Status: Preferred Plus and Standard Health
  2. Sex: Male and female
  3. Smoking: Non-smoker and smoker
  4. Age: 25, 35, 45 and 55 years old
  5. Duration: 10- and 20-year term

Once collected, the lowest life insurance rates in each risk category are assigned a score; the scores for each company are then totaled to produce the overall rankings.

Financial strength is an important consideration when buying term life insurance; therefore, only companies rated A- or better by A.M. Best Company, a credit rating organization, are included in the list.

For more information, see how the top 15 life insurance companies are ranked and the complete list of 129 life insurance companies included in the survey.

Premium life insurance companies

If you need life insurance with a higher face value, such as a policy of $1 million or more, Budget Life also ranks the top premium life insurance companies with only the highest rating from A.M. Best.

Life insurance companies for smokers and nonsmokers

Among a number of factors, life insurance quotes are determined in part by your risk classification. In general, the three main underwriting classifications are preferred plus, preferred, standard and nonstandard – the better your rate class the lower your premiums will be. Risk is further measured by nicotine use and gender.

Budget Life provides a list of the life insurance companies with the most competitive rates for smokers and nonsmokers.

  Non-Smoker Smoker
   Male    Male Non-Smoker    Male Smoker
   Female    Female Non-Smoker    Female Smoker

Life insurance companies for those with health conditions

For those who have health conditions, or who may have overcome a serious illness, it may seem as though life insurance is out of reach. However, some insurance agents offer services to help individuals with high-risk cases find life insurance coverage.

Often called impaired risk specialists, these agents connect individuals to the right life insurance company. You may benefit from working with an impaired risk specialist if you have a health condition or a health history that includes:

  • Cancer
  • Diabetes
  • Depression
  • Heart disease
  • Obesity
  • Stroke

Impaired risk specialists can also help find life insurance for those with hazardous occupations or hobbies.

® COMPULIFE is a registered mark of Compulife Software, Inc., Nicholasville, KY