Best Life Insurance Companies in Philadelphia, PA for 2023

Northwestern Mutual is the largest seller of life insurance in the United States, offering both term and permanent life insurance policies. One of the unique benefits of their term life insurance is that it can be converted to permanent coverage without the need for a medical exam.

In Philadelphia, Northwestern Mutual has established itself as the leader in the life insurance market, holding the largest market share among major insurers. This is not due to excessive advertising, but rather their commitment to educating people on the importance of life insurance and helping them select a policy that meets their specific needs.

The company’s agents tend to stay with them for extended periods, resulting in a high policy retention rate and financial stability. This makes Northwestern Mutual one of the most secure companies in the insurance industry. In 2023, the company is projected to pay $6.8 billion in dividends to qualifying policyholders.

Northwestern Mutual was selected best overall because of its diverse product line and, even though its premiums are higher than most other premier life insurance companies in America, the fact that you can confidently keep a Northwestern Mutual life insurance policy in force for your entire life.

Headquartered just outside of Philadelphia in Horsham, Pennsylvania, Penn Mutual is one of the top ten most popular life insurance companies in Philadelphia by market share. Penn Mutual is a historic life insurer with a strong dividend-paying history. It has solid financial ratings, high coverage no-exam life insurance, and affordable term life policies.

Penn Mutual is in the top 15% of all life insurance companies in terms of low numbers of complaints, based on data from the National Association of Insurance Commissioners (NAIC). Only two customer complaints were filed against the company in 2022 and only ten in 2021. This is impressive, considering Penn Mutual is one of the country’s largest insurance companies.

Some Penn Mutual policies can be issued without a medical exam, including larger policies with face amounts up to $7.5 million, and coverage may be approved the same day. This is the highest amount we’ve seen for no medical exam life insurance.

We selected Penn Mutual as runner-up for Best Overall because it is a high-quality company with headquarters in The Keystone State and because of its strong dividend-paying history. The company has paid dividends to policyholders for the past 174 years. New York Life comes in a close second with 169 straight years of life insurance dividend payments.

MassMutual, founded in 1851, offers a variety of life insurance products, including term, whole, and universal life. Their variable universal life insurance allows for flexible premiums and investment opportunities.

MassMutual is a well-known and trusted name among seniors due to its consistent advertising and reputation for financial stability. Seniors often worry about smaller or unfamiliar insurance companies being unable to pay death benefits, but this is not a concern with MassMutual.

Additionally, MassMutual’s premiums for policyholders are among the most competitive in the Philadelphia market, particularly for seniors. While not typically known for having cheap life insurance premiums, MassMutual has been very aggressive with pricing for seniors in Philadelphia.

We selected MassMutual as the best life insurance provider for seniors not only for its low rates but also for the security it provides seniors. Older adults want their loved ones to be financially protected by a life insurer with top third-party ratings, and MassMutual has those. It has an A++ (Superior) rating from AM Best, the highest financial strength rating possible, and scores well above average for overall customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study.

Seniors also need MassMutual’s low rates because the cost for seniors buying life insurance gets higher every year they get older. Seniors who are retirees living on fixed incomes appreciate MassMutual.

Transamerica is a leading life insurance provider in Philadelphia, with a vast network of independent agents who offer their policies. The company’s standout offering is its term life insurance, which is highly affordable, especially for young adults.

Transamerica also provides a seamless online experience for those purchasing life insurance. The company recognizes that many young adults prefer to buy insurance products online, so it has made it simple to get a quote through its website.

For those who prefer a more personalized experience, Transamerica offers a “Locate an Agent” button on its website. This feature helps customers find a local agent who can assist them in choosing the right policy for their needs.

Overall, Transamerica’s dedication to affordability and user-friendliness make it a top choice for anyone looking to buy life insurance in Philadelphia.

Transamerica meets a need that young people in Philadelphian and the Northeast need: affordability. Providing affordable life insurance to young adults helps protect many young families, and the company does that with its low-priced, high face amount term life insurance products.

Fortunately, younger people can obtain lower rates because they pose less of a risk to life insurance companies when it comes to paying death claims.

Though USAA advertises that it only sells insurance products to military families, it makes an exception with life insurance. USAA now sells life insurance to any U.S. citizen or permanent resident. You don’t need a military connection. Instead, the ability to get a policy from the company is based on things like age, health, lifestyle, and the results of a medical exam in some cases.

USAA has received an impressive A+ rating from A.M. Best, demonstrating its outstanding financial strength and ability to pay claims. Although USAA’s life insurance is accessible to all U.S. citizens or permanent residents, irrespective of military affiliations, all its other products are only available to military families, which can be inconvenient for non-military life insurance customers who want to keep all their insurance policies with one company.

USAA has a committed team called “Survivor Relations” that helps the beneficiaries of deceased policyholders resolve their claims across all their USAA accounts and life insurance policies. USAA also provides a guaranteed issue life insurance policy issued by Mutual of Omaha, which is available in Philadelphia and doesn’t necessitate a medical exam.

We chose USAA as Best for Families because it’s now available to all U.S. families at affordable rates. Additionally, its commitment to serving families who have lost a loved one is much needed in the life insurance industry.

Looking for affordable life insurance in Philly? Nationwide has got you covered. They are known for offering the lowest rates compared to other life insurers in the area. Their life insurance products include term and permanent policies such as whole life, universal life, and variable universal life insurance. Nationwide also has a no-exam life insurance plan if you’re looking for a hassle-free option.

Nationwide has a team of highly skilled career and independent agents who can provide you with accurate pricing and excellent service. With numerous neighborhood offices in Philadelphia, finding a local agent is easy. You can also call the home office to connect with an agent who can assist you with your needs.

Nationwide has earned superior financial ratings and high customer satisfaction levels, making it one of the best life insurance companies in the industry. Quality protection at an affordable price has made Nationwide a household name in America.

We selected Nationwide as the Best for Cheap Life Insurance because its premiums rank lowest in Philadelphia. This is an important category, not because the cheapest is always the best, but because a high-quality company like Nationwide is the winner. With Nationwide, you’re not sacrificing quality for low rates; you’re getting the best of both worlds. In addition, if you want to save even further, you can bundle up life insurance, car insurance, and home insurance to get a better deal.