We've provided standardized ratings for each carrier featured on this list to help you compare your options. Here's a breakdown of what each category means:

1. Financial strength rating: These ratings indicate an insurer’s ability to pay future claims.

2. Online purchase: This indicates whether the company offers a way to apply for and purchase policies entirely online.

3. NAIC complaints: Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

4. Policies offered: Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

Life insurance is designed to provide financial support to your loved ones after you die. Life insurance can help cover funeral expenses, mortgage payments, and other financial obligations. When you get life insurance, you enter into a contract with the insurer where you pay them a monthly premium, and in return, they will pay out a lump sum to your beneficiaries after you die.

If your death would have a financial impact on the people in your life, then you should get life insurance. Examples of people who should consider life insurance include: primary earners in the household, people with dependents, stay-at-home parents, small business owners, and co-signers or co-owners of debt.

There are three main types of life insurance to choose from:

1. Term life insurance: Term life insurance is a lower-cost option that covers you for a set amount of years. Term life insurance is good for those with tight budgets, or who have a specific, short-term financial need for coverage.

2. Permanent life insurance: Permanent life insurance covers you for as long as you pay the premiums. It’s usually more expensive than term life insurance. Permanent life insurance is good for those who are willing to spend more to ensure they are covered throughout their life.

3. No-exam life insurance: This insurance doesn’t require the applicant to undergo a medical exam during underwriting. Approval is usually quicker with this type of insurance, and it may be more accessible for those with certain health conditions.

The cost of life insurance depends on factors like age, health, term length and more. The average cost of life insurance for a 40-year-old buying a 20-year, $500,000 term life policy is $26 per month. Life insurance rates vary based on your life expectancy. Factors like your age, gender, health, driving record, and occupation determine your rates.

To figure out how much life insurance you need, add up your financial obligations. Include any long-term payments, like mortgage or student loan payments. Then subtract your assets, such as savings and other available funds. What’s left is the gap your life insurance benefits will have to fill.