Bankrate Life Insurance Scores Methodology

Overall Bankrate Score for life insurance 

Our 2025 Bankrate Score for life insurance provides a comprehensive evaluation of the factors that shape policyholders’ experiences with life insurance providers. We developed our scores by analyzing a company’s financial strength, product and rider offerings, availability, customer experience and corporate sustainability. Top-scoring providers excel in third-party ratings, including J.D. Power, AM Best, Standard & Poor’s, Moody’s or Fitch, NAIC and Comdex, which provide insights into the company's financial stability and performance. We also considered aspects like coverage options, product features, accessibility and underwriting processes to ensure policyholders find an insurer that matches their needs.

Ratings

To determine a life insurance company’s financial health and reliability, we assessed several industry-standard ratings:

• AM Best: This rating focuses on an insurer’s financial strength and ability to pay claims. A higher AM Best rating indicates greater financial stability, which can be reassuring for policyholders relying on long-term protection.
• Credit Agencies (Moody’s, Fitch, Standard & Poor’s): These credit rating agencies evaluate a company's creditworthiness and long-term financial outlook. If a carrier doesn’t have a Moody’s rating, we rely on Fitch ratings. Standard & Poor’s (S&P) is another key credit agency we use, offering letter-grade ratings from AAA (highest) to D (lowest).
• Comdex Score: The Comdex score provides a composite ranking, combining the ratings of major agencies like AM Best, S&P, Moody’s and Fitch. It offers an aggregated perspective on the insurer’s financial strength.
• J.D. Power: A trusted source for customer satisfaction metrics, J.D. Power conducts an annual U.S. Individual Life Insurance and Annuity Study, which evaluates policyholder experiences across life insurance providers. The study focuses on key aspects like customer service, claims satisfaction, and overall company performance.
• NAIC Index: The National Association of Insurance Commissioners (NAIC) collects complaint data and converts it into a complaint index. A company with a low complaint index has fewer complaints relative to its size, signaling better customer satisfaction.

Coverage options

Coverage and policy features are critical to understanding how well an insurer meets diverse needs. We examined each company’s life insurance product lines, including term life, whole life and universal life options.

• Product and rider offerings: We compared the number and types of riders each insurer offers across its product lines. Riders are additional policy features that allow for customization, such as adding a long-term care benefit to a permanent policy or opting for term riders to enhance death benefits.
• Convertible term products: We analyzed whether term life policies can be converted to permanent products without requiring additional underwriting. This flexibility is important for policyholders who want to lock in a lower rate now but may wish to transition to lifelong coverage later.
• National availability: We reviewed each insurer’s product availability across all 50 states. National availability ensures that policyholders in different regions have access to the same options and benefits.

Accessibility & process

To assess the ease and efficiency of purchasing a policy, we evaluated each company’s underwriting process and efforts to provide a seamless experience.

• Guaranteed-issue options: We considered if insurers offer guaranteed-issue policies that don’t require health exams or underwriting. These policies may be particularly valuable for individuals with health issues who may struggle to obtain traditional life insurance.
• Accelerated underwriting: Carriers offering accelerated underwriting provide a faster path to coverage without requiring a medical exam. This can make the life insurance application process more efficient for those who prefer quicker approvals.
• Online term quote tools: We also reviewed whether insurers offer online quoting tools for term policies, allowing potential policyholders to easily compare prices and coverage options without needing to speak to an agent.
• Corporate sustainability: Lastly, we considered each company’s commitment to corporate sustainability. This includes efforts to support social responsibility, environmental initiatives and community engagement, reflecting the company's broader role beyond providing life insurance.