Best Life Insurance Companies That Are BBB Accredited (2021)

Life insurance companies that are BBB accredited meet certain ethical guidelines as defined by the Better Business Bureau. Principal Financial offers the cheapest life insurance rates from companies that are BBB accredited, but National Life Insurance provides better customer service. If you're shopping with life insurance companies that are BBB accredited, it's important to look at other life insurance company ratings from NAIC and J.D. Power to make an informed decision before you buy.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 14, 2021

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The Highlights

  • Life insurance companies that are BBB accredited meet the BBB’s standards of honesty and transparency
  • BBB accreditation is not required by any state insurance laws but it can help you find life insurance companies with higher customer satisfaction
  • Nationwide Life Insurance, Principal Financial, and John Hancock are among the best life insurance companies that are BBB accredited

Before you buy life insurance, it’s important to compare life insurance company ratings as well as rates. Just because a provider touts the cheapest rates doesn’t mean they’re automatically the best company for you.

Cheap rates may translate into poor customer service or an inability to pay out death benefits later on, which could cost you and your family.

Life insurance ratings can help protect your investment by showcasing a company’s financial strength and customer satisfaction. Life insurance companies are rated by third-party companies, one of which is the Better Business Bureau (BBB).

Scroll down to compare life insurance companies that are BBB accredited. To get free life insurance quotes from providers in your area, enter your ZIP code above.

What are the best life insurance companies that are BBB accredited?

Life insurance companies that are BBB accredited meet the BBB’s standards of honesty and transparency across the organization, from advertising to customer service to safeguarding personal information, and more.

Not every insurance provider earns — or even attempts to earn — a BBB accreditation, which can set better providers apart from the worst life insurance companies in your area.

Before you start comparing life insurance companies that are BBB accredited, it’s important to note that providers are not legally required to get accreditation. The Better Business Bureau is also not affiliated with any state or federal government body.

Businesses can apply for BBB accreditation online at any time. Earning the accreditation, however, is contingent upon a company’s ability to meet the BBB’s business standards.

Life insurance companies that are BBB accredited are more likely to have higher customer satisfaction.

The table below shows which life insurance companies are BBB accredited, and we’ve included their A.M. Best and NAIC ratings for comparison:

Financial and Consumer Ratings of Life Insurance Companies That Are BBB Accredited
Life Insurance CompanyBBB RatingA.M. Best RatingNAIC Complaint Ratio
Globe LifeA+A3.52
John HancockAA+0.14
Mutual of OmahaA+A+1.06
Nationwide Life InsuranceA+A+0.07
PrimericaA+A+0.28
Principal FinancialA+A+0.32
SecurianBA+3.66
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BBB ratings represent how well a life insurance company interacts with its policyholders. A.M. Best ratings assess a company’s financial strength and its ability to pay out on claims.

The NAIC Complaint Index compares an insurance company’s complaint ratio with other providers of similar size and reach.

As you can see, Nationwide Life Insurance is one of the best life insurance companies that are BBB accredited due to their financial strength, high customer satisfaction, and low complaint score with NAIC.

Although it is not included in this table, Nationwide also scored in the top three with J.D. Power in their annual customer satisfaction survey.

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How much are life insurance rates from companies that are BBB accredited?

Ideally, the perfect life insurance company will have high customer satisfaction scores and lower than average rates.

When you shop with life insurance companies that are BBB accredited, you have a chance to save money without sacrificing quality customer care.

Take a look at the table below to compare life insurance quotes from companies that are BBB accredited:

Average Term Life Insurance Rates from Companies That Are BBB Accredited
Life Insurance CompanyTerm Life Insurance Policy TypeMonthly Term Life Insurance Rates
Globe Life$30,000 with an annual renewal term for a 35-year-old non-smoker$16.99
John Hancock$250,000 with a 10-year term for a 35-year-old non-smoker$11.80
Mutual of Omaha$250,000 with a 10-year term for a 35-year-old non-smoker$12.26
Nationwide Life Insurance$250,000 with a 10-year term for a 35-year-old non-smoker$14.69
Primerica$500,000 with a 10-year term for a 35-year old non-smoker$20.00
Principal Financial$250,000 with a 10-year term for a 35-year-old non-smoker$10.50
Securian$100,000 with a 10-year term for a 35-year-old non-smoker$7.30
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Different types of life insurance policies are available with different companies, which can impact how much you pay for life insurance.

For example, Securian life insurance appears to have the cheapest rates, but the death benefit is less than the term life insurance offered by the other providers.

Nationwide Life Insurance had the highest customer satisfaction and financial ratings, but its life insurance rates aren’t as competitive.

You may find cheaper life insurance quotes with Principal Financial or John Hancock for the same type of policy.

However, John Hancock has a lower BBB rating than Nationwide, which means lower customer satisfaction.

What does BBB accreditation mean?

Earning BBB accreditation requires companies to meet certain ethical guidelines. These guidelines include but aren’t limited to:

  • Being in business for at least six months while maintaining necessary licensure
  • Advertising honestly, legally, and ethically
  • Clearly disclosing all contact information and providing direct and effective ways for consumers to get in touch with the business
  • Clearly and effectively communicating costs, refunds, automatic payment procedures, and changes to policies
  • Responding quickly to customer questions and complaints
  • Safeguarding customers’ personal information and clearly explaining what is done with a customers personal information

The Better Business Bureau reviews internal and public records and customer reviews to determine if a company qualifies. If they do, they can display the “BBB Accredited” logo with their branding and are given a free online profile to boost visibility.

For life insurance companies that aren’t BBB accredited, it doesn’t mean they are unethical, it just means that they did not apply for accreditation.

Life insurance companies have to pay annual or monthly fees to maintain their BBB accreditation as it gives them access to exclusive resources, including arbitration services. Smaller providers may not be able to afford to apply and therefore miss out on the perks of the accreditation.

How can I find affordable life insurance companies that are BBB accredited?

When it comes to finding the best term life insurance companies, Consumer Reports, J.D. Power, A.M. Best, NAIC, and the Better Business Bureau (BBB) are third-party rating companies you can trust.

Nationwide is the best life insurance company that is BBB accredited in terms of customer satisfaction, but Principal Financial is the best when it comes to life insurance rates.

Life insurance rates, financial strength, and customer satisfaction all play a role in finding the best life insurance provider for your family.

Life insurance companies that are BBB accredited are trustworthy and have higher customer satisfaction, but you should always compare a provider’s life insurance company rating with other third-party services to get a full picture.

If you’re ready to buy life insurance from companies that are BBB accredited, take advantage of our free comparison tool below. Enter your ZIP code to get life insurance quotes from local companies today.

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