Best Life Insurance Companies That Are BBB Accredited

Some of the best life insurance companies are accredited by the BBB and offer trustworthy services and increased customer satisfaction.

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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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Written by D. Gilson, PhD
Professor & Published Author D. Gilson, PhD

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 Leslie Kasperowicz

UPDATED: Jul 5, 2022

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The Highlights

  • Life insurance companies accredited by the BBB have met stringent requirements 
  • You can find affordable rates from an accredited life insurance company 
  • Accredited life insurance companies likely have better customer satisfaction rates

If you’re shopping around for life insurance, you’re probably using numerous online resources. Likely, rates and coverage will weigh heavily in your final choice. After all, finding a deal can make it worth the search. But savvy shoppers also use online reviews and other forms of feedback to get an idea of which companies other consumers are happy with.

Many third-party organizations provide shoppers with reviews and ratings that can guide their buying decisions. One of the best-known organizations to do this is the Better Business Bureau (BBB). Besides providing ratings and reviews, the BBB also offers companies accreditation. This means that the business has taken steps to prove its trustworthiness and can therefore market its products as an “accredited” company. 

Typically, the best insurance companies are those accredited by the BBB. Here’s a look at what that accreditation means and what to look for.

Best BBB-Accredited Life Insurance Companies

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

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
Principal FinancialA+A+0.32
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As you can see, Nationwide Life Insurance is one of the best life insurance companies that is BBB accredited due to its financial strength, high customer satisfaction, and low complaint score with NAIC.

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How do life insurance companies get accredited by the BBB?

An accredited insurance company can use the BBB’s accreditation logo as a seal of trustworthiness. This gives consumers shopping for life insurance more confidence in the product or service. But how does a life insurance company become accredited?

BBB Ratings for Life Insurance Companies

Before understanding accreditation, we need to understand how the BBB hands out ratings. 

Ratings are based on numerous factors, such as:

  • The type of business and how long it’s been in operation
  • Transparency and trustworthiness
  • Compliance and marketing methods
  • Commitment to BBB standards

The final score is expressed on a scale of 100 points. Based on the total score, the BBB assigns a letter rating from A+ to F.

How an Insurance Company Is Accredited

After receiving its rating, an insurance company can become accredited if it qualifies. The BBB requires the following for a business to become accredited:

  • You need to have been in business for six months or longer.
  • You have the required bonding and licenses for the jurisdictions in which you operate.
  • You don’t have any unresolved customer complaints.
  • You don’t have any governmental ethics violations.
  • You fulfill all of your contracts and promises made in business and advertising.
  • You adhere to governmental and BBB advertising laws and codes.
  • Your website provides and adheres to a privacy policy and uses secure financial transactions, where applicable.

Even though businesses pay an annual fee for accreditation, it cannot be purchased outright. All businesses must meet and maintain the requirements. Companies that receive it can display the BBB accreditation logo in advertising campaigns.

Shopping for a Life Insurance Company Accredited by the BBB

If you’re shopping for life insurance, whether you’re looking for a standard or instant life insurance policy, don’t immediately conclude that accredited companies have more expensive rates. If rates seem higher, it’s likely because the insurance company is selling a higher-quality product with a more trustworthy service. This means that affordable rates are not necessarily the same as cheaper rates. 

Consumers will need to weigh the benefits of accreditation against the cost of insurance to decide what is truly affordable. Accredited companies offer:

  • Better claim handling. Accredited companies must prove to be responsive and honor commitments to policyholders. This translates into improved claim processing for insurance companies.
  • Honest advertising. Each accredited company is required to be transparent, honest, and ethical in how it markets products and services. You can trust that you’ll get what you pay for with a life insurance company that has been accredited.
  • Improved customer service. The rating system on which accreditation is based requires a business to have excellent customer service, so an insurance company that has been accredited likely has high rates of customer satisfaction.

Keep in mind that term life insurance tends to be cheaper than whole life insurance, so if price is very important to you, looking into the best term life insurance companies might be the way to go.

Affordable insurance is not just about the rates but about the trust, service, and long-term relationship you should expect. Accredited life insurance companies are more likely to make your purchase worthwhile.

Final Thoughts on Life Insurance Companies With BBB Accreditation 

The BBB insurance accreditation process is exhaustive and promotes consumer confidence. Accredited life insurance companies have demonstrated that it can meet and maintain the standards set by the bureau. Shop and compare so you can find affordable rates and make sure your loved ones are protected no matter what happens.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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