The Best Term Life Insurance Companies
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Term life insurance is an ultra-affordable, must-have product in your financial playbook. If you are married, have children, or anyone else depends on your income, having term life insurance helps them should something happen to you.
Because term life is a relatively affordable policy, especially compared to other insurance products we are used to paying for, this has paved the way for many insurance companies to offer it in their product portfolio. But because many companies offer term life doesn’t mean they’re all the same.
If so many insurance companies offer term life, then what makes one better than the other? We took a look at several areas for each of these companies:
- Customer service rating
- Financial strength rating
- Average pricing
- Options for policies
- Any other perks we should know about...
We’re pretty sure you’ll recognize many of the names on this list, but there may be one or two you’re unfamiliar with. Here’s our list of best term life insurance companies and what makes them rise to the top for us.
In this article
Overview of the best term life insurance companies
Here is our list of the best term life insurance companies and who we think the company is best suited for.
Insurer | Best for |
State Farm | Highest in overall customer satisfaction |
Northwestern Mutual | Working with an advisor |
MassMutual | Using a mutual company |
Nationwide | Lots of term life options |
New York Life | Yearly increments with terms |
Guardian Life | Large range with age of issue |
Haven Life | Online, commission-free experience |
John Hancock | Largest death benefit available |
Prudential | Highly customizable |
Transamerica | Competitive rates |
Pacific Life | 5-year increments in policies |
Mutual of Omaha | Straightforward policies |
Bestow | Online-only experience |
Ladder | Ability to change policy throughout the term |
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
Review of the best term life insurance companies
State Farm
More than a good neighbor, State Farm proves it’s there for you with various term life insurance policies. State Farm ranks the highest in the JD Power 2023 U.S. Life Insurance Study, which measures consumer satisfaction.
State Farm may be best known for auto insurance, but it also offers a range of term life options. With State Farm’s Select Term policy, you can choose between a 10, 20, or 30-year term. Policy benefits begin at $100,000.
State Farm offers another term life option called the Return of Premium. The benefit is up to $250,000 for a 30-year term. You also can convert your term life to a whole life policy.
Northwestern Mutual
Founded in 1857 and headquartered in Milwaukee, Northwestern Mutual offers many insurance products. Northwestern is a traditional life insurer; you need to work with a salesperson to get a policy written.
Northwestern Mutual offers several options for term life. The term life policies are called Level Term, meaning the life insurance cost will be the same yearly. You can purchase in 10- or 20-year terms. There's a longer coverage option that lasts until age 80.
Northwestern Mutual term life policies offer the ability to convert to a whole life policy. You can even do so without being subject to a medical exam. You will need a medical exam to secure a term life policy.
Northwestern Mutual exceeded the industry average in the JD Power 2023 U.S. Life Insurance Study.
MassMutual
MassMutual (short for Massachusetts Mutual Life) is one of the oldest and largest insurance providers. Founded in 1851, MassMutual offers a variety of term life insurance products. Since it’s a mutual company, it’s owned by the policyholders, so that you may qualify for a dividend payout.
MassMutual's term life policy is good for people aged 18 to 64. Benefit payouts start at $100,000. You can also convert to a whole life policy without any medical questions or exams. Term life policies typically last one, 10, 15, 20, 25, or 30 years.
You apply online for a term life policy. If you’re approved, your coverage begins immediately. You must take a medical exam within 90 days if you're not approved immediately. Once the exam results come through, your life insurance rate is finalized, and you can proceed or cancel.
MassMutual ranks third in the JD Power 2023 U.S. Life Insurance Study.
Nationwide
Nationwide is an insurance giant and, like State Farm, is known mostly for car insurance. But Nationwide offers an impressive lineup of term life insurance options.
Nationwide’s term life policies come in 10-, 15-, 20-, or 30-year terms. Benefit payouts start at $100,000. Whether you’re 18 or 70, Nationwide has a policy that can likely offer you coverage. You can also convert your term life to a whole life policy without fees or additional medical exams.
You do have to purchase term life through an agent. You’ll be subject to a medical exam for the approval process too. But Nationwide has some of the most numerous coverage options for your term life policy.
Nationwide ranked second in the JD Power 2023 U.S. Life Insurance Study, above the industry average.
New York Life
New York Life is also a mutual company, which means it’s owned by its policyholders. This 175-year-old company headquartered in New York offers several term life policy options.
One of the best features of the term life policies from New York Life is the ability to purchase in yearly increments for the yearly convertible policies. Or you can purchase in 10- or 20-year terms if you want a level premium policy (where your premium payments stay the same over time). Unfortunately, New York Life's website is scant on many other details.
New York Life requires you to purchase through an agent, but several digital tools are available. Tools such as an amount coverage calculator, customer service contact, and document processing aren’t as extensive as other companies’ offerings.
New York Life ranked above the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Guardian Life
Guardian Life is another mutual company on our list of best term life insurance companies. Guardian offers a wide range of term life policies, including the ability to convert to permanent insurance.
Like most other companies, you can get a life insurance quote online with Guardian, but you must work with an advisor to finalize your policy. Guardian offers various ways to customize your policy, including additional riders (benefits).
Term life options come in 10-, 15-, 20-, or 30-year terms. The death benefit differs from many other carriers, ranging from $250,000 to $3 million. However, you can purchase a policy between the ages of 18 and up to age 75. I was quoted a per-month premium of $178 for 20 years of coverage.
Guardian was below the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Haven Life
Haven Life is the new kid on the block compared to other insurance elders on this list, but there’s a reason Haven continues to gain in popularity. Haven takes away the hassle of working with an agent for your term life policy by offering an online alternative.
Haven’s term life policies come in 10-, 15-, 20-, 25, and 30-year terms, and the death benefit ranges from $100,000 to $3 million for ages 18-64. Haven is limited with its offerings of riders and benefits and only offers term life insurance without the option to convert. Haven may require a medical exam to finalize coverage. Policyholders also get access to Haven Life Plus, a rider with extra features like a digital will and fitness app at no cost. Haven Life Plus is unavailable in Florida, New York, North Dakota, South Dakota, and Washington.
If you’re looking for a simple online experience for your term life policy, plus the backing of MassMutual or C.M. Life, Haven should go to the top of your list of considerations.
John Hancock
You likely remember John Hancock and the commercials with the fancy handwriting. It turns out John Hancock offers term life policies for everyday people, too. John Hancock doesn't allow you to check your quotes online. Instead, you'll be asked to submit information, and a representative will contact you.
John Hancock gets the award for the largest death benefit possible with term life policies. You can choose one starting at $250,000 up to $65,000,000. Policies are available in 10-, 15-, 20- and 30-year terms. You do not have the option to convert to whole life. The 30-year term is not available in New York.
One of John Hancock’s unique qualities is the Vitality Program. This program rewards your healthy lifestyle and habits (like using a fitness tracker or going to a doctor). As a result, you’re possibly rewarded with discounts on life insurance premiums and other benefits.
John Hancock came in well below the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Prudential
Prudential is a well-known provider on our list. Prudential offers many options regarding term life insurance, not to mention it’s one of the largest insurance companies on our list regarding market share.
Prudential allows you to tailor your term life to exactly what you need. You can purchase in 10-, 15-, 20-, or 30-year terms. Policies start at $100,000, but you can work with an agent to customize a higher amount. Policies can convert to a whole life option without fees or medical exams.
Prudential offers several riders to tailor your policy, including accidental death and children’s protection.
Prudential came in just below the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Transamerica
Founded in 1904 in San Francisco, Transamerica offers several options for term life policies, with some of the most flexible terms and benefits on our list.
Two term life options are available: Trendsetter LB and Trendsetter Super Series. The LB version offers coverage of $25,000 to $10 million and up, and it can be customized with different coverage amounts, term periods, and optional rider benefits. Super offers coverage of $25,000 to $2 million, and living benefits provide early access to death benefits for a wide range of qualifying critical or chronic conditions.
Both policies come in 10-, 15-, 20-, 25-, and 30-year terms, and no medical exam is required for up to $2 million for qualifying applicants. Transamerica offers policies up to 80 years old.
Transamerica requires you to work with an agent for everything. The company ranked well below the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Pacific Life
Pacific Life was founded in 1868 in California. It is one of the many mutual companies on our list and pays dividends on some financial products at the end of the year.
Pacific Life offers two main options for term life: Promise Term and Elite Term. Each option has various levels of terms and benefits. You can obtain coverage in 5-year increments for both options. Pacific Life offers coverage for ages 18 up to 75.
Both options require you to work with an agent to finalize the quote and application process. The agent can work with you on the best option since both have conversion options and other riders.
Pacific Life ranked well above the industry average in the J.D. Power 2023 U.S. Life Insurance Study.
Mutual of Omaha
Founded in 1909 in Omaha, Nebraska, Mutual of Omaha offers an array of insurance and financial products, including term life.
Mutual of Omaha’s term life policies are offered in 10-, 15-, 20-, and 30-year terms. The company offers two term life products:
- Term Life Express is open to buyers aged 18 to 80; death benefit starts at $25,000 and goes up to $300,000. This product doesn't require a medical exam.
- Term Life Answers does require a medical exam, and coverage starts at $100,000. It is available for individuals aged 18 to 70.
You can get an online estimate from the company, but you’ll have to work with an agent to finalize your quote and application - including a medical exam.
Equally notable is its high rank in the J.D. Power 2023 U.S. Life Insurance Study, which is fourth overall.
Bestow
Bestow is unlike other term life companies because it’s our only entry considered online-only. Bestow only offers term life policies and uses artificial intelligence to perform the underwriting. The result? You can get a quote in seconds and be approved within minutes.
Oh, and did I mention there’s no medical exam required, either? Bestow makes the process of purchasing term life insurance about as easy as possible. You answer a few questions, and you’re on your way. It’s as simple as it gets.
Bestow has limited options, with only 10-, 20- and 30-year terms available. But you can select policies with payouts ranging from $50,000 to $1,000,000. If you’re between 18 and 60, and you can’t stomach the thought of going through a medical exam, then Bestow may be your answer.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
Ladder
A newcomer to the insurance industry is Ladder, a 100% digital term life insurance services provider. Putting no doctors, needles, and no paperwork on most policies (answer health questions as part of the online application) for ages 20 to 60 to get life insurance in as little as 5 minutes, Ladder's unique feature is called "laddering." The only company to allow you to change your term life coverage amounts (for free, as well), you can have insurance for 10, 15, 20, 25, and 30 years and adjust it as you want to. Rates start at $5 per month.
Best term life insurance companies summary
Insurer | Death benefit | Age range | Convert to permanent | Monthly cost* |
State Farm | At least $100,000 | 18 to 75, renewable up to 95 | Yes | Starting at $15.02 |
Northwestern Mutual | NA | NA | Yes | Less than $1 a day |
MassMutual | At least $100,000 | 18 to 75 | Yes | As low as $9.66 |
Nationwide | At least $100,000 | 18 to 70, renewable up to 95 | Yes | As low as $18.51 |
New York Life | NA | NA | Yes | NA |
Guardian Life | $250,000 to $3 million | 18 to 75 | Yes | NA |
Haven Life | $100,000 to $3 million | 18 to 64 | No | $14.99 |
John Hancock | $250,000 to $65 million | 18 to 80 | No | $12.19 |
Prudential | $100,000 to $1 million + | 18-75 | Yes | NA |
Transamerica | $25,000 to $10 million and up | 18 to 80 | Yes | NA |
Pacific Life | Starting at $50,000 or $750,000, depending on product | 18 to 75 | Yes | NA |
Mutual of Omaha | At least $25,000 | 18 to 80 | Yes | NA |
Bestow | $100,000 to $1.5 million | 18 to 60 | No | Starting at $11 |
Ladder | $100,000 to $8 million | 20 to 60 | No | As low as $5 |
Sample costs are advertised by the respective companies and based on various criteria.
Related: Best Whole Life Insurance Companies
What is the difference between term life and whole life insurance?
There are multiple types of life insurance. As the name implies, term life is life insurance for a set term, for example, 20 or 30 years. When the time ends on the policy, there is no monetary value, and the insurance ends. Whole life, or permanent life insurance, lasts your entire life. This type of life insurance holds cash value and is an investment from which you can borrow its value. Because of these factors, this type of policy has higher monthly premiums. However, if you are in excellent health when you start your policy, say at age 30, the policy stays intact, and you will not have to undergo additional medical tests.
It's important to weigh both options: Term life is cheaper and often used by young parents to protect their children and end when they become adults. Suppose you decide to convert it into permanent coverage. In that case, you will have to undergo new medical and insurability testing, which could result in much higher premiums at an older age than if you choose your whole life while younger.
FAQ’s
How much life insurance should I purchase?
How much term life insurance you need depends on many factors, including the amount of debt and mortgages you owe and your annual income. Another general rule for life insurance needs is to have at least 5x your annual income. But ultimately, it’s a personal decision... do you want to cover only final expenses or do you want to truly provide for your loved ones?
Will any of these companies pull my credit if I apply for a policy?
Whenever you submit your application for term life, the insurance company will perform a soft pull on your credit. The underwriters are looking for information related to your payment history to determine your risk. A soft pull doesn’t have much impact to your overall credit rating if any.
Do I have to have a medical exam?
Almost all companies (except two - Haven and Bestow) on our list require a medical exam. Some companies may allow you to forego a medical exam based on how you answer your health and medical history questionnaire.
Why should you use the best term life insurance companies?
If you are ready to purchase a term life policy, it helps to have a place to start. In order to ensure you’re getting the best premium price possible and the exact coverage you want, you need several quotes. Having several quotes in hand makes good financial sense. It allows you to compare head-to-head, or see where you might have gaps in your policy. With our review, we’ve helped take some of the guesswork out of researching the various companies.
Up to $2 million in coverage
- Get covered in 5 minutes.
- 95% of customers approved.
- No Hassles. No Gimmicks. Easy Application.
- Non-Commissioned Agents.
- Ages 20+
- 100% Online Application.
- Fast Coverage.
The bottom line
As you can see, several fantastic companies to work with regarding term life. Whether you’re looking for an innovative online-only experience or want years of experience to work with, you can secure the best term life policy in little time.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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