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Best term life insurance companies

Compare the best term life policies based on coverage amounts, riders and more.

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Term life insurance is the most straightforward policy on offer. It lasts for a set period of time — the term — and pays your beneficiaries if you die during that time. It’s a popular product, and these insurers stand out for their appealing policy features.

When analyzing life insurance providers, we weigh the insurer’s product lineup, riders and rates along with their underwriting standards. And to determine industry reputation, our editorial team assesses the company’s financial strength ratings, accreditations and customer reviews.

What are the best term life insurance companies?

These life insurance companies provide comprehensive coverage and a good selection of riders, plus a few unique options.
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Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

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Best overall pick: Prudential

Prudential logo
Finder Rating: 3 / 5

★★★★★

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$100,000 – $10,000,000
Coverage range
18 – 75 years
Issue age
10, 15, 20, 30 years
Term lengths
Term life insurance is the simplest form of coverage, but Prudential caters to its customers' unique needs by offering six different policies. Along with standard term life plans, it has a return of premium policy that reimburses you for any premiums paid if you outlive your term. It also sells annual renewable term life coverage, and a PruTerm WorkLife policy to help policyholders to prepare for retirement.
  • Every policy has level premiums to allow for easy budgeting.
  • Choose a term length of 1, 10, 15, 20 or even 30 years, which is somewhat rare
  • Customize your policy with add-ons, such as a serious illness, disability, accidental death benefit and waiver of premium rider.
    Coverage range $100,000 – $10,000,000
    Term lengths 10, 15, 20, 30 years
    Issue age 18 – 75 years

    Best for small coverage amounts: Transamerica

    Transamerica logo
    Finder Rating: 3 / 5

    ★★★★★

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    $25,000 – $10,000,000
    Coverage range
    18 – 75 years
    Issue age
    10, 15, 20, 25, 30 years
    Term lengths
    Most insurers require you to purchase a policy worth at least $100,000. But with Transamerica, you can buy as little as $25,000 in coverage. This lower entry point makes it one of the more affordable options for term life insurance.

    Transamerica's term life plans are convertible and available in terms of 10, 15, 20, 25 and 30 years. This is rare — many insurance companies cap their term life insurance policies at 20 years. Finally, Transamerica offers flexible death benefit options: Choose between a level, increasing or decreasing term.

    • Sells term life policies in five-year increments, with coverage up to $10 million.
    • All policies are convertible to whole life insurance up until a deadline.
    • Offers living benefits, such as an accelerated death benefit rider.
      Coverage range $25,000 – $10,000,000
      Term lengths 10, 15, 20, 25, 30 years
      Issue age 18 – 75 years

      Best for no medical exam policies: Lincoln Financial Group

      Lincoln Financial Group logo
      Finder Rating: 4 / 5

      ★★★★★

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      $100,000 – $1,000,000
      Coverage range
      18 – 60 years
      Issue age
      10, 15, 20, 30 years
      Term lengths
      If you need a larger policy but want to skip the medical exam, Lincoln Financial is one of the more generous insurers. It issues up to $1 million in term life insurance without a medical exam, and allows policyholder to convert their coverage to a permanent policy later down the track. The insurer offers coverage in 10-, 15-, 20- and 30-year term lengths.
      • Approves traditional policies in a two-week time frame.
      • Lenient underwriting for high-risk applicants, like seniors, smokers and those who are overweight.
      • Has a long list of riders, including an accelerated death benefit and value protection rider.
        Coverage range $100,000 – $1,000,000
        Term lengths 10, 15, 20, 30 years
        Issue age 18 – 60 years

        Best for keeping up with inflation: Amica

        Amica logo
        Finder Rating: 3.5 / 5

        ★★★★★

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        $5,000 – $1,000,000
        Coverage range
        15 – 75 years
        Issue age
        10, 15, 20, 25 and 30-year
        Term lengths
        Amica made waves in the term life insurance market with its Cost of Living Adjustment rider. Usually only available with permanent policies, the rider continually adjusts your policy's death benefit to align with inflation.

        While you pay the same premium each month or year, the face value of your policy rises. If you die during the term, your beneficiaries receive a payout that mirrors the current market conditions.

        • Offers annual renewable term life insurance as well as standard policies with level premiums.
        • Ability to convert to a whole life policy within the first 10 years.
        • Issues policies valued between $100,000 and $1 million.
          Coverage range $5,000 – $1,000,000
          Term lengths 10, 15, 20, 25 and 30-year
          Issue age 15 – 75 years

          Best for convertibility: MassMutual

          MassMutual logo
          Finder Rating: 4 / 5

          ★★★★★

          This brand isn’t available on Finder right now.
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          $2,000 – $10,000,000
          Coverage range
          18 – 80 years
          Issue age
          10, 15, 20, 25, 30 years
          Term lengths
          While all of the policies on this list come with a convertibility feature, you could potentially boost your earnings even more by choosing MassMutual. It's a mutual company, and has paid out dividends to its permanent policyholders every year since the 1860s.

          In 2019, it approved an estimated $1.72 billion payout — a record number. Since dividends aren't guaranteed, this is an impressive achievement — and one you might benefit from in the future.

          • Offers term life insurance spanning 10 and 30 years.
          • No-medical exam policy options
          • Allows you to convert all or part of your coverage into a whole life policy without taking an additional medical exam.
            Coverage range $2,000 – $10,000,000
            Term lengths 10, 15, 20, 25, 30 years
            Issue age 18 – 80 years

            What are the financial ratings of the best life insurance companies?

            An insurer’s financial strength points to its ability to pay out claims. The companies on our list scored top-tier ratings with the major agencies, which means they have the resources to meet their financial obligations.

            In J.D. Power’s latest study on customer satisfaction, New York Life earned the sixth spot of 23 insurers surveyed. Prudential ranked 8th, MassMutul ranked 10th, Lincoln Financial 11th and Transamerica rounded out the list in 18th place.

            AgencyPrudentialNew York LifeTransamericaLincoln FinancialAmica LifeMassMutual
            A.M. BestA+A++AA+A+A++
            Moody’sAa3AaaA1A1N/AAa3
            Standard & Poor’sAA-AA+AA-AA-N/AAA+
            FitchAA-AAAA+A+N/AAA+
            J.D. Power3 out of 54 out of 52 out of 53 out of 5N/A3 out of 5

            Best life insurance companies customer reviews and reputation

            To learn how insurers treat their policyholders, refer to the Better Business Bureau (BBB). New York Life, Lincoln Financial and Amica earn the highest possible rating with the BBB, while Transamerica, Lincoln Financial and MassMutual could improve when it comes to customer engagement.

            Meanwhile, Prudential’s rating dropped to B- as they failed to respond to complaints in a timely manner.

            Keep in mind these ratings and reviews reflect each company as a whole, and not just their life insurance departments.

            ProviderBBB ratingCustomer reviews
            PrudentialB-1 out of 5 stars
            New York LifeA+2 out of 5 stars
            TransamericaA-1.5 out of 5 stars
            Lincoln FinancialA-None
            Amica LifeA+2 out of 5 stars
            MassMutualB-1 out of 5 stars

            Bottom line

            Term life insurance is the simplest and cheapest policy, with predictable premiums and coverage that lasts for a set period of time. These insurers take it one step further by offering something that most of their competitors don’t, from flexible term lengths to smaller coverage amounts.

            To see even more of the best life insurance companies, check out our overall top life insurance picks.

            Compare quotes from top life insurance companies and more

            Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
            Policygenius
            18 - 85 years old
            $50,000
            $10,000,000
            10, 15, 20, 25, 30 years
            Depends on provider and policy
            Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
            Bestow
            18 - 60 years old
            $50,000
            $1,500,000
            10, 15, 20, 25, 30 years
            No
            Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
            Everyday Life
            20 - 75 years old
            $100,000
            $10,000,000
            10, 15, 20, 25, 30, 35 and 40 years.
            No
            Ladder multiple life insurance policies to save on the coverage you need for all your debts.
            Ladder
            20 - 60 years old
            $100,000
            $8,000,000
            10, 15, 20, 25 or 30 years
            No, for coverage up to $3M
            Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
            Sproutt
            18 - 60 years old
            $50,000
            $4,000,000
            5, 10, 15, 20, 25 and 30 years
            No
            Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.
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            Life insurance ratings

            ★★★★★ — Excellent

            ★★★★★ — Good

            ★★★★★ — Average

            ★★★★★ — Subpar

            ★★★★★ — Poor

            Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

            Learn more about our methodology here.

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