Top pick: Ladder
- Apply online and get a decision instantly
- Up to $8 million in coverage
- Term life policies from 10 to 30 years
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Best term life insurance companies
Compare the best term life policies based on coverage amounts, riders and more.
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.
The 6 best term life insurance companies
These life insurance companies provide comprehensive coverage and a good selection of riders, plus a few unique options.
- Best overall pick: Prudential
- Best for flexible term lengths: New York Life
- Best for small coverage amounts: Transamerica
- Best for no medical exam policies: Lincoln Financial Group
- Best for keeping up with inflation: Amica
- Best for convertibility: MassMutual
Protect your loved ones
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
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★★★★★
Best overall pick: Prudential
$100,000 – $10,000,000
Coverage range
18 – 75 years
Issue age
10, 15, 20, 30 years 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.
Coverage range
$100,000 – $10,000,000
Term lengths
10, 15, 20, 30 years
Issue age
18 – 75 years
★★★★★
Best for flexible term lengths: New York Life
$100,000 – $25,000,000
Coverage range
18 – 90 years
Issue age
Any term length between 10 years and 20 years years
Term lengths
New York Life allows policyholders to customize their term length to suit specific needs. Along with offering standard terms, the insurer lets you choose any term length between 10 and 20 years. For example, you could take out a 12-year policy that lasts until your spouse reaches retirement and starts receiving Social Security benefits, or 17-year policy that carries your youngest kid through college.
Coverage range
$100,000 – $25,000,000
Term lengths
Any term length between 10 years and 20 years
Issue age
18 – 90 years
★★★★★ 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.
Best for small coverage amounts: Transamerica
$25,000 – $10,000,000
Coverage range
18 – 75 years
Issue age
10, 15, 20, 25, 30 years 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.
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
$100,000 – $1,000,000
Coverage range
18 – 60 years
Issue age
10, 15, 20, 30 years 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.
Coverage range
$100,000 – $1,000,000
Term lengths
10, 15, 20, 30 years
Issue age
18 – 60 years
★★★★★ 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.
Best for keeping up with inflation: Amica
$5,000 – $1,000,000
Coverage range
15 – 75 years
Issue age
10, 15, 20, 25 and 30-year years
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.
Coverage range
$5,000 – $1,000,000
Term lengths
10, 15, 20, 25 and 30-year
Issue age
15 – 75 years
★★★★★ 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.
Best for convertibility: MassMutual
$2,000 – $10,000,000
Coverage range
18 – 80 years
Issue age
10, 15, 20, 25, 30 years 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.
Coverage range
$2,000 – $10,000,000
Term lengths
10, 15, 20, 25, 30 years
Issue age
18 – 80 years
Best life insurance companies financial ratings
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.
| Agency | Prudential | New York Life | Transamerica | Lincoln Financial | Amica Life | MassMutual |
|---|---|---|---|---|---|---|
| A.M. Best | A+ | A++ | A | A+ | A+ | A++ |
| Moody’s | Aa3 | Aaa | A1 | A1 | N/A | Aa3 |
| Standard & Poor’s | AA- | AA+ | AA- | AA- | N/A | AA+ |
| Fitch | AA- | AAA | A+ | A+ | N/A | AA+ |
| J.D. Power | 3 out of 5 | 4 out of 5 | 2 out of 5 | 3 out of 5 | N/A | 3 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.
| Provider | BBB rating | Customer reviews |
|---|---|---|
| Prudential | B- | 1 out of 5 stars |
| New York Life | A+ | 2 out of 5 stars |
| Transamerica | A- | 1.5 out of 5 stars |
| Lincoln Financial | A- | None |
| Amica Life | A+ | 2 out of 5 stars |
| MassMutual | B- | 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
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