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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.

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

Finder Rating: 4 / 5★★★★★

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.

Best for flexible term lengths

New York Life

Finder Rating: 4.5 / 5★★★★★

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.

Best for small coverage amounts

PROMOTED

Transamerica

Finder Rating: 4 / 5 ★★★★★

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.

Best for no medical exam policies

Lincoln Financial Group

Finder Rating: 3.5 / 5★★★★★

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.

Best for keeping up with inflation

Amica

Finder Rating: 3.5 / 5 ★★★★★

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.

Best for convertibility

MassMutual

Finder Rating: 3.5 / 5★★★★★

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.

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 - Life Insurance
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.
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.
Bestow
18 - 60 years old
$50,000
$1,500,000
10, 15, 20, 25, 30 years
No
Apply for term life insurance in minutes and get an instant decision all online. Plus, you’ll get to skip the medical exam.
Haven Life
20 - 64 years old
$250,000
$3,000,000
10, 15, 20, 25 or 30 years available to those aged 20 - 49 years old.
10, 15, or 20 years available to those aged 50 - 64 years old.
No exams for some applicants
Fill out a quick online application and get approval in minutes with up to $3 million in coverage.
Nationwide life insurance
18 - 80 years old
$25,000
$10,000,000
10, 15, 20 and 30 years
Yes
Get term, whole, universal or no-exam life insurance with up to $1 million in coverage.
Everyday Life
18 - 70
$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.
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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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