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.
Best overall pick
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.
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Pros
- Range of policy options
- Possible rate reductions
- Lenient underwriting guidelines
- Financial strength
Cons
- No whole life insurance
- Lengthy approval process
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| Free Quote | Online, Phone |
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| Insurance Products | Term, Universal, Indexed Universal, Variable Universal |
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| Issue Age | 18 to 75 |
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| Coverage Amount | $100,000 to $10,000,000 |
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| Term Lengths | 10, 15, 20, 30 years |
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| Medical Exam Required | Yes |
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| Ways To File A Claim | Phone, Online |
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| Ratings, Accreditation and Memberships | AM Best A+ |
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| Customer Service Options | Phone |
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| Issue Age | 18 to 75 |
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| Coverage | $100,000 to $10,000,000 |
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| Medical Exam Required | Yes |
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Best for flexible 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.
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Pros
- Long list of riders to customize policies
Cons
- Term lengths capped at 20 years instead ot the standard 30 years
- No online quotes
- only agents can finalize your application
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| Free Quote | Phone, Online |
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| Insurance Products | Term, Whole, Universal, Variable |
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| Issue Age | 18 to 90 |
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| Coverage Amount | $100,000 to $25,000,000 |
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| Term Lengths | Any term length between 10 years and 20 years |
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| Medical Exam Required | Yes |
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| Ways To File A Claim | Online, Phone, Mail |
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| Ratings, Accreditation and Memberships | A.M. Best: A++
Fitch: AAA
Standard & Poor's AA+
Moody's: AA |
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| Customer Service Options | Phone, Email |
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| Issue Age | 18 to 90 |
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| Coverage | $100,000 to $25,000,000 |
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| Medical Exam Required | Yes |
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Best for small coverage amounts
PROMOTED
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.
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Pros
- High policy limits
- No-exam policies
- Lenient underwriting
- Financial strength
Cons
- No online claims form
- Many customer complaints
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| Free Quote | Online, Phone |
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| Insurance Products | Term, Whole, Universal, Index universal, Final expense |
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| Issue Age | 18 to 75 |
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| Coverage Amount | $25,000 to $10,000,000 |
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| Term Lengths | 10, 15, 20, 25, 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Phone, Online |
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| Ratings, Accreditation and Memberships | Moody's: A1
Fitch: A+
A.M Best: A
S&P: A+ |
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| Customer Service Options | Phone, Online |
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| Policy Riders Offered | Array |
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| Issue Age | 18 to 75 |
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| Coverage | $25,000 to $10,000,000 |
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| Medical Exam Required | Depends on policy |
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Best for no medical exam policies
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.
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Pros
- Ideal for high-risk applicants
- Lower rates for seniors
- No medical exam option
- Generous death benefits
Cons
- No online application
- No whole life option
- Higher rates for younger applicants
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| Free Quote | Through an advisor |
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| Insurance Products | Term, Universal, Indexed Universal, Variable Universal |
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| Issue Age | 18 to 60 |
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| Coverage Amount | $100,000 to $1,000,000 |
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| Term Lengths | 10, 15, 20, 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Phone, Online. |
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| Ratings, Accreditation and Memberships | A.M. Best: A+, Standard and Poor's: AA-, Moody's: A1 |
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| Customer Service Options | Phone, Online |
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| Issue Age | 18 to 60 |
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| Coverage | $100,000 to $1,000,000 |
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| Medical Exam Required | Depends on policy |
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Best for keeping up with inflation
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.
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Pros
- Simplified whole life policy
- Free online quote
- Possible dividends
- Financial strength
Cons
- Few online services
- Limited rider options
- Lacks coverage variety
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| Free Quote | Yes |
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| Insurance Products | Level term, annual renewable term, whole life and simplified whole life |
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| Issue Age | 15 to 75 |
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| Coverage Amount | $5,000 to $1,000,000 |
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| Term Lengths | 10, 15, 20, 25 and 30-year |
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| Medical Exam Required | Yes |
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| Ways To File A Claim | Ways To File A Claim |
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| Ratings, Accreditation and Memberships | AM Best: A+ |
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| Customer Service Options | Phone
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| Policy Riders Offered | Accelerated death benefit rider,Accidental death benefit rider,Child rider,Cost-of-living rider,Critical illness benefit rider,Waiver-of-premium rider |
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| Issue Age | 15 to 75 |
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| Coverage | $5,000 to $1,000,000 |
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| Medical Exam Required | Yes |
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Best for convertibility
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.
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Pros
- Immediate term life insurance
- Online quote tool
- Potential dividends
- Guaranteed acceptance
- Start a claim online
Cons
- Medical exam likely required
- Limited riders
- Not competitive for everyone
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| Free Quote | Online |
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| Insurance Products | Term, Whole life, Universal, Guaranteed acceptance |
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| Issue Age | 18 to 80 |
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| Coverage Amount | $2,000 to $10,000,000 |
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| Term Lengths | 10, 15, 20, 25, 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Online, Phone |
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| Ratings, Accreditation and Memberships | Better Business Bureau, A.M. Best’s |
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| Customer Service Options | 1-800-272-2216 or submit an online contact form |
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| Issue Age | 18 to 80 |
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| Coverage | $2,000 to $10,000,000 |
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| Medical Exam Required | Depends on policy |
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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.
| 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.
| 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
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.
