Most of us like to think we will always remain young and invincible. Unfortunately, nobody can predict the future. Having one of the best term life insurance policies can give you the peace of mind your loved ones will be taken care of in the event something happens to you.
For many adults, term life insurance is the only way they can afford life insurance. While these policies only last between 10 and 30 years and don’t earn cash value, the monthly premiums for whole life insurance or permanent life insurance can easily be ten times higher.
For example, your monthly term life premium can be $20 and a similar whole life policy can be $200.
There are many types of life insurance. In this review, we will focus on the best term life insurance companies; what types of life insurance they offer, policy types, premium payments, coverage options, term length and much more.
Top Term Life Insurance Companies
Is life insurance important? Yes. If it wasn’t, your bank wouldn’t send you a life insurance advertisement in the bank at least once a month. Instead of getting a policy from the first life insurance company you come across, perform your due diligence. You want to make sure you get the most amount of coverage at the lowest possible cost.
Some companies even offer life insurance without a medical exam. If you don’t want blood drawn or spending time going to the doctor, these companies can be an automatic shoo-in. Even if you don’t need a medical exam, you will still need to answer the multiple health-related questions during your underwriting interview and may need an exam if you have a special health condition.
1. Health IQ
Health IQ is a new approach to life insurance. Their goal is to offer lower-cost life insurance to those who are healthy.
Why not be rewarded for making healthy choices, right?
They claim you can save up to 33% if you qualify with your high health literacy and have a healthy lifestyle.
Trustpilot score: 4.4/5
AIG is one of the largest insurance companies you’ll come across. While most life insurance companies offer a maximum 30-year term, you can get a 35-year term with AIG.
Your premiums will be higher but you might be able to save money long term because you pay the same monthly amount when you’re 54 as when you were 20.
You will need to get a medical exam with AIG, but your policy is backed by a company that has been around for nearly a century and has a presence in over 80 countries.
Bonus: AIG has a “Select-a-Term” policy where you choose any term between 10 and 35 years. This means you can tailor your policy’s term to your exact needs.
A.M. Best Rating: A
Bestow is on a mission to make term life insurance simpler and more human.
They make it easy to apply for life insurance in minutes. All you have to do is apply online, enter some of your personal information, and you’ll get a response right away. This makes it easy to apply even if you have a busy schedule.
You don’t have to make a doctor’s appointment in order to apply. Instead, Bestow calculates risk using the data you enter when you apply for coverage.
They offer plans starting at 10 up to 20 year terms. Policy amounts can go up to $1 million worth of coverage for the long term policies.
Policies through Bestow start at as low as $8 per month!
4. Haven Life
With Haven Life, some applicants up to age 59 won’t even need a medical exam. Haven Life is also backed by MassMutual, a 160-year-old insurer.
You can get an instant quote through Haven Life’s InstantTerm feature for an immediate decision once you answer a few personal health questions.
Coverage amounts vary between $100,000 and $3 million and this makes Haven Life a better option if you need a better coverage amount. Once your current term expires, you can automatically renew your policy without additional underwriting, but you’ll pay the current life insurance rates based on your age at the time of renewal.
One nice feature is their accelerated death benefit. If you or another Haven Life policyholder are diagnosed with a terminal illness, you can qualify for early withdrawals to cover medical bills.
Another reason to consider Haven Life is that they have additional benefits. For instance, one of their additional benefits for customers is that they get a 15% discount on any single service from CVS Minute Clinic.
Ladder Life Insurance makes it super easy to get life insurance: You can apply in just five minutes and get an instant decision.
And this company understands that insurance needs change over time. That’s why they make it easy to “ladder” up (or down) with your coverage if need be.
They’ve got several different policy options for life insurance. In addition, they’ve got a coverage calculator tool that uses your current situation to help you determine how much insurance you should have.
6. JRC Insurance Group
JRC Insurance makes comparing life insurance quotes easy. Their fee-free, online tool helps you compare 50 top-rated companies, plus their licensed insurance agents can help you narrow down choices even further based on your specific needs.
Plus, if you have health issues, the tool will anonymously compare your health profile to each company’s guidelines to see which ones you may still qualify for.
Check to see which type of policy works best for you. They offer a 10, 15, 20, 25, or 30-year term. There are also permanent policies available.
How many companies offering life insurance also offer a free last will & testament?
Fabric is one company with both. You can write your will for free. As your family grows, you can make unlimited changes.
Your term life insurance terms can be 10, 15 or 20 years. Up to $1,000,000 in no-exam coverage is available. You could receive an approval within one minute of applying.
Life insurance isn’t available in Montana.
Fabric has an A+ Better Business Bureau rating and 9.5 out of 10 TrustPilot rating.
Ethos provides term life insurance in 49 states in 10 to 30-year terms up to $10 million in coverage. In fact, Ethos is one of the few companies that make the word “No” actually sound appealing because they cut through the red tape:
- No medical exam required in most cases
- No pushy salespeople or upselling
Applications only take 10 minutes to complete and claims are paid within two weeks.
Even though Ethos is a relatively young company, they are underwritten by several legendary insurance giants. For example, two of their insurance partners are Assurity and Munich RE which have been in business for 127 and 137 years, respectively.
Very few businesses can say they have been around for an entire century!
Although the entire application process takes 10 minutes, you can get a quote in a few seconds. Ethos offers term life insurance to the following applicants:
- Between 18 and 75 years old
- U.S. citizen or green card holder
- Lived within the United States for at least 24 months
During the application process, Ethos considers your physical and financial health to help determine your monthly quote.
Sproutt is an independent insurance broker. They help you get the best deal on life insurance based on your lifestyle choices. It’s a fascinating concept, really. Sproutt uses its Guided Artificial Intelligence Assessment (GAIA) tool to power a “Quality of Life Index”.
The system assesses your lifestyle and provides personalized recommendations to help you lead a healthier lifestyle. The GAIA assesses five pillars of health:
- Emotional Health
Then the GAIA tool helps Sproutt provide you with a healthier lifestyle–AND helps them find you the best insurance rates possible.
10. John Hancock
John Hancock is a prestigious name in the insurance and investment world. Their Vitality Plus Program can shave up to 15% off your annual premium when you pursue healthy behaviors. So it really does pay to workout.
Some of the perks include:
- Up to $600 discount on healthy food
- Earn an Apple Watch with an initial payment of $25 or a free FitBit device
- Discounts at retail and travel partners
It’s possible to qualify for up to $1 million coverage without a medical exam! You can get an instant quote in one minute, so it’s worth checking out John Hancock if you’re active and want to earn healthy rewards.
Smokers and tobacco users are virtually guaranteed to have higher premiums than their non-smoker peers. If you use chewing tobacco, Prudential is one of the best life insurance companies for tobacco users.
You might also prefer using Prudential because they are a household name that might even provide your workplace benefits. In the past year, Prudential has earned the top position in the insurance category with Fortune and Forbes magazine for being one of the best companies in the world!
With these accolades, it comes as no surprise that Prudential is the second-largest life insurer in the United States.
12. Legal and General America
Term life insurance is offered through Legal and General America in 49 states plus the District of Columbia. Legal and General America owns the well-known Banner Life Insurance Company.
New York residents will have their life insurance underwritten by William Penn, Banner’s wholly-owned subsidiary.
People with “average health” might consider them because they tend to offer lower premiums if you’re not a model of perfect health. Because they are more lenient, you will need to take a medical exam to complete the application process. However, select applicants between the ages of 20 and 50 can qualify for a no medical exam policy.
You might like Legal and General America term life policy if your parent has ever been diagnosed with cancer. During the underwriting interview process, many life insurance agencies will ask you a litany of questions about your personal medical history and your immediate family.
If one of your parents has been diagnosed with an illness like cancer, your quote can also increase. The odds of that happening are lower with Banner.
Tobacco users should also consider them because they offer lenient tobacco user premiums too. It’s possible to get the best non-smoker rates if you’ve been tobacco-free for at least three years! Other life insurance companies might not offer their best rates until you’re tobacco-free for at least five years.
Despite their flexible underwriting standards, they have an A+ Superior financial strength rating from A.M. Best and an AA- rating (Very Strong) from S&P and Fitch. As the world’s 9th largest insurance company, you don’t have to worry about giving your money to a risky company.
You might already be familiar with Assurity because they also underwrite the term life insurance policies for Ethos. Since 1890, Assurity has been providing insurance products. Assurity’s Non-Med Term 350 provides $350,000 in coverage to applicants between the ages of 18 and 65 years old.
14. Fidelity Life
Choosing the Fidelity Life RAPIDecision Express offers an exam-free term life policy for terms up to 30 years. This life insurance plan is available until you turn 95 years old.
Once your term expires, you can continue to keep your Fidelity Life policy but your premiums will increase each year until you turn age 94. If you still qualify for a new term policy when your current policy expires, you should get a new policy to lock-in a flat rate for the next 20 years.
Optional riders include dependent child and accidental death. These riders can also be more affordable than getting a separate policy for the same coverages.
MassMutual offers term life insurance coverage for the following insurance combinations:
- Just yourself
- You and your spouse
- Yourself, your spouse, and children
Although you can get a longer-term, MassMutual recommends getting either a 10 or 20-year term to secure the best rate. MassMutual also underwrites every Haven Life term life insurance policy so you should get identical quotes from both companies.
One advantage of going with MassMutual is that you can also use them for retirement and investing your money as well.
It’s also possible to get free life insurance through the MassMutual LifeBridge program that offers a 10-year, $50,000 term to parents and legal guardians that make less than $40,000 annually. Since this program’s inception in 2002, MassMutual has paid $680 million in LifeBridge life insurance premiums! If the insured parent passes away, the children can use the money to pay for educational expenses.
Many no exam life insurance companies don’t require a medical exam if you have a small insurance policy, sometimes as small as $30,000. Principal is one of the few life insurance companies to offer a $1 million no exam life insurance policy!
To be forthright, Principal does have stricter underwriting standards than other life insurance companies so not everybody will get the exam requirement waived. If you’re in good health, it’s worth a try getting a quote from Principal.
Principal doesn’t have the largest name recognition, but they have been in the insurance industry since 1879 and are a Fortune 500 company today.
They also have an A+ rating from A.M Best, one of the biggest financial ratings companies. This rating is consistent with many of the best life insurance companies, meaning Principal is a safe place to open a policy.
San Francisco residents are familiar with the iconic Transamerica building in the city skyline, and they also offer a solid term life insurance product too.
You can get term insurance from 10 to 30-year terms, and from $25,000 up to $10 million. No medical exam policies are currently offered too, based on age and policy amount.
Transamerica offers two different term life insurance products:
- Trendsetter Super
- Trendsetter LB
With the Trendsetter Super plan, you have the option to convert your term plan of up to $1 million to a permanent plan when your current term finishes. Although permanent policies earn cash value will premiums will be notably higher, so it might be in your best interest to avoid this plan.
For many, the better option is choosing the Trendsetter LB plan instead so you can qualify for living benefits and up to $2 million in coverage. Some of the living benefits are accelerated death benefits for chronic, critical, and terminal illnesses.
If your beneficiaries need to collect your death benefits, they can select a lump-sum payout or monthly installments.
18. Mutual of Omaha
When you buy a Mutual of Omaha life insurance policy, you can get coverage of $100,000 or more for 10 through 30-year terms. They also have no medical exam policies of $25,000 up to $300,000 in coverage.
Note that you will need to speak to an actual Mutual of Omaha agent if you want a policy greater than $25,000. Your policy can remain in effect until age 85 depending on the product you choose.
You might consider Sagicor for no exam term life insurance too. A term policy with Sagicor is available with a minimum policy amount of $50,000.
Two of the living benefits include terminal illness or nursing home confinement for early withdrawal benefits. Sagicor is available in 45 states and the District of Columbia. A.M. Best also gives Sagicor an A- financial rating which is the 4th best on a 16-point scale.
International residents can also get a policy from one of the international Sagicor companies too. Sagicor has been in business since 1840 and is one of the oldest insurance companies in the world.
Americo is another well-rated life insurance company and it’s one of the largest privately-held companies too. They have also been offering insurance solutions since 1906.
Ever since then, Americo and its acquired subsidiaries have been life insurance pioneers as they were the first American life insurance company to insure children in 1922.
Today, Americo life insurance policies with no medical exam are offered up to $250,000 in coverage for 20 and 30-year terms. Americo also has an “A” rating (Excellent) which is the third-highest rating possible.
Military members are already well familiar with USAA and their many banking and insurance products. If you or a loved one is currently on active duty, you can enjoy these two additional benefits:
- $25,000 severe injury coverage
- Up to $400,000 in additional coverage once you leave the military and your SGLI benefits lapse
If you want to add children to your policy as add-on riders, USAA only charges an additional $7 a month for all of your children. Other insurance companies might charge up to $5 a month for each child, meaning two children cost an extra $10 a month.
USAA also extends an automatic $100,000 coverage upgrade when you experience a major life event including marriage or having a child. Your premiums will increase, but you don’t have to go through the entire underwriting process again.
You might also get a multi-product discount if you have another insurance product with USAA too, like car insurance or homeowner’s insurance.
22. Northwestern Mutual
College sports fans will recognize Northwestern Mutual from their tv commercials with its tall Corinthian pillar logo.
Just as these pillars from the ancient world still stand today, the 160-year-old Northwestern Mutual has the highest financial rating possible of A++. If doing business with a financially sound company is important to you, you should strongly consider Northwestern Mutual.
Besides the superior credit rating, Northwestern Mutual also has one of the best customer satisfaction ratings with minimal customer complaints and a high J.D. Power customer satisfaction score.
The one downside is that Northwestern Mutual’s term life insurance costs more than many other recommendations on this list. But, you might think of it as having the Mercedes or BMW in the insurance worlds instead of a Ford or Chevy.
23. Guardian Life
Guardian Life has been around since 1860. The world has changed a lot since then and a Superior rating with A.M. Best company. Yes, Guardian is one of the other privileged insurance companies to have the highest financial ratings possible.
With Guardian, you can get term life coverage in 10, 25, 20, or 30-year terms. The minimum coverage amount you can apply for is $250,000 and the maximum is $5 million. Guardian also offers a coverage waiver if you become disabled for at least six consecutive months.
24. Gerber Life
Maybe you’re familiar with Gerber Life because of their commercials for children’s life insurance. Although you can also buy a whole life insurance policy for your child, you can also get a term insurance policy for yourself.
Your coverage amount for term life insurance can be from $100,000 to $300,000 starting at just $15.42 a month. A medical exam is required for those 51 and over who apply for more than $100,000 in coverage.
Gerber Life also offers term life insurance for seniors too. Applicants up to age 60 can get a 20-year policy and applicants up to age 70 can get a 10-year policy.
Nationwide offers a YourLife Guaranteed Level Term policy that lets you add these additional riders:
- Accelerated death benefit for terminal illness
- Children’s term
- Premium waiver
- Spouse rider
The children’s term rider offers an additional benefit for each child until they turn 22 years old or get married, whichever occurs first.
Nationwide offers term insurance for up to 30 years. You have the option to carry life insurance up to age 95 with Nationwide.
26. American National
Founded in 1905, American National has offices in all 50 states and Puerto Rico. The vision of their founder was to follow business practices so the country will still be in business 500 years later. Just think, Europeans had just discovered the New World 500 years ago!
It’s possible to get approved within 15 minutes for a no medical exam policy up to $250,000. If you choose, you can also add optional living benefits to your policy.
American National has had an “A” rating or better with A.M. Best since 1941. For your peace of mind, you will want to stick with an insurance company that only has an “A” rating or better as it means the company is financially sound.
Thrivent is a Christian-centered organization offering term life insurance and several other financial products. One reason to consider Thrivent is their Live Generously initiative.
By forming an Action Team, Thrivent will donate $250 to help you support a local community cause. If your monthly premium is $25, the $250 seed money essentially offsets your premium for 10 months and your favorite charity gets some additional support.
Some life insurance companies don’t support your charity until your death benefits disburse. While this $250 contribution won’t be made in your name, you can at least see the fruits of your labor which can be more rewarding!
AXA is one of the largest insurance companies in the world, and they offer term life insurance. They have an elite A+ (Superior) financial rating and started offering life insurance a few years ago in 1859.
You will want to consider their BrightLife Term policy which features several living benefits riders. You will need to talk to a financial professional to begin the application process.
29. Lincoln Financial
As one of America’s 250 largest companies, Lincoln Financial offers two different term life insurance products:
- Lincoln Term Accel
- Lincoln Life Elements
With the Lincoln Term Accel, applicants under the age of the 60 can get a no exam policy for policy face amounts less than $1,000,000.
It’s possible to get coverage within two business days without a medical exam! You will pay the same premium for the entire term and optional riders are available. The minimum face amount for a Term Accel policy is $100,000.
If you want continued coverage when you get older, you can opt for the Lincoln LifeElements plan. Once your term policy finishes, you can continue receiving coverage.
However, your coverage amount will decrease and your premiums will increase each year. You might prefer a LifeElements plan when you need at least $500,000 in coverage.
30. New York Life
New York Life is another respected life insurance company, but you can’t get online quotes. Their Simplified Term Life Insurance program offers no medical exam coverage up to $100,000 for people between the ages of 30 and 74 years.
You can purchase fixed premium amounts for either 10 or 20-year terms. Although you don’t have as many options as other life insurance companies, the 10 and 20-year terms are the most popular and affordable premiums for many.
As a whole, New York Life tends to charge more for life insurance than other companies mentioned on this list.
Primerica has only been offering term life insurance since 1977, but they are only one of the 17% of companies that have the highest A+ rating possible from A.M. Best.
You can’t get online quotes, but you can add optional riders to enhance your overall policy. If you want a terminal illness rider, you can withdraw up to 70% of your policy or $400,000, whichever is less.
Because you can’t get online quotes from Primerica, do take the time to compare premium costs with other life insurance companies at the same time. Some people report Primerica having above-average premium costs compared to others on this list.
The other recommendations on this list are for a personal term life insurance policy that you apply for in your free time. MetLife only offers term life insurance through employer-sponsored plans.
If your current employer doesn’t offer life insurance, ask your Employee Benefits Director to consider offering workplace life insurance. You will lose coverage if you leave your job, but it can be an affordable way to get a second life insurance policy in addition to a standalone life insurance policy you own.
The best term life insurance companies will offer you the most affordable plan without upselling you with more expensive life insurance products you don’t need. Finding a good life insurance provider is important to ensure your loved ones will be taken care of.
Term life insurance is an affordable way for the average person to make sure their family has the right coverage amount to pay the bills if the worst happens. Getting a term life insurance quote as soon as possible helps guarantee you pay the lowest rate and are protected sooner instead of later.