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Summary: Best Term Life Insurance
Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Policy name | Complaint level | Learn More CTA text | Learn more CTA below text | LEARN MORE | Learn More CTA text | Learn more CTA below text | LEARN MORE | Our expert take |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Corebridge Financial | ![]() | 5.0 | ![]() | Select-a-Term | High | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Great for choices of term lengths | |||
Pacific Life | ![]() | 5.0 | ![]() | PL Promise Term | Very low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Best cost for $1 million term life | |||
Protective | ![]() | 5.0 | ![]() | Classic Choice Term | Low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Great for long level term lengths | |||
Symetra | ![]() | 5.0 | ![]() | SwiftTerm | Low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Best for term life rates | |||
Banner/Legal & General | ![]() | 4.5 | ![]() | OPTerm | Low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Best for highest coverage amount | |||
Transamerica | ![]() | 4.5 | ![]() | Trendsetter Super | High | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Best for buyers in their 50s | |||
Penn Mutual | ![]() | 4.3 | ![]() | Non-convertible Term | Very low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Great for older buyers of 30-year term life | |||
Midland National | ![]() | 4.2 | ![]() | Premier Term | Low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Great for living benefits | |||
SBLI | ![]() | 4.0 | ![]() | SBLI Term Life | Very low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Great for low level of consumer complaints | |||
Nationwide | ![]() | 4.0 | ![]() | YourLife GLT | Very low | Compare Quotes | Compare quotes from participating carriers via Policygenius.com | View More | Best for unlimited coverage amount |
How We Chose the Best Term Life Insurance
The Best Term Life Insurance Companies
GREAT FOR CHOICES OF TERM LENGTHS
Corebridge Financial (formerly AIG Life & Retirement)
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
Select-a-Term
Minimum face amount
$100,000
Level term lengths available
10, 15, 20, 25, 30 or 35 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
Select-a-Term
$100,000
10, 15, 20, 25, 30 or 35 years
Our Expert Take
Corebridge’s Select-a-Term policy generally has very competitive rates that we think will appeal to any term life insurance buyer. We also like its large number of term options, with choices from 10 to 35 years.
- Very low term life insurance rates.
- High maximum issue age of 80.
- Term life insurance buyers can customize a level term length between 10 and 35 years, such as 18 years.
- To use the accelerated death benefit rider, you must have a life expectancy of 24 months or less—many competitors require 12 months or less.
More: Corebridge Financial Life Insurance Review
Drawbacks
- High customer complaint ratio for things like claim handling delays, billing issues and surrender problems.
Life Insurance Riders Available
- Accidental death benefit rider
- Child life insurance rider
- Waiver of premium rider
BEST COST FOR $1 MILLION TERM LIFE
Pacific Life
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
PL Promise Term
Minimum face amount
$50,000
Level term lengths available
10, 15, 20, 25 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
PL Promise Term
$50,000
10, 15, 20, 25 or 30 years
Our Expert Take
We picked Pacific Life because of its low rates and top-notch coverage features. If you’re seeking $1 million in term coverage, Pacific Life offers especially low rates.
- Low average term life insurance cost among the companies we analyzed. Offers especially low rates for $1 million term life insurance.
- The policy is guaranteed renewable until age 95.
- High maximum coverage amount of over $10 million.
More: Pacific Life Insurance Review
Drawbacks
- If you choose to convert the term life policy, you’re limited to a universal life policy.
Life Insurance Riders Available
- Children’s life insurance rider
- Disability waiver of premium
- Terminal illness accelerated death benefit rider
GREAT FOR LONG LEVEL TERM LENGTHS
Protective
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Plan name
Classic Choice Term
Minimum face amount
$100,000
Level term lengths available
10, 15, 20, 25, 30, 35 or 40 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
Classic Choice Term
$100,000
10, 15, 20, 25, 30, 35 or 40 years
Our Expert Take
We like Protective’s Classic Choice policy for its low rates and superior choices of level term lengths during which you lock in the rate, including a hard-to-find 40-year option.
- Level term lengths include 35- and 40-year choices. Many competitors have 30 years as their longest level term period.
- The policy can be renewed until age 95 (at higher rates every year after the level term period ends).
- Choice of up to 8 permanent life insurance policies from Protective if you choose to convert the term life.
More: Protective Life Insurance Review
Drawbacks
- Protective puts tighter restrictions than many competitors on using the accelerated death benefit: You can access only 60% or $1 million (whichever is less) of the death benefit. And you must have a life expectancy of no more than six months, while many competitors use 12 months.
Life Insurance Riders Available
- Accidental death rider
- Child life insurance rider
- Income provider option for endorsem*nt rider
- Terminal illness accelerated death benefit rider
- Waiver of premium rider
BEST FOR TERM LIFE RATES
Symetra
5.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Plan name
SwiftTerm
Minimum face amount
$100,000
Level term lengths available
10, 15, 20 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
SwiftTerm
$100,000
10, 15, 20 or 30 years
Our Expert Take
We were impressed by Symetra’s consistently low rates—it had the lowest average term life insurance rates in our analysis, making it a top option term life buyers should consider.
- Lowest term life rates in our analysis
- Symetra SwiftTerm can be purchased online and with instant approval if you’re young and healthy.
- The policy can be renewed until age 95 (at a higher cost each year after the level term period).
More: Symetra Life Insurance Review
Drawbacks
- Maximum issue age of 60 for a 10-year term life is lower than many competitors.
- Maximum face amount of $3 million is also lower than many competitors.
- As a relatively young company (founded in 1957), Symetra lacks a long track record of demonstrating its ability to pay claims.
- The accelerated death benefit money available if you’re terminally ill is only up to $500,000 (or 75% of your death benefit, whichever is lower).
Life Insurance Riders Available
- Accelerated death benefit rider
- Accidental death benefit rider
- Additional term insurance
- Charitable giving benefit
- Children’s life insurance rider
- Overloan lapse protection
- Supplemental protection
- Surrender value enhancement
- Waiver of premium rider
BEST FOR HIGHEST COVERAGE AMOUNT
Banner Life/Legal & General America
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
OPTerm
Minimum face amount
$100,000
Level term lengths available
10, 15, 20, 25, 30, 35 or 40 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
OPTerm
$100,000
10, 15, 20, 25, 30, 35 or 40 years
Our Expert Take
We like Banner Life because it is one of only a couple of life insurers that offer long level term lengths of 35 or 40 years. (Protective is the other.) It also offers coverage amounts up to $65 million.
- Maximum coverage amount of $65 million.
- Very competitive term life rates.
- Superior choice of level term lengths.
- You can convert the policy to permanent life until age 70.
Drawbacks
- This policy is not renewable after the level term period ends.
- The maximum accelerated death benefit available is only $500,000 or 75% of your death benefits, whichever is less.
Life Insurance Riders Available
- Accelerated death benefit rider
- Additional term insurance rider
- Children’s life insurance rider
- Disability waiver of premium rider
BEST FOR BUYERS IN THEIR 50s
Transamerica
4.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
Trendsetter Super
Minimum face amount
$25,000
Level term lengths available
10, 15, 20, 25 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
Trendsetter Super
$25,000
10, 15, 20, 25 or 30 years
Our Expert Take
We like Transamerica’s Trendsetter Super policy for its top-notch policy features that are available for older ages and excellent rates.
Life insurance buyers interested in living benefits should take a look at Transamerica’s Trendsetter LB term life policy. With this policy you’ll be able to access money from your own death benefit if you develop a chronic or critical condition that qualifies.
- Best average term life insurance rates for healthy buyers in their 50s, among the companies in our analysis.
- Term life insurance buyers who are young and healthy won’t need a medical exam for up to $2 million in coverage.
- Maximum issue age of 80 is higher than many competitors.
- You can convert the policy to permanent life insurance until age 75, which is older than many other insurers offer.
More: Transamerica Life Insurance Review
Drawbacks
- Rates are good but not the lowest among the companies we analyzed (except for buyers in their 50s).
- Higher than average level of customer complaints for issues such as claim handling delays, lack of response, denial of claims and billing issues.
Life Insurance Riders Available
- Accelerated death benefit rider
- Income protection option rider
- Disability waiver of premium rider
- Children’s term life insurance rider
- Accidental death benefit rider
GREAT FOR OLDER BUYERS OF 30-YEAR TERM LIFE
Penn Mutual
4.3
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
Term life
Minimum face amount
$250,000
Level term lengths available
10, 15, 20 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
Term life
$250,000
10, 15, 20 or 30 years
Our Expert Take
Penn Mutual stood out in our analysis for its great term life insurance rates across a variety of term lengths and coverage amounts. This makes it especially appealing for older buyers seeking a 30-year term.
- There are generally excellent rates for Penn Mutual’s basic term life policy, even for older buyers, but it can’t be converted to permanent life insurance in the future.
- If you have the convertible term, you can convert any time up to age 70.
- If you convert, you can choose from any Penn Mutual permanent life insurance policy available. Some other insurers limit your options or only have one choice of policy for conversion.
- Online application available.
- Some life insurance buyers may not be required to do a life insurance medical exam.
More: Penn Mutual Life Insurance Review
Drawbacks
- You’ll have to pay for the convertible term policy if you want that feature. The convertible term policy is much less price competitive.
- No accelerated death benefit available.
Life Insurance Riders Available
- Accidental death
- Children’s term insurance
- Disability waiver of premium
- Disability waiver of premium with automatic conversion rider
GREAT FOR LIVING BENEFITS
Midland National
4.2
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Plan name
Premier Term
Minimum face amount
$100,000
Level term lengths available
10, 15, 20 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
Premier Term
$100,000
10, 15, 20 or 30 years
Our Expert Take
We found that Midland National’s Premier Term policy deserves serious consideration because of the ample living benefits. Policyholders can get an accelerated death benefit after a diagnosis of a terminal illness, chronic illness or critical illness. And Midland National delivers these living benefits at very competitive rates that are often lower than some competitors’ policies without these features.
- Ability to take money from your own death benefit in cases of terminal illness, chronic illness or critical illness.
- Competitive term life rates that include these living benefits.
- 30-year term life is available for buyers up to age 55 (50 for tobacco users).
Drawbacks
- Limited choice of additional riders, but likely offset by the living benefits included.
Life Insurance Riders Available
- Children’s insurance
- Waiver of premium for disability
GREAT FOR LOW LEVEL OF CONSUMER COMPLAINTS
SBLI
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
SBLI Term Life
Minimum face amount
$100,000
Level term lengths available
10, 15, 20, 25 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
SBLI Term Life
$100,000
10, 15, 20, 25 or 30 years
Our Expert Take
SBLI has a very low level of complaints compared to competitors. We also like SBLI because it offers a 25-year term option that is not typically offered by competitors.
- Superior AM Best financial strength rating (A+) means buyers can be confident in the company’s ability to pay claims.
- Low customer complaint ratio compared to others in our analysis.
- More term options than some competitors due to its 25-year term option.
Drawbacks
- Term life rates are OK, but not among the best in our analysis.
Life Insurance Riders Available
- Children’s term life insurance rider
- Accidental death benefit rider
- Waiver of premium rider
GREAT FOR UNLIMITED COVERAGE AMOUNT
Nationwide
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Policy name
YourLife GLT
Minimum face amount
$100,000
Level term lengths available
10, 15, 20 or 30 years
Compare Quotes
Compare quotes from participating carriers via Policygenius.com
YourLife GLT
$100,000
10, 15, 20 or 30 years
Our Expert Take
We like Nationwide’s YourLife GLT because it has no maximum death benefit, as long as the company considers the death benefit reasonable for your age, income and life stage.
- Superior AM Best financial strength rating (A+) means buyers can be confident that approved claims will be paid.
- Low customer complaint ratio compared to others in our analysis.
- Great term rates for 50-year-olds.
More: Nationwide Life Insurance Review
Drawbacks
- Term rates for 30-year-olds are higher than most others in our analysis.
Life Insurance Riders Available
- Children’s term insurance rider
- Chronic illness rider
- Critical illness rider
- Premium waiver rider
- Terminal illness rider
How Much Does a Term Life Insurance Policy Cost?
The average monthly cost for a $500,000 term life insurance policy for a buyer age 40 is $19 for a 10-year term, $28 for a 20-year term and $48 for a 30-year term. That’s $228 to $576 per year, depending on the term length.
Average Monthly Term Life Insurance Cost for a 20-Year $500,000 Policy
Age 30 | Age 40 | Age 50 | |
---|---|---|---|
10-year term life | $14 | $19 | $39 |
20-year term life | $19 | $28 | $65 |
30-year term life | $30 | $48 | $115 |
Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.
Cost Comparison: Best Term Life Insurance Companies
Here’s a look at annual rates from the best term life insurance companies in our analysis.
Company | Policy name | Cost per year: Female buyer age 30, $250,000 for 10 years | Cost per year: Male buyer age 30, $250,000 for 10 years |
---|---|---|---|
Banner/Legal & General | OPTerm | $101.11 | $139.99 |
Symetra | SwiftTerm | $101.13 | $114.90 |
Pacific Life | PL Promise Term | $101.80 | $114.91 |
Corebridge Financial | Select-a-Term | $101.90 | $115.60 |
Penn Mutual | Non-Convertible Term | $101.90 | $115.63 |
Transamerica | Trendsetter Super | $102.50 | $117.50 |
Protective | Classic Choice | $104.15 | $115.85 |
Midland National | Premier Term | $112.50 | $125.00 |
SBLI | Term Life | $112.81 | $131.38 |
Nationwide | YourLife GLT | $132.50 | $155.00 |
Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.
Compare Life Insurance Companies
Compare Policies With 8 Leading Insurers
Factors Affecting Term Life Insurance Rates
Life insurance companies usually look at these factors that affect term life insurance rates.
Age, gender and occupation. These basics help life insurance companies to determine your risk level. | |
Health. Your health, including height, weight, prescriptions, medical conditions, smoking status, substance abuse history and the health history of your parents and siblings help insurers predict your life expectancy. Your life insurance medical exam results (if required) will also be assessed. | |
Driving record. Life insurers consider infractions on your driving record, such as DUIs and reckless driving, when determining your risk level. | |
Criminal record. Major felonies and multiple felonies will often result in a decline. | |
Risky hobbies. Risky hobbies like aviation and scuba diving can lead to higher rates or even a decline. | |
Credit and finances. Life insurers sometimes use risk scores that consider credit and public records such as bankruptcies. |
Expert Round-Up: Tips for Finding the Best Term Life Insurance
Here are our best tips for finding the right term life policy.
Expert Round-Up: How to Find Affordable Pet Insurance | ||||
---|---|---|---|---|
Amy Danise Forbes Advisor Editor | I recommend comparing life insurance quotes from multiple companies. Find a good insurance agent or financial advisor who can gather quotes from multiple insurers. An experienced advisor will know which insurers are most likely to have competitive prices for your age and health. | |||
Ashlee Valentine Forbes Advisor Editor | I recommend looking at whether any of the policies you’re considering have living benefits. This feature lets you take money from your own death benefit if you develop a chronic or critical illness that qualifies. It’s a great way to access a pool of money later that you can use for unexpected medical bills or other expenses. | |||
Penny Gusner Forbes Advisor Editor | I would make sure that the policy allows term life conversion, which means you’ll have the option to convert to a permanent life insurance policy later on, from the same company. This is a valuable option to have if you later find that you need a cash value policy. | |||
Jason Metz Forbes Advisor Editor | Consider adding a waiver of premium rider, depending on the cost. This rider will waive your life insurance payments if you become disabled and cannot work. Make sure to check the rules for what qualifies to use the rider. | |||
Michelle Megna Forbes Advisor Editor | You can usually attach a check to your term life application and get temporary life insurance while your application is being processed. If this option is available, why not take it and get peace of mind right away. |
Compare Life Insurance Companies
Compare Policies With 8 Leading Insurers
Methodology
To find the best term life insurance, we used our own research and data provided by AccuQuote, a national online life insurance agency. AccuQuote has been in business for over 30 years and works only with insurance companies that have top financial strength ratings. We evaluated 20 companies on these measurements:
- Cost (80% of score): Because price is the primary concern of many term life insurance shoppers, we gave weight to this category. We scored costs based on each company’s rates for 30- and 40-year-old men and women for 10, 20 and 30 terms and for coverage amounts of $250,000, $500,000, $1 million and $2 million.
- Guaranteed renewability (10% of score): Companies earned points if their term life policies can be renewed at the end of the level term period.
- Term life conversion (10% of score): Companies earned points if their term life policies can be converted to permanent life insurance.
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Other Term Life Insurance Companies We Rated
Company | Policy name | Forbes Advisor rating |
---|---|---|
Ameritas | Value Plus Term | 3.5 stars |
Penn Mutual | Convertible Term | 3.7 stars |
Lincoln Financial | TermAccel Level Term | 3.7 stars |
Minnesota Life | Advantage Elite Select Life | 3.2 stars |
Prudential | Term Essential | 2.7 stars |
Minnesota Life | Advantage Elite Select Life (with extended conversion) | 2.9 stars |
Guardian | Level Term | 2.9 stars |
Mutual of Omaha | Term Life Answers | 2.1 stars |
State Farm | Level Term | 2.1 stars |
Best Term Life Insurance Frequently Asked Questions (FAQs)
Will taking a medical exam get me better term life insurance rates?
Taking a medical exam can potentially lead to better term life insurance quotes. Traditional life insurance policies with medical exams are considered lower risk for the insurer and may result in better rates if you are in good health, especially when compared to more expensive options like guaranteed issue life insurance.
But there are an increasing number of options for no-exam life insurance that sometimes have pricing that’s competitive to policies that require a medical exam.
What is the maximum age for term life insurance?
The maximum issue age for term life insurance averages age 74, for a 10-year term life policy, according to a Forbes Advisor analysis of term life insurance companies. We found maximum issue ages ranging from 60 to 80.
Do you lose money with term life insurance?
If you outlive a term life insurance policy, you will “lose” all premiums paid during the term of the policy unless you purchased return of premium term life insurance.
If you outlive a term policy, there is no death benefit payout. However, your money did pay for coverage during the policy term.
What happens if you live beyond your life insurance term period?
If you outlive your life insurance term period, you can often renew the policy at a much higher premium (if that option is available). Or you can shop for a new life insurance policy.
If you don’t renew a term life insurance policy, your beneficiaries will not receive a death benefit payout if you die after the term expires.
Learn More About Term Life Insurance
- What Is Term Life Insurance?
- Term Life Vs. Whole Life Insurance
- How Much Does Life Insurance Cost?
- Compare Life Insurance Quotes
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