Legal & General America, Protective, Brighthouse Financial, and Pacific Life top our list of best term life insurance companies. They all offer affordable coverage options, good customer service, and strong financial ratings.
By
Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.&Katherine MurbachKatherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.
Edited by
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director who leads the Policygenius editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
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Reviewed by
Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.
Updated|5 min read
Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.
Term life insurance is the most affordable way to provide a financial safety net to your loved ones in the event of your death. It’s easy to manage and covers you for a set number of years — usually between 10 and 30 — during the period of your life when you have the biggest expenses, such as when your children are still young or you have a mortgage to pay off. Term life also doesn’t have any complex tax implications or restrictions.
If you’re looking for an insurer with the best term life options, our evidence-based ratings and recommendations will get you started, but a Policygenius agent can help you compare life insurance quotes find the right life insurance coverage for you.
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoringrubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Best overall term life insurance: Legal & General America
Legal & General America, which also does business as Banner Life and William Penn, is our top pick for best term life insurance due to competitive rates and a variety of term lengths. Legal & General America is one of the best insurance companies for people who need coverage for an extended period of time. It offers a 40-year term, which is longer than what most other insurers provide. It also has one of the fastest application processes available.
Protective
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
Why we chose it
Protective has some of the most affordable and comprehensive life insurance options available.
Pros and cons
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 40 years
Cons
Not available in New York
Not great for people who have had bankruptcy, marijuana users, or visa holders
Protective consistently offers some of the most competitive rates for life insurance coverage, regardless of your age. If you’re young and only have one or two mild health conditions, Protective’s term life policy may be one of the cheapest term life insurance options on the market — just keep in mind that you’ll likely have to take a medical exam, which might extend the application process to up to six weeks.
2024 Policygenius award winner
Brighthouse Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Best no-medical-exam term life insurance: Brighthouse Financial
Brighthouse Financial offers a no-exam life insurance option with the opportunity for an instant decision on applications for coverage up to $2 million. If eligible, you’ll be able to skip the medical exam and get approved faster.
Best same-day coverage term life insurance: Brighthouse Financial
For individuals with no or very few minor health issues, Brighthouse Financial is a great option for immediate underwriting. The company’s application process is short and can be completed with a licensed agent in just a few minutes. Most eligible individuals actually get an offer for coverage instantly on the same phone call with the agent they apply with.
Best term life insurance for young adults: Brighthouse Financial
Brighthouse Financial features one of the best overall life insurance for young adults ages 25 and up — it offers quick approvals, no-medical-exam options and affordable premiums.
2024 Policygenius award winner
Corebridge Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating.
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
Best term life insurance for families: Corebridge Financial
Corebridge Financial (formerly AIG Life & Retirement) is a great term life insurance option for families. It offers a customizable child rider, which is an optional add-on that pays a small death benefit if any of your children dies while your policy is active. Corebridge is also a good fit for people who are applying while pregnant. The insurer will consider your application at any stage of pregnancy as long as there are no complications, while other companies might postpone applications during the second or third trimester until after delivery.
2024 Policygenius award winner
Prudential
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.1
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Prudential has competitive term life insurance rates for seniors of all ages, making it our top choice for people over 60, including 70-year-olds. It also offers more flexible income requirements than other insurance companies, making it easier for retirees to get the amount of coverage they need.
2024 Policygenius award winner
Pacific Life
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Best term life insurance for people with pre-existing conditions: Pacific Life
Pacific Life is an excellent option for people with pre-existing conditions, like sleep apnea or mental health conditions like anxiety and depression. Pacific Life also maintains some of the highest ratings for customer satisfaction and financial confidence in the industry.
Best term life insurance for customer satisfaction: Pacific Life
Pacific Life has an industry-low level of customer complaints in the NAIC complaint index, and it also scored a high 793 on a 1,000-point scale in J.D. Power’s 2022 U.S. Individual Life Insurance Study, which analyzed insurers by their communication, interaction with customers, price of their policies, product offerings, and statements. [1]
Transamerica
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Best term life insurance for military personnel: Transamerica
Transamerica offers more flexible income guidelines for coverage than some of its competitors for active duty military personnel. Transamerica will also consider applications from people involved with special forces, people with upcoming deployments, and military pilots.
Comparing the 7 best term life insurance companies of 2023
Term life insurance is the most convenient way to protect your family’s finances after your death. Term life policies are easy to manage, last only for as long as you need them, and are more affordable than whole life insurance policies. A healthy 30-year-old, for example, can expect to pay about less than $30 per month for a 20-year term life insurance policy with a $500,00 payout.
Term life insurance can be a good fit for:
Newlyweds, married couples, and people who share expenses with a partner. Term life can help your spouse replace your income in your absence.
Parents, guardians, and people planning on having children. Term life provides an affordable financial safety net when raising children.
Homeowners with a mortgage, or people with other significant debt. A term life policy can help your dependents cover any outstanding debts they might be responsible for in the event of your death.
Ready to shop for the best term life insurance?
Term life vs. whole life insurance
The main differences between both types of policies are:
The length of your coverage: Term life coverage lasts for a set number of years and then expires, while whole life coverage is permanent, which means it never expires.
The cost: Term life is significantly cheaper than whole life.
The cash value: Term life policies only offer a lump-sum payout called the death benefit. Whole life policies come with a separate cash value account in addition to the death benefit.
A financial advisor can help you decide which policy option might be the best fit for you.
*Methodology: Average monthly term life insurance rate is for male and female non-smokers with a Preferred health classification obtaining a 20-year, $500,000 policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Average monthly whole life insurance rate is calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy paid up at age 100 offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.
A 30-year-old non-smoking female in good health can expect to pay less than $23 per month for a 20-year term life insurance policy with a $500,000 death benefit payout. A 30-year-old non-smoking male with a similar health profile can expect to pay $28 per month for a policy with the same coverage.
Average monthly term life insurance rates
Age
Gender
$250,000 coverage amount
$500,000 coverage amount
$1 million coverage amount
20
Female
$15.01
$22.65
$33.63
Male
$19.18
$30.20
$47.51
30
Female
$15.17
$22.98
$36.90
Male
$18.19
$29.32
$48.89
40
Female
$21.66
$35.27
$60.65
Male
$25.39
$42.94
$75.24
50
Female
$43.92
$78.29
$139.50
Male
$56.69
$102.50
$188.29
60
Female
$107.83
$194.16
$354.51
Male
$149.38
$268.04
$499.98
Collapse table
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.
Factors that impact the cost of term life insurance
Term life insurance rates are determined by your age, gender, health, coverage amount, and term length.
Each insurer has their own guidelines to assess risk and assign your rates.
Generally speaking, the younger you are and fewer health conditions you have, the cheaper your rates will be.
The higher your coverage amount and the longer your term length, the more expensive your rates will be.
How much term life insurance do you need?
The amount of life insurance you get should be enough to replace your lost income and cover all of your family’s future expenses, like mortgage payments and bills. But it’s easy to undervalue your policy and get too little coverage.
The key to protecting your family is to buy enough life insurance to last them years down the line, so that their finances are never jeopardized.
One easy rule of thumb is that your coverage should be roughly 10 to 15 times your annual income. For example, if you make $100,000 per year, you’ll likely need around $1 million to $1.5 million in life insurance coverage.
We can also do the math for you. Our life insurance coverage calculator can help you estimate how much money your family would need to replace the loss of your income in the event of your death and meet their future goals.
How to choose the best term life insurance company for you
Choose a company with a strong financial background that meets your coverage needs and offers the best coverage for you at the best price. At Policygenius, our advisors are committed to providing unbiased advice based on your personal circumstances. If you’re not sure how much or what kind of life insurance is right for you, we can help.
Consider the company’s financial ratings An insurer with high financial ratings is much less likely to go out of business, which is an important factor to ensure your loved ones will receive the death benefit in the event of your death. Credit-rating agencies like AM Best, S&P Global Ratings, and Moody’s Investor Services can provide you with information regarding a company’s stability.
Compare quotes from multiple insurance companies Each company treats your unique profile, including your age, your health, and your lifestyle factors, differently. Comparing quotes from multiple insurers will help you find a policy and rate that match your needs and budget.
Determine the term length you need Ideally, your term length should last until you retire or until you’ve taken care of any major financial responsibilities, like paying off a mortgage or raising children until they’re financially independent.
Consider ridersRiders are add-ons you can use to customize your policy. Not all riders are cost-efficient, but some can provide more comprehensive coverage for a specific need, like child riders, accidental death benefit, or living benefits.
Ask about term conversion options Many policies come with the option to convert to a permanent life insurance policy later on, in the event your needs change. You can ask your agent about this when you apply to make sure this is an option if you expect you may need permanent coverage in the future.
References
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.
Adam Morgan is an editorial director who leads the Policygenius editorial team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.