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 scoring rubric 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.
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life 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: Banner Life
Banner Life is our top pick for best term life insurance due to competitive rates and a variety of term lengths. Banner Life 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
4.8
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
No no-medical-exam policy options
Cheapest term life insurance: Protective
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.
2023 Policygenius award winner
Brighthouse Financial
5.0
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
Term life applicants limited to ages 25-50
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.
2023 Policygenius award winner
Corebridge Financial
4.6
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
No no-medical-exam term option
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.
2023 Policygenius award winner
Prudential
4.1
All 50 states
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
Best term life insurance for seniors: Prudential
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.
2023 Policygenius award winner
Pacific Life
4.8
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
4.6
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
Company | Policygenius rating | AM Best rating | Best for | |
|---|---|---|---|---|
5/5 | A | Same-day coverage, no-medical-exam, young adults | ||
4.9/5 | A+ | Overall | ||
4.8/5 | A+ | Customer satisfaction, people with pre-existing conditions | ||
4.8/5 | A+ | Affordability | ||
4.6/5 | A | Families | ||
4.6/5 | A | Military personnel | ||
4.1/5 | A+ | Seniors |
What is term life insurance?
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.
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.
→ Learn more about the differences between term and whole life insurance
Comparing term life vs. whole life
Features | Term life insurance | Whole life insurance |
Permanent coverage | No — maximum of 30 to 40 years | Yes |
Cost* ($500,000 coverage amount) | $26/month for a 20-year term | $440/month |
Guaranteed death benefit payout | Yes | Yes |
Guaranteed cash value | No | Yes |
Premium cost stays fixed | Yes, in most cases | Yes, in most cases |
Pays annual dividends | No | Yes, in some cases |
*Methodology: Average monthly term life insurance rate is for male and female non-smokers with a Preferred health rating obtaining a 20-year, $500,000 policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. 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 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 09/01/2023.
→ Explore the best whole life insurance companies of 2023
How much does term life insurance cost?
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 | $22.99 | $36.89 |
Male | $18.19 | $29.32 | $48.88 | |
40 | Female | $21.66 | $35.27 | $60.64 |
Male | $25.38 | $42.95 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.47 |
Male | $56.69 | $102.49 | $188.26 | |
60 | Female | $107.84 | $194.16 | $354.62 |
Male | $149.38 | $268.09 | $500.15 |
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 million term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. 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 08/01/2023.
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.
→ Learn more about other ways to calculate how much life insurance you need
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.
Frequently asked questions
What is the most popular term for life insurance?
The most popular terms for term life insurance are 20 years and 30 years. Both terms are long enough to cover most people’s most important financial obligations, like a mortgage or raising children.
What is the best age to buy term life insurance?
The younger you apply for life insurance, the more chances you’ll have to lock in the most competitive rates. This is because young people usually have fewer health conditions that might increase their insurance risk.
At what age can you no longer buy term life insurance?
Every life insurance company has their own age limits, but many insurers allow people under 80 years old to apply for term life insurance.
What happens if you live longer than your term life insurance?
If you outlive your term life insurance, the policy expires. If you die after your policy’s expiration date, your beneficiaries won’t receive the death benefit payout.
Which is better, term life or whole life insurance?
Term life insurance is a better option for most people looking to protect their income and provide their loved ones with a temporary financial safety net to cover any debts. Term life is affordable and comes with few rules and tax restrictions. Whole life insurance is a better fit for people looking to diversify their investments or those with long-term financial obligations or coverage needs, like dependents who need lifelong care. Whole life doesn’t expire as long as you pay the premiums, but is usually five to 15 times more expensive than term life.
