The 10 best term life insurance companies of April 2023
Banner Life, 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 SEO Content DirectorAntonio helps lead our life insurance and disability insurance 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 an editor and a former licensed life insurance agent 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 at Policygenius who leads the life insurance 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.
Term life insurance is one of the most affordable and easy ways to provide a financial safety net to your family to replace income and cover financial obligations in your absence. When shopping for a term life insurance policy, look for a life insurance company with strong financial ratings, great customer service, and policy options that match your profile.
Below you’ll find our pick for the best term life insurance companies on the market in multiple categories. The best insurer for you will depend on your specific circumstances, financial situation and coverage needs.
10 best term life insurance companies of April 2023
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
A.M. 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 ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
Why we chose it
Protective has some of the most affordable and comprehensive life insurance options available.
Pros and cons
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 40 years
Cons
Not available in New York
Not great for people who have had bankruptcy, marijuana users, or visa holders
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Best term life insurance for customer satisfaction
2023 Policygenius award winner
Pacific Life
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers.
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.1
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Best term life insurance for people with pre-existing conditions
2023 Policygenius award winner
Pacific Life
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
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
Coming in at the top overall, Banner Life makes our 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 underwriting processes available.
Cheapest: Protective
Protective consistently offers some of the most competitive rates for life insurance coverage, regardless of 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 fully underwritten term life insurance options on the market.
Best for same-day coverage: Brighthouse Financial
For individuals with no or very few minor health issues, Brighthouse Financial is best 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.
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]
Best for families: Corebridge Financial
Corebridge Financial (formerly AIG Life & Retirement) is highly competitive when it comes to term life insurance for families. It also 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 favorable 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.
Best 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.
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.
Best for people with pre-existing conditions: Pacific Life
Pacific Life is an excellent option for people with pre-existing conditions, like a high BMI (Body Mass Index), sleep apnea, or mental conditions like anxiety and depression. Pacific Life also maintains some of the highest ratings for customer satisfaction and financial confidence in the industry.
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
A.M. 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 ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers.
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
Best term life insurance for people with a history of cancer
2023 Policygenius award winner
Symetra
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.3
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
Why we chose it
Symetra offers high coverage amounts, the option to reconsider rates after a year, and term life policies for people with a history of health conditions like cancer.
Pros and cons
Pros
High coverage amounts based on income
Best choice for people with a history of cancer
Good term life option for people over 70
Cons
Term rates are average for the industry, and many people will find their best rates elsewhere
Not available in some states, including CA, FL, DC, DE, ND, and SD
Best term life insurance for people with depression
2023 Policygenius award winner
Prudential
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.1
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.6
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers.
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Best term life insurance for people with sleep apnea
2023 Policygenius award winner
Pacific Life
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.5
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
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
Transamerica offers life insurance coverage for non-U.S. citizens with a variety of different types of visas, as well as green card and conditional green card holders. Transamerica is one of the only companies that doesn’t necessarily require a Social Security number to apply for coverage, either — although they do require a visa and any visa-related forms specific to your specific status.
Best for people under 55: Banner Life
Most companies limit coverage to 15 times your annual income if you’re in your 50s, but with Banner Life you can apply for up to 20 times your annual income, giving you more flexibility. Banner also offers affordable coverage options across most health classifications, a no-medical-exam option for those who qualify, and its policies are available in all states — in New York through William Penn.
Best for low-income families: Corebridge Financial
Corebridge Financial has affordable premiums across the board when compared to some of its competitors. Some insurers have a minimum household income requirement, while Corebridge does not. Corebridge also offers an affordable child rider option — a policy add-on that provides some coverage to your children.
Best for people with a history of cancer: Symetra
Symetra offers comparatively low term life insurance rates to people with a history of cancer, including those who have had early-stage breast, cervical, colon, prostate, skin, testicular, or thyroid cancer. To be eligible for rates usually reserved for people with minor health conditions (which means getting some of the best possible premiums), you cannot have had any recurrences.
Best for people with depression: Lincoln Financial
Lincoln Financial offers favorable rates if you are on no medication, one medication, or two medications for depression. If your condition is mild, you can apply with Lincoln's non-medical option as well.
Best for people with anxiety: Corebridge Financial
Corebridge Financial is one of the most accommodating insurers for people with anxiety. The company can offer you some of the best rates even if you are on up to two different medications to treat your condition, assuming you otherwise qualify for coverage.
Banner Life is a good option if you have either type 1 or type 2 diabetes. When it comes to term life insurance for people with diabetes, Banner has competitive pricing across all health classifications when compared to other companies. For type 2 diabetes, it can offer lower rates if your condition was diagnosed at or after age 50, and your blood sugar levels are well-controlled.
Smokers will always pay more for life insurance than non-smokers for comparable policies, but Banner Life offers the most competitive rates to smokers among Policygenius’ partners. You’ll also be able to apply for lower premiums after a year if you quit smoking, whereas some other insurers do not offer non-smoker rates for two years or more.
Best for marijuana users: Lincoln Financial
Lincoln Financial can offer some of the best rates to people who occasionally use marijuana. They can even offer non-smoker rates for daily users, provided they have a clean motor vehicle report and no history of drug use concerns.
Best for return-of-premium insurance: Mutual of Omaha
Mutual of Omaha includes an optional return-of-premium rider to their Term Life Express policy. This means that you'd get up to 100% of your premiums refunded if you were to cancel your policy. Return-of-premium life insurance generally isn't the most cost-effective option, so if you're seeking this kind of feature, it's best to consult with a financial advisor first.
Best for long-term: Banner Life
Banner life offers a variety of term lengths up to 40 years and its term policies are available to people age 20 to 75 years old.
Summary of the best term life insurance companies of March 2023
We don't get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Life Insurance Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Term life insurance is one of the most affordable coverage options on the market, only lasts for a set term, and comes with few rules and tax restrictions.
Term life is the best option for most people looking to protect their income and provide their family with a financial safety net to cover any debts — including a mortgage or any other types of personal loans.
Pros: Term life is affordable, easy to manage and understand, and provides financial protection during the period of your life when you have major financial obligations to meet.
Cons: Term life expires at the end of the term, after which you’ll need to buy a new policy if you still want insurance. Also, term life only offers a guaranteed lump-sum death benefit — it doesn’t come with a cash value savings component.
A healthy non-smoker 30-year-old woman would pay less than $22 per month for a 20-year term life insurance policy with a death benefit payout of $500,000. A healthy non-smoker 30-year-old man would pay around $28 per month for a policy with the same term and death benefit. Life insurance rates are based on your age, health, and other determining factors, like your lifestyle habits.
Below you’ll find more average term life rate estimates for 20-year and 30-year term life insurance policies offering $500,000 and $1 million death benefit payouts.
20-year & 30-year term life policies: Average monthly premiums
Age
Sex
20-year term, $500,000 coverage amount
20-year term, $1 million coverage amount
30-year term, $500,000 coverage amount
30-year term, $1 million coverage amount
20
Female
$22.08
$32.40
$30.93
$49.34
Male
$28.90
$44.76
$40.49
$66.71
30
Female
$22.32
$35.56
$35.52
$57.15
Male
$27.93
$45.98
$42.45
$72.05
40
Female
$34.25
$58.61
$54.79
$97.54
Male
$41.11
$71.61
$68.21
$122.61
50
Female
$74.18
$131.35
$129.00
$232.48
Male
$95.68
$175.15
$173.84
$315.88
60
Female
$194.03
$355.17
N/A
N/A
Male
$267.56
$500.42
N/A
N/A
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Methodology: Average sample monthly estimated rates are for male and female non-smokers with a Preferred health rating buying a 20-year or 30-year, $500,000 or $1 million term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Corebridge Financial, Banner Life, Brighthouse Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2023.
How to find the best term life insurance company for you
The best life insurance company for you will depend on your specific profile and unique needs. An independent broker like Policygenius can help you easily compare quotes from multiple insurance companies to find the best rate for you.
How to buy term life insurance
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 matches your needs and budget.
Determine how much life insurance you need Your life insurance coverage should be customized to your family’s financial needs. A common rule of thumb is to apply for 10 to 15 times your annual income, but it’s important to take into account your assets, liabilities, and any dependents as well. For a more precise estimate, use our life insurance coverage calculator.
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 additional term life insurance riders Riders 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.
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.
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 helps lead our life insurance and disability insurance 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 an editor and a former licensed life insurance agent 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 at Policygenius who leads the life insurance 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.
