Best Term Life Insurance Companies of 2025

Best Term Life Insurance Companies: Expert-Rated in 2025

Term life insurance provides a set premium and guaranteed coverage for a set period, often 10, 20, or 30 years. This type of insurance is frequently the most affordable, offering a wealth of choices from various life insurance providers.

This guide provides an in-depth look at the leading term life insurance companies based on cost and policy features.

Our Expert Picks

Here are some of the best term life insurance companies, based on a comprehensive evaluation.

• Pacific Life: Best cost for $1 million term life
• Protective: Great for long level term lengths
• Symetra: Best for term life rates
• Banner Life/Legal & General: Best for highest coverage amount
• Penn Mutual: Great for older buyers of 30-year term life
• Midland National: Great for living benefits
• SBLI: Great for low level of consumer complaints
• Nationwide: Best for unlimited coverage amount

Summary: Best Term Life Insurance

• Pacific Life is known for providing the best cost for a $1 million term life policy.

• Protective offers excellent options for individuals seeking long level term lengths.

• Symetra is recognized for providing the best term life rates in the market.

• Banner Life/Legal & General provides the best options for those seeking the highest possible coverage amounts.

• Penn Mutual is a great choice for older buyers seeking 30-year term life policies.

• Midland National is a good option for people looking for living benefits.

• SBLI has a great reputation for a low level of consumer complaints.

• Nationwide provides the option for an unlimited coverage amount.

The Best Term Life Insurance Companies: Detailed Reviews

Pacific Life

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.

• Editor’s 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.
• Key Features: Low average term life insurance cost among the companies 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.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 4 out of 10.
  • Premiums & Policy Costs ranked 6 out of 10.
  • Customer Service ranked 4 out of 10.
  • Submitting Claims ranked 10 out of 10.
• Expert’s Take: I like Pacific Life for its flexibility. The products have a good range of riders and options, so you can really customize the coverage. Might not be the cheapest, but worth checking out. – Samuel Green, CEO of Blue Insurance
• 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

Protective

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.

• Editor’s 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.
• Key Features: 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.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 2 out of 10.
  • Premiums & Policy Costs ranked 4 out of 10.
  • Customer Service ranked 5 out of 10.
  • Submitting Claims ranked 9 out of 10.
• Expert’s Take: Protective is a financially strong U.S.-based life insurer with a Japanese (Dai-ichi Life Holdings, Inc.) parent company.
• 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 endorsement rider, Terminal illness accelerated death benefit rider, Waiver of premium rider

Symetra

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.

• Editor’s 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.
• Key Features: 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).
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 5 out of 10.
  • Premiums & Policy Costs ranked 7 out of 10.
  • Customer Service ranked 6 out of 10.
  • Submitting Claims ranked 7 out of 10.
• Expert’s Take: Now, here’s a good one for younger, healthy clients. They can be super affordable, but their underwriting is stricter. It’s a trade-off to be aware of. – Samuel Green, CEO of Blue Insurance
• 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

Banner Life/Legal & General

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.

• Editor’s 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.
• Key Features: 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.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 8 out of 10.
  • Premiums & Policy Costs ranked 2 out of 10.
  • Customer Service ranked 1 out of 10.
  • Submitting Claims ranked 6 out of 10.
• Expert’s Take: The U.S. operations of Legal & General Group Plc are one of the world’s leading multinational financial services companies, founded in 1836 and headquartered in London. Legal & General America has become a leader in term life insurance through aggressive pricing, cutting-edge application and underwriting technology and creative product design.
• 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

Penn Mutual

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.

• Editor’s 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.
• Key Features: Online application available. Some life insurance buyers may not be required to do a life insurance medical exam.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 1 out of 10.
  • Premiums & Policy Costs ranked 3 out of 10.
  • Customer Service ranked 10 out of 10.
  • Submitting Claims ranked 2 out of 10.
• Expert’s Take: One of the original (7th mutual insurer founded in the U.S. in 1847) mutual life insurance companies, Penn Mutual offers ultra-competitive, limited (accelerated) underwriting options to healthy individuals ages 0-65 with up to $10 million of coverage—as much as 10x higher limits compared to its peers. As a mutual company, Penn Mutual also offers participating whole life with strong dividends (a return of annual profits to their owners—the policyholders). Individual products offered include term, universal life (UL), indexed universal life (IUL), variable universal life (VUL) and whole life (WL).
• 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

Midland National

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.

• Editor’s 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.
• Key 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).
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 10 out of 10.
  • Premiums & Policy Costs ranked 10 out of 10.
  • Customer Service ranked 8 out of 10.
  • Submitting Claims ranked 4 out of 10.
• Expert’s Take: A member of Sammons Financial Group, Midland National and its sister company, North American Co. for Life and Health Insurance, are known for strong indexed universal life (IUL) and indexed annuity products. Midland also boasts a strong portfolio of term, whole life (WL) and universal life (UL) products.
• 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

SBLI

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.

• Editor’s 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.
• Key Features: 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.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 7 out of 10.
  • Premiums & Policy Costs ranked 5 out of 10.
  • Customer Service ranked 2 out of 10.
  • Submitting Claims ranked 5 out of 10.
• Expert’s Take: Savings Bank Mutual Life Insurance Co. of Massachusetts offers competitive term and whole life products. As a mutual company, it returns profits to its owners—the policyholders—in the form of dividends and unique services like a free subscription to LegacyShield—a digital vault where policyholders can store important documents, final wishes, family photos and videos and provide digital access to their family and loved ones.
• 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

Nationwide

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.

• Editor’s 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.
• Key Features: 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.
• Consumer Sentiment: The Consumer Sentiment Index from Forbes Advisor uses a proprietary weighting system designed by our subject matter experts. It evaluates thousands of consumer insights and reviews from leading online forums to determine customer satisfaction at scale.
  • Policy Options, Coverage & Riders ranked 6 out of 10.
  • Premiums & Policy Costs ranked 1 out of 10.
  • Customer Service ranked 3 out of 10.
  • Submitting Claims ranked 3 out of 10.
• Expert’s Take: Nationwide is reliable and known for good customer service, which is important with life insurance. Maybe not the absolute flashiest, but they’ve got a long track record. – Samuel Green, CEO of Blue Insurance
• 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 costs may vary based on your health, the size and length of the policy, and other personal choices.

• Average Monthly Cost: A $500,000 term life insurance policy for a 40-year-old buyer averages $19 for a 10-year term, $28 for a 20-year term, and $48 for a 30-year term. Annual costs range from $228 to $576, depending on the policy’s length.

Expert Tips

• Get Life Insurance Pre-approval: If you have any health or risk concerns, ask your insurance agent to provide you with a preliminary approval from a company underwriter before going through the entire application process. This can give you a stronger assurance that you will get the offer you were quoted and help you avoid any unwelcome surprises when the official offer comes back. – Daniel Adams

• Look Into Living Benefits: 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 – Ashlee Valentine.

• Compare Life Insurance Quotes: 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 – Amy Danise.

• Look For Term Life Conversion: If I’m looking for the best term life insurance, I’m going to shop mainly on price, but I’m also going to make sure the policy will let me convert to a cash value policy later on. This term life conversion option is a good way to hedge your bets. You may find you want a permanent life policy many years later, when buying a new policy could be cost-prohibitive – Penny Gusner.

• Consider Temporary Life Insurance: 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 – Michelle Megna.

• Check Into a Waiver Of Premium Rider: 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 – Jason Metz.