If you’re seeking a starter life insurance policy, term life insurance often emerges as the most budget-friendly option. While it lacks the guarantees and cash value benefits found in whole life insurance, term life provides an accessible way to safeguard your family during your prime earning years should the unthinkable happen. Because term life insurance is designed to be temporary, what constitutes a ‘good’ policy differs from other types of life insurance. Our analysis encompasses eligibility requirements, premium rates, conversion policies, and companies that cater to specific demographics, like military personnel and low-income parents.
Here are our top picks for the best term life insurance policies available in 2025.
Best Term Life Insurance Policies
- Best overall: Legal & General America Life Insurance
- Best for affordability: Protective Life
- Best no medical exam: Brighthouse Financial Life Insurance
- Best for customer service: State Farm Life Insurance
- Best for whole life conversions: Pacific Life
- Best for seniors: Prudential Life Insurance
- Best for foreign nationals: Transamerica Life Insurance
- Best for military personnel: USAA Life Insurance
- Best for low-income parents: MassMutual Life Insurance
Best Term Life Insurance Policies
Legal & General America Life Insurance: Best Overall Term Life Insurance
Legal & General Life Insurance offers affordable rates suitable for all ages and health classifications. However, applicants with histories of severe health complications, including HIV and cancer, are not eligible. Those aged 20 to 75 may qualify for coverage with no maximum coverage amount and terms of up to 40 years, with fast approval times. Medical exams may be waived with the Banner Life OpTerm plan.
Protective Life: Best Affordable Term Life Insurance
Protective Life Insurance’s Classic Choice Term plan provides some of the most competitive rates for the value offered in the market. For instance, the average monthly life insurance cost for a 35-year-old male or female (with a standard 20-year term and a $1,000,000 life insurance benefit) is approximately $52 and $43, respectively.
At Protective, the same policy costs a male applicant $46.63 per month, and a female applicant $38.44 per month. These rates are below the industry average. Protective’s Classic Choice Term has a range of options and customizability. The plan offers between $100,000 to $50 million in coverage, some of the highest life insurance benefits available. It also provides various term options, spanning from 10 to 40 years.
Protective also offers a variety of riders, including child and disability riders. There is also an income provider option endorsement, giving you some options for allocating your death benefit amongst your beneficiaries.
Brighthouse Financial Life Insurance: Best Term Life Insurance with no Medical Exam
Brighthouse Financial’s SimplySelect term offers strong coverage without a physical exam. The company also received an A rating from AM Best and a 739 rating from JD Power according to the 2023 life insurance study. The policy allows instant approval at affordable rates, offering anywhere from $100,000 to $3 million in coverage with terms of 10, 20, or 30 years. Higher policy limits may be subject to stricter underwriting. Convertible and renewable rider options allow you to extend your coverage or convert it to a whole life plan.
If your health is less than ideal, you might prefer a no-medical exam life insurance policy. However, your health status will still be assessed. No medical exam policies still include health questions, and the company reviews past medical records. These policies typically issue lower death benefits to young, healthy applicants. Fortunately, Brighthouse Financial agents can run application scenarios to determine your chances of success. If you don’t qualify for a no-medical exam policy, they can provide quotes for other term or whole life policies based on your needs.
State Farm Life Insurance: Best Term Life Insurance for Customer Service
Reliability and trustworthiness are vital for a long-standing insurance company, and State Farm excels. Among our guides on the best cheap life insurance, State Farm earned an A++ for financial stability from AM Best. It scored 843 out of 1,000 in 2023 for overall customer satisfaction from JD Power, taking the top spot for customer service among its industry competitors. State Farm sells home, renters, and auto insurance, which provides opportunities for bundling and discount opportunities.
Pacific Life: Best Term Life Insurance for Whole Life Conversions
Converting from term to whole life insurance allows you to extend your coverage and leverage cash-value benefits. Pacific Elite Term offers some of the best options if you plan to buy a whole, universal, or variable life insurance plan. With this term life plan, you can convert your coverage after the first ten years of the term. The policy also adds a cash credit to your permanent life insurance policy after conversion, potentially reducing the cost of your premium.
Keep in mind that a term to whole life conversion is not guaranteed. Your insurance agent can advise when to apply to convert. Underwriting will then assess your health and risk at the time of the application (not when you originally applied for your term). The rates are also set based on your current application. Pacific Life may be a great option due to competitive rates. There is availability in all 50 states. It also maintains high customer satisfaction and financial strength scores, ranking sixth place with JD Power (above the industry average) and A+ with AM Best. Medical exams may be optional for qualifying applicants.
Prudential Life Insurance: Best Term Life Insurance for Seniors
It can be challenging for seniors to get life insurance at an affordable rate. However, Prudential’s Term Essential is an excellent option for those over 60 in need of short-term coverage at a competitive price. Prudential’s Term Essential allows for age limits higher than what many of its competitors permit. Often, underwriters may overlook age-related conditions. But, exclusions for costly illnesses may still apply.The plan provides coverage from $100,000 up to $1 million and term lengths of 10, 15, 20, or 30 years. Also, all of its term life policies include a Living Needs Benefit rider. This rider allows you to access a portion of your death benefit if you become terminally ill.
Transamerica Life Insurance: Best Term Life Insurance for Foreign Nationals
Those who are not U.S. citizens may find it challenging to qualify for life insurance. As one of the oldest and largest life insurance carriers, Transamerica accommodates foreign nationals within the U.S. to offer the best coverage options. Transamerica Trendsetter Super is a term life policy featuring some of the most competitive rates. You can get coverage from $25,000 up to $2 million if you’re aged 18 to 80. Medical exam requirements may be waivable for qualifying applicants. It is recommended to speak with a licensed insurance agent. to determine if you qualify.
USAA Life Insurance: Best Term Life Insurance for Military Personnel
USAA is one of the nation’s leading insurance providers, created for active military members, and veterans. Military members and veterans may benefit from purchasing its Level Term V policy. The plan does not require a medical exam. However, you may have to complete an online health questionnaire. USAA’s equivalent of a guaranteed insurability rider is the Life Event Option rider. With qualifying life events (like getting married or having a child), you can get up to $100,000 of coverage. USAA’s Life Event Option rider is built into the policy without additional fees. USAA also provides options such as help with medical bills and replaces your health coverage if you leave the military.
MassMutual Life Insurance: Best Term Life Insurance for Low-Income Parents
For many families, life insurance is financially out of reach. Fortunately, MassMutual created the LifeBridge program to assist those families with affordable coverage. With the LifeBridge program, qualifying parents and guardians receive a free 10-year life insurance policy. This policy pays your beneficiary a $50,000 death benefit. This free plan will cover your dependent’s educational expenses or provide living expenses if you pass away.
How to Choose the Best Term Life Insurance
Determine Your Coverage Needs
Choosing the best term life insurance starts with understanding your needs and what you want from a term life insurance policy. Consider your financial position and goals, including dependents, income, and debt, when seriously searching for term life insurance. You may discover that another life insurance product would better suit you.
Consider Financial Strength
Begin comparing life insurance companies once you have determined that term life insurance is right for you. You should first look at a company’s financial stability. You want to be sure that they’re financially stable to issue a payout if the worst happens. Pay close attention to evaluations from rating agencies such as AM Best.
Read Customer Reviews
Customer reviews can provide insight into how a life insurance company operates. Issues with claims, policy flexibility, and how easily the company was to reach should all be considered. Life insurance companies that respond to customer reviews are good to consider. You will find customer reviews on sites such as Trustpilot and the Better Business Bureau. You will find customer testimonials on numerous platforms. Even Reddit can help you gain insight into a company.
Get Term Life Quotes
Getting life insurance quotes can be challenging, as many companies require you to fill out an extensive health questionnaire before providing a quote. Having your medical information available is helpful. Term life insurance quotes are easier to acquire than permanent life insurance quotes because you can often obtain term life quotes online. However, most companies require speaking with an insurance agent.
Understand Policy Features
You need a complete understanding of the policies you’re considering. You will need to look at potential riders and exclusions you can add to your policy. It may be beneficial to consider a return of the premium rider if you think you will outlive your policy. Also consider policies that offer convertible life insurance and the terms and requirements associated with a term life conversion.
Alani Asis is a personal finance expert.
