Best Life Insurance Companies in Maryland of 2025
Life insurance is an essential component of a solid financial plan. Whether you’re reevaluating your current coverage or purchasing a policy for the first time, now is always the right time to secure life insurance.
Maryland residents have a variety of options when it comes to life insurance. We evaluated various metrics for different types of life insurance from numerous companies and determined that Corebridge Financial, Pacific Life, Protective, and Symetra are among the best life insurance companies in Maryland.
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- 280 coverage details analyzed
- 1,633 term life insurance rates compared
- 108 years of combined insurance experience on the editorial team
- Unbiased editorial teams
Best Life Insurance Companies in Maryland
Here are Forbes Advisor’s picks for the best term life insurance companies in Maryland:
GREAT FOR CHOICES OF TERM LENGTHS
Corebridge Financial (formerly AIG Life & Retirement) 5.0
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.
- Policy name: Select-a-Term
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20, 25, 30, or 35 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Corebridge’s Select-a-Term policy generally offers very competitive rates, making it attractive to any term life insurance buyer.
Pros & Cons
- Pros:
- Very competitive term life insurance rates.
- The maximum issue age of 80 is higher than most competitors.
- Buyers can customize a level term length between 10 and 35 years, such as 18 years.
- The accelerated death benefit rider permits a longer life expectancy (24 months) than most competitors (12 months.)
- Cons:
- High customer complaint ratio for things like claim handling delays, billing issues, and surrender problems.
Life Insurance Riders Available
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Waiver of Premium Rider
BEST COST FOR $1 MILLION TERM LIFE
Pacific Life 5.0
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.
- Policy name: PL Promise Term
- Minimum face amount: $50,000
- Level term lengths available: 10, 15, 20, 25, or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Pacific Life consistently performs well in our analysis due to its low rates and superior coverage features.
Pros & Cons
- Pros:
- Low average term life insurance rates.
- A $1 million term life insurance policy is especially low-priced compared to competitors.
- You can renew until age 95, at higher rates with each renewal.
- High maximum coverage amount of over $10 million.
- Cons:
- You can only convert to a universal life policy.
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Children’s Term Life Insurance Rider
- Disability Waiver of Premium Rider
GREAT FOR LONG LEVEL TERM LENGTHS
Protective 5.0
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.
- Policy name: Classic Choice Term
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20, 25, 30, 35, or 40 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Protective’s Classic Choice term life policy is notable for its low rates and excellent choices of level term lengths, during which you lock in the rate.
Pros & Cons
- Pros:
- Level term lengths include 35- and 40-year choices, which are longer than most competitors.
- The policy can be renewed until age 95 at higher rates with each renewal.
- Up to 8 permanent life insurance policies to choose from if you choose to convert from term life.
- Cons:
- Protective has tight restrictions on its accelerated death benefit.
- You can access only 60% or $1 million (whichever is less) of the death benefit.
- You must have a life expectancy of no more than six months, while many competitors use 12 months.
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Children’s Term Life Rider
- Accidental Death Rider
- Waiver of Premium Rider
- Income Provider Option for Endorsement Rider
BEST FOR TERM LIFE RATES
Symetra 5.0
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.
- Policy name: SwiftTerm
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Symetra had the lowest average term life insurance rates in our analysis, making it a top option for term life shoppers.
Pros & Cons
- Pros:
- Best term life rates in our analysis.
- Symetra SwiftTerm can be purchased online and with instant approval (no exam required) if you’re young and healthy.
- The policy can be renewed until age 95, at a higher rate with each renewal.
- Cons:
- Maximum issue age is quite low (60) compared to competitors.
- Maximum face amount of $3 million is lower than many competitors.
- Founded recently in 1957, Symetra lacks a long track record of demonstrating its ability to pay claims.
- The accelerated death benefit money available is limited to $500,000 (or 75% of your death benefit, whichever is lower).
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Accidental Death Benefit Rider
- Children’s Term Life Insurance Rider
- Waiver of Premium Rider
BEST FOR HIGHEST COVERAGE AMOUNT
Banner Life/Legal & General America 4.5
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.
- Policy name: OPTerm
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20, 25, 30, 35 or 40 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Banner Life 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, which is higher than most others in our analysis.
Pros & Cons
-
Pros:
- High maximum coverage amount of $65 million.
- Competitive term life rates.
- Excellent choice of level term lengths.
- You can convert the policy to permanent life until age 70.
-
Cons:
- Nonrenewable 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
GREAT FOR LIVING BENEFITS
Midland National 4.5
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.
- Plan name: Premier Term
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: 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. And Midland National delivers these benefits at very competitive rates that are often lower than some competitors’ policies without these living benefits.
Pros & Cons
-
Pros:
- Ability to take money from your own death benefit in cases of terminal illness, chronic illness, or critical illness.
- Low term life rates that include living benefits.
-
Cons:
- Limited choice of additional riders.
Life Insurance Riders Available
- Children’s Insurance
- Waiver of Premium for Disability
GREAT FOR SENIOR BUYERS OF 30-YEAR TERM LIFE
Penn Mutual 4.5
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.
- Policy name: Term life
- Minimum face amount: $250,000
- Level term lengths available: 10, 15, 20 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Penn Mutual offers great term life insurance rates across a variety of term lengths and coverage amounts.
Pros & Cons
- Pros:
- Excellent rates for Penn Mutual’s basic non-convertible term life policy, even for older buyers.
- With a convertible term, you can convert to a permanent policy, up to age 70.
- Conversion is permitted to any Penn Mutual permanent policy, unlike some competitors.
- Online application available.
- Cons:
- A life insurance medical exam may be required.
- Convertible policies are much pricier than non-convertible policies.
- 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
GREAT FOR LOW LEVEL OF CONSUMER COMPLAINTS
SBLI 4.5
Our ratings are calculated based on fees, rates, rewards, and other category-specific attributes. All ratings are determined solely by our editorial team.
- Policy name: SBLI Term Life
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20, 25 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: SBLI has a very low level of complaints compared to competitors.
Pros & Cons
- Pros:
- 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 some competitors.
- A 25-year term option is not commonly offered by competitors.
- Cons:
- Term life rates are OK, but not the lowest in our analysis.
Life Insurance Riders Available
- Children’s Term Life Insurance Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
BEST FOR BUYERS IN THEIR 50s
Transamerica 4.5
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.
- Policy name: Trendsetter Super
- Minimum face amount: $25,000
- Level term lengths available: 10, 15, 20, 25 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Transamerica’s Trendsetter Super policy is worth consideration for its top-notch policy features that are available for older ages and excellent rates. Life insurance buyers interested in living benefits should take a look at Transamerica’s Trendsetter LB term life policy. With this policy, you’ll be able to access money from your own death benefit if you develop a chronic or critical condition that qualifies.
Pros & Cons
- Pros:
- Lowest average term life insurance rates for healthy buyers in their 50s, among the companies in our analysis.
- Term life insurance buyers who are young and healthy can get up to $2 million in no-exam coverage.
- Maximum issue age (80) is higher than many competitors.
- Conversion to permanent life insurance is an option until age 75, which is older than many other insurers offer.
- Cons:
- Rates are good but not the lowest among the companies we analyzed (except for buyers in their 50s).
- Higher than average level of customer complaints for issues such as claim handling delays, lack of response, denial of claims, and billing issues could be cause for concern.
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Income Protection Option Rider
- Disability Waiver of Premium Rider
- Children’s Term Life Insurance Rider
- Accidental Death Benefit Rider
GREAT FOR UNLIMITED COVERAGE AMOUNT
Nationwide 4.0
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.
- Policy name: YourLife GLT
- Minimum face amount: $100,000
- Level term lengths available: 10, 15, 20 or 30 years
- Compare Rates: Compare quotes from participating carriers via Policygenius.com
Editor’s Take: Nationwide’s YourLife GLT has no maximum death benefit, as long as the company considers it reasonable for your age, income, and life stage.
Pros & Cons
- Pros:
- A+ AM Best financial strength rating means buyers can be confident that approved claims will be paid.
- Low customer complaint ratio compared to others in our analysis.
- Competitive term rates for 50-year-olds.
- Cons:
- 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
Summary: Life Insurance Ratings in Maryland
We analyzed costs, the capacity to renew, and conversion options to identify the best term life insurance in Maryland.
What Is the Average Cost of Life Insurance for Companies in Maryland?
Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.
Best Term Life Insurance Companies in Maryland
Term life insurance presents numerous options for Maryland residents at competitive rates. We assessed companies based on cost, renewability, and conversion options to identify the best term life insurance policies in Maryland. Based on our analysis, the best term life companies in Maryland are Corebridge Financial, Pacific Life, Protective, and Symetra.
Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.
Best Whole Life Insurance Companies in Maryland
Whole life insurance provides certain guarantees, such as fixed premium payments and guaranteed cash value growth, but not without a cost. We identified the best whole life insurance companies in Maryland based on key metrics, including cost competitiveness and each company’s financial strength.
State Farm is the best whole life insurance company in Maryland, according to our analysis.
Best Universal Life Insurance Companies in Maryland
Maryland residents seeking the flexibility of adjustable premium payments and the opportunity for cash value growth should consider universal life insurance. We identified the best universal life insurance companies in Maryland based on key metrics, such as cost competitiveness and the reliability of the company’s policy illustrations.
Penn Mutual is the best universal life insurance company in Maryland, based on our analysis.
Best Senior Life Insurance Companies in Maryland
Age is a significant factor in how life insurance companies determine policy availability and premiums. This can make finding life insurance for seniors more challenging and expensive.
Maryland seniors should consider Protective, Pacific Life, Corebridge Financial, and Equitable for life insurance.
Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.
Best No-Exam Life Insurance Companies in Maryland
For young and healthy Maryland life insurance shoppers looking for easy coverage, no-exam life insurance offers the convenience of bypassing the medical exam typically required by traditional life insurance. To help you find the best no-exam life insurance in Maryland, we assessed the price and coverage benefits of companies that sell no-exam policies.
Pacific Life, Protective, and Symetra are the best no-exam life insurance companies in Maryland, based on our analysis.
Source: AccuQuote and Forbes Advisor research
How to Find the Best Life Insurance in Maryland
To discover the best life insurance in Maryland, adhere to these tips:
- Compare life insurance quotes from multiple life insurance companies to determine the true best value.
- Consider coverage features, such as life insurance riders and living benefits.
- Inquire about an accelerated death benefit, which grants access to your death benefit while you’re still living, if you become terminally ill.
- Ask about term life conversion options if the possibility of converting to a permanent policy in the future interests you.
- Ask about the rules surrounding renewal once the level term period concludes.
Maryland Life Insurance Laws
For Maryland life insurance shoppers, here are some key laws:
- Life insurance laws are governed by Title 31 of the Code of Maryland Regulations.
- All policies have a 10-day free look period.
- All policies have a 30-day grace period.
- If a life insurance claim isn’t settled within 30 days after receiving complete documents, it will accrue interest.
- Up to $300,000 guaranteed for lost death benefits and $100,000 for lost cash surrender value.
Source: Fidelity Life
Methodology
To identify the best term life insurance in Maryland, we utilized our research and data provided by AccuQuote, a national online life insurance agency. AccuQuote has been in operation for over 30 years and collaborates exclusively with insurance companies boasting top financial strength ratings. We evaluated 20 companies based on the following criteria:
- Cost (80% of score): Because price is a primary concern for many term life insurance shoppers, we prioritized this category. We scored costs based on each company’s rates for 30- and 40-year-old men and women for 10-, 20-, and 30-year terms and for coverage amounts of $250,000, $500,000, $1 million, and $2 million.
- Guaranteed renewability (10% of score): Companies earned points if their term life policies can be renewed at the end of the level term period.
- Term life conversion (10% of score): Companies earned points if their term life policies can be converted to permanent life insurance.
Best Life Insurance in Maryland Frequently Asked Questions (FAQs)
Is life insurance more expensive in Maryland?
No, life insurance in Maryland is not more expensive than in other states. Location is not a factor considered by life insurance companies when they determine life insurance premiums.
How much per month is a million-dollar life insurance policy in Maryland?
A 30-year, $1 million coverage term life insurance policy costs around $45 per month, or $538 per year in Maryland, for a healthy female age 30. The same policy for a healthy male in Maryland costs $57 per month or $681 per year.
