Top Term Life Insurance Companies
When searching for term life insurance, several factors can influence your decision, including coverage amounts, term lengths, age restrictions, and the ability to convert policies to permanent coverage. NerdWallet’s editorial team has reviewed term life policies from top-rated life insurance companies in the United States, helping you find the right coverage for you and your family.
Best Term Life Insurance Companies
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Guardian Life: Best for applicants with health conditions
- Offers term life policies in various term lengths
- Covers applicants living with HIV
- Exceptional financial strength rating
- Very few complaints from consumers
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MassMutual: Best for term length options
- Offers standard term life insurance and annual renewable policies
- LifeBridge program provides free coverage for low-income parents
- Wide range of term and permanent life insurance policies
- Supports online claims
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Northwestern Mutual: Best for customer experience
- Received far fewer complaints relative to its size
- Highly rated for customer satisfaction
- Consistently pays dividends to eligible customers
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Thrivent: Best for social responsibility
- Fraternal benefit organization selling term and permanent life insurance to Christian consumers
- Offers disability and long-term care insurance
- Received far fewer complaints than expected
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New York Life: Best for high coverage amounts
- Offers two term products, including a policy that can be renewed annually
- Low complaint volume for a company of its size
- Some policies are eligible for dividends
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Pacific Life: Best for conversion flexibility
- Offers term life insurance that can be converted to permanent coverage with a cash credit
- Variety of term and permanent policies available
- Low rate of customer complaints
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Penn Mutual: Best for term life versatility
- Offers term lengths up to 30 years
- Extensive universal life insurance lineup
- Low volume of complaints
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AARP: Best for older applicants
- No medical exams required for life insurance policies
- Available to AARP members aged 50 and above
- Fewer complaints than expected to state regulators
How to Choose the Best Term Life Insurance Company
- Calculate your coverage needs: Consider your current and future expenses, then subtract your assets to determine the coverage gap.
- Consider additional riders: Customize your policy with riders for extra coverage, such as accelerated death benefits or waiver of premium.
- Compare prices: Get quotes from multiple insurers and check their financial strength ratings.
What is Term Life Insurance?
Term life insurance provides temporary coverage for a set number of years. It’s ideal for covering financial obligations during critical years, such as mortgage payments, tuition, or childcare costs.
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores, and financial strength ratings. The top-rated companies have exceptional financial strength and fewer complaints than expected.
