Best Term Life Insurance Companies (2025)
State Farm and Guardian Life offer term life coverage and high customer satisfaction ratings.
Powered by SelectQuote
Excellent
)
Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.
Term life insurance can protect your loved ones financially for a set term, which may be anywhere from 10 to 30 years. As long as you pay your premiums, your beneficiaries will receive a death benefit or payout if you pass away unexpectedly during this time period.
If other people depend on you to cover their everyday and future expenses, this type of policy is likely worthwhile. Here’s what you should know about the different types of term life insurance, how much it may cost, and where you can buy it.
The 5 best term life insurance companies
Fortunately, many insurance companies offer term life insurance products. To help you with your search for the ideal policy, here are five of the top term life insurance companies.
State Farm: Best for customer service
Availability: Every U.S. state except Massachusetts and Rhode Island
With State Farm’s Select Term Life insurance, you can choose terms of 10, 20, or 30 years. After the initial term, you can hold onto your coverage for a higher cost up to age 95. Since State Farm earned the No. 1 spot in the J.D. Power 2024 U.S. Individual Life Insurance Study, you can buy a term life policy from the company with peace of mind.
Guardian Life: Best for online quotes
Availability: All 50 states and Washington, D.C.
With a level term life policy from Guardian Life, your premiums will stay the same throughout your term. The company’s website allows you to plug in some basic details about yourself and your preferred coverage so it can provide you with an instant quote. You may also be able to extend your coverage and convert your term life policy to permanent life if you’d like.
MassMutual: Best for term flexibility
Availability: Every state except Alaska and Wyoming; life insurance options vary by state
MassMutual’s term life offerings are available in six different terms. You can customize your policy with an optional waiver of premium rider, which will waive your premium if you become disabled and are no longer able to cover it. An accelerated death benefit rider — which will provide a portion of the death benefit in advance if you become terminally ill — is also available to adults age 65 and younger.
Nationwide: Best for no maximum death benefit
Availability: Nationwide Life Essentials is available in every state except New York; Nationwide Guaranteed Level Term is available in all 50 states
With a Nationwide Life Essentials policy, you can apply for a maximum death benefit of $1.5 million, without a medical exam. A Nationwide Guaranteed Level Term policy might require a medical exam but lets you convert to a permanent life policy and offers living access benefits. Even though there’s no cap on death benefits, you’ll need to apply through a Nationwide agent.
Pacific Life: Best for convertible term life insurance
Availability: Every state except New York
Pacific Life offers more types of term life policies than other insurers. Coverage is available in 10-, 15-, 20-, 25-, or 30-year terms. There’s a $50,000 minimum death benefit, and you can add up to $10,000 in coverage for your children through the optional Children’s Level Term Insurance Rider. If you opt for Pacific Elite Term, you can convert your coverage to a policy with a cash value.
To choose the best term life insurance companies, our editorial team analyzed regional and national life insurance companies to assess which offer the best rates, coverage options, and customer service.
Types of term life insurance to consider
Term life is a broad category that encompasses multiple term life products that cater to various financial situations. Before you move forward with a policy, it’s important to familiarize yourself with all available term life options, including:
Level term life: With level term life insurance, you’ll get consistent premium payments and a death benefit that stays the same if the policyholder dies at any point during the term. It’s a solid choice if you’re looking for a predictable policy.1 2
Decreasing term life: With decreasing term life insurance, the death benefit gets smaller over the length of the policy. You may benefit from this option if you have personal loans, business debts, or other ongoing financial obligations.
Renewable term life: Renewable term life insurance will let you renew your coverage without undergoing the underwriting process again. If you believe you’ll want to extend your policy, it’s worth considering.
Convertible term life: A convertible term life policy is a solid choice if you think you may need lifelong coverage down the road. You can convert it to permanent life insurance in the future.
Adjustable premium term life: Adjustable premium term life insurance is a flexible option. Once you have a policy, you can change your premium payments, death benefit, and other features after you enroll.
Voluntary term life: Employers usually offer voluntary term life insurance. It might make sense if you don’t need much protection, and you can get this coverage through your workplace.
Group term life: Often available as an employee benefit, group term life coverage can provide affordable coverage. It covers a select group, such as multiple employees, rather than individuals.
Cost of term life insurance
What you pay for term life insurance will depend on your unique situation. Several factors determine your exact premium, including your age, gender, health status, lifestyle, and the amount of coverage you choose. It’s a good idea to shop around and compare quotes so you can find the best term life insurance coverage for your budget and needs.
This table shows the average cost of life insurance for different types of policyholders.
Factors that affect the cost of term life insurance
When you apply for a term life insurance policy, most insurance companies will consider the following factors to help determine your premiums:
Pros and cons of term life insurance
Before you move forward with a term life insurance policy, be sure to weigh the advantages and disadvantages.
How to buy term life insurance
You can buy a term life insurance policy online, over the phone, or in person through a local insurance agent. If you decide this type of coverage is right for you, follow these steps to secure it:
Shop around. Do your research and get term life quotes from at least a few life insurance companies. Compare premiums, coverage options, riders, and financial strength ratings.
Complete a medical exam. Depending on the policy you choose, you may need a medical exam. While some insurance companies will send a medical professional to your house, others will ask you to travel for your medical exam.3
Apply. Many life insurers let you fill out an application online, but you might have to work with an agent to complete the process.
Read the contract. Once approved, review the contract carefully. Don’t hesitate to ask your insurance agent for clarity if something doesn’t make sense.
Best term life insurance companies FAQs
If you still have questions about term life insurance, check out the additional information below.
Which company offers the best term life insurance?
The best term life insurance coverage depends on your unique budget and needs. State Farm, MassMutual, and Pacific Life are a few companies you might want to explore.
How does term life insurance work?
Term life insurance lasts for a set term — typically between 10 and 30 years. If you pass away at any time during this period, your beneficiaries will collect a death benefit or cash payout.
How much does a $500,000 term life insurance policy cost?
It depends. The cost of a $500,000 term life insurance policy varies based on factors like your age, gender, health status, and lifestyle. Many insurers will let you get a quote online, or you can speak to an agent to get an idea of what you may pay.
What’s the best length for term life insurance?
Your unique situation will determine the ideal length for term life insurance. If you have young children, for example, you may want a longer policy with a 20-year term.
What age is the best to buy term life insurance?
The sooner you buy term life coverage, the less you’ll pay in premiums. If you believe this type of policy can benefit you, don’t wait to start the application process.
)
Insurance Writer
)
)
){kind=logo}
){kind=small}
){kind=small}
){kind=small}