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7 Best Term Life Insurance Companies in November 2024
Guardian and MassMutual top our list of the best term life insurance companies in 2024.
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Georgia Rose Lead Writer | Finance, technology, science
Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated Press. Throughout her career, Georgia has written on a variety of subjects, including personal finance, government policy, science and technology. She enjoys researching complex topics and distilling the information for her readers. Before joining the international team, she wrote for the insurance vertical, specializing in life insurance.
Lisa Green Assigning Editor | Insurance, data journalism
Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She is based in Nashville.
If you're in the market for term life insurance, there are a few factors that may affect which company you go with. These include coverage amounts, term lengths, age restrictions and whether you can convert the policy to permanent coverage.
NerdWallet's editorial team highlights term life policies sold by some of the best life insurance companies in the United States, so you can find the right coverage for you and your family. These companies all scored five out of five stars. They have solid financial strength ratings, received high marks for consumer experience and had fewer complaints to state regulators than expected for companies of their size.
NerdWallet's life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you.
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NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Guardian offers term life policies in a range of term lengths, and opens its coverage to applicants living with HIV — a condition that can make it hard to find life insurance.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Guardian offers term life policies in a range of term lengths, and opens its coverage to applicants living with HIV — a condition that can make it hard to find life insurance.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Guardian Level Term: Policies are issued to applicants 18 to 75 years old, and coverage amounts start at $100,000. Policies are available in 1-, 10-, 15-, 20- and 30-year terms.
Guardian also offers coverage for people living with HIV. To apply, you must be from 20 to 65 years old and meet certain eligibility requirements, such as being on active antiretroviral therapy.
Term lengths available: 1, 10, 15, 20 or 30 years.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: MassMutual offers standard term life insurance and an annual renewable policy, as well as free coverage for low-income parents under its LifeBridge program.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Wide range of term and permanent life insurance policies.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: MassMutual offers standard term life insurance and an annual renewable policy, as well as free coverage for low-income parents under its LifeBridge program.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
MassMutual Term: MassMutual’s term life policies are available in 10-, 15-, 20-, 25- and 30-year increments. The company also offers an annually renewable term life policy that renews every year, though you can expect to pay higher premiums over time if you choose that option.
The maximum issue age for MassMutual term life policy is 75, with coverage starting at $100,000. You can convert to permanent life insurance before the deadline specified in your policy documents.
Through MassMutual's LifeBridge program, the parent or legal guardian of a child under 18 may qualify for a free policy if the family's total income is from $10,000 to $40,000 a year. The 10-year, $50,000 policy is designed to help pay for the child's education if the parent or guardian dies.
Term lengths available: 1, 10, 15, 20, 25 or 30 years.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Northwestern Mutual received far fewer complaints relative to its size than any other insurer on our top companies list, making it a solid choice for customer experience.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Northwestern Mutual received far fewer complaints relative to its size than any other insurer on our top companies list, making it a solid choice for customer experience.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Annual Renewable Term Life: Premiums are relatively low at first, compared to level term policies, but they increase as you get older. Coverage automatically renews each year.
Level Premium Term Life: Coverage lasts 10 or 20 years, and the insurer offers a policy with steady premiums for the first decade.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: New York Life offers two term products, including a policy that can be renewed annually.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren't available online.
Yearly Renewable Term: Applicants must be from 18 to 75 years old, and the minimum coverage amount is $250,000. You can renew this policy every year. If you want lifelong coverage, you can convert it to a permanent policy.
Level Premium Term: Coverage is available for terms lasting 10, 15 or 20 years, with life insurance death benefits starting at $100,000. You can typically convert the policy to permanent coverage within the first five or 10 years after issuance.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Pacific Life offers term life insurance that can be converted to permanent coverage, with a cash credit for policyholders who choose to do that.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Offers a variety of term and permanent policies with many riders to choose from.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Pacific Life offers term life insurance that can be converted to permanent coverage, with a cash credit for policyholders who choose to do that.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Offers a variety of term and permanent policies with many riders to choose from.
Cons
Select policies are not available in New York.
Quotes are not available online.
Pros
Drew significantly fewer complaints than expected to state regulators for a company of its size.
Offers a variety of term and permanent policies with many riders to choose from.
Cons
Select policies are not available in New York.
Quotes are not available online.
PL Promise Term: Available in 10-, 15-, 20-, 25- and 30-year terms, this policy has a minimum coverage amount of $50,000. It includes an accelerated death benefit rider at no additional cost. You are also allowed to convert it to a universal life insurance policy before the age of 71.
Pacific Elite Term: This policy can be converted to a permanent policy within the first 10 years. A cash credit is also added to your new policy, which can help offset some of the initial premiums of your new permanent coverage.
Term lengths available: 10, 15, 20, 25 or 30 years.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: State Farm ranked first in J.D. Power’s 2023 U.S. Individual Life Insurance Study for customer satisfaction, making it a trustworthy choice.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: State Farm ranked first in J.D. Power’s 2023 U.S. Individual Life Insurance Study for customer satisfaction, making it a trustworthy choice.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
Drew fewer life insurance complaints to state regulators than expected for a company of its size.
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Pros
Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.
Broad range of term products, including instant answer life insurance.
Cons
Life insurance policies not available in Massachusetts.
Some restrictions for Android smartphones when accessing policy details through online portal.
Select Term Life Insurance: Coverage starts at $100,000 and is available to applicants from 18 to 75 years old. You can opt into a child term rider or a term insurance rider, which adds 10, 20 or 30 years of extra term life coverage to your policy. You also have the option to add a waiver of premium rider which pauses premiums for a specific period of time if you become disabled and can't work. These riders are typically available for an additional charge.
Return of Premium Life: Similar to the standard term life product, this policy offers coverage for a set number of years. But if you outlive the term, it returns the premiums you paid. You must be from 18 to 60 years old to apply, and coverage is available in 20- and 30-year terms. However, note that return-of-premium life insurance tends to be more expensive than standard term policies.
Instant Answer Term Life: You can apply in person with a State Farm agent and get coverage the same day. The policy lasts 10 years or until you reach 50, whichever is longer, and only $50,000 of coverage is available.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
AARP Level Benefit Term Life Insurance: AARP offers term life insurance to its members ages 50 to 74 and their spouses ages 45 to 74 through its partnership with New York Life. You can get $10,000 to $150,000 in coverage (or $100,000 in New York), or potentially a higher amount by calling New York Life. There’s no medical exam required.
Instead of having traditional term lengths, coverage lasts until the insured person’s 80th birthday, with annual premiums going up each time they reach a new five-year age band. The policy can be converted to permanent life insurance before age 80.
When NerdWallet evaluates life insurance companies, our editorial team considers both the customer and the insurer. These are some of the factors we take into account and why:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories: term life insurance, permanent life insurance and no-exam life insurance. The right policy for you depends on your needs and budget, but the best life insurance companies offer a broad range of coverage types to cater to most people.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. The top life insurance companies have an exceptional financial strength rating of A+ or A++.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. Our top-rated life insurance companies have fewer than the expected number of complaints, so you can expect a smoother customer experience.
Buy online. We consider it a bonus when an insurer allows you to apply for and buy a policy completely online.
How to find the best term life insurance company
1. Calculate how much coverage you need
To figure out how much life insurance you need, think about everything you pay for now and everything you expect to pay for in the future. This list could include everyday expenses like child care, utility bills and groceries, as well as long-term costs like college tuition and mortgage payments. Once you have a number, subtract the value of any assets you own. The final dollar figure is the gap a term life insurance policy can help to fill.
2. Consider additional riders
With most companies, you can customize your term policy with life insurance riders for a fee. These provide additional coverage you wouldn’t get otherwise. For example, an accelerated death benefit rider allows you to tap into your policy’s payout if you get sick, and a waiver of premium rider pauses your premiums if you become disabled or unemployed and can’t earn an income for a period of time.
3. Get prices from a handful of companies
The cost of coverage varies among companies, so aim to compare life insurance quotes from multiple insurers. Ideally, you want to choose a company with a strong financial strength rating — this indicates its ability to pay claims far into the future. You can check the financial strength rating of each term life insurance company you’re considering through a rating firm such as AM Best. NerdWallet typically recommends considering insurers with ratings of A- or higher. All of the largest life insurance companies have solid financial strength ratings.
