Best Term Life Insurance Companies (2025)
State Farm and Guardian Life offer term life coverage and high customer satisfaction ratings.
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4+ years writing insurance and personal finance content
MBA from Roosevelt University
Anna leverages her personal finance and insurance knowledge to create educational content that helps people make smart financial decisions.
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Table of contents
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.
Quick Facts
You can choose from different types of term life products, such as level term life, renewable term life, and adjustable premium term life.
Factors like your age, gender, health status, and lifestyle affect the price you pay for term life coverage.
To lock in a term life policy, shop around, fill out an application, and complete a medical exam if necessary.
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.
Pros
Top J.D. Power customer satisfaction rating for life insurance
Quotes available online
May continue coverage until age 95
Cons
Life insurance not available in Massachusetts or Rhode Island
Must make policy changes in person with a local agent or by mail
Email customer service not available
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.
Pros
Quotes available online
Can convert to a permanent policy
Several available riders
Cons
Must complete a medical exam and answer health questions
No mobile app
Requires a financial professional to purchase a policy
Find Affordable Life Insurance
Save more than 50% on a life insurance policy
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.
Pros
Offers six terms
Accelerated death benefit rider available if you meet certain conditions
AM Best financial strength rating of A++ (Superior)
Cons
Can’t apply for coverage online
Limited customer support hours
May require a medical exam
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.
Pros
Two types of life insurance policies
No maximum death benefit with Nationwide Guaranteed Level Term coverage
Useful website resources, including a life estimator and term life quote tool
Cons
Nationwide Life Essentials not available in New York
Must work with an agent to apply for a Nationwide Guaranteed Level Term policy
Nationwide Life Essentials only offered in 10- or 20-year terms
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.
Pros
May convert Pacific Elite Term life insurance to a policy with a cash account
Can add on the Waiver of Premium rider, which can come in handy if you become disabled
Above-average J.D. Power customer satisfaction rating
Cons
Term life products vary by state
Quotes not available online
Must work with a financial professional to apply
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.
Age/Gender ▲▼ | Term ▲▼ | Monthly Premium for $250,000 Policy ▲▼ | Monthly Premium for $1 Million Policy ▲▼ |
|---|---|---|---|
| 25-year-old woman | 30 years | $14 | $34 |
| 25-year-old man | 30 years | $17 | $46 |
| 45-year-old woman | 20 years | $33 | $113 |
| 45-year-old man | 20 years | $42 | $145 |
| 55-year-old woman | 10 years | $91 | $327 |
| 55-year-old man | 10 years | $118 | $449 |
Insurify partner SelectQuote provided these averages based on 20-year and 30-year term policies from one or more of the companies SelectQuote represents. Rates are for men and women in excellent health. Premiums may vary depending on individual health, issuing company, and other factors.
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:
Age
The younger you are, the cheaper your life insurance rates will likely be.
Gender
Since studies show that women have longer lifespans, life insurance premiums are usually higher for men.
Health status
The healthier you are, the less you’ll pay for term life coverage.
Smoking habits
If you smoke, you’ll pay higher term life insurance costs than a nonsmoker.
Lifestyle
A high-risk lifestyle with hobbies such as skydiving and race car racing, for example, may warrant higher premiums.
Coverage amount
You’ll pay more for $1 million worth of coverage than a policy that caps out at $250,000.
Policy term
A 30-year term will come with higher premiums than a 10-year term since it provides longer coverage.
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.
Pros
Offered by most life insurance companies
Cheaper than other types of life insurance
Usually available in terms ranging from 10 to 30 years
May be able to customize your coverage with riders
Cons
Expires after a set term is up
Might require a medical exam
Doesn’t come with a cash value component
Premiums can increase if you decide to renew your policy
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.
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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.
Sources
- Insurance Information Institute. "What are the different types of term life insurance policies?."
- Insurance Information Institute. "What are the principal types of life insurance?."
- National Association of Insurance Commissioners. "Life Insurance Buyer's Guide."
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Anna BaluchInsurance Writer
Anna Baluch is a Cleveland-based personal finance and insurance expert. With an MBA from Roosevelt University, she enjoys writing educational content that helps people make smart financial decisions. Her work can be seen across the internet on many publications, including Freedom Debt Relief, Credit Karma, RateGenius, and the Balance. Connect with Anna on LinkedIn.
Anna has been a contributor at Insurify since December 2022.
7+ years in content creation and management
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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