Best Term Life Insurance Companies (2026)

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. Insurify evaluated life insurance companies based on financial strength, customer satisfaction, complaint history, product selection, and availability. 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 best term life insurance companies

Insurance Company	Best For	Medical Exam?	AM Best Rating	States Where Available
State Farm	Customer service	N/A	A+ (Superior)	All except MA and RI
Banner Life	User-friendly website	No, for eligible applicants	A (Excellent)	All 50 states plus Washington, D.C.
Prudential	No medical exam	No (for SimplyTerm policies)	A+ (Superior)	All 50 states plus Washington, D.C.
MassMutual	Term flexibility	Yes	A++ (Superior)	Washington, D.C., and all states except AK and WY
Nationwide	High death benefit amounts	No (for Life Essentials policies)	A+ (Superior)	Some products not available in New York
Pacific Life	Convertible term life insurance	No, for policies up to $3 million	A+ (Superior)	Every state except New York

Fortunately, many insurance companies offer term life insurance products. To help you with your search for the ideal policy, here are some 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. 2 spot in the J.D. Power U.S. Individual Life Insurance Study, you can buy a term life policy from the company with peace of mind.

Banner Life: Best for user-friendly website

• Availability: All 50 states plus Washington, D.C.

Banner Life offers term life insurance for 10 to 40 years and coverage amounts ranging from $100,000 to $10 million. Policies are renewable or convertible to a permanent policy. Banner Life stands out for a user-friendly website that provides ample educational information, a calculator to help you estimate how much coverage you need, and an estimator to help you get an idea of what your monthly premiums could look like.

Prudential: Best for no medical exam

• Availability: All 50 states and Washington, D.C.

Prudential offers a range of life insurance products, including multiple term life options. It stands out for its SimplyTerm policy, which offers terms of five to 20 years and death benefits of up to $1 million. Applicants don’t need to submit to a medical exam or lab work to secure coverage. Although you can’t convert the policy to a permanent one, it does automatically include a terminal illness rider that lets you access part of the death benefit while you’re still alive.

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 high death benefit amounts

• 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.

How we chose the best term life insurance companies

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.

Who should buy term life insurance?

Anyone who has people who depend on them financially should consider buying life insurance. Because it’s generally very affordable, and can even waive a medical exam requirement, term life insurance can be a good option for:^[2]

• Young families

• Parents with young children

• People with few saved assets

• Anyone with high amounts of debt, like a mortgage

• People who want to cover a specific cost

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.^{[3] [4]}

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

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 estimated 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	$41	$101
25-year-old man	30 years	$47	$134
45-year-old woman	20 years	$37	$187
45-year-old man	20 years	$73	$247
55-year-old woman	10 years	$49	$254
55-year-old man	10 years	$59	$356

Source: Average rates based on AI-assisted analysis of term life insurance quote data provided by Insurify life insurance partner LifeQuotes. Averages are rounded to the nearest dollar. Premiums vary depending on individual health, issuing company, and other factors. The best way to learn how much you might pay for life insurance is to request a quote.

Term life insurance quotes can vary widely based on your individual rating factors and how a company weighs those factors. Getting at least three to five quotes from multiple life insurance companies is the best way to ensure you find the coverage you need at an affordable price.

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 history

  The healthier you are, the less you’ll pay for term life coverage.

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  Family medical history

  Health issues like certain cancers or diabetes can run in families and affect your risk of developing the condition.

• 

  Tobacco use

  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.

• 

  Occupation

  Some jobs, like first responders and active-duty military, come with inherently higher risks of death, and insurers factor that into your premium.

• 

  Coverage amount

  You’ll pay more for $1 million worth of coverage than for 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.

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:

1. Compare quotes from multiple insurers. 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.

2. 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.^[5]

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.

4. 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