8 Best Term Life Insurance Companies

According to LIMRA and Life Happens’ 2025 Insurance Barometer Study, about 100 million American adults are uninsured or underinsured. That works out to roughly 40% of the population who say they need life insurance or need more of it than they have. A big part of the problem is sticker shock that is not grounded in reality. Around three-quarters of Americans overestimate what life insurance actually costs, and adults under 35 overestimate it by six to twelve times.

If you have been putting off coverage because you assume it is expensive or hard to get, here is the good news. Term life insurance is the most affordable and easiest-to-obtain type of life insurance available. A healthy adult under 40 can often lock in $500,000 of 20-year coverage for around $20 to $30 a month.

That leaves one question. What are the best term life insurance companies?

Best Term Life Insurance Companies

These are the best term life insurance companies on the market right now.

Each does at least one thing really well, whether that is approving large policies with no medical exam, offering the longest available terms, or building in valuable extras for little to nothing each month.

Our best overall pick offers the best mix of speed, value, and access for the greatest number of applicants. Here is how they compare at a glance.

Provider	Best For	AM Best	Available Terms
Ethos (Editor’s Choice)	Best Overall	A+ (via carriers)	10 to 40 yrs
Banner Life	Best for Low Rates	A+	10 to 40 yrs
Protective	Best for High Coverage Amounts	A+	10 to 40 yrs
Ladder	Best for Adjustable Coverage	A to A+	10 to 30 yrs
Pacific Life	Best for Conversion Options	A+	10 to 30 yrs
MassMutual	Best for Financial Strength	A++	10 to 30 yrs
Guardian	Best for Applicants With Health Conditions	A++	10 to 30 yrs
State Farm	Best for Working With an Agent	A+	10, 20, 30 yrs

AM Best ratings measure financial strength alone, where MassMutual and Guardian carry the highest possible mark of A++. Ethos is not an insurer itself, so its mark reflects the carriers that issue its policies. Our top pick leads on overall value and accessibility.

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1. Ethos: Best Overall

• AM Best Rating: A+ (policies issued through Legal & General America and other A-rated carriers)
• Available term lengths: 10 to 40 years

Ethos earns our top spot because it removes almost every friction point that keeps people from buying coverage. It is not an insurer itself. It is a licensed agency and technology platform that matches you with a policy from an established, highly rated carrier such as Legal & General America, Protective, Ameritas, or TruStage. You get the speed and simplicity of a modern app with the financial backing of insurers that have paid claims for generations.

Most applicants never take a medical exam. Instead, you answer a few health questions, and roughly 95% of applicants receive an instant decision. The whole application takes as little as five minutes online. Term coverage runs from $15,000 to $3 million for applicants ages 20 to 69, and every policyholder gets a full set of wills and estate-planning tools at no extra cost. Ethos also backs policies with a 30-day money-back guarantee.

The longest terms, up to 40 years, run through a fully underwritten path and carry tighter age limits, and coverage is available in 49 states plus Washington, D.C. For the large group of people who want real protection in force this week rather than next month, no other company on this list makes it this easy.

Pros

• No medical exam for most applicants
• Instant decision for about 95% of applicants
• Backed by carriers rated A and A+ by A.M. Best
• Term lengths up to 40 years
• Free wills and estate-planning tools with every policy

Cons

• Not available in New York
• You cannot choose which carrier issues your policy
• No-exam rates can run slightly higher than a fully underwritten policy elsewhere

See our Ethos Review for more information.

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2. Banner Life (Legal & General America): Best for Low Rates

• AM Best Rating: A+
• Available term lengths: 10, 15, 20, 25, 30, 35, and 40 years

Banner Life, the term brand of Legal & General America, is the company to beat on price. Its OPTerm product line sits at or near the bottom of nearly every rate comparison for healthy applicants, and that edge is widest on 30- and 40-year terms, which very few carriers offer at all.

Banner also stands out on coverage size and flexibility. You can apply for death benefits well into the millions, with no-exam approval available up to around $4 million for qualifying applicants, and OPTerm policies can be converted to permanent coverage down the road. The trade-off is that most policies, especially larger ones, still require a traditional paramedic exam, so the process is slower than a digital-first option.

If you are healthy, do not mind an exam, and want the lowest possible long-term rate, Banner is hard to beat.

Pros

• Among the lowest term rates on the market
• Terms as long as 40 years
• High coverage amounts with a conversion option

Cons

• Most policies require a medical exam
• The application is slower than fully digital competitors

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3. Protective: Best for High Coverage Amounts

• AM Best Rating: A+
• Available term lengths: 10 to 40 years

Protective is consistently ranked among the best term life insurers, and for good reason. Its Classic Choice Term reaches death benefits as high as $50 million, one of the widest coverage ranges anywhere, across terms from 10 to 40 years. Rates are highly competitive too, often landing near the bottom of the price tables.

Protective also gives you room to change course later. Its term policies include flexible conversion options that let you move into permanent coverage without new medical underwriting, which is valuable if your needs or health change during the term.

The main consideration is that high coverage amounts require full medical underwriting, and the buying experience leans more traditional than instant.

Pros

• Very high maximum coverage, up to $50 million
• Terms up to 40 years
• Competitive rates and flexible conversion options

Cons

• Larger policies require a medical exam
• Less of an instant, app-based experience

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4. Ladder: Best for Adjustable Coverage

• AM Best Rating: A and higher (varies by issuing carrier)
• Available term lengths: 10, 15, 20, 25, and 30 years

Ladder does something no traditional insurer offers. Its signature laddering feature lets you adjust your coverage as life changes. You can lower your death benefit for free as your mortgage shrinks and your kids age out of dependency, which also lowers your premium, or raise it with some additional underwriting when you take on new obligations. All of this happens without rewriting the whole policy.

The rest of the experience is built for speed. The application is entirely online, and qualifying applicants can get up to $3 million in coverage with no medical exam. Coverage ranges from $100,000 to $8 million in most states, with a $2.5 million cap in New York, and policies are open to applicants up to age 60. Ladder does not underwrite its own policies. They are issued by A-rated partner carriers such as Allianz Life and Fidelity Security Life.

The catch is that Ladder keeps things simple. There are no riders and no option to convert to permanent coverage.

Pros

• Adjust your coverage up or down as needs change
• No medical exam for coverage up to $3 million
• Fully online application with high coverage limits

Cons

• No riders and no conversion to permanent coverage
• Open only to applicants up to age 60

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5. Pacific Life: Best for Conversion Options

• AM Best Rating: A+
• Available term lengths: 10 to 30 years

Pacific Life is a strong choice if you think your temporary coverage might need to become permanent someday. Its PL Promise Term policies convert to permanent coverage on generous terms, and because Pacific Life offers an unusually deep lineup of universal life products, you have plenty of room to grow into.

On the term side, Pacific Life offers no-exam coverage up to $3 million for qualifying applicants and accepts older applicants than most digital-first carriers. It also builds in useful features such as an accelerated death benefit if you become terminally ill. The main limitation is that you cannot buy online. You work with a financial professional to get a quote and apply.

Pros

• Strong conversion options and deep permanent lineup
• No-exam term coverage up to $3 million
• Accepts older applicants

Cons

• No online application
• You have to work through a financial professional

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6. MassMutual: Best for Financial Strength

• AM Best Rating: A++
• Available term lengths: 10 to 30 years across six options

When financial strength is your priority, it is hard to do better than MassMutual. Its A++ rating from A.M. Best is the highest possible, a tier shared by fewer than 20 carriers nationwide. For a promise that may not be called on for 30 years, that staying power matters.

MassMutual offers six term lengths, each with the option to convert to permanent coverage within a set window, plus common riders such as an accelerated death benefit and a waiver of premium if you become disabled. Policies start at $100,000 and are available to many applicants up to age 75. As a mutual company, MassMutual is also owned by its policyholders, who are eligible for annual dividends. According to company data, a healthy 25-year-old can get a $100,000, 20-year policy for around $10 a month.

Pros

• Top-tier A++ financial strength
• Six term options with conversion privileges
• Dividend eligibility as a mutual company

Cons

• Most policies require a medical exam
• No online application

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7. Guardian: Best for Applicants With Health Conditions

• AM Best Rating: A++
• Available term lengths: 10, 20, and 30 years, plus a 1-year term

Guardian stands out for who it is willing to cover. It has one of the most inclusive underwriting profiles among large insurers, taking on applicants with managed health conditions that lead many companies to decline them or charge more. The clearest example is that Guardian is one of the very few major insurers offering term and whole life coverage to applicants living with HIV, a group almost everyone else turns away. It also carries a top A++ financial strength rating.

Guardian offers level-premium term with conversion options and a wide selection of riders, and qualifying applicants age 50 and under can get up to $3 million with no medical exam through accelerated underwriting. It even offers an unusual 1-year term for people who need a short coverage bridge. Coverage runs up to $10 million.

Pros

• Inclusive underwriting, including coverage for applicants living with HIV
• Top-tier A++ financial strength
• Conversion options and a broad rider selection

Cons

• You generally have to buy through an agent rather than online
• The website is not very transparent on pricing

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8. State Farm: Best If You Want to Work With an Agent

• AM Best Rating: A+
• Available term lengths: 10, 20, and 30 years

State Farm places a much greater emphasis on the human side of buying coverage. With a network of roughly 19,000 local agents, there is almost certainly someone near you who can walk you through your options, which is reassuring if you are not sure term life is even the right call.

Its Select Term policy comes in 10, 20, and 30-year lengths and can be renewed for a higher premium up to age 95. State Farm also offers a return-of-premium rider on some term policies and no-exam options for smaller coverage amounts. The company consistently ranks near the top of J.D. Power’s life insurance customer satisfaction study, and you can bundle your coverage with State Farm auto and home policies.

Pros

• Large network of local agents
• Top-ranked customer satisfaction
• Some no-exam options and bundling discounts

Cons

• You generally have to work through an agent
• Fewer term length options than some competitors

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How Much Does Term Life Insurance Cost?

Term life insurance is far more affordable than permanent life insurance. The exact gap varies by buyer and policy, but whole life premiums typically cost at least five times as much as term premiums for the same coverage amount, and a difference of 10 times or more is common.

Within the term category, premiums vary considerably by age, health, coverage amount, term length, and whether a medical exam is required. The longer the term and the higher the death benefit, the higher the premium.

Recent 2026 rate data puts the average 20-year, $500,000 term policy at roughly $47 a month for women and $59 for men, blended across all ages and health profiles. A young, healthy non-smoker pays considerably less than that average, while rates climb steeply with age. The table below shows estimated monthly premiums for a $500,000, 20-year term policy for a healthy non-smoker.

Age	Female	Male
25	$18	$21
30	$20	$24
40	$28	$35
50	$60	$78
60	$140	$175

These figures are estimates only. Your actual rate depends heavily on your health classification, and the difference between a preferred-plus and a standard rating can be substantial for the same policy.

Factors That Affect the Cost of Term Life Insurance

Life insurance companies base premiums on several important factors, including the following.

• Age. The younger you are, the less risky you are to insure. Many companies also set age limits on their longer terms.
• Gender. Women have a longer average life expectancy than men, which generally means lower premiums.
• Family medical history. A family history of inherited disease can raise your premium.
• Your health. Conditions that may shorten your lifespan can increase your rate, though well-managed conditions often have a smaller impact.
• Occupation. High-risk jobs such as firefighting, roofing, and stunt work can carry higher premiums.
• Lifestyle. Habits such as smoking and high-risk hobbies like skydiving or rock climbing can push rates up.
• Coverage amount. A larger death benefit means a higher premium, so buy enough to cover your family’s needs without overbuying.
• Term length. A longer term keeps the insurer on the hook longer, so it costs more than a shorter one.

Term Life Insurance FAQs

You have questions about term life insurance and the companies that offer it. We have answers.

Can You Renew a Term Life Insurance Policy?

You can usually renew a term life insurance policy when the initial term ends. The renewal period is typically much shorter, often a five-year or even one-year term, and your premium will be much higher. If your insurer allows it, converting your term policy to a permanent policy can sometimes save money, depending on the new premium and term.

Does a Term Life Insurance Policy Have Cash Value?

Term life insurance policies do not build cash value. You cannot borrow against the policy during the term, and you will not receive a payout if you outlive it, aside from premiums returned under a return-of-premium rider. To extract cash from a life insurance policy, you need a permanent policy, either by choosing one from the start or by converting your term policy where that option exists.

Do You Really Need Term Life Insurance?

Probably. How much life insurance you need is a separate question, but most people need some amount. You are a good candidate if any of these apply to you.

• You have substantial debts that may outlive you, such as a mortgage
• You expect major future expenses, such as college tuition for your kids
• Your family would be hurt financially by the loss of your income
• Your death would create added financial or labor burdens for your survivors, such as childcare
• You are a partner in a business that would be harmed by your death

What Happens if You Outlive Your Term Life Insurance Policy?

Typically, the policy expires and your coverage ends unless you buy a new one. Some policies offer options, though.

• Conversion. Some term policies let you convert to a permanent policy, usually within a strict window, so watch the timeline if this matters to you.
• Renewal. Some term policies let you renew annually, though premiums usually rise each year as you age.

What Is the Age Limit for Term Life Insurance?

It depends on the company. Some accept applicants up to age 80 with a medical exam. Others set lower limits or restrict older applicants to 10- or 20-year terms. Age limits tend to be lower for no-exam policies and higher for fully underwritten ones.

How to Choose the Best Term Life Insurance Company

To find the best life insurance company for your situation, start with why you are buying in the first place.

First, confirm that term life is the right fit. Then decide whether you want purely temporary coverage, such as protection for the length of your mortgage, or a policy that can convert to permanent coverage that builds cash value later.

Next, figure out how much coverage you need. If you need a large death benefit, make sure the insurers on your shortlist can accommodate it. Some require a medical exam for coverage above $500,000 or $1 million, and others cap coverage even with full underwriting.

Finally, do not overlook financial strength ratings. For your beneficiaries’ sake, you want an insurer that will be there to pay the death benefit, whether that is next year or 30 years from now.

Methodology

We use several criteria to assess the overall quality of term life insurance providers and narrow this list. Each factor relates to the underlying value of the products these companies offer.

Policy Terms and Age to Apply

The typical term life insurer offers initial terms between 10 and 30 years, though some online life insurance companies top out at 20 years, and a handful of carriers now reach 40 years. Available terms depend on age and the risk the insurer is willing to take. Older applicants often have only 10- or 20-year options, so we favored companies that offer the most choices.

Medical Underwriting Requirement

Many companies do not require a medical exam as a condition of underwriting. These simplified-issue policies still consider your health history, but they skip the exam. If you are concerned an exam could raise your rate or get you declined, pay close attention here. We are fans of companies with generous no-exam coverage.

Coverage Amounts

Term life death benefits usually start at $50,000 or $100,000 and run well past $1 million. A medical exam generally unlocks higher coverage than a no-exam policy. All else equal, we prefer companies that offer a wide range, from modest policies that pay off a specific debt to large policies that replace income for decades.

Application Process

Applying for life insurance is not the chore it used to be. We look for companies with a simple application and the option to skip the exam or at least keep the process easy.

Financial Strength Ratings

Third-party financial strength ratings measure how likely an insurer is to pay its death benefits. We use ratings from A.M. Best, which specializes in insurance companies, wherever possible.

Policy Add-Ons and Riders

Most term policies offer riders, which are add-ons that enhance the policy. Some raise your premium and others come free. All else equal, we favor companies that create extra value through riders and nontraditional perks. Common examples include the following.

• Return of premium. Reimburses the premiums you paid during the term
• Accelerated death benefit. Lets a terminally ill policyholder access part of the death benefit while still alive
• Accidental death rider. Boosts the death benefit if death occurs in a covered accident

Editorial & Advertiser Disclosure: The editorial content on this website is not provided, commissioned, reviewed, approved, or otherwise endorsed by any advertiser. Opinions expressed are ours alone, not those of any advertiser. The offers that appear are from companies from which we may receive compensation. However, this compensation does not impact where and how these companies are mentioned on the site. We do not include all companies or all available offers in the marketplace.

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