We've selected term life plans offered by some of the leading life insurance companies in the country so you can compare your options and discover the best coverage for you and your family.

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The Top Term Life Insurance Providers In January 2023

The following term life insurance companies have shown to be reliable. They have strong financial strength ratings, gained good scores for customer service, and had fewer complaints from state authorities than would be expected for a company of their size. Because you will not be there to argue for your rights when your policy pays out, you must have faith that your insurer will treat your life insurance beneficiaries fairly.

How We Determined The Best Life Insurers

NerdWallet's life insurance ratings are based on consumer feedback, National Association of Insurance Commissioners complaint index scores for individual life insurance, and weighted averages of financial strength ratings, which reflect a company's capacity to pay future claims. We examine the ease of communication and website transparency within the customer experience category, which looks at a depth of policy details available online. We converted the results to a curved 5-point scale to compute each insurer's rating.

These ratings are intended to serve as a reference, but we recommend that you shop about and compare numerous insurance quotes to discover the best deal for you. NerdWallet is not compensated for any reviews.

How Do We Evaluate Life Insurance Companies?

Our editorial staff analyses both the consumer and the insurer in our life insurance ratings. These are some of the things we consider:

Policies Are Available There are several forms of life insurance available on the market, and they are divided into three major categories:

Term life insurance provides short-term protection with a guaranteed payout if the insured dies during the term.

Permanent life insurance normally lasts a lifetime and accumulates cash value that can later be borrowed.

No-exam life insurance provides coverage without requiring a medical exam.

Financial fortitude AM Best ratings certify an insurer's long-term financial stability and claim-paying capabilities. NerdWallet typically suggests looking at insurers with A- or better ratings for life insurance. Here's how it works:

Excellent: A+, A++.

Excellent: A-, A.

B, B+ (moderate).

Complaints According to three years of data from the National Association of Insurance Commissioners, these ratings are based on complaints to state regulators proportional to a company's size. The greatest life insurance providers had fewer complaints than predicted.

Purchase online This shows whether or not an insurer allows you to apply for and purchase insurance entirely online.

Go deeper Life insurance rating methodology

Best 2023 Term Life Insurance Policies

Read the quick summary below and the complete NerdWallet evaluations to learn more about each firm and the policies available.

Haven Life The best online experience

Guardian Life is ideal for HIV-positive candidates.

MassMutual is the best option for low-income parents.

North-western MutualBest in terms of client service

New York Life is the best option for large coverage amounts.

Pacific Life is the best option for conversion flexibility.

State Farm is the best in terms of client satisfaction.

USAA is the best option for military people.

Life In Haven

Bottom line Haven Life provides fast online coverage with large coverage levels as well as a thorough, user-friendly website.

Haven Simple Haven provides a simple issue-term life policy, which eliminates the need for a life insurance medical exam. To apply, you must be between the ages of 20 and 55. Coverage is offered in 5-, 10-, 15-, and 20-year periods, and an expedited death benefit rider is included. The policy amounts range between $25,000 and $500,000. You may apply online, and if accepted, coverage may begin right away.

Haven Term Life Haven's term life application may be completed online and accepted in minutes, while you may be required to take a medical test to be eligible for coverage. Policies with coverage levels up to $3 million are offered to applicants aged 64 and younger. Policies are offered in 10-, 15-, 20-, 25-, and 30-year durations, with an expedited death benefit rider built in.

Guardian Life Insurance

Bottom line Guardian provides term life plans in a variety of term lengths and accepts applicants living with HIV – a disease that can make finding life insurance difficult.

Guardian Level Term Policies are given to applicants aged 18 to 75, with coverage starting at $250,000. Policies are offered in terms of one, ten, fifteen, twenty, and thirty years.

People living with HIV are also covered by Guardian. To apply, you must be between the ages of 20 and 65 and satisfy specific qualifying conditions, such as being on antiretroviral medication.

MassMutual

In conclusion, MassMutual provides basic term life insurance, an annual renewable policy, and free coverage for low-income parents through its Life Bridge program.

MassMutual Term MassMutual offers term life insurance plans in 10-, 15-, 20-, 25-, and 30-year increments. If you pick that option, you should expect to pay larger premiums over time. The firm also provides an annually renewable term life insurance that renews every year.

MassMutual term life insurance policies have a maximum issue age of 75, with coverage starting at $100,000. You have until the date mentioned in your policy documentation to switch to permanent life insurance.

If the family's total annual income is between $10,000 and $40,000, the parent or legal guardian of a child under the age of 18 may be eligible for free insurance under MassMutual's LifeBridge program. If a parent or guardian dies, the $50,000 policy is meant to assist pay for the child's schooling.

North-western Mutual Insurance Company

Bottom line North-western Mutual got fewer complaints than any other insurer on our best businesses list, giving it a great pick for customer experience.

Annual Renewable Term Life Premiums start out inexpensive compared to level term insurance, but they rise as you become older. Every year, coverage is automatically renewed.

Level Premium Term Life Coverage is provided in terms of ten or twenty years. Premiums remain constant, which implies they will not rise during the course of the policy.

Life in New York

Bottom line New York Life provides a variety of term plans, including one with a $1 million minimum death benefit for applicants seeking substantial coverage amounts.

Yearly Convertible Term Applicants must be between the ages of 18 and 75, with a minimum coverage amount of $100,000. This policy can be renewed every year. You can change it to permanent insurance if you desire everlasting coverage.

Level Premium Convertible TermCoverage is provided for durations ranging from ten to twenty years, with death benefits beginning at $100,000. Policies are accessible to individuals aged 18 to 75. Typically, you can change the insurance to permanent coverage during the first ten years after its inception.

Million Plus Level TermThis insurance, with a minimum face value of $1 million, is for those searching for a substantial death payout. The only acceptable term length is ten years, and you must be between the ages of 18 and 69 to apply.

Pacific Life Insurance Company

Bottom line Pacific Life provides term life insurance that may be changed to permanent coverage after 10 years for a cash credit for policyholders who do so.

PL Guarantee TermPolicies are offered in 10-, 15-, 20-, 25-, and 30-year terms, with a $50,000 minimum coverage amount. At an additional fee, you can add life insurance riders such as an expedited death benefit, premium waiver, or child term rider.

Pacific Elite Phrase The Pacific Elite Term policy, which is more conversion-friendly, can be changed to permanent insurance during the first ten years. Cash credit is also provided to your new policy, which can assist offset some of your new permanent coverage's initial rates.

State Farm Insurance

Bottom line State Farm rated #1 in customer satisfaction in J.D. Power's 2022 U.S. Individual Life Insurance Study, making it a reliable pick.

Choose Term Life Insurance Coverage begins at $100,000 and is offered to applicants aged 18 to 75. At an extra expense, you can add a kid rider, term rider, or waiver of premium rider. There are term lengths of 10, 20, and 30 years available.

Return of Premium Life Like regular term life insurance, this policy provides coverage for a fixed number of years. However, if you outlast the period, the premiums you paid are refunded. To apply, you must be between the ages of 18 and 60, and coverage is offered in 20- and 30-year periods. It should be noted, however, that return-of-premium life insurance is typically more expensive than conventional term plans.

Instant Answer Term Life You may apply with a State Farm representative in person and receive coverage the same day. The insurance is valid for ten years or until you reach the age of fifty, whichever comes first, and only $50,000 of coverage is offered.

USAA

Bottom line Although USAA's coverage contains features tailored specifically to service personnel, its plans are available to anybody.

Level Term VYou do not need to be a member of the military to obtain USAA life insurance. However, measures like these are intended for military people. The terms range from 10 to 30 years. Coverage extends from $100,000 to $10 million and is accessible to applicants between the ages of 18 and 70. If you are between the ages of 18 and 35, you may acquire an extra $100,000 of coverage following qualifying life events such as having a child or marrying.

Essential Term Life Insurance This insurance renews annually and does not require a medical exam. It is open to candidates between the ages of 21 and 35. It provides $100,000 in coverage and ends when you reach the age of 39. In New York, this policy is not accessible.

USAA life insurance protects military troops during times of conflict and assists with paying costs if you are seriously injured in the line of service. If you retire or leave the military, it also allows you to replace your lost group coverage.

How To Choose The Best Term Life Insurance Provider

When you get life insurance, you are relying on a corporation to be there for your family for many years to come. As a result, it's critical to select a firm you can rely on. Here are several methods for comparing firms and selecting the best one for you.

Look At The Insurer's Financial Stability.

You want a firm that will be around for decades and has enough cash to cover claims. A life insurance company's financial strength rating is one technique to determine whether or not an insurer is likely to fulfill that standard. You may use a rating firm like AM Best to evaluate the financial strength rating of each term life insurance company you're considering.

NerdWallet normally suggests looking at insurance with A- or better ratings. However, according to AM Best's website, any firm with an AM Best grade of B+ or better has a "good" capacity to satisfy its responsibilities. Companies with ratings lower than that may not be as safe a bet and frequently have greater complaint rates compared to their size.

The major life insurance firms all have excellent financial strength ratings.

Look Into The Insurer's Customer Service Reputation.

You want a provider that delivers excellent customer service from the moment you begin browsing until the time comes to file a claim. You may search for an insurer's complaint index on the National Association of Insurance Commissioners website to see if other customers have been pleased.

The score is based on the number of complaints filed with state authorities against the insurance firm, adjusted for the company's market share (based on premiums written). The average score is one, thus anything greater than one indicates that the firm got more complaints than was expected given its size. Once you've narrowed down your options, compare life insurance rates from multiple companies. That way, you can receive the greatest premium for the sort of term life insurance coverage you choose.

More Information About Term Life Insurance

Find out more about term life insurance and the best policy for your requirements.

•What exactly is term life insurance? Types, pricing, and how it works

•Purchase Term Life Insurance

•The Benefits of Term Life Insurance

•Definition of term life insurance

Methodology For Insurer Complaints

In 2019-2021, NerdWallet investigated complaints submitted by state insurance regulators and reported them to the National Association of Insurance Commissioners. To compare insurers, the NAIC develops a complaint index for each subsidiary each year, comparing its percentage of total complaints compared to its size, or share of total premiums in the industry. NerdWallet constructed a comparable score for each insurer, weighted by market shares of each subsidiary, over a three-year period to analyze a company's complaint history. NerdWallet analyses data and draws findings independently and without the NAIA's approval. Auto, house (including renters and condo), and life insurance ratios are calculated independently.