8 Best Term Life Insurance Companies in July 2023

When considering shopping for life insurance, it is important to take into account all the factors such as whether you can convert the policy to permanent coverage, age restrictions, term lengths, and coverage amounts. The best term life insurance policy for someone else may not necessarily be the best for you.

Discover suitable coverage and evaluate your alternatives for yourself and your loved ones. Thus, we have emphasized term life plans offered by top-rated life insurance providers in the United States.

NerdWallet can be relied upon because we provide a transparent approach to generating revenue and also furnish a roster of our associates. By empowering you to make informed financial choices and select the most suitable offerings, we guarantee that the information on our platform is precise and impartial. Our team of writers and editors adhere to rigorous editorial standards, ensuring fairness and accuracy.

State Farm

State Farm claimed the top spot in J.D. Power’s 2022 U.S. Individual Life Insurance Study for customer satisfaction, solidifying its reputation as a reliable option.

Rating of financial stability.

Exceptional.

Term, enduring & non-examination.

Optimal for customer contentment.

Haven Life

In conclusion, Haven Life provides fast online protection with generous coverage amounts and an intricate, user-friendly website.

Rating of financial stability.

Exceptional.

Ideal for an online experience.

Guardian Life

Ultimately, Guardian extends life insurance policies in a variety of term lengths to accommodate applicants living with HIV, a challenging condition to obtain coverage for.

Rating of financial stability.

Exceptional.

Ideal for individuals residing with HIV.

Guardian Life

Ultimately, Guardian extends life insurance policies in a variety of term lengths to accommodate applicants living with HIV, a challenging condition to obtain coverage for.

Rating of financial stability.

Exceptional.

Terms of policies range from 1 year to 30 years, with coverage amounts starting at $250,000. Applicants aged 18 to 75 years old are eligible to receive policies.

In order to submit your application, you need to be between the ages of 20 and 65 and fulfill specific qualification criteria, including currently receiving active antiretroviral treatment. Additionally, Guardian provides insurance options for individuals who are HIV-positive.

Ideal for parents with limited financial resources.

insurance-product-card-logo

More about term life insurance

Gain further knowledge regarding term life insurance, and discover the suitable plan for fulfilling your coverage requirements.

Best term life insurance policies for 2023

Learn more about each company and the policies available by reading the brief summaries below and checking out the full NerdWallet reviews.

  • Northwestern Mutual:.

  • Ideal for an online experience.

    Northwestern Mutual

    When it comes to customer experience, Northwestern Mutual is a reliable option, positioning it as the insurer with the least number of grievances in proportion to its magnitude among all the companies on our list of top companies.

    Rating of financial stability.

    Exceptional.

    Every year, the coverage is automatically renewed. As you age, the premiums rise, but initially, they are comparatively lower in comparison to level term policies.

    Over the course of the policy’s second decade, the premiums may potentially rise. Level Premium Term Life insurance offers coverage options for terms of either 10 or 20 years.

    Ideal for substantial coverage sums.

    USAA

    In conclusion, while USAA’s coverage offers specific features tailored for military members, its policies are accessible to individuals from all backgrounds.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    USAA life insurance can be obtained without a military connection.

    This policy offers coverage of $100,000 when you turn 39 years old. It is available to applicants from 35 to 21 years old. This policy does not require a medical exam and renews every year. However, this policy is not available in New York or Arizona. It is called Life Term Essential.

    USAA insurance covers life expenses for severely injured military members in the line of duty, helping to pay bills. Additionally, it allows you to replace your lost group coverage if you leave the military or retire during wartime.

    Discover the suitable life coverage scheme for yourself.

    Ensure that you and your dear ones are protected – compare personalized life insurance quotations from our associates.

    State Farm

    State Farm claimed the top spot in J.D. Power’s 2022 U.S. Individual Life Insurance Study for customer satisfaction, solidifying its reputation as a reliable option.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    Term lengths of 10, 20, and 30 years are accessible. The possibility to include a child rider, term rider, or waiver of premium rider is obtainable at an extra expense. Insurance protection commences at $100,000 and is accessible to candidates aged 18 to 75 years old. Choose Term Life Insurance.

    Note that life insurance policies with a return-of-premium feature tend to be pricier than standard term policies. Coverage is available for 30- and 20-year terms, and it applies to individuals aged 18 to 60. However, if you outlive the term, the premiums you paid will be returned to you. This policy offers coverage for a specified number of years, similar to a standard term life insurance policy called Life Premium of Return.

    With Instant Answer Term Life, you have the option to apply in person with a State Farm agent and receive coverage on the same day. The policy provides coverage of $50,000 only, and it lasts for 10 years or until you reach the age of 50, whichever is longer.

    Ideal for individuals serving in the military.

    New York Life

    In summary, New York Life provides two term options, which include a policy that can be renewed on a yearly basis.

    Rating of financial stability.

    Exceptional.

    Ideal for substantial coverage sums.

    How to find the best term life insurance company

    You can rely on a company that is most suitable for you, locate and assess companies in various manners. It is crucial to select a company that will be available for your family for numerous years ahead when purchasing life insurance.

    Look up the insurer’s financial strength

    For instance, AM Best allows you to verify the financial robustness evaluation of each term life insurance firm you are contemplating. Determining whether an insurer is probable to fulfill that criteria is a method to assess the financial robustness evaluation of a life insurance firm. It is desirable to have a company that will endure for several decades, with sufficient funds to settle claims.

    In comparison to their size, companies with ratings lower than that may not be equally secure and frequently experience increased rates of grievances. As per AM Best’s website, any company with an AM Best rating of B+ or higher possesses a “good” capacity to fulfill its responsibilities. NerdWallet generally suggests considering insurers with ratings of A- or higher.

    Research the insurer’s reputation for customer service

    For its magnitude, anything greater than one indicates that the organization received a greater number of grievances than anticipated. The mean rating is one, thus you can consult the complaint index of an insurance provider on the website of the National Association of Insurance Commissioners to assess if other clients have been content. In order to gauge the satisfaction of other customers, it is essential to opt for a company that delivers excellent customer support throughout the entire shopping process and when filing a claim.

    Once you’ve narrowed down your list, it’s a good idea to compare life insurance quotes from more than one company in order to find the best rate for the type of term life policy you’re looking for.

    MassMutual

    MassMutual offers the Bottom line LifeBridge program, which provides free coverage for parents with low-income, as well as an annual renewable policy and standard term life insurance.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    Ideal for parents with limited financial resources.

    insurance-product-card-logo

    MassMutual

    MassMutual offers the Bottom line LifeBridge program, which provides free coverage for parents with low-income, as well as an annual renewable policy and standard term life insurance.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    MutualMassMass’s life term policies are available in increments of 30-, 25-, 20-, 15-, and 10-. Although you can expect to pay higher premiums if you choose this option, the company also offers a life term policy that renews every year and is renewable annually.

    Commencing at $100,000, the MassMutual term life policy provides coverage with a maximum issue age of 75. The conversion of permanent life insurance is possible prior to the specified deadline mentioned in your policy documents.

    If the parent or guardian passes away within a year, the 10-year, $50,000 plan is intended to assist in funding the child’s education via MassMutual’s LifeBridge initiative. A parent or legal guardian of a child below 18 years old may be eligible for a complimentary plan if the family’s overall income ranges from $10,000 to $40,000.

    Ideal for enhancing customer satisfaction.

    Haven Life

    In conclusion, Haven Life provides fast online protection with generous coverage amounts and an intricate, user-friendly website.

    Rating of financial stability.

    Exceptional.

    You can apply online and get your coverage approved immediately. Simple Haven offers a simplified term life insurance policy, which means no medical exam is required. The policy offers a built-in accelerated death benefit rider, with coverage available for terms of 5, 10, 15, and 20 years. You must be between 55 and 20 years old to apply. The policy offers coverage amounts ranging from $1 million to $25,000.

    Life Term Haven offers policies with built-in accelerated death benefit riders, which come with terms of 30, 25, 20, 15, or 10 years. These policies are available to applicants aged 64 and younger, with coverage amounts reaching as high as $3 million. Although you may need to take a medical exam to qualify for coverage, the application can be completed online and approved within minutes.

    Ideal for individuals residing with HIV.

    How we ranked the top life insurers

    NerdWallet’s life insurance ratings are determined by considering the consumer experience, which includes a curved 5-point scale that adjusts scores to calculate each insurer’s rating. The consumer experience category takes into account the depth of policy details available online, the ease of communication, and website transparency. Additionally, weighted averages of financial strength ratings and complaint index scores from the National Association of Insurance Commissioners for individual life insurance are considered, as they indicate a company’s ability to pay future claims.

    NerdWallet does not receive any payment for reviews. It is advisable to compare multiple insurance quotes to discover the most favorable rate for your needs, however, we highly recommend exploring different options as these ratings serve as a helpful reference.

    How we evaluate life insurance providers.

    Some of these are factors that we take into account. Our editorial team considers these factors when reviewing life insurance for the insurer and the customer.

    Policies available. There are numerous varieties of life insurance available, and they can be classified into three main groups.

  • Term life insurance provides short-term protection and a guaranteed payout in the event of the policyholder’s death within the specified period.

  • Permanent life insurance typically stays active throughout a person’s entire lifetime and accumulates a financial value that can be used as collateral for future loans.

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

  • Here’s the analysis: When it comes to life insurance, NerdWallet generally suggests considering insurers with ratings of A- or higher. We rely on AM Best ratings to verify an insurer’s long-term financial stability and capacity to settle claims. Financial robustness.

  • Outstanding: A+, A++.

  • Strong: A-, A.

  • Average: B, B+.

  • Grievances. The anticipated amount of grievances are lower than the top life insurance firms. As per the National Association of Insurance Commissioners, these ratings are determined by three years’ worth of data from the company’s size compared to state regulators, taking into account grievances.

    Purchase online. This signifies whether an insurance provider permits you to apply for and purchase a policy entirely through the internet.

    USAA

    In conclusion, while USAA’s coverage offers specific features tailored for military members, its policies are accessible to individuals from all backgrounds.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    Ideal for individuals serving in the military.

    The best term life insurance companies in July 2023

    The insurer will be able to trust that your life insurance policy will treat your beneficiaries right, so you won’t need to fight for your rights when the policy pays out. They have solid financial strength ratings and have received high marks for consumer experience, as they have had fewer complaints to state regulators than expected for companies of their size. The following term, life insurance companies will be held under scrutiny.

    Haven Life

    5.0

    NerdWallet rating

    Term lengths: 5, 10, 15, 20, 25 or 30 years.

    Guardian

    5.0

    NerdWallet rating

    Term lengths: 1, 10, 15, 20 or 30 years.

    MassMutual

    5.0

    NerdWallet rating

    Term lengths: 1, 10, 15, 20, 25 or 30 years.

    Northwestern Mutual

    5.0

    NerdWallet rating

    Term lengths: 1, 10 or 20 years.

    New York Life

    5.0

    NerdWallet rating

    Term lengths: 1, 10, 15 or 20 years.

    Pacific Life

    5.0

    NerdWallet rating

    Term lengths: 10, 15 or 30 years.

    State Farm

    5.0

    NerdWallet rating

    Term lengths: 10, 20 or 30 years.

    USAA

    5.0

    NerdWallet rating

    Term lengths: 10 to 30 years.

    Pacific Life

    Bottom Line Pacific Life offers term life insurance that can be converted to permanent coverage with cash credit for policyholders to choose who to do that.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    Ideal for enhancing versatility in conversion.

    New York Life

    In summary, New York Life provides two term options, which include a policy that can be renewed on a yearly basis.

    Rating of financial stability.

    Exceptional.

    If you desire coverage for your entire life, you can transform a permanent policy. This policy is renewable on a yearly basis and requires a minimum coverage amount of $250,000. Applicants must fall within the age range of 18 to 75 and opt for the Yearly Renewable Term.

    Death benefits starting at $100,000 are available after 10 or 20 years of issuance, with lasting terms for coverage through Term Premium Level. Policies are available for applicants aged 18 to 75. Typically, you can convert the policy to permanent coverage.

    Ideal for enhancing versatility in conversion.

    Northwestern Mutual

    When it comes to customer experience, Northwestern Mutual is a reliable option, positioning it as the insurer with the least number of grievances in proportion to its magnitude among all the companies on our list of top companies.

    Rating of financial stability.

    Exceptional.

    Ideal for enhancing customer satisfaction.

    Pacific Life

    Bottom Line Pacific Life offers term life insurance that can be converted to permanent coverage with cash credit for policyholders to choose who to do that.

    Rating of financial stability.

    Exceptional.

    Term, enduring & non-examination.

    The Term Elite Pacific policy is a conversion-friendly product that can help offset some of the initial premiums of your new permanent coverage. Additionally, within the first 10 years of your policy, a cash credit is also added to your new policy, which allows it to be converted into a permanent policy.

    Optimal for customer contentment.

    More about top-rated life insurance companies

    Searching for an alternative form of life insurance coverage? Take a look at NerdWallet’s top choices in these categories:

    Insurer complaints methodology

    In 2019-2021, complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners were examined by NerdWallet. To evaluate the complaint history of a company, NerdWallet calculated a similar index for each insurer, which was weighted by the market shares of each subsidiary over the three-year period. This analysis and the conclusions reached by NerdWallet are conducted independently and without the endorsement of the NAIC. The complaint index calculated by the NAIC each year for each subsidiary measures its share of total complaints relative to its size or share of total premiums in the industry. Ratios are determined separately for auto, home (including renters and condo), and life insurance.