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10 Best Term Life Insurance Companies in 2023

  • Life Insurance
  • Sara Sam
  • 6 minutes

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If you’re looking for a life insurance policy that offers coverage for a specific period, then term life insurance is the perfect choice. It provides financial security to your loved ones in case of an unexpected event. And if you’re wondering which insurance companies offer the best term life insurance policies, we’ve got you covered. Here are ten of the best term life insurance companies listed in no particular order. So, read on and make an informed decision to secure your family’s future. 

What is term life insurance? 

Term life insurance is a type of protection that provides coverage for a specified period, typically ranging from 1 to 30 years. It pays out a lump sum to the designated beneficiary if the policyholder passes away during the policy’s term.

However, it does not include investment options like whole life insurance, which makes it less expensive. As a result, term life insurance is a short-term solution that offers protection for a set period before it expires or can be renewed. Due to the lower premiums associated with this type of insurance, it is an affordable way to ensure financial security for your loved ones in the event of your death.

Do I need term life insurance?  

If you are not looking for an investment; instead, your focus is on the benefits and the premium rates, then term life insurance can be an option for you. Here is a checklist that will guide you before finalizing a policy and a provider.  

  • Based on your income, debts, and other expenses that might come up, determine your coverage needs. 
  • Consequently, fix the length of the term policy. 
  • Compare quotes from multiple insurers. 
  • Check the insurer’s financial stability based on the rating and payout history. 
  • Understand the terms and conditions of the policy. 
  • Review your policy periodically to make sure it still meets your needs. 

However, if you find it overwhelming, take the help of an insurance agent who will guide you through the process.  

How to choose the best life insurance policy. Here’s a checklist! 

10 Best Term Life Insurance Companies  

Here are our picks for the ten best-term life insurance companies  

Protective 

If you are not from New York and are looking for term life insurance at a competitive price, then Protective can be an option. In addition to offering insurance to people with cancers, kidney issues, and even mental health issues, Protective offers a term of up to 40 years.  

  • Affordable term life insurance.  
  • Flexible with age and health conditions.  
  • The classic choice policy provides low rates. 

Nationwide 

Nationwide offers term life insurance for 10-, 15-, 20-, and 30-year with $100,000 coverage. In addition, the policies can be renewed annually until age 95. Nationwide’s Guaranteed Level Term life insurance policy offers flexible coverage length and rider options at competitive rates. 

  • Less complaint rate and high customer satisfaction. 
  • Availability of online application. 
  • Payment can be made using credit cards. 
  • Not specific on medical examination for some applicants. 
Are you tired of spending money on life insurance? Well, we’ve got some excellent news for you! At Way.com, we help you save money on your life insurance. 

Mutual of Omaha 

With good financial stability, Mutual of Omaha offers term life insurance policies even for the elderly. For example, the Term Life Express policy accepts new applicants up to the age of 80 and can be renewed annually until the insured reaches the age of 94. However, premiums are likely to increase annually. 

  • Good financial strength. 
  • Fewer customer complaints. 
  • Partial return of premium option available. 
  • You can get online quotes 
  • Application is possible only through an agent.  

Know the tax advantages of a life insurance policy. 

Banner Life 

In addition to the fewer complaint rates, Banner Life offers a no-medical exam policy with immediate approval. Coverage of up to $2 million is also available to applicants who meet the requirements. 

  • Availability of different term lengths. 
  • Offers coverage for an extended time. 
  • Slower underwriting.  

Haven Life 

If you are looking for a seamless online experience with your life insurance policy, then Haven Life is your best option. In addition, the procedure for signing up for term life policies can be completed online. However, if you want to convert term insurance to permanent insurance, Haven Life may not be an option.  

  • Online availability of services. 
  • Availability of additional financial services. 
  • Fewer NAIC complaints. 

Mass Mutual 

In addition to term life insurance for 10 to 30 years, Mass Mutual offers an annual renewable policy. While a medical exam may not be mandatory for some, the telehealth interview makes the underwriting process quick.  

  • Free coverage for low-income parents. 
  • Wide range of term life insurance coverage. 
  • Term insurance can be converted to permanent coverage. 
  • Approval of online claims.  

Transamerica 

Transamerica can be considered a good option if you are a senior citizen looking for term life insurance. Small coverages can be obtained without a medical examination. However, it is unavailable in New York.  

  • Competitive rates for seniors. 
  • Trendsetter LB Seniors provides term life insurance for senior citizens aged between 56 and 60. 
  • Seniors between 61–70 can get up to $50,000 in senior term life insurance with no medical exam on the Trendsetter Super Series policy. 
Looking for the best life insurance coverage? Get the correct premiums and protection from Way.com! 

State Farm 

State Farm is known for the return of premium life insurance. However, the premium rates are more expensive than normal term insurance.  

  • Lower premium rates. 
  • Instant-term life insurance is available. 
  • Unavailable in Massachusetts. 
  • Fewer customer complaints. 

AIG 

Flexibility is a main feature of the term life insurance policies offered by AIG, making it the best choice for term life insurance companies in 2023. In addition, AIG also allows you to convert your term life insurance policy to a permanent one.  

  • Offers flexible term lengths from 10 to 35 years.  
  • Good customer service. 
  • The select-a-term policy provides 18 options to choose your required term length. 

USAA 

Even though the policies are available for anyone, USSA focuses on policies for military members, active and veterans. However, you may not be able to purchase the policies online. However, a few of their policies are unavailable in New York and Montana.  

  • Perks like severe injury payment for military members. 
  • Add $100,000 coverage to the term life policy after a major life event. 
  • Allows you to replace your group coverage on retirement from the military.  

Prudential 

Prudential offers Term Essential Policy premiums for 10, 15, 20, or 30 years. In addition, to policy renewability up to the age of 95, Prudential also provides an option to convert the term policy to a permanent one. However, it must be done within five years or before 65 years of age.  

  • High-quality coverage. 
  • Multiple benefits and options.  
  • High customer satisfaction score.  

Thus, choosing the best term life insurance policy should not be based solely on premium rates. Your budget, needs, and future expenses, in addition to the financial stability of the company, must be taken into account. 


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