Term life insurance covers you for a specific amount of time, like 10, 20, or even 30 years. Choosing the right provider can make all the difference in securing affordable premiums, strong financial backing, and reliable service. Here’s a curated list of the 10 best term life insurance companies in 2025.
1. New York Life
Recommendation Score: ★★★★★ (9/10)
Financial Strength: A++ (AM Best)
Founded in 1845 and headquartered in the U.S., New York Life is one of the largest mutual life insurers in the country. It has a long-standing reputation for stability and excellent customer service.
Highlights:
- Offers term policies with flexible conversion to permanent life insurance
- Customizable riders like disability waiver and living benefits
- Backed by nearly two centuries of financial strength
Drawback: Premiums can be higher than some competitors.
Why choose it: If you’re looking for a trusted, stable company with flexible options, New York Life is a great choice.
Term Life Advantage: New York Life offers competitive term life policies with easy conversion to permanent coverage if your needs change.
2. Haven Life
Recommendation Score: ★★★★☆ (8.5/10)
Financial Strength: A++ (backed by MassMutual)
Haven Life, a digital-first life insurance agency launched by MassMutual, is known for offering fast and easy online term life insurance policies.
Highlights:
- Fully digital application process
- Affordable premiums, especially for young adults and families
- Accelerated underwriting with no medical exam for some applicants
Drawback: Limited policy customization options.
Why choose it: If you’re tech-savvy and looking for a quick, no-hassle process, Haven Life is ideal.
Term Life Advantage: Haven Life offers affordable term life options, making it great for young families looking for simple coverage.
3. Banner Life (Legal & General America)
Recommendation Score: ★★★★☆ (8.5/10)
Financial Strength: A+ (AM Best)
Banner Life, owned by U.K.-based Legal & General, provides highly competitive term life insurance policies with a wide range of term lengths.
Highlights:
- One of the lowest-cost term life providers
- Generous conversion periods to permanent policies
- Wide eligibility range for different age groups
Drawback: The digital experience could be improved.
Why choose it: For budget-conscious buyers who still want comprehensive coverage, Banner Life offers great value.
Term Life Advantage: Banner Life’s term life policies are designed for affordable, flexible coverage, with generous conversion options.
4. Pacific Life
Recommendation Score: ★★★★☆ (8/10)
Financial Strength: A+ (AM Best)
Founded in 1868, Pacific Life blends traditional insurance with flexible, customizable plans, offering both term and permanent life insurance.
Highlights:
- Competitive pricing with flexible riders
- Convertible to permanent policies if needed
- Excellent customer service reputation
Drawback: Requires an agent to process the application.
Why choose it: Pacific Life is ideal for those seeking strong customer support and a flexible, customizable term life policy.
Term Life Advantage: Pacific Life offers term life policies with plenty of flexibility, allowing you to convert to permanent coverage if your needs evolve.
5. Protective Life
Recommendation Score: ★★★★☆ (8/10)
Financial Strength: A+ (AM Best)
Protective Life, based in the U.S. and founded in 1907, offers affordable long-term coverage with easy options to convert to permanent life insurance.
Highlights:
- Extended term coverage options up to 40 years
- Easy conversion to permanent life policies
- Competitive rates for healthy individuals
Drawback: A medical exam is often required.
Why choose it: Perfect for those looking for affordable, long-term protection with easy conversion to permanent coverage.
Term Life Advantage: Protective Life offers extended-term policies, which makes it a solid choice for long-term financial protection.
6. Prudential
Recommendation Score: ★★★★☆ (8/10)
Financial Strength: A+ (AM Best)
Founded in 1875, Prudential is a globally recognized name in life insurance, known for its flexibility, especially with applicants who have unique health needs.
Highlights:
- Great for high-risk applicants (e.g., smokers, diabetics)
- High coverage limits available
- Conversion options to permanent life insurance
Drawback: Premiums can be higher for some health profiles.
Why choose it: If you have a complicated medical history, Prudential offers the flexibility you need to get coverage.
Term Life Advantage: Prudential’s flexible underwriting makes it a good fit for people with health conditions who still want affordable term life coverage.
7. Lincoln Financial
Recommendation Score: ★★★★☆ (7.5/10)
Financial Strength: A+ (AM Best)
Lincoln Financial, established in 1905, is a trusted provider offering a variety of customizable term and universal life policies.
Highlights:
- High flexibility in term durations
- Multiple riders available, including critical illness
- Excellent customer service
Drawback: Limited online quoting options.
Why choose it: If you want a personalized approach with solid customer support, Lincoln Financial is a great option.
Term Life Advantage: Lincoln Financial provides flexible term life policies and multiple rider options for added coverage.
8. Mutual of Omaha
Recommendation Score: ★★★★☆ (7.5/10)
Financial Strength: A+ (AM Best)
Operating since 1909, Mutual of Omaha is a well-known name in life insurance, especially for older adults seeking reliable, no-exam life policies.
Highlights:
- Simplified issue policies for quick approval
- Strong support for seniors
- Option to add accidental death benefits
Drawback: Less competitive for younger applicants.
Why choose it: If you’re older or prefer a no-exam policy, Mutual of Omaha is a great fit.
Term Life Advantage: Mutual of Omaha offers easy-to-understand term policies with a focus on senior applicants.
9. State Farm
Recommendation Score: ★★★☆☆ (7/10)
Financial Strength: A++ (AM Best)
Founded in 1922, State Farm is known for its strong network of local agents and customer-first approach.
Highlights:
- Easy-to-understand policies
- Excellent agent support
- Conversion options available
Drawback: Premiums may be higher compared to online providers.
Why choose it: State Farm is perfect for those who prefer in-person service and a trusted agent to guide them through the process.
Term Life Advantage: State Farm offers easy-to-understand term life policies with personalized service from local agents.
10. Bestow
Recommendation Score: ★★★☆☆ (7/10)
Financial Strength: A+ (backed by North American Company for Life and Health Insurance)
Bestow is a digital-first life insurance provider that makes it easy to apply for term life coverage online without the need for medical exams.
Highlights:
- Fully digital application process
- No medical exam required
- Great for younger applicants
Drawback: Limited customization and no riders.
Why choose it: Best for millennials or first-time buyers who want quick, straightforward life insurance.
Term Life Advantage: Bestow is ideal for those looking for a fast, no-fuss term life policy with a fully digital experience.
FAQ
Q1: What is term life insurance and how does it work?
A: Term life insurance provides coverage for a set period (e.g., 10, 20, or 30 years). If the policyholder passes away during this term, the beneficiaries receive the death benefit.
Q2: Who should consider term life insurance?
A: It’s a great pick for anyone needing affordable coverage during life’s big responsibilities, like raising kids or paying off a home loan.
Q3: Can I switch my term policy to permanent life insurance?
A: Lots of companies let you convert your term policy before it ends—just ask your insurer for details on the timeline and terms.
Term life insurance is still the go-to choice for affordable and simple financial protection. Whether you’re looking for low premiums, digital convenience, or face-to-face support, there’s a provider that suits your needs. Use this guide to pick a life insurance company that fits your budget and lifestyle, and ensure that your loved ones are taken care of, no matter what comes your way.
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