The best term life insurance policy for you may not be the best term life insurance policy for someone else. When shopping for life insurance, consider coverage amounts, term lengths, age limitations, and whether you may convert the policy to permanent coverage. Some of these criteria may be more essential to you than others. We’ve featured term life policies offered by ten of the best life insurance companies in the country so you can weigh your options and choose the proper coverage for you and your family.
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The best term life insurance providers
The following term life insurance companies have proven to be reliable: They have strong financial strength ratings, good scores for customer service, and fewer complaints from state authorities than would be expected for a company of their size. Because you will not be present 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
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 indicate a company’s capacity to pay future claims. We examine ease of communication and website transparency within the customer experience category, which looks at the 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 guide, but we recommend that you shop around and compare numerous insurance quotes to discover the best deal for you. NerdWallet is not compensated for any reviews.
Best November 2022 term life insurance policies
Read the quick summary below and the complete NerdWallet reviews to learn more about each firm and the policies available.
Haven Life is the best option for same-day coverage.
Guardian Life is ideal for HIV-positive applicants.
AARP: Best for coverage that does not require a medical exam.
MassMutual is the best option for low-income parents.
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.
Lincoln Financial is the best option for over-the-phone applications.
Northwestern Mutual: Best in terms of client service.
USAA is the best option for military personnel.
Haven Life is the best option for same-day coverage.
Haven Simple: Haven also provides a simplified-issue term life policy, which eliminates the need for a life insurance medical exam. Coverage is available in 5-, 10-, 15-, and 20-year terms, and an accelerated death benefit rider is included. The policy amounts range between $25,000 and $500,000.
Haven Term Life: Haven’s term life application can be completed online and accepted in minutes, although you may be required to take a medical test to be eligible for coverage. Policies with coverage amounts up to $3 million are available to applicants aged 64 and younger.
Guardian Life is ideal for HIV-positive applicants.
Guardian Level Term: Policies are given to applicants aged 18 to 75, with coverage starting at $100,000. Policies are available for periods of 10, 15, 20, and 30 years.
HIV patients are eligible for special coverage through Guardian.You must be between the ages of 20 and 60 to apply, and you must meet specific eligibility requirements, such as being on active antiretroviral medication.
AARP: Best for coverage that does not require a medical exam.
Level Benefit Term Life: AARP policies do not require a medical exam, only health-related questions. The term life coverage is available to AARP members aged 50 to 74. Higher coverage amounts are available by contacting New York Life, the company that issues AARP’s term life policies.
The AARP term life insurance policy is unique in that there are no term lengths available. All policies expire at the age of 80, and policyholders have the option of converting to a permanent life insurance policy before or after that date.
MassMutual is the best option for low-income parents.
MassMutual Term: MassMutual offers term life insurance policies in 10-, 15-, 20-, 25-, and 30-year increments. If you choose that option, you can expect to pay larger premiums over time. The company also provides an annually renewable term life insurance policy that is renewed each year.
MassMutual term life insurance policies have a maximum issue age of 75, with coverage starting at $100,000. You have until the deadline 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 designed to help pay for the child’s schooling.
New York Life is the best option for large coverage amounts.
Yearly Convertible Term: Applicants must be between the ages of 18 and 75, with a $100,000 minimum coverage amount. This policy can be renewed every year. You can convert it to a permanent policy if you want lifelong coverage.
Level Premium Convertible Term: Death benefits begin at $100,000 and are available in 10- and 20-year term durations. Applicants between the ages of 18 and 75 can apply for policies.
Million-Plus Level Term: This insurance, with a minimum face value of $1 million, is for people searching for a substantial death payout.
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