How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Term life insurance pays a set amount if you die during the term, usually 10 to 30 years, and it costs far less than permanent life insurance for the same coverage.
- Banner Life and Protective often quote the lowest rates for healthy applicants, while Northwestern Mutual, New York Life, and Guardian lead on financial strength ratings.
- Your price depends on age, health, smoking, coverage amount, and term length, so any single price in a guide is only a starting point. Get quotes for the same coverage from at least three carriers.
- Buying style matters: State Farm and the mutual giants sell through agents, while Banner Life and Protective sell mainly through agents and brokers, with online quotes available.
- This guide gives general information only and is not financial advice. Talk to a licensed insurance professional about how much coverage your family needs and which policy fits your state and health profile.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Northwestern Mutual | Financial strength and advisor planning | See website | Free quote |
 New York Life | Long term stability and high coverage | See website | Free quote |
 MassMutual | Convertible term and mutual strength | See website | Free quote |
 Guardian | Financial strength and flexible underwriting | See website | Free quote |
 State Farm | Local agent service and bundling | See website | Free quote |
 Banner Life | Low rates and terms up to 40 years | $8 per month | Free quote |
 Pacific Life | Value and low complaint record | See website | Free quote |
 Protective | Budget term with terms up to 40 years | See website | Free quote |
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The best insurance company for term insurance
Starting priceSee website
Free planFree quote
Northwestern Mutual is the strongest pick if financial strength is your top concern. It holds the highest available ratings from AM Best (A++), Moody's, Fitch, and Standard and Poor's, and it expects to pay $9.2 billion in dividends in 2026. Its term policies come in several lengths, can convert to permanent coverage under company guidelines, and fit naturally into a wider financial plan covering investments, disability income, and retirement.
The trade off is the buying experience. You work with a local advisor, most policies need an exam, and you will not get an instant online quote. Premiums also tend to sit above budget carriers such as Banner Life or Protective for the same coverage. If you want the safest possible carrier and a long term advisor relationship, Northwestern Mutual is hard to fault. If you want the lowest price or a five minute online purchase, look further down this list.
What we like- Highest financial strength ratings from all four major agencies
- Lowest complaint ratio among large insurers in recent reviews
- Term can convert to permanent coverage
- Advisor led planning
Watch out for- Most policies need a medical exam
- No instant online purchase
- Premiums tend to run higher than budget carriers
Starting priceSee website
Free planFree quote
New York Life has kept promises to families for more than 180 years, and its size and mutual structure are real advantages for a policy meant to last decades. It holds the highest ratings from all four major agencies, paid $2.5 billion in dividends in 2025, and has more than 12,000 agents and advisors. For buyers seeking high coverage amounts, New York Life is a frequent top pick, since large policies get the same careful underwriting and service as smaller ones.
Like Northwestern Mutual, New York Life sells through agents, and most policies need a medical exam. Some term products top out at 10, 15, or 20 years, so if you need a 30 or 40 year term, Banner Life or Protective may fit better. For families who want a deeply stable carrier and personal guidance, New York Life remains a benchmark choice.
What we like- Largest mutual insurer in the US, in business since 1845
- Highest financial strength ratings
- Strong choice for high coverage amounts of $1 million or more
Watch out for- Most policies need an exam
- Agent led sales, no direct online purchase
- Term lengths top out at 20 years on some products
Starting priceSee website
Free planFree quote
MassMutual is another mutual giant with an A++ rating and a long dividend history. Its term life policies are a good fit for buyers who may later want permanent coverage, since conversion lets you switch to whole life without a new medical exam, within the policy's conversion window. That flexibility matters if your health changes or your needs shift from temporary income replacement to lifelong coverage.
MassMutual sells mainly through financial professionals, and most quotes and applications go through an agent rather than a fully online flow. Some products are not available in Alaska or Wyoming. If you value a mutual carrier, conversion flexibility, and a broad product range, MassMutual is a strong, safe choice, even if it is not the cheapest quote you will receive.
What we like- A++ financial strength and 175 years of history
- Term policies convert to permanent coverage
- Strong whole life and disability options if needs change
Watch out for- Agent needed for most quotes
- Most term policies need an exam
- Not available in every state for every product
Starting priceSee website
Free planFree quote
Guardian, in business for 165 years, combines top financial strength with underwriting that is more flexible than most large carriers. Its term policies range from $100,000 to $10 million, with 10, 15, 20, and 30 year terms, and it is noted for offering term coverage to qualifying HIV positive applicants, a group many carriers still decline. Living benefit riders can also allow early access to part of the death benefit in case of chronic or terminal illness, depending on the policy and state.
Guardian does not sell term policies directly online, so expect an agent or broker conversation and, in most cases, a medical exam. Premiums sit above the budget carriers in this list. Guardian fits buyers who want a top rated mutual carrier and who may need flexible underwriting, or who value an advisor's help in choosing riders and term length.
What we like- A++ financial strength rating
- Term from $100,000 to $10 million
- Known for flexible underwriting, including coverage for qualifying HIV positive applicants
Watch out for- No online purchase, agent or broker required
- Premiums run above budget carriers
- Term options can be complex to compare without advice
Starting priceSee website
Free planFree quote
State Farm is the best choice if you want a local agent and the convenience of holding several policies with one company. With more than 96 million policies and accounts and 19,000 agents, it ranked second in the J.D. Power 2026 life insurance study, behind only Nationwide, and it holds an A+ rating from AM Best. Its term policies come in 10, 20, and 30 year lengths, and bundling life with auto and home coverage can simplify billing and service.
State Farm term life is not available in Massachusetts or Rhode Island, and products vary by state, so confirm availability where you live. You buy through an agent, not online, and rates are mid range rather than the lowest in this list. If you already insure your car or home with State Farm, or you want a nearby agent you can call, State Farm is a natural, trusted pick.
What we like- Ranked second in the J.D. Power 2026 US individual life insurance study
- 19,000 local agents
- Easy bundling with auto and home policies
- Strong customer service reputation
Watch out for- Term products vary by state and are not sold in every state
- Agent required, no direct online purchase
- Rates are mid range, not the lowest
Starting price$8 per month
Free planFree quote
Banner Life, part of Legal and General America (now owned by Meiji Yasuda), is the price leader in this list for many healthy applicants. Its OPTerm line offers 10, 15, 20, 25, 30, 35, and 40 year terms, a range few carriers match, and its homepage notes term insurance for as little as $8 a month for qualifying applicants. Coverage runs well into the millions, and policies can convert to permanent coverage. Banner Life serves 49 states, with New York residents served by its sister company William Penn.
The trade offs are process and patience. Most policies, especially larger ones, need a traditional exam, and underwriting can take several weeks. Digital tools are more limited than at online first carriers. If you are healthy, do not mind an exam, and want the lowest long term rate, especially on a 30 or 40 year term, Banner Life is the carrier to quote first.
What we like- Among the lowest rates for healthy applicants
- Term lengths from 10 to 40 years, among the longest available
- High coverage amounts with conversion to permanent coverage
Watch out for- Most larger policies need a medical exam
- Application can take several weeks
- Digital self service tools are thinner than online first rivals
Starting priceSee website
Free planFree quote
Pacific Life offers one of the best value combinations in this list: an A+ rating, a complaint record that is among the cleanest tracked, and average term premiums well below the industry average in recent rankings. Its term policies come in 10, 20, and 30 year lengths, with conversion privileges and living benefit riders on many policies. Coverage starts as low as $50,000, which suits younger buyers who want a smaller, affordable policy.
Pacific Life sells through financial professionals and brokers rather than direct online purchase, and its life products are not issued in New York by the main company. Customer satisfaction scores, while solid, sit below what its value and complaint numbers might suggest. For buyers working with an advisor who want strong value from a highly rated carrier, Pacific Life deserves a quote.
What we like- A+ financial strength rating
- Among the cheapest average premiums in recent rankings
- Very low complaint record
- Term lengths of 10, 20, and 30 years with conversion options
Watch out for- Sold through financial professionals and brokers, not direct online
- Not available in New York for some products
- Everyday satisfaction scores trail its value scores
Starting priceSee website
Free planFree quote
Protective is the budget pick that does not sacrifice term length. Its term policies run up to 40 years, among the longest in the market, and it frequently ranks among the cheapest carriers for healthy applicants across ages. Qualifying applicants can get no exam coverage up to $3 million, which speeds up approval, and policies convert to permanent coverage if your needs change.
Protective sells through agents and financial professionals, so expect a guided purchase rather than a fully self serve online flow, and larger policies still need full underwriting. Its A+ rating and long history (founded in 1907) give it solid financial footing. If price is your main driver and you want a long term, Protective is one of the first carriers to compare against Banner Life.
What we like- Among the lowest rates for many ages
- Term lengths up to 40 years
- No exam options up to $3 million for qualifying applicants
- Convertible to permanent coverage
Watch out for- Sold through agents and financial professionals
- Larger policies need full underwriting
- Online quote tools are limited compared with digital first carriers
How we chose
We compared carriers that sell term life insurance in the US today, hold a strong AM Best financial strength rating (A or better in this list), and offer a range of term lengths and coverage amounts. We weighed financial strength, premium competitiveness in recent independent rankings, term length options, conversion flexibility, underwriting accessibility (including no exam options), and complaint records. Because term prices depend on age, health, smoking, coverage, and term, we listed "See website" where a single starting price would mislead, and we used Banner Life's own advertised $8 per month figure only as a from price for qualifying applicants.
How to choose a term life insurance company
Start with how much coverage you need and for how long. A common rule is 10 to 12 times your annual income, plus debts and future costs such as college, but your own budget, mortgage, and dependents matter more than any rule. Match the term to the need: a 20 year term often covers raising children and paying a mortgage, while a 30 or 40 year term suits younger buyers locking in a low rate for longer.
Compare identical quotes, not headlines
Get quotes for the same coverage amount, term length, and health class from at least three carriers. A headline monthly price for a young, healthy non-smoker will not match your price if you smoke, are older, or have a health condition. Ask each carrier or broker whether the quote assumes an exam, and whether a no exam policy costs more for the same coverage.
Check financial strength and conversion
Check the carrier's current AM Best rating before you buy, since ratings can change over a 30 year policy. Also check conversion rules: a term policy that converts to permanent coverage without a new exam is valuable if your health worsens. Finally, confirm the policy is available in your state and that any riders you want, such as waiver of premium or accelerated benefits, are included.
Decide how you want to buy
Agent led carriers such as Northwestern Mutual, New York Life, and State Farm suit buyers who want personal advice. Broker sold carriers such as Banner Life, Protective, and Pacific Life suit buyers who want an agent to compare several carriers at once. Either way, read the policy exclusions, the contestability period, and the renewal terms after the level term ends, since premiums usually rise sharply at renewal.
Frequently asked questions
How much term life insurance do I need?
A common starting point is 10 to 12 times your annual income, plus debts and future expenses. Add your mortgage balance, childcare and college costs, and any income your family would need to replace. A licensed professional can refine the number for your state, debts, and dependents.
How much does term life insurance cost?
It varies widely by age, health, smoking status, coverage amount, and term length. Recent rankings show healthy 35 year olds paying roughly $20 to $40 per month for a $500,000, 20 year term policy, while a healthy 50 year old might pay $95 to $180 per month for the same coverage. Get a personal quote, since only underwriting gives your real price.
Do I need a medical exam for term life insurance?
Not always. Several carriers offer no exam policies up to $1 million to $3 million for qualifying applicants, using health records and data checks instead. Larger policies and applicants with health conditions usually need a paramedical exam with blood and urine tests. No exam policies can cost slightly more than fully underwritten ones.
What happens when my term ends?
When the level term ends, most policies either expire or renew yearly at a much higher premium. Some policies let you convert to permanent coverage before a set age or deadline without a new exam. Plan before the term ends: buy a new policy while you are younger and healthier, or convert if your health has changed.
Is term life insurance better than whole life insurance?
Term is cheaper for the same coverage and fits temporary needs such as income replacement while children are young. Whole life lasts for life and builds cash value, but costs far more per dollar of coverage. Many families buy term for the bulk of their coverage and use permanent insurance only for lifelong needs such as estate costs.
Can I get term life insurance if I have a health condition?
Often yes, though the price and options depend on the condition. Prudential and Guardian are known for flexible underwriting, and a broker can compare carriers that treat your condition most favorably. Be honest on the application: misstatements can lead to a denied claim during the contestability period.
Sources we checked (8)
- https://www.northwesternmutual.com
- https://www.newyorklife.com
- https://www.massmutual.com
- https://www.guardianlife.com
- https://www.statefarm.com
- https://www.bannerlife.com
- https://www.pacificlife.com
- https://www.protective.com
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.