7 Best Term Life Insurance Companies (2026)

Banner Life is the best term life insurance company overall in 2026, with average monthly rates of $37 for women and $46 for men at age 40 for a 20-year, $500,000 policy. It offers up to $10 million in coverage and seven term lengths from 10 to 40 years. Transamerica matches Banner Life’s low rates and accepts applicants through age 80, while Nationwide is our top no-exam term life option.
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7 Best Term Life Insurance Companies (2026)

Written by Patrick Bryant

Updated: September 23, 2026

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Key Takeaways

Banner Life is the best overall term life company: It combines the lowest rates in our analysis with coverage up to $10 million, seven term lengths, low consumer complaints and an A+ AM Best financial strength rating.

Banner Life and Transamerica have the lowest term life rates in our analysis: Both average $37 per month for women and $46 for men at age 40 for a 20-year, $500,000 policy, but Banner Life has a much lower NAIC complaint index of 0.16 compared to Transamerica's 3.86.

No-exam limits vary widely: Banner Life allows up to $4 million without a medical exam, compared with $3 million at Pacific Life, $2 million at Transamerica and $1.5 million at Nationwide.

Seniors have fewer term life options: Maximum application ages among our recommended companies range from 55 at Nationwide to 80 at Transamerica, Pacific Life and Mutual of Omaha. Term lengths are limited to 10 years with most providers after age 65.

Best Term Life Insurance Companies

Banner Life is the best term life insurance company, with competitive monthly rates 21% to 22% below the national average, coverage up to $10 million, term lengths up to 40 years and eligibility through age 75.

Quick Picks

Best overall: Banner Life, with low rates, seven term lengths and up to $10 million in coverage.
Lowest rates: Banner Life and Transamerica, at $37 for women and $46 for men at age 40 with a 20-year, $500,000 policy.
No medical exam: Nationwide, with fast online applications and up to $1.5 million in coverage with or without a medical exam.
Coverage options: Pacific Life, with up to $10 million in coveragel, $3 million without an exam and a comprehensive rider selection.
Seniors: Fidelity Life, with the lowest rates in our analysis for 70-year-olds.
Longest terms: Banner Life or Protective, with term lengths extending to 40 years.
Customer experience: Mutual of Omaha, which ranked first in J.D. Power's most recent consumer satisfaction survey, A+ ratings from the BBB and an NAIC complaint index of 0.51.

Why You Can Trust Our Rankings


Overall	Banner Life	$37 (Female), $46 (Male)	10-40 years	20-75	4.5
Affordability	Transamerica	$37 (Female), $46 (Male)	10-30 years	18-80	4.4
No Exam	Nationwide	$45 (Female), $56 (Male)	10-30 years	21-55	4.3
Coverage Options	Pacific Life	$38 (Female), $54 (Male)	10-30 years	18-80	4.2
Seniors	Fidelity	$44 (Female), $58 (Male)	10-30 years	18-70	4.2
Term Length Options	Protective	$42 (Female), $54 (Male)	10-40 years	18-75	4.1
Customer Experience	Mutual of Omaha	$49 (Female), $60 (Male)	10-30 years	18-80	4.0

*Rates shown are estimates of the companies MoneyGeek surveyed based on a 40-year-old with average weight and height, non-smoker, average health, 20-year term, and $500,000 coverage. Actual rates may vary by state, health profile, and insurer underwriting. Contact insurers directly for personalized quotes.

Banner Life

Best Overall

MoneyGeek Rating

4.5/ 5

5/5Affordability

3.7/5Customer Experience

4.5/5Coverage

Average Monthly Rate
$37 (Female), $46 (Male)
Ages Supported
20-75
Term Lengths
10-40 years

pros
- High coverage up to $10 million
- No-exam coverage up to $4 million
- Competitive pricing across age groups
cons
- Not available in New York
- Doesn’t accept applicants younger than 20 years old
Banner Life is the best term life insurance company overall because it combines low rates with flexible coverage options. A 40-year-old woman pays an average of $37 per month for a 20-year, $500,000 policy (21% below the national average), while a man pays $46 (22% below average). Banner Life also holds an A+ AM Best financial strength rating and has a low 0.16 NAIC complaint index.

Its seven term options extend from 10 to 40 years, and it's one of only three companies in our analysis to offer the 40-year term option. Most other companies cap term lengths at 30 years. Coverage reaches up to $10 million through standard underwriting, among the highest in our review. Qualifying applicants can get up to $4 million without a medical exam, the highest no-exam limit among the companies in our list.
- AM Best rating: A+
- NAIC complaint index: 0.16
- J.D. Power score: N/A
- BBB rating: N/A
Policy name: OPTerm
- Max coverage: $10 million ($4 million without medical exam)
- Terms lengths: 10, 15, 20, 25, 30, 35, 40
- Ages supported: 20-75
- Policy conversion: Convert up to 70 years old without a new medical exam. Can only convert to Banner Life's LifeStep Universal Life policy.
- Tobacco rate classification: To qualify for non-tobacco rates, you must have used zero nicotine-based products for at least 12 months
Riders and options: Accidental death benefit, waiver of premium, child rider (not available in NY or MD), conversion

Transamerica

Most Affordable

MoneyGeek Rating

4.4/ 5

4.9/5Affordability

3.7/5Customer Experience

4.4/5Coverage

Average Monthly Rate
$37 (Female), $46 (Male)
Ages Supported
18-80
Term Lengths
10-30 years

pros
- Affordable monthly premiums
- Wide age range
- Broad underwriting classes support more applicants
cons
- High NAIC complaint index
At $37 per month for 40-year-old women and $46 per month for men on a 20-year, $500,000 policy, Transamerica matches Banner Life on price while serving a broader range of applicants from ages 18 to 80. Transamerica offers five term lengths from 10 to 30 years, with no-exam coverage available up to $2 million. Still, the company has the highest NAIC complaint index among companies we reviewed at 3.86, and its J.D. Power score of 604 ranked 19th in the industry study.
- AM Best rating: A
- NAIC complaint index: 3.86
- J.D. Power score: 604 (19th)
- BBB rating: N/A
Policy Name: Trendsetter Super
- Max coverage: $10 million ($2 million without a medical exam)
- Medical exam required: No
- Term lengths: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Policy conversion: Convert up to 70 years old without a new medical exam, or up to 75 years old if you have a Preferred Plus rating. You can convert to Transamerica's guaranteed universal life, indexed universal life or standard universal life policies.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for at least 2 years.
Policy Name: Trendsetter LB
- Max coverage: $2 million
- Term lengths: 10, 15, 20, 25, 30
- Ages supported: 18 to 80
- Policy conversion: Same rules as Super.
Riders and options: Terminal illness accelerated death benefit, chronic illness and critical illness accelerated death benefits (LB only), income protection option, accidental death benefit, disability waiver of premium, children's benefit rider, monthly disability income (LB 15- to 30-year terms only)

Nationwide

Best No-Exam

MoneyGeek Rating

4.3/ 5

4.3/5Affordability

4.8/5Customer Experience

3.8/5Coverage

Average Monthly Rate
$45 (Female), $56 (Male)
Ages Supported
21-55
Term Lengths
10-30 years

pros
- A+ AM Best and BBB ratings
- Low NAIC complaint index
- No-exam coverage up to $1.5 million
cons
- Limited age range
Nationwide is the best no-exam term life insurance company. Its maximum coverage is $1.5 million, with no lower cap for applicants who qualify through accelerated underwriting.

Nationwide also has strong customer experience with a 0.08 NAIC complaint index and ranking third in J.D. Power's most recent customer satisfaction survey. Its critical, chronic and terminal illness riders provide more living-benefit options than most companies we reviewed.

Age eligibility is narrower than many competitors, however, with coverage limited to applicants ages 21 to 55. If you need more than $1.5 million in coverage, compare with Banner Life, Pacific Life or Transamerica.
- AM Best rating: A+
- NAIC complaint index: 0.08
- J.D. Power score: 695 (3rd)
- BBB rating: A+
Policy name: Guaranteed Level Term
- Max coverage: $1.5 million (no medical exam required)
- Term lengths: 10, 15, 20, 30
- Ages supported: 21-55
- Policy conversion: Convert up to 65 years old without a new medical exam.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for at least 2 years.
Riders and options: terminal illness, chronic illness and critical illness riders (chronic and critical aren't available on 10-year terms), waiver of premium, accelerated death benefit, accidental death benefit

Pacific Life

Best Coverage Options

MoneyGeek Rating

4.2/ 5

4.4/5Affordability

3.6/5Customer Experience

4.5/5Coverage Points

Average Monthly Rate
$38 (Female), $54 (Male)
Ages Supported
18-80
Term Lengths
10-30 years

pros
- Lowest NAIC complaint index in our analysis
- No-exam coverage up to $3 million
- Cheapest for young adults
cons
- Can only convert to universal policy
Pacific Life is our top choice for coverage flexibility, combining a $10 million maximum death benefit with up to $3 million in no-exam coverage, five term lengths and eligibility through age 80. Its $3 million accelerated-underwriting limit is second only to Banner Life among the companies we reviewed.

Pacific Life also has several ways to customize your coverage, including chronic illness, critical illness, waiver of premium and children's term riders. Its 0.05 NAIC complaint index is the lowest in our review, and it holds an A+ AM Best financial strength rating.
- AM Best rating: A+
- NAIC complaint index: 0.05
- J.D. Power score: 652 (10th)
- BBB rating: N/A
Policy name: Pacific Elite Term
- Max coverage: $10 million ($3 million without medical exam)
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Policy conversion: Convert up to 70 years old without a new medical exam. You can convert your term policy to Pacific Life's PL Promise Conversion UL universal life insurance policy.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for 12 months.
Riders and options: Terminal illness (included), chronic illness, critical illness, conversion extension, waiver of premium, accelerated death benefit, children's level term

Fidelity

Best for Seniors

MoneyGeek Rating

4.2/ 5

4.2/5Affordability

4.2/5Customer Experience

4/5Coverage

Average Monthly Rate
$44 (Female), $58 (Male)
Ages Supported
18-70
Term Lengths
10-30 years

pros
- Competitive rates for seniors and young adults
- Convenient only application process
cons
- A- AM Best Rating
- No-exam coverage limited to $250,000
Fidelity Life is the best term life insurance for seniors, with the lowest age-70 rates among the companies we reviewed. A 70-year-old woman pays an average of $132 per month for a 10-year, $250,000 policy, while a man pays $172. You can apply online, and coverage is available through age 70.

The tradeoffs are lower financial strength and limited no-exam coverage. Fidelity Life holds an A- AM Best rating, the lowest among our recommended companies, and its no-exam limit is $250,000, also one of the lowest in our review.
- AM Best rating: A-
- NAIC complaint index: 1.66
- J.D. Power score: N/A
- BBB rating: A+
Policy name: Fidelity Term Life
- Max coverage: $10 million ($250,000 without medical exam)
- Terms lengths: 10, 15, 20, 25, 30
- Ages supported: 18-70
- Policy conversion: Convert up to 70 years old without a new medical exam.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for 12 months.
Riders and options: Accidental death benefit, conversion

Protective

Best Term Length Options

MoneyGeek Rating

4.1/ 5

4.5/5Affordability

3.5/5Customer Experience

4.2/5Coverage

Average Monthly Rate
$42 (Female), $54 (Male)
Ages Supported
18-75
Term Lengths
10-40 years

pros
- Seven term length options from 10 to 40 years
- Wide age range
- A+ AM Best rating
- High coverage limit
cons
- Doesn’t have a no-exam policy option
Protective has seven term lengths, including 10, 15, 20, 25, 30, 35 and 40 years, tying Banner Life for the most options in our analysis. You can apply starting at age 18, so Protective is particularly useful for younger buyers who want 35 or 40 years of level-premium coverage. It also accepts applicants up to 75 years old with 20-year term lengths available up to 70 years old. Most competitors in our review cap 20-year terms at 60 or 65.

Coverage reaches $10 million through standard underwriting, but it's no-exam policies are limited to a max of $250,000. Protective holds an A+ AM Best rating with a low 0.21 NAIC complaint index.
- AM Best rating: A+
- NAIC complaint index: 0.21
- J.D. Power score: 597 (21st)
- BBB rating: N/A
Policy name: Protective Classic Choice Term
- Max coverage: $10 million ($250,000 without a medical exam)
- Terms available: 10, 15, 20, 25, 30, 35, 40
- Ages supported: 18-75
- Policy conversion: Convert up to 70 years old without a new medical exam.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for 12 months.
Riders and options: Accidental death benefit, children's term, waiver of premium, terminal illness accelerated death benefit, Conversion Choice Rider with ExtendCare (not in NY or CA), Income Provider Option

Mutual of Omaha

Best Customer Experience

MoneyGeek Rating

4.0/ 5

3.8/5Affordability

4.2/5Customer Experience

4.3/5Coverage

Average Monthly Rate
$49 (Female), $60 (Male)
Ages Supported
18-80
Term Lengths
10-30 years

pros
- Strong financial strength and customer experience ratings
- Coverage up to $10 million with medical exam
- Broad age range up to 80 years old
cons
- Low $300,000 no-exam coverage limit
Mutual of Omaha is the best term life insurance provider for customer experience. It ranked first in J.D. Power's most recent customer satisfaction survey with score of 707, 57 points higher than the study's average of 650. The company holds dual A+ ratings from the BBB and AM Best, and its 0.51 NAIC complaint index is well below the 1.0 industry baseline.

The company accepts applicants through age 80 and has four term lengths from 10 to 30 years. Death benefits go up to $10 million, but no-exam coverage is capped at $300,000. Its rates are also higher than the industry average at age 40, at $49 per month for women (6% above average), and $60 for men (2% above average) with a 20-year, $500,000 policy.
- AM Best rating: A+
- NAIC complaint index: 0.51
- J.D. Power score: 707 (1st)
- BBB rating: A+
Policy name: Term Life Answers
- Max coverage: $10 million ($300,000 without a medical exam)
- Terms available: 10, 15, 20, 30
- Ages supported: 18-80
- Policy conversion: Convert up to 70 years old without a new medical exam with Term Life Express or up to 75 years old with Mutual of Omaha's other term life products.
- Tobacco rate classification: To qualify for standard nonsmoker rates, you must have used zero nicotine-based products for 12 months.
Riders and options: Terminal illness accelerated death benefit, unemployment waiver of premium, accidental death benefit, disability waiver of premium, children's rider

How Does Term Life Insurance Work?

Term life insurance provides coverage for a set period of 10 to 40 years. You pay a fixed premium during the term, and your beneficiaries receive the death benefit if you die while the policy is active.

Shorter terms cover temporary obligations like a loan or the final years of a mortgage. Twenty- and 30-year terms are commonly used to protect income while raising children or paying off a home. A few insurers offer 35- and 40-year policies for people who want to lock in coverage for longer.

When your term ends, you can let the policy expire, renew it at higher age-based rates or convert it to a permanent policy before its deadline. Conversion rules differ by insurer, including the age limit and permanent policy types.

How Much Does Term Life Insurance Cost?

Term life insurance costs an average of $47 per month for women and $59 for men at age 40 for a 20-year, $500,000 policy. Rates increase with age. The same coverage averages $31 for women and $38 form at age 30, compared with $286 and $395 at age 60. Your health, tobacco use, coverage amount and term length also affect what you pay.


20	Female	$11	$19	$30	$41	$51
	Male	$13	$22	$36	$50	$64
30	Female	$12	$20	$31	$43	$54
	Male	$13	$23	$38	$53	$67
40	Female	$16	$28	$47	$67	$86
	Male	$19	$35	$59	$85	$109
50	Female	$30	$59	$102	$150	$194
	Male	$38	$77	$137	$201	$262
60	Female	$74	$157	$286	$421	$545
	Male	$100	$215	$395	$589	$771
70	Female	$193	$431	$844	$1,171	$1,802
	Male	$241	$558	$1,132	$1,577	$2,586

* Rates shown are based on quotes for nonsmokers in average health. Your actual rates vary based on health, lifestyle and other factors. Request quotes from multiple providers to find the best term life insurance for your needs.

Average Cost for Smokers vs. Nonsmokers

Smoking more than triples term life insurance rates at age 40 in our analysis. Women pay an average of $148 per month as smokers versus $47 as nonsmokers for a 20-year, $500,000 policy, while men pay $194 versus $59.

Tobacco-classification rules vary by insurer. Several companies in our ranking consider applicants for nonsmoker rates after 12 months without nicotine, while Transamerica and Nationwide require two years for the classifications shown in our review.


Female	$47	$148	218% more
Male	$59	$194	231% more

* Rates shown are for 40-year-olds in average health with a 20-year, $500,000 policy.

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How to Choose the Best Term Life Insurance Policy

Key factors for selecting term life insurance:

1
Coverage Amount
Estimate how much money your beneficiaries would need to replace your income and cover major obligations such as a mortgage, other debts and education costs. A common starting point is roughly 10 times your annual income, but a needs-based calculation provides a more personalized estimate. Use our life insurance coverage calculator to quickly determine your coverage needs.
2
Term Length
Choose a term that covers your longest major financial obligation. A parent with young children or a new 30-year mortgage may need 20 to 30 years of coverage, while someone approaching retirement may need only 10 or 15 years. Longer terms cost more but keep your premium rate locked in for a longer period.
3
Rates
Compare life insurance quotes from multiple insurers. The lowest-priced company can change based on your age, health and coverage amount. Don't compare price alone. Financial strength, complaint history, conversion options and policy features can also affect the value of a policy you may keep for decades.
4
Riders and Other Benefits
Prioritize riders that solve a specific need. Accelerated death benefits give early access to part of your death benefit after a qualifying diagnosis, while waiver-of-premium riders keep coverage active during a qualifying disability. Also compare conversion privileges if you thin you'll want permanent life insurance later.
5
Provider Financial Strength & Consumer Complaints
Review AM Best ratings to evaluate an insurer's financial strength and NAIC complaint data to compare its complaint record with similarly sized insurers. All seven companies on our list hold AM Best ratings of A- or higher, while complaint indexes range from 0.05 at Pacific Life to 3.86 at Transamerica.

How to Get a Term Life Insurance Policy

Buying term life insurance takes 15 to 30 minutes online. Most carriers return a decision within days. No-exam policies can approve you in minutes, while fully underwritten policies that require a medical exam take two to six weeks.

1
Gather your information before you start
You'll need your Social Security number, driver's license, medical history, current prescriptions, height and weight, and the name and contact information of your primary care physician.
2
Complete the application
Answer health and lifestyle questions about your medical history, tobacco use, family health history and any high-risk hobbies like skydiving or rock climbing. Most online applications take 15 to 30 minutes.
3
Undergo a medical exam if required
Fully underwritten policies require a medical exam that includes blood and urine tests and takes about 30 minutes. The exam company schedules it at your home or office at no cost to you.
4
Wait for underwriting
No-exam policies return decisions within minutes to 48 hours. Fully underwritten policies take two to six weeks while the insurer reviews your medical records and exam results.
5
Review your offer
Check the coverage amount, premium, term length, beneficiary designations and any exclusions before accepting. The insurer may approve you at a higher rate than quoted if underwriting uncovers health factors.
6
Submit your first premium payment
Coverage starts on the effective date, which is the date your first payment is processed. Keep your confirmation documents and share your policy details with your beneficiaries.

Bottom Line

Banner Life is our best overall term life insurance company, combining some of the lowest rates in our analysis with seven term lengths, up to $10 million in coverage and a $4 million no-exam limit. Transamerica's low rates are worth comparing against Banner Life, Nationwide has a strong no-exam option and Fidelity Life has the lowest senior rates in our review. Compare quotes from multiple insurers, because the best company can change based on your age, health and coverage needs.

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Frequently Asked Questions

MoneyGeek's experts answered common questions about term life insurance companies and policies.

Term life insurance lasts 10 to 40 years, with 10-, 20-, and 30-year terms being the most common. Some insurers offer 40-year terms, including Banner Life and Protective, but they're less widely available. When the term ends, coverage expires unless you renew or convert your policy.

Term life insurance is worth it if you need coverage for a temporary financial obligation like replacing income while raising children or paying off a mortgage. Unlike permanent life insurance, term coverage doesn't build cash value, which helps keep premiums lower.

A common rule of thumb to determine how much term life insurance you need is to multiply your annual income by 10. Your actual need depends on your mortgage, debts, education costs, dependents, savings and other household income.

Choose a term long enough to cover your major financial obligations. Parents with young children or long mortgages may need 20 to 30 years, while buyers approaching retirement may need only 10 or 15 years. Some insurers also offer 35- and 40-year terms.

No, term life insurance policies have no cash value and cannot be cashed out. Term policies provide death benefit protection during the coverage period but don't accumulate cash value like permanent life insurance policies.

When your term expires, you can renew at rates based on your current age, convert to permanent coverage before the conversion deadline or let the policy lapse. Conversion windows vary by carrier.

Many term policies can be converted to permanent life insurance without new medical underwriting, but the permanent policy types available depend on the insurer. Check your policy's conversion deadline, eligible products and coverage limits before buying.

Life insurance death benefits paid directly to beneficiaries arent treated as taxable income. Different tax rules can apply in situations involving estates, policy transfers or interest earned on retained proceeds. Consult a qualified tax professional about your specific circumstances.

Many term life policies allow you to continue coverage after the initial level term without a new medical exam, but renewal premiums increase with age. Review your renewal and conversion options before the original term expires, especially if your health has changed.

Yes, but your options and rates depend on your condition, how well it's managed and how long it's been treated. Controlled high blood pressure, well-managed type 2 diabetes and a history of cancer in remission often qualify for standard underwriting at higher rates. More serious or recent conditions may push you toward a simplified issue or guaranteed issue policy with lower coverage limits.

About Patrick Bryant

Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.

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7 Best Term Life Insurance Companies (2026)

Best Term Life Insurance Companies

Banner Life

Transamerica

Nationwide

Pacific Life

Fidelity

Protective

Mutual of Omaha

How Does Term Life Insurance Work?

How Much Does Term Life Insurance Cost?

Average Cost for Smokers vs. Nonsmokers

Estimate Your Term Life Insurance Cost

How to Choose the Best Term Life Insurance Policy

How to Get a Term Life Insurance Policy

Bottom Line

Frequently Asked Questions

How long does term life insurance last?

Is term life insurance worth it?

How much term life insurance coverage do you need?

What's the best term length for term life insurance?

Can term life insurance be cashed out?

What happens if you outlive your term life insurance?

Can term life insurance be converted to whole life?

Are term life insurance proceeds taxable?

Can you renew a term life insurance policy when the term expires?

Can you get term life insurance with a pre-existing condition?

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About Patrick Bryant