Best Term Life Insurance Companies (2026)


Banner Life, Transamerica and Nationwide are the best term life insurance companies today.

Compare term life insurance quotes from top providers.

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Term life insurance looks like a commodity product: pick a term, pick a coverage amount, get the lowest price. But when we analyzed quotes across 25 companies, three patterns changed how we think about our recommendations for the top life insurance companies.

  • Carriers that require a medical exam consistently priced 8% to 15% below no-exam competitors for healthy 40-year-old applicants on a 20-year, $500,000 policy. If you're in good health, completing the exam is almost always worth it.
  • The pricing leader also changes across age groups more than any other insurance category we track. The carrier that's cheapest at 25 often isn't competitive at 45.
  • NAIC complaint volume is more variable than in auto or home insurance. The spread between the lowest complaint index in our analysis (Pacific Life: 0.05) and the highest (Transamerica: 3.86) is wider than most markets. For a product you may hold for 30 years, that gap is worth considering.

We analyzed the best term life insurance companies based on financial strength, premium affordability, policy features, and customer satisfaction. The best insurer for you will depend on your age, health, coverage goals, and whether you want the option to convert your policy to permanent coverage in the future.

Compare the Best Term Life Insurance Companies

When we analyzed thousands of quotes from 25 top term life insurance companies, the most important pattern wasn't about which carrier is cheapest overall. It was about how much your age determines which carrier wins for you.

Banner Life leads for most 40-year-old applicants at $37 per month for women and $46 for men on a 20-year, $500,000 policy. But Penn Mutual's $18 monthly rate undercuts the field for 25-year-old women, and Fidelity's pricing advantage widens to $40 or more per month for applicants over 65.

The pricing spread between the cheapest and most expensive carrier for a 40-year-old reaches $12 per month for women, or $144 per year for identical coverage. If you're unlikely to file a claim for decades, rate leadership matters most. If you have dependents and a tight financial margin, the carrier who pays claims cleanly matters more.

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

*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.

Company Image

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
Company Image

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
Company Image

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
Company Image

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
Company Image

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
Company Image

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
Company Image

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

How Does Term Life Insurance Work?

Term life insurance provides coverage for a specified period or "term." You pay fixed premiums throughout the term. If you die during that period, the insurance company pays a death benefit to your beneficiaries.

Term life insurance policies usually range from 10 to 30 years based on your needs. When terms expire, you can renew at higher premiums or convert to permanent life insurance for lifetime coverage.

Learn more: Benefits of Term Life Insurance

How Much Does Term Life Insurance Cost?

Term life insurance cost varies based on age, gender, health and coverage amount. But the pattern that surprised us most in our analysis was how dramatically the competitive rankings shift across age groups. 

At age 25, Fidelity leads for women at $23 per month, while Nationwide and Pacific Life tie for the lowest men's rate at $33. By age 40, Banner Life and Transamerica tie for the lowest women's rate at $37 per month, and the age-25 leaders have fallen out of the top positions entirely.

At age 70, Fidelity reclaims the top spot for women at $132 per month, $50 less than the next-cheapest competitor and $107 less than Mutual of Omaha's $239. That advantage didn't exist for middle-aged applicants, where Fidelity ranked among the more expensive options.

The carrier that's right for you at 25 may not be the best choice when you reapply at 50. Always get new quotes before purchasing a new term policy to find the best rate.

Banner Life
$28 (Female), $34 (Male)
$37 (Female), $46 (Male)
$182 (Female), $294 (Male)
Transamerica
$32 (Female), $38 (Male)
$37 (Female), $46 (Male)
$204 (Female), $297 (Male)
Nationwide
$27 (Female), $33 (Male)
$45 (Female), $56 (Male)
N/A
Pacific Life
$28 (Female), $33 (Male)
$38 (Female), $54 (Male)
$197 (Female), $297 (Male)
Fidelity
$23 (Female), $35 (Male)
$44 (Female), $58 (Male)
$132 (Female), $172 (Male)
Protective
$31 (Female), $36 (Male)
$42 (Female), $54 (Male)
$213 (Female), $325 (Male)
Mutual of Omaha
$34 (Female), $40 (Male)
$49 (Female), $60 (Male)
$239 (Female), $337 (Male)

*Rates shown for ages 25 and 40 are for $500,000 in coverage on 20-year terms. Rates shown for age 70 are for 10-year terms at $250,000. Your actual rates vary based on health, lifestyle and other factors. Rates require underwriting approval. Request quotes from multiple providers to find the best term life insurance for your needs.

Further reading: Is Term Life Insurance Worth It?

How to Choose the Best Term Life Insurance Policy

Key factors for selecting term life insurance:

  1. 1
    Coverage Amount

    The most common coverage gap we saw was among 30- to 45-year-olds who underestimated education costs. A practical starting point is to multiply your income by 10, add your mortgage balance and $100,000 per child, then subtract existing savings. Many applicants in our data selected $500,000 or less when their actual need exceeded $1 million. Use our life insurance calculator to quickly determine how much coverage you need.

  2. 2
    Term Length

    Choose a term covering your highest-risk financial period, usually until your mortgage is paid and children are independent. Longer terms cost more upfront but protect against future health changes. Ten-year terms work for short-term debts. Twenty-year to 30-year terms suit families with mortgages and young children.

  3. 3
    Rates

    Compare quotes from at least three insurers. Rates vary by provider for identical coverage. Your health profile might favor certain insurers. Some offer better rates for smokers or people with health conditions, such as those who are overweight. Balance premiums against the company's financial stability and customer service ratings.

  4. 4
    Riders and Other Benefits

    Customize your plan with riders. Accelerated death benefit riders let you access coverage if terminally ill. Waiver of premium continues coverage if disabled. Conversion options let you switch to permanent coverage without a medical exam. Skip unnecessary riders that increase premiums.

  5. 5
    Provider Financial Strength

    Check AM Best financial strength ratings showing an insurance company's ability to pay claims. Look for A+ or A++ ratings.

Bottom Line

Term life insurance provides affordable financial protection for your loved ones during vulnerable years. The right term policy covers you while raising a family, paying off debt or funding children's education.

Banner Life leads MoneyGeek's rankings for the best term life insurance, while Transamerica offers the cheapest term life insurance rates, and Nationwide is the best option for no-exam policies. Compare term lengths, coverage amounts and premiums to find coverage that fits your needs and budget.

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FAQ: Best Term Life Insurance

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

What factors affect term life insurance cost?

How much term life insurance coverage do you need?

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?

Finding the Best Term Life Insurance Policies: Expert Advice

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Our Review Methodology

We analyzed thousands of life insurance quotes from 25 companies alongside customer satisfaction, financial stability reports, product offerings and more to determine the best term life insurance companies.

MoneyGeek created a scoring system to compare the best term life insurance companies across three categories and ranked them based on their scores. 

MoneyGeek’s Scoring System 

Companies earn up to five points in each category in our unique scoring system. We then use these category scores to calculate an overall MoneyGeek score out of five. We applied the following weightings to score insurers:

  • Affordability (50%): How competitive and reasonable the provider's premium rates are compared to other insurers in the market, based on quotes obtained from the provider.
  • Customer experience (30%): The quality of customer service, claims processing efficiency, and overall satisfaction based on customer feedback and industry ratings.
  • Coverage options (20%): The variety and flexibility of term life insurance products offered, including different policy terms, ages covered, coverage limits, riders, and customization features available to meet diverse customer needs.

Each company’s score incorporates:

  • Cost data obtained through online quotes
  • Financial strength ratings from AM Best and the number of years in business
  • Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index, review forums, J.D. Power, and the BBB
  • Availability of tools to aid in the buying process, such as online product materials and multiple payment options
  • Diversity of life insurance products offered

Sample Customer Profile 

MoneyGeek used a standard profile to get life insurance quotes:

  • 40-year-old male
  • Nonsmoker
  • 5 feet, 9 inches tall, 160 pounds
  • Average health rating

Premiums are based on the standard profile unless otherwise noted. In some cases, we modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.

We identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was originally collected.

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About Patrick Bryant


Patrick Bryant headshot

Patrick Bryant is Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches and writes about life and health insurance products and maintains the scoring methodologies that underpin MoneyGeek's provider comparisons in both verticals. His scoring methodologies for both verticals are reviewed and updated quarterly to reflect current carrier data and market conditions.

Life Insurance

For life insurance, Bryant analyzed more than 50 carriers across term, whole life, universal life, indexed universal life, guaranteed acceptance, no-exam, and final expense products in all 50 states, collecting thousands of quotes across age, gender, health status, coverage level, and tobacco use profiles. He has produced articles covering life insurance reviews, best of guides, rate analysis guides and informational resources to help consumers better understand policy options, pricing factors, underwriting requirements, and how to choose coverage that fits their financial goals.

Health Insurance

For health insurance, he reviews providers across all 50 states using CMS exchange data, Quality Rating System ratings, and claim denial rates covering individual and family plans, Medicare Advantage, and Medicare Supplement plans. He has analyzed plan costs, benefits, network strength, and out-of-pocket exposure across a wide range of consumer profiles, producing in-depth reviews, best-of rankings, and educational guides to help individuals and families compare options and choose coverage that aligns with their healthcare needs and budget.

Before specializing in insurance, Bryant spent four years at Forbes Advisor reviewing small business software and services. During that time, he developed the product review and data methodology skills he now applies to carrier analysis at MoneyGeek. Earlier roles at ClickGiant and Benefitfocus involved direct content work for insurance agents, carriers and employee benefits partners including Allstate and Aflac.

Education

  • M.A., English, Winthrop University
  • B.A., English, Winthrop University

Expertise

Life Insurance, Health Insurance, Medicare Advantage, Medicare Supplement