Best Term Life Insurance Companies (2026)

Banner Life, Transamerica and Nationwide are the best term life insurance companies in 2026, based on MoneyGeek's analysis of 25 top carriers.

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Best Term Life Insurance Companies (2026)

Written by Patrick Bryant

Updated: May 27, 2026

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Key Takeaways

The best term life insurance varies widely by age and coverage level. For a 40-year-old woman on a 20-year, $500,000 policy, the gap between the cheapest and most expensive carrier in our analysis reached $144 per year. Comparing quotes from at least three insurers is the most effective way to lower your premium.

Healthy applicants who complete a medical exam pay 8% to 15% less than those who skip it. If your health is good, the exam is almost always worth doing.

A common coverage mistake is underestimating how much you need. Start with 10 times your annual income, add your mortgage balance and $100,000 per child, then subtract existing savings.

Most term policies include conversion options, but deadlines and eligible products vary by carrier. If permanent coverage is part of your long-term plan, confirm conversion terms before you buy.

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-olds at $37 per month for women and $46 for men on a 20-year, $500,000 policy. But Fidelity's $23 monthly rate leads the field for 25-year-old women, and its pricing advantage widens to $65 or more per month for 70-year-olds.

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.

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

*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 overall term life insurance company, backed by an A+ AM Best rating and a low NAIC complaint index of 0.16. 40-year-old women pay an average of $37 per month for a 20-year, $500,000 policy, while men pay $46 per month. The company’s competitive pricing holds up across age groups as well.

Banner Life offers seven term lengths from 10 to 40 years and no-exam coverage up to $4 million, the highest no-exam limit on this list. Coverage is available for applicants ages 20 to 75, and its conversion options give you flexibility as your needs change.
- AM Best rating: A+
- NAIC complaint index: 0.16
- J.D. Power score: N/A
- BBB rating: N/A
- Max coverage: $10,000,000 ($4,000,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30, 35, 40
- Ages supported: 20-75
- Riders and options: Accidental death benefit, waiver of premium, child rider, conversion
New York residents can't buy directly from Banner Life. The company writes policies in the state through its affiliate, William Penn, which adds a step to the process. Applicants under 20 are also excluded, where Transamerica and Pacific Life both start at 18. If third-party service validation matters to you, Banner has no J.D. Power score or BBB rating. Its NAIC complaint index of 0.16 is strong, but Nationwide (J.D. Power: 695) and Mutual of Omaha (J.D. Power: 707) offer more documented track records.

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
- Max coverage: $10,000,000 ($2,000,000 without a medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion
Transamerica's price advantage is real, but so is the service trade-off. The company's NAIC complaint index of 3.86 is the highest on our list, nearly 48 times Nationwide's 0.08, and its J.D. Power score of 604 ranked 19th in the most recent study. Healthy applicants who want the lowest rate and expect minimal insurer interaction will find the value here. Anyone with a complex underwriting profile, active dependents or a long expected policy relationship should weigh that complaint gap seriously before committing.

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 option, with a coverage limit that matches its full policy maximum of $1.5 million. The company also ranks well for customer satisfaction and reliability. Its NAIC complaint index of 0.08 is the second lowest among the companies reviewed, and its J.D. Power score of 695 ranked third in the most recent study.

Nationwide’s main drawback is its limited eligibility. The company only covers applicants ages 21 to 55, and the $1.5 million coverage cap is lower than what many competitors offer.
- AM Best rating: A+
- NAIC complaint index: 0.08
- J.D. Power score: 695 (3rd)
- BBB rating: A+
- Max coverage: $1,500,000
- Medical exam required: No
- Terms available: 10, 15, 20, 30
- Ages supported: 21-55
- Riders and options: Accidental death benefit, waiver, child rider, conversion
The lower coverage cap is a dealbreaker for many applicants. Nationwide's $1.5 million maximum is the lowest among companies we reviewed, and it won't cover anyone outside the 21 to 55 age window. If you're 56 or older, need more than $1.5 million in coverage, or want to lock in a policy before age 21, you'll need to look elsewhere. Banner Life and Pacific Life both reach $10 million in coverage and support a much wider age range.

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 has the broadest term life insurance coverage options, offering high coverage limits, broad eligibility and a very low complaint record. Coverage amounts reach up to $10 million, and no-exam applicants can qualify for up to $3 million, the second-highest no-exam limit among the companies reviewed. Policies are available to applicants ages 18 to 80, with five term lengths ranging from 10 to 30 years.

Pacific Life also delivers strong reliability and customer experience. Its NAIC complaint index of 0.05 is the lowest on this list, and its A+ rating from AM Best shows strong financial stability.
- AM Best rating: A+
- NAIC complaint index: 0.05
- J.D. Power score: 652 (10th)
- BBB rating: N/A
- Max coverage: $10,000,000 ($3,000,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion
Conversion flexibility is limited here compared to most competitors. Pacific Life only lets you convert your term policy to a universal life product, while Banner Life, Transamerica and Mutual of Omaha all offer broader permanent conversion options. If whole life conversion is important to your long-term planning, Pacific Life isn't the right fit.

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, offering the lowest rates in our analysis for older applicants. A 70-year-old woman pays an average of $132 per month for a 10-year, $250,000 policy, while a man pays $172 per month. That's at least $65 per month less than the next-cheapest competitor and $107 less than Mutual of Omaha's $239. The company also features a fully digital application process that’s faster and more convenient than many traditional carriers. Fidelity Life offers five term lengths ranging from 10 to 30 years for applicants ages 18 to 70.

Fidelity’s AM Best rating of A- is the lowest among the companies in our analysis, but rider options are limited and the no-exam coverage cap is only $250,000.
- AM Best rating: A-
- NAIC complaint index: 1.66
- J.D. Power score: N/A
- BBB rating: A+
- Max coverage: $10,000,000 ($250,000 without medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 25, 30
- Ages supported: 18-70
- Riders and options: Accidental death benefit, conversion
The no-exam cap of $250,000 is a hard ceiling that rules Fidelity out for a large share of applicants. Anyone needing more than $250,000 without a medical exam should consider Banner Life ($4 million), Pacific Life ($3 million) or Nationwide ($1.5 million) instead. Fidelity's AM Best rating of A- is also the lowest in our list, a gap that matters if long-term financial strength is a priority. Its pricing advantage for seniors is strong, but outside that profile the value case weakens.

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 no-exam policy option
Protective offers seven term lengths, ranging from 10 to 40 years, more than any competitor except Banner Life, who has the same number of options. It’s also the only provider on our list that pairs 35- and 40-year terms with an entry age as low as 18, so it’s a strong choice for young buyers who want to lock in long-term coverage early.

Rates average $31 per month for a 25-year-old woman purchasing a 20-year, $500,000 policy and increase to $42 for 40-year-old women at the same coverage level. Protective holds an A+ rating from AM Best. While the company has a $10,000,000 coverage limit, all applicants must complete a medical exam.
- AM Best rating: A+
- NAIC complaint index: 0.21
- J.D. Power score: 597 (21st)
- BBB rating: N/A
- Max coverage: $10,000,000
- Medical exam required: Yes
- Terms available: 10, 15, 20, 25, 30, 35, 40
- Ages supported: 18-75
- Riders and options: Accidental death benefit (terminal), waiver, child rider, conversion
A medical exam is required for every applicant, with no exceptions. If no-exam coverage is a priority, whether for convenience or because a health condition makes the exam process uncertain, every other provider on this list offers at least some no-exam option. Protective also earned the lowest J.D. Power score among rated carriers on this list at 597, ranking 21st in the most recent study. Its seven term lengths and A+ AM Best rating are genuine strengths, but the exam requirement and service scores make it a harder sell for some applicants.

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 company for customer experience. It earned the highest ranking in J.D. Power’s life insurance customer satisfaction study among the companies reviewed, with a score of 707. The company also holds strong financial and customer service ratings, including an A+ rating from AM Best and an A+ rating from the Better Business Bureau. Plus, simplified underwriting means more people qualify.

Coverage is available for ages 18 to 80, with four term lengths ranging from 10 to 30 years and policy amounts up to $10 million. A 40-year-old woman pays about $49 per month and men pay about $60 per month, the most expensive rates in our review for that age group. No-exam coverage is available but capped at $300,000.
- AM Best rating: A+
- NAIC complaint index: 0.51
- J.D. Power score: 707 (1st)
- BBB rating: A+
- Max coverage: $10,000,000 ($300,000 without a medical exam)
- Medical exam required: No
- Terms available: 10, 15, 20, 30
- Ages supported: 18-80
- Riders and options: Accidental death benefit, waiver, child rider, conversion
You'll pay a premium for Mutual of Omaha's strong service reputation, at $49 per month for 40-year-old women and $60 for men. The company is the most expensive carrier on our list for that profile, running $12 more per month than Banner Life for women and $14 more for men. Over a 20-year term, that gap adds up to $2,880 for women or $3,360 for men.

Its J.D. Power score of 707 leads all rated carriers on our list, and its A+ ratings from both AM Best and the BBB are hard to match. But if your health is good, your profile is straightforward and you don't expect to lean on customer service, that price premium doesn't buy you much.

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.

Terms range from 10 to 40 years, though most companies cap term lengths at 30 years. In our analysis, 20-year terms were the most common choice for applicants ages 30 to 50, offering a balance between cost and coverage window. Ten-year terms work for short-term debt obligations. Thirty- and 40-year terms suit younger buyers who want to lock in rates while their health is strongest.

When the term ends, you can renew at rates based on your current age, convert to permanent coverage or let the policy lapse. Conversion deadlines vary widely by carrier. Banner Life, Transamerica and Mutual of Omaha offer broader permanent conversion options, but Pacific Life converts only to universal life. Confirm conversion terms before you buy if long-term coverage is part of your plan.

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, $65 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.

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How to Choose the Best Term Life Insurance Policy

Key factors for selecting term life insurance:

1
Coverage Amount
Start with 10 times your annual income, add your mortgage balance and $100,000 per child, then subtract existing savings. In our analysis, the most common coverage gap appeared among 30- to 45-year-olds: nearly half selected $500,000 or less when their actual calculated need exceeded $1 million. Education costs are the most frequently underestimated variable. Use our life insurance coverage calculator to quickly determine how much coverage you need.
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
Rates
Compare quotes from at least three insurers. The carrier that's cheapest at 25 often isn't the best choice at 40. Our analysis shows Fidelity leads for 25-year-old women and reclaims the top position at 70, but falls mid-pack for 40-year-olds. Your health profile matters too. Some carriers offer better rates for certain conditions or habits like smoking. Balance premiums against financial stability and complaint history.
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
Provider Financial Strength
Check AM Best financial strength ratings to assess a carrier's ability to pay claims. On this list, five of seven carriers hold an A+ rating. Fidelity's A- rating is the lowest in our list, which matters less if you're selecting a short-term policy but more if you expect to hold coverage for 20 to 30 years. Transamerica holds an A rating, two notches below the top tier of A++ (Superior), and its complaint index of 3.86 is the highest on this list, a combination worth weighing for any long policy.

Bottom Line

The right term life insurance company depends more on your age and profile than on any single ranking. Banner Life leads for most 40-year-old applicants and offers the widest no-exam coverage limit at $4 million. Transamerica matches Banner Life on price at 40 while serving a broader applicant range, but its NAIC complaint index is the highest on our list. Nationwide is the right call if you want no-exam coverage without a separate limit below your full policy amount. Fidelity is the clear choice for applicants over 65. If customer service history matters, and it should for a 20- or 30-year policy relationship, Mutual of Omaha's J.D. Power score of 707 leads all rated carriers here, but that comes at a cost premium you'll want to weigh against other providers.

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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?

Term life insurance costs depend on your age, health, policy length and coverage amount. Younger, healthier applicants pay less. Tobacco use can double or triple your premiums. Women pay 20% to 30% less than men due to longer life expectancy. Your occupation and lifestyle also affect rates, with riskier activities leading to higher premiums.

How much term life insurance coverage do you need?

A common rule of thumb to determine how much term life insurance you need is to multiply your annual income by 10. This number may not be sufficient for families with children, though, because college expenses add up quickly. Adding $100,000 per child to your coverage is recommended to account for education expenses.

Can term life insurance be cashed out?

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.

What happens if you outlive your term life insurance?

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.

Can term life insurance be converted to whole life?

Most term life insurance policies include conversion options to whole life insurance without medical exams. Conversion deadlines and coverage limits vary by insurer. Review your policy details and contact your insurance company about conversion requirements.

Are term life insurance proceeds taxable?

Term life insurance death benefits are not taxable income for beneficiaries. Exceptions include policies transferred for valuable consideration or proceeds paid to estates subject to estate taxes. Consult a tax professional for guidance on your specific tax situation.

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

Most term life insurance companies offer guaranteed renewability, letting you continue coverage without a medical exam when the term expires. Premiums increase based on your current age at renewal. A 40-year-old paying $37 per month for a Banner Life policy today would pay much more for the same policy at 60, which is why converting to permanent coverage before the window closes is worth evaluating while you still qualify.

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.

Read Full Bio »

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?

Estimate Your Term Life Insurance Cost

How to Choose the Best Term Life Insurance Policy

Bottom Line

FAQ: Best Term Life Insurance

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?

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