Best Term Life Insurance Companies (2026)

Legal & General, Pacific Life and Protective are the best term life insurance companies today.

Find out if you're overpaying for life insurance below.

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Best Term Life Insurance Companies (2026)

Updated: February 2, 2026

Advertising & Editorial Disclosure

Term life insurance offers affordable coverage for a fixed period (most commonly 10, 20, or 30 years), making it a practical choice for covering temporary financial needs such as a mortgage, education expenses, or income replacement during your working years. Because term policies don’t build cash value and expire at the end of the term, they are much cheaper than permanent life insurance.

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.

Why You Can Trust MoneyGeek

We analyzed 1,488 life insurance quotes from 29 insurance companies covering ages 18 to 70 for smokers, non-smokers, men, and women at various heights, weights, and health levels across a range of term limits and coverage levels. Licensed insurance expert and industry analyst Mark Fitzpatrick has reviewed our methodology, which focuses on affordability, customer experience, and coverage options. MoneyGeek maintains editorial independence and doesn't receive compensation from insurance companies for life insurance rankings or recommendations. For more information, read our full methodology.

Compare the Best Term Life Insurance Companies

Legal & General is the best term life insurance company, with high scores for affordability, customer experience and coverage options. If budget is your main concern, consider Lincoln Financial, which has the cheapest rates. MoneyGeek also identified leaders for specific age groups and profiles, including Pacific Life for adults in their 20s and 30s, Protective for seniors, and North American for smokers.

Best For	Company	Average Monthly Rate	Term Lengths	Ages Supported	MoneyGeek Score (Out of 5)
Overall	Legal & General	$38 (Female), $47 (Male)	10-40 years	20-75	4.7
Young Adults	Pacific Life	$39 (Female), $47 (Male)	10-30 years	18-75	4.7
Seniors	Protective Insurance	$36 (Female), $44 (Male)	10-40 years	20-80	4.7
Customer Experience	Guardian Life	$40 (Female), $51 (Male)	10-30 years	18-75	4.6
No Medical Exam	Gerber Life	$46 (Female), $52 (Male)	10-30 years	18-70	4.5
Smokers	North American	$35 (Female), $43 (Male)	10-30 years	18-60	4.5
Multi-Product Bundling	Nationwide	$45 (Female), $56 (Male)	10-30 years	18-55	4.5
Cheapest	Lincoln Financial	$31 (Female), $38 (Male)	10-30 years	18-80	4.5

*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.

Legal & General

Best Overall

MoneyGeek Rating

4.7/ 5

4.7/5Affordability

4.7/5Customer Experience

4.7/5Coverage Points

Average Monthly Rate
$38 (Female), $47 (Male)
Ages Supported
20 to 75
Term Lengths
10 to 40 years

pros
- Competitive rates
- Broad age range (20 to 75)
- Up to $10 million coverage
- Extended conversion period until age 70
cons
- Medical exam required for all applicants
Legal & General is the best term life insurance company overall with a balanced 4.7 MoneyGeek score, combining competitive pricing, strong customer service and extensive coverage options. The insurer offers attractive rates for younger adults, with 25-year-olds paying $26 to $30 monthly, though premiums increase to $155 to $220 monthly by age 60. Legal & General has an A AM Best rating and earned 85% positive customer sentiment with a 0.35 NAIC complaint index.

Legal & General provides extensive coverage options up to $10 million with flexible policy terms ranging from 10 to 40 years for applicants ages 20 to 75. Riders include accelerated death benefits, child coverage, stacking riders and guaranteed insurability. You can convert your term policy to permanent coverage up to age 70, longer than most other insurers allow.
- AM Best rating: A
- NAIC complaint index: 0.35
- J.D. Power score: N/A
- Customer sentiment: 85% positive, 15% negative
- Max coverage: $10 million
- Medical exam required: Yes
- Terms available: 10-40 years
- Ages supported: 20-75
- Riders and options: Accelerated death benefit rider, child rider, stacking rider, guaranteed insurability rider, conversion options to age 70

Pacific Life

Best for Young Adults

MoneyGeek Rating

4.7/ 5

4.7/5Affordability

4.6/5Customer Experience

4.9/5Coverage Points

Average Monthly Rate
$39 (Female), $47 (Male)
Ages Supported
18 to 75
Term Lengths
10 to 30 years

pros
- Competitive rates for young adults
- Up to $3 million coverage without medical exam
- Coverage from age 18
- Multiple rider options
cons
- Higher rates for seniors
Pacific Life leads term life insurance for young adults, with a 4.7 out of 5 overall MoneyGeek score and 4.9 coverage options rating. Twenty-five-year-olds pay $26 to $30 monthly, while 40-year-olds pay $39 to $47 monthly. Pacific Life has an A rating from AM Best, a 0.08 NAIC complaint index, ranks seventh in J.D. Power satisfaction with a 657 score and earned 72% positive customer sentiment across review forums.

Coverage exceeds $10 million with a medical exam or reaches $3 million without one. Pacific Life covers ages 18 to 75 with 10-year to 30-year terms. Riders include accelerated death benefits, child term riders, waiver of premium, conversion options and guaranteed insurability.
- AM Best rating: A
- NAIC complaint index: 0.08
- J.D. Power score: 657 (seventh)
- Customer sentiment: 72% positive, 28% negative
- Max coverage: $10 million+ or $3 million without medical exam
- Medical exam required: No
- Terms available: 10 to 30 years
- Ages supported: 18 to 75
- Riders and options: Accelerated death benefit, child term rider, waiver of premium, accidental death benefit, guaranteed insurability, conversion options

Protective

Best Term Life Insurance for Seniors

MoneyGeek Rating

4.7/ 5

4.8/5Affordability

4.6/5Customer Experience

4.3/5Coverage Points

Average Monthly Rate
$36 (Female), $44 (Male)
Ages Supported
20 to 80
Term Lengths
10 to 40 years

pros
- Covers oldest age group (up to 80)
- Competitive senior rates for men and women
- A+ financial strength rating from AM Best
- Child rider with 5x conversion option
cons
- Medical exam required for all applicants
- Minimum age 20
Protective leads term life insurance for seniors, with a 4.7 overall MoneyGeek score. Seniors aged 60 pay $133 to $187 monthly, much lower than most competitors. Protective earned a 4.8 MoneyGeek affordability score with competitive pricing for younger adults: $23 to $29 for 25-year-olds and $37 to $44 for 40-year-olds.

Protective has an A+ AM Best rating and ranks ninth in J.D. Power customer satisfaction with a score of 653. The company earned 82% positive customer sentiment across review forums.

Coverage exceeds $10 million with 10-year to 40-year terms across the widest age range (20 to 80). Medical exams are required. Riders include child term coverage, accelerated death benefits, waiver of premium, accidental death benefits and guaranteed insurability. Conversion options extend to age 70.
- AM Best rating: A+
- NAIC complaint index: N/A
- J.D. Power score: 653 (9th)
- Customer sentiment: 82% positive, 18% negative
- Max coverage: $10 million+
- Medical exam required: Yes
- Terms available: 10 to 40 years
- Ages supported: 20 to 80
- Riders and options: Child term rider, accelerated death benefit, waiver of premium, accidental death benefit, guaranteed insurability, conversion options up to age 70

Guardian Life

Best Customer Experience

MoneyGeek Rating

4.6/ 5

4.6/5Affordability

4.9/5Customer Experience

4/5Coverage Points

Average Monthly Rate
$40 (Female), $51 (Male)
Ages Supported
18 to 75
Term Lengths
10 to 30 years

pros
- Second-place J.D. Power ranking (score 685)
- Exceptional financial ratings: A++ from AM Best, A+ from BBB
- Charitable benefit rider
- Full range of term options: 10, 15, 20, 30 years
cons
- Higher premiums than some competitors
- Maximum coverage limited to $5 million
Guardian Life earned a 4.9 MoneyGeek customer experience score. The company has the highest possible A++ AM Best rating and ranks second in J.D. Power customer satisfaction with a score of 685. Guardian Life's 0.08 NAIC complaint index and 90% positive customer sentiment reflect strong service quality, though premiums run higher than average. Twenty-five-year-olds pay $27 to $33 monthly, 40-year-olds pay $40 to $51, and 60-year-olds pay $145 to $215.

Guardian Life provides coverage up to $5 million with 10-year to 30-year terms for ages 18 to 75. Medical exams are required. Rider options are limited compared to competitors.
- AM Best rating: A++
- NAIC complaint index: 0.08
- J.D. Power score: 685 (second)
- Customer sentiment: 90% positive, 10% negative
- Max coverage: $5 million
- Medical exam required: Yes
- Terms available: 10 to 30 years
- Ages supported: 18 to 75
- Riders and options: Charitable benefit rider, waiver of premium, guaranteed renewability

Gerber

Best No-Exam Term Life Insurance

MoneyGeek Rating

4.5/ 5

4.5/5Affordability

4.9/5Customer Experience

4/5Coverage Points

Average Monthly Rate
$46 (Female), $52 (Male)
Ages Supported
18 to 70
Term Lengths
10 to 30 years

pros
- Up to $1 million coverage without medical exam
- Covers applicants up to age 70
- A+ financial strength rating from AM Best
- Specialized child coverage options
cons
- Higher premiums than competitors
- Lower maximum coverage limits
- Senior rates much higher than other providers
Gerber Life leads term life insurance without medical exams, with a 4.5 overall MoneyGeek score and 4.9 customer experience rating. Gerber offers competitive rates for younger adults: $29 to $38 monthly for 25-year-olds and $47 to $53 monthly for 40-year-olds. Senior premiums jump to $263 to $365 monthly at age 60.

Gerber Life has an A+ AM Best rating and 81% positive sentiment across review forums. Coverage reaches $1 million without a medical exam or $5 million with one. Gerber covers ages 18 to 70 with 10- to 30-year terms. Rider options include accelerated death benefits and child coverage.
- AM Best rating: A+
- NAIC complaint index: N/A
- J.D. Power score: N/A
- Customer sentiment: 81% positive, 19% negative
- Max coverage: $5 million, or $1 million without medical exam
- Medical exam required: No
- Terms available: 10 to 30 years
- Ages supported: 18 to 70
- Riders and options: Accelerated death benefit, child coverage, guaranteed issue options

North American

Best Term Life Insurance for Smokers

MoneyGeek Rating

4.5/ 5

4.8/5Affordability

4.6/5Customer Experience

3.3/5Coverage Points

Average Monthly Rate
$35 (Female), $43 (Male)
Ages Supported
18 to 60
Term Lengths
10 to 30 years

pros
- Competitive rates for smokers across age groups
- Over $10 million coverage
- Dual A+ ratings from BBB and AM Best
cons
- Limited age range (18 to 60 only)
- Medical exam required for all applicants
- No rider options
North American leads MoneyGeek's rankings for smokers seeking term life insurance, with a 4.8 affordability score and 4.5 overall rating. North American has the second-lowest premiums across age groups: $22 to $28 monthly for 25-year-olds, $35 to $43 monthly for 40-year-olds and $123 to $177 monthly for 60-year-olds. The company earned a 4.6 MoneyGeek customer experience score, an A+ A.M. Best rating and 77% positive customer sentiment.

Coverage exceeds $10 million but requires medical exams. North American offers standard 10-year to 30-year terms and covers ages 18 to 60, lower than most competitors. No rider information is available, indicating the company prioritizes competitive base pricing over customization options.
- AM Best rating: A+
- NAIC complaint index: N/A
- J.D. Power score: N/A
- Customer sentiment: 77% positive, 23% negative
- Max coverage: $10 million+
- Medical exam required: Yes
- Terms available: 10 to 30 years
- Ages supported: 18 to 60
- Riders and options: N/A

Nationwide

Best for Product Bundling

MoneyGeek Rating

4.5/ 5

4.4/5Affordability

4.9/5Customer Experience

4.3/5Coverage Points

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

pros
- Strong multi-product integration benefits
- Up to $1.5 million coverage without medical exam
- Fifth place J.D. Power ranking
- Comprehensive rider selection, including return of premium
cons
- Limited age range (18 to 55)
- Higher premiums than competitors
Nationwide allows you to bundle life insurance with home and auto coverage for additional savings, earning a 4.9 customer experience score and 4.5 overall MoneyGeek rating. Twenty-five-year-olds pay $32 to $41 monthly, and 40-year-olds pay $45 to $56. Nationwide earned an A+ AM Best financial strength rating, ranks fifth in J.D. Power's customer satisfaction survey and has 77% positive customer sentiment.

Nationwide provides coverage exceeding $10 million with a medical exam or up to $1.5 million without one on 10-year to 30-year terms. Nationwide covers ages 18 to 55 — more restrictive than most providers. Riders include accelerated death benefits, child term coverage, waiver of premium and guaranteed insurability.
- AM Best rating: A+
- NAIC complaint index: N/A
- J.D. Power score: 666 (5th)
- Customer sentiment: 77% positive, 23% negative
- Max coverage: $10 million+, or $1.5 million without medical exam
- Medical exam required: No
- Terms available: 10-30 years
- Ages supported: 18-55
- Riders and options: Accelerated death benefit, child term rider, waiver of premium, accidental death benefit, return of premium, guaranteed insurability, multi-product bundling with other Nationwide products

Lincoln Financial

Cheapest Term Life Insurance

MoneyGeek Rating

4.5/ 5

5/5Affordability

3.6/5Customer Experience

4.5/5Coverage Points

Average Monthly Rate
$31 (Female), $38 (Male)
Ages Supported
18 to 80
Term Lengths
10 to 30 years

pros
- Lowest average premiums across age groups
- Wide age range coverage (18 to 80)
- Up to $1 million no medical exam coverage
cons
- Lower customer experience score
- Limited rider options compared to competitors
Lincoln Financial has the lowest rates across all age groups, with 25-year-olds paying $18 to $23 monthly, 40-year-olds paying $31 to $38, and 60-year-olds paying $103 to $145.

These low premiums appeal to cost-focused buyers, but customer satisfaction lags behind other insurers. Lincoln Financial maintains an AM Best financial strength rating of A and ranks 10th in J.D. Power's satisfaction survey. Customer sentiment across review forums is evenly split at 50% positive and 50% negative.

Lincoln Financial covers ages 18 to 80 or up to 60 without a medical exam. Coverage reaches $1 million without a medical exam or $5 million with one on 10-year to 30-year terms. Rider options are limited, as Lincoln Financial prioritizes low pricing for basic term life insurance.
- AM Best rating: A
- NAIC complaint index: N/A
- J.D. Power score: 652 (10th)
- Customer sentiment: 50% positive, 50% negative
- Max coverage: $5 million, or $1 million without medical exam
- Medical exam required: No
- Terms available: 10 to 30 years
- Ages supported: 18 to 80, or 18 to 60 without medical exam
- Riders and options: Accelerated death benefit

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.

How Much Does Term Life Insurance Cost?

Term life insurance costs vary based on age, gender, health and coverage amount. On average among top providers, a healthy 25-year-old woman pays around $26 per month for $500,000 coverage on a 20-year term, while men pay $32. By age 40, women pay an average of $39 monthly, and men pay $47. At age 60, a 10-year term costs $157 monthly on average for women and $218 for men.

The tables below show rates from top insurers for nonsmoking applicants with average health buying $500,000 in coverage:


Lincoln Financial	$18 (F), $23 (M)	$31 (F), $38 (M)	$103 (F), $145 (M)
North American	$22 (F), $28 (M)	$35 (F), $43 (M)	$123 (F), $177 (M)
Protective	$23 (F), $29 (M)	$37 (F), $44 (M)	$133 (F), $187 (M)
Legal & General	$26 (F), $30 (M)	$38 (F), $47 (M)	$155 (F), $220 (M)
Pacific Life	$26 (F), $30 (M)	$39 (F), $47 (M)	$155 (F), $220 (M)
Guardian Life	$27 (F), $33 (M)	$40 (F), $51 (M)	$145 (F), $215 (M)
Gerber Life	$30 (F), $38 (M)	$47 (F), $53 (M)	$263 (F), $365 (M)
Nationwide	$32 (F), $41 (M)	$45 (F), $56 (M)	N/A (F), N/A (M)

*Rates shown for ages 25 and 50 are for $500,000 in coverage on 20-year terms. Rates shown for age 60 are for 10-year terms. 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.

How to Choose the Best Term Life Insurance Policy

Key factors for selecting term life insurance:

1
Coverage Amount
Calculate coverage based on 10 to 12 times your annual income, plus mortgage balance and children's education costs. Subtract existing savings and your spouse's income to find your coverage gap. Coverage limits drop substantially without a medical exam.
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. 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
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 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.

Legal & General leads MoneyGeek's rankings for the best term life insurance, while Lincoln Financial offers the cheapest term life insurance rates, and Pacific Life is the best for young adults. Compare term lengths, coverage amounts and premiums to find coverage that fits your needs and budget.

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 for term life insurance coverage 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. Use our life insurance calculator for a more personalized assessment of your coverage needs.

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?

Coverage ends when your term expires unless you renew at higher rates based on your current age. Convert to whole life insurance if you need coverage beyond the term. Top term life insurers offer flexible conversion options and competitive rates for long-term coverage.

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. This allows you to continue coverage when the term expires without a medical exam, but premiums will likely increase based on your current age. For example, a $100 monthly premium might jump to $400 when you renew at age 60.

Finding the Best Term Life Insurance Policies: Expert Advice

Our Review Methodology

We analyzed 1,488 life insurance quotes from 29 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.

Term Life Insurance Coverage: Related Articles

About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

Read Full Bio »