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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Best Term Life Insurance Companies (2026)

Updated: March 17, 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 thousands of quotes from 25 life insurance companies covering ages 18 to 80 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

Banner Life is the best term life insurance company, with high scores for affordability, customer experience and coverage options. If budget is your main concern, consider Transamerica, which has the cheapest rates. We also identified leaders for specific features and profiles, including Fidelity for seniors, Nationwide for no-exam policies and Mutual of Omaha for customer experience.


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 with a 4.5 out of 5 MoneyGeek score, 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

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

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

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

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 $40 per month less than the next-cheapest competitor. 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, 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

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 $27 per month for a 20-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 and earns a MoneyGeek score of 4.1 out of 5. While the company has a high $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

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

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. On average among top providers, a healthy 25-year-old woman pays around $32 per month for $500,000 coverage on a 20-year term, while men pay $42. By age 40, women pay an average of $50 monthly, and men pay $63. At age 70, a 10-year term policy at $250,000 costs $223 monthly on average for women and $327 for men.


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
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.

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?

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. 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 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.

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 »

Best Term Life Insurance Companies (2026)

Compare the 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?

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?

Finding the Best Term Life Insurance Policies: Expert Advice

Our Review Methodology

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