Updated: September 11, 2025
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Term life insurance offers affordable, time-limited coverage, making it ideal for protecting income, paying off debt or securing your family's future.
Nationwide, Allstate and GEICO are top-rated providers offering strong term life options for various budgets and life stages.
Premiums and eligibility depend on your age, health and preferred coverage length. Most policies range from 10 to 30 years with fixed monthly payments.
Nationwide leads MoneyGeek's rankings for the best term life insurance companies with a score of 97 out of 100 for overall value, offering the best combination of competitive rates and comprehensive coverage options. Allstate offers the most affordable rates, while GEICO excels in senior coverage and customer service. State Farm provides the best no-medical-exam options.
Category | Company | MoneyGeek Score | Monthly Premium |
|---|---|---|---|
Best Overall | Nationwide | 97 | $16 |
Cheapest | Allstate | 94 | $12 |
Best for seniors and customer satisfaction | GEICO | 96 | $176 |
Best for no medical exam | State Farm | 99 | $22 |
Your actual rates may vary based on health, lifestyle and other factors. Rates subject to underwriting approval.
Nationwide earned a MoneyGeek score of 97 out of 100 for term life insurance, making it the best-rated company. On average, it charges a $16 monthly premium for a $250,000 10-year term policy.
Nationwide excels in the term life insurance market with a MoneyGeek score of 97 out of 100. It brings 97 years of expertise, offering term coverage amounts from $250,000 up to $1.5 million and term lengths of 10, 15, 20 or 30 years.
While the $16 monthly premium for a $250,000 10-year term policy might not fit everyone's budget, Nationwide compensates with strong financial stability and excellent customer service. Features like 24/7 online chat support and various payment options add convenience. Nationwide's comprehensive product line, including no-exam policies, makes it a solid choice for term life insurance.
Allstate is the best option for budget-conscious consumers seeking term life insurance. With a MoneyGeek score of 94 out of 100, the company offers a highly competitive $12 monthly premium for a $250,000 10-year term policy.
Despite a higher rate of customer complaints, Allstate's strong financial stability, evidenced by an A+ AM Best rating, adds reliability. The company also offers a wide range of term lengths, from 10 to 40 years, and coverage amounts from $100,000 to $50 million. While Allstate doesn't issue its own policies, its diverse product offerings and affordability make it a strong contender in the term life insurance market.
GEICO earns a MoneyGeek score of 96 out of 100 as the best term life insurance company for seniors. GEICO's policies cost an average of $176 monthly for older policyholders and deliver the highest customer service scores among term life insurers.
GEICO partners with insurers like Ladder to offer coverage since GEICO doesn't issue life insurance directly. Ladder maintains an A++ AM Best rating and low customer complaint rates. Coverage ranges from $100,000 to $8 million through term life and no-exam policy options.
GEICO brings 87 years of insurance experience and convenient mobile app access to life insurance shopping, making GEICO ideal for seniors prioritizing customer service and digital convenience.
State Farm has the best no-exam term life insurance, with a MoneyGeek score of 99 out of 100. It offers term life coverage starting at $100,000 with various term lengths.
State Farm excels in offering no-exam term life insurance policies, making it a convenient choice for those who prefer to skip the medical exam. It earned a MoneyGeek score of 99, and an A++ AM Best rating backs the company's financial stability.
Having been in business for 101 years, State Farm offers a range of products, including term, whole and universal life insurance and final expense policies. While the buying process and customer support could improve, the company's strong financial standing and product diversity make it a reliable choice for no-exam policies.
A 30-year-old pays about $16 monthly for $250,000 in 10-year coverage, while a 50-year-old pays $45 for the same policy. Waiting even five years can cost you hundreds annually. That same 30-year-old will pay $20 monthly for 20-year coverage instead of $16 for 10-year coverage. The extra $4 monthly protects you from rate increases if your health changes.
Your actual rates may vary based on health, lifestyle, and other factors. Rates subject to underwriting approval.
Ten-year policies offer the lowest monthly premiums. Rates jump dramatically with age: a 30-year-old pays $16 for $250,000 coverage, but waiting until 50 costs $45 monthly (that's $348 more per year). Doubling coverage from $250,000 to $500,000 adds just $4-9 monthly across all ages, making higher coverage a smart value.
| 30 | $16 | $20 | $35 |
| 40 | $23 | $29 | $53 |
| 50 | $45 | $65 | $117 |
| 60 | $91 | $141 | $271 |
| 70 | $243 | $410 | $719 |
Longer terms cost more but lock in rates for two decades. The premium jump from 10-year to 20-year coverage is modest: just $4 more monthly at age 30, $6 more at age 40. However, waiting until 50 for a 20-year policy costs $64 monthly versus $20 at age 30 (a $10,560 difference over the life of the policy).
| 30 | $20 | $28 | $50 |
| 40 | $29 | $44 | $83 |
| 50 | $64 | $106 | $203 |
| 60 | $164 | $286 | $556 |
| 70 | $752 | $1,481 | $2,988 |
Company choice can save you thousands. For $250,000 coverage, Allstate and Transamerica tie at $12 monthly, while Gerber charges $76 ($768 annually for identical coverage). Mid-range options like Nationwide ($16) and AAA ($17) offer competitive rates with strong financial ratings. Progressive ($31) costs nearly triple the cheapest options.
| Allstate | $12 | $18 | $29 |
| Transamerica | $12 | $17 | $26 |
| GEICO | $13 | $19 | $26 |
| Protective | $13 | $20 | $31 |
| Nationwide | $16 | $22 | $33 |
| Mutual of Omaha | $17 | $26 | $46 |
| Prudential | $17 | $32 | $63 |
| AAA | $17 | $25 | $42 |
| Fidelity | $20 | $32 | $93 |
| Haven | $22 | $38 | $70 |
| State Farm | $22 | $31 | $48 |
| Bestow | $27 | $48 | $88 |
| Progressive | $31 | $52 | $93 |
| Gerber | $76 | N/A | N/A |
Price gaps widen significantly with longer terms. Allstate leads at $17 monthly for $250,000 coverage, while Gerber charges $80 — a $15,120 difference over 20 years. Notice how some companies like Transamerica and GEICO maintain competitive rates across both 10 and 20-year terms, while others like Progressive and Fidelity become less competitive for longer coverage periods.
| Allstate | $17 | $28 | $49 |
| Transamerica | $18 | $28 | $49 |
| GEICO | $19 | $31 | $49 |
| Protective | $19 | $31 | $54 |
| Nationwide | $23 | $36 | $63 |
| Mutual of Omaha | $23 | $37 | $69 |
| Prudential | $24 | $46 | $90 |
| AAA | $25 | $40 | $70 |
| State Farm | $25 | $40 | $69 |
| Haven | $26 | $45 | $83 |
| Fidelity | $30 | $51 | $149 |
| American Family | $32 | $58 | $107 |
| Bestow | $34 | $61 | $115 |
| Progressive | $44 | $77 | $149 |
| Gerber | $80 | N/A | N/A |
Navigating the process to select the best term life insurance policy requires careful consideration and informed decision-making. To secure coverage that aligns with your needs and budget, follow these steps:
These will be different for everyone. Consider the coverage needs that are best for you and your family before purchasing a policy.
Purchase enough coverage to cover the cost of current and future liabilities, like future childcare, college funds and salary replacement.
Compare life insurance quotes for the same coverage limits and terms.
The higher a company's third-party customer service scores, the better your experience with it will likely be. A company's financial score shows how easily it can pay out life insurance claims, which are higher per claim than auto and home insurance.
Consider companies with an excellent or better financial score to ensure the company can meet its financial obligations and pay your benefit if you die during your term coverage.
A commonly used rule of thumb when purchasing life insurance is multiplying your annual income by 10, which gives you a rough estimate of the coverage amount you may require. However, this number may not be sufficient for families with children because as college expenses can add up quickly. Adding $100,000 per child to your coverage is recommended to account for this.
Here are some examples of how much coverage the following profiles may need:
At 19 with $20,000 in private student loans, a small term policy ($10,000 to $25,000) can cover final expenses and debt that may not be forgiven.
At 35 with $25,000 in debt and no dependents, consider a 15-year term policy around $25,000. Reassess if your life circumstances change.
If both spouses are 35 with no major debts, a policy worth 10 to 12 times the higher earner's income can protect the surviving spouse. Review as life changes.
At 40 with two kids and debt, a term policy of $600,000 to $720,000 (10 to 12 times income) helps cover living costs, education and the mortgage if you pass.
With two kids and a mortgage, a 20-year joint term policy of $1.2 million to $1.44 million ensures your family can manage expenses and maintain its lifestyle.
A healthy senior with no dependents can benefit from a $10,000 to $25,000 policy to cover funeral costs and final expenses.
If you outlive your term policy, coverage ends unless you renew at higher rates based on your current age. If you need coverage beyond the term, consider permanent life insurance or convert part of your term policy to whole life before expiration. Top term life insurers offer flexible conversion options and competitive rates for transitioning to long-term coverage.
Term life insurance provides coverage for a specified period or "term." You pay fixed premiums throughout the term, and if you die during that period, the insurance company pays a death benefit to your beneficiaries.
Term life insurance policies range from one 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.
Term life insurance affordably protects your loved ones during financially vulnerable years. Whether raising a family, paying off debt or planning for children's education, the right term policy provides peace of mind.
Nationwide leads MoneyGeek's rankings for the best term life insurance companies, while Allstate offers the most affordable rates and GEICO excels for seniors. Compare term lengths, coverage amounts and premiums to find coverage that fits your needs and budget
MoneyGeek's experts answered common questions about term life insurance companies and policies.
Term life insurance provides specific coverage amounts for set periods, from one to 30 years. Your premiums remain fixed throughout the term, and coverage expires when the term ends.
Term life insurance costs vary by age, health, lifestyle, occupation, term length and coverage amount. Younger, healthier applicants pay the lowest premiums.
Nationwide ranks as the top option for overall value, while Allstate offers the most affordable rates. GEICO excels for seniors prioritizing customer service, and State Farm leads for no-medical-exam policies.
The best term life insurance depends on your coverage amount needs, preferred term length and budget. Compare quotes from top-rated companies to find competitive rates matching your age, health and lifestyle factors.
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.
Most term life insurance policies include conversion options to whole life insurance without medical exams. Conversion deadlines and coverage limits vary by insurer, so review your policy details and contact your insurance company about specific conversion requirements.
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.
Why Trust MoneyGeek?
We analyzed 1,488 life insurance quotes 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 life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
MoneyGeek’s Scoring System
Companies can 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 100. We applied the following weightings to score insurers:
Each company’s score incorporates:
Sample Customer Profile
MoneyGeek used a standard profile to get life insurance quotes:
Premiums are based on the standard profile unless otherwise noted.
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. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like 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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
