Updated: August 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 takes the top spot with a MoneyGeek score of 97 out of 100, offering solid overall value. Allstate wins for affordability — you'll get the cheapest rates here. GEICO stands out for seniors and delivers excellent customer service. If you want to skip the medical exam, State Farm is your best bet.
MoneyGeek analyzed the top term life insurance companies to determine the best 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 |
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.
With a MoneyGeek score of 96 out of 100, GEICO is the best company for term life insurance tailored to seniors. Its policies cost an average of only $176 monthly for older policyholders.
GEICO also excels in customer service, sharing the highest score with Progressive. However, its superior overall MoneyGeek score establishes it as the best in customer satisfaction.
GEICO is MoneyGeek's choice for the top term life insurance provider for seniors and those prioritizing customer service. Although GEICO doesn't issue its own policies, it collaborates with partners like Ladder, which has an A++ AM Best rating and low customer complaint rates. While GEICO's product range focuses primarily on term life and no-exam policies, the coverage is substantial, extending from $100,000 to $8 million. With 87 years of industry experience and a convenient mobile app, GEICO remains a reliable option for various insurance needs.
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.
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 — that's $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. Below are steps to guide you in securing coverage that aligns with your needs and budget:
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, 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, often at a much higher rate 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 it expires. Top term life insurers offer flexible conversion options and competitive rates, helping you transition to long-term coverage that fits your goals.
Term life insurance is a type of policy that provides coverage for a specified period or "term." Typically, the policyholder pays a fixed premium throughout the term, and if the person passes away during that period, the insurance company pays out a death benefit to the beneficiaries.
Term life insurance policies can be purchased for terms typically ranging from one to 30 years, depending on the policyholder's needs. Once the term expires, the policy can be renewed, but the premiums may increase as the insured ages. The policyholder may choose to convert the policy to permanent life insurance, which provides coverage for the policyholder's entire lifetime.
Choosing the right policy involves considering various factors to ensure comprehensive coverage. The market offers solutions to meet diverse preferences and needs, from online options for convenience to policies with living benefits for added security.
Term life insurance is an affordable way to protect your loved ones during your most financially vulnerable years. Whether raising a family, paying off debt or planning for your children's education, the right term policy can provide peace of mind.
Nationwide offers strong overall value, Allstate is the most affordable and GEICO is a top choice for seniors. By comparing term lengths, coverage amounts and premiums, you can find a policy that fits your needs and budget.
Understanding the answers to some common questions regarding term life insurance can help you find the best insurer and policy for your needs.
Term life insurance provides a specific coverage amount for a set number of years. The premiums stay the same for the policy's duration, whether it's for five years or 30 years. At the end of the term, the policy expires.
Term life insurance costs vary by age, health, lifestyle, hobbies, occupation, length of term and coverage needs. The younger and healthier you are, the cheaper term life insurance coverage can get.
Nationwide is the top option for term life insurance. Allstate may be a great choice for those prioritizing affordability, while seniors and people who value customer service may want to consider GEICO. For no-medical-exam term policies, State Farm ranks first.
The best term life insurance companies offer competitive rates, various term lengths and broad coverage amounts while providing excellent customer service scores and financial strength ratings. To find the best company for you, compare quotes from different companies to get the best rate for your age, health and lifestyle.
The best term life insurance policy depends on your needs, including coverage amount, term length and budget. Top-rated term life insurance companies offer competitive rates and flexible policies tailored to individual requirements.
No, term life insurance policies cannot be cashed out. Term life insurance is a type of life insurance that provides coverage for a specific period, usually 10, 20 or 30 years. If the policyholder dies during the term, the death benefit is paid to the beneficiary. However, if the policyholder outlives the term, the coverage expires, and the policy has no cash value.
The premiums paid during the term are used to provide coverage and do not accumulate any cash value. If the policyholder wants a policy that builds cash value, the person may want to consider purchasing a permanent life insurance policy, such as whole life or universal life insurance.
In many cases, term life insurance can be converted to whole life insurance. Converting your term life policy to whole life can be a good option if you want to continue your life insurance coverage beyond the term period or if you want the option to build cash value with your policy.
The specifics of the conversion process vary based on the insurance company and your policy. Sometimes, there may be a deadline by which you must convert your policy and restrictions on how much coverage you can convert. Check with your insurer to understand your policy details and the conversion process.
In general, term life insurance proceeds aren't taxable as income. If you're the beneficiary of a term life insurance policy and receive a payout, you don't have to report the money as income on your tax return**.**
However, this rule has some exceptions, such as if the policy was transferred for money or other valuable consideration or if the proceeds are paid to your estate and subject to estate taxes. Consult with a tax professional if you have questions about your 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.
