8 Best Term Life Insurance Companies in August 2023
In 2023, Haven Life, Guardian, and MassMutual will be at the top of our list of the best term life insurance providers.
The ideal term life insurance plan for one person might not be the finest for another. When looking for life insurance, there are several key elements to think about, some of which may be more relevant to you than others. These criteria include coverage amounts, term lengths, age limitations, and whether you may convert the policy to permanent coverage.
In order for you to compare your options and discover the best coverage for you and your family, we’ve selected term life policies offered by some of the top life insurance providers in the US.
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The following term life insurance providers pass muster. They achieved great marks for customer satisfaction and had less complaints to state authorities than one might anticipate for a company of their size. They also have strong financial strength ratings. You must have faith in your insurer to handle your life insurance beneficiaries fairly because you won’t be there to defend their rights when your policy pays out.
Best Term Life Insurance Companies
Haven Life
Haven Simple: Haven provides simplified issue term life insurance, which eliminates the need for a life insurance medical examination. To apply, you must be between 20 and 55 years old. Five, ten, fifteen, and twenty-year durations of coverage are offered, and an expedited death benefit rider is also provided by the insurer. The range of policy amounts is $25,000 to $1 million. You can apply online, and if accepted, coverage might begin right away.
Haven Term Life: You can apply for Haven’s term life insurance online, and it will likely be granted quickly. However, you may need to undergo a medical examination to be eligible for coverage. Candidates 64 years of age and younger can apply for policies with coverage levels as high as $3 million. Policies come with an integrated accelerated death benefit rider and are available in 10-, 15-, 20-, 25-, or 30-year durations.
Guardian Life
Conclusion: Guardian provides term life insurance policies in a variety of term lengths and extends coverage to applicants who are HIV-positive, a condition that can make it challenging to get life insurance.
Policies are provided to applicants between the ages of 18 and 75, and coverage amounts begin at $250,000. Policies come in terms of 1, 10, 15, 20, and 30 years.
Additionally, Guardian provides insurance for HIV-positive individuals. You must be between the ages of 20 and 65 and meet specific qualifying requirements, such being receiving antiretroviral medicine.
MassMutual
Bottom line: Through its LifeBridge program, MassMutual provides free coverage for low-income parents in addition to conventional term life insurance and an annual renewable policy.
MassMutual Term: Term life insurance policies from MassMutual are offered in terms of 10, 15, 20, 25, and 30 year terms. The company also provides yearly renewable term life insurance, but if you select that option, you can anticipate paying greater rates over time.
The MassMutual Term Life policy has a 75-year-old maximum issue age and a $100,000 minimum level of coverage. Before the cutoff date noted in your policy documentation, you can switch to permanent life insurance.
If the family’s annual total income is between $10,000 and $40,000, the parent or legal guardian of a child under the age of 18 may be eligible for a free insurance under MassMutual’s LifeBridge program. If a parent or legal guardian passes away, the $50,000, 10-year policy is intended to help cover the cost of the child’s schooling.
Northwestern Mutual
In conclusion, Northwestern Mutual had the fewest complaints relative to its size than any other insurer on our list of the top firms, making it a wise pick for customer satisfaction.
Annual Renewable Term Life: Initially, premiums are lower than those for level term insurance, but as you age, they rise. Every year, coverage is renewed automatically.
Level Premium Term Life: The insurance company offers a policy with consistent rates for the first ten years, and the coverage lasts for 20 years.
New York Life
In conclusion, New York Life provides two term products, one of which is an annual renewable insurance.
Applicants must be between the ages of 18 and 75, and the minimum coverage amount is $250,000. This coverage is revocable yearly. You can change it to a permanent policy if you desire lifelong protection.
Level Premium Term: With death benefits starting at $100,000, coverage is offered for terms lasting 10, 15, or 20 years. Applicants can apply for policies at any age between 18 and 75. Within the first five or 10 years of the policy’s inception, you can often convert it to permanent coverage.
Pacific Life
Conclusion: Pacific Life offers term life insurance that can be changed to permanent coverage, and for policyholders who decide to do so, they will receive a cash credit.
Pacific Elite Term: The Pacific Elite Term insurance can be converted to a permanent policy within the first 10 years, making it a more conversion-friendly product. Additionally, your new insurance includes a cash credit that can be used to partially offset the cost of the first year’s premiums for your new permanent coverage.
State Farm
Conclusion: State Farm is a reliable option because it received the highest customer satisfaction rating in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
Choose Term Life Insurance: Applicants between the ages of 18 and 75 can apply for coverage that starts at $100,000. A kid rider, term rider, or waiver of premium rider can be added for an extra fee. There are three different term lengths: 10, 20, and 30 years.
Return of Premium Life: This policy provides coverage for a certain period of years, just like a typical term life product. But if you live longer than the term, you get your premiums back. Application requirements include being between the ages of 18 and 60, and 20- and 30-year durations are offered for coverage. However, keep in mind that return-of-premium life insurance frequently costs more than regular term policies.
Life insurance can be purchased the same day if you apply in person with a State Farm agent. The policy has a 10-year term or until you turn 50, whichever comes first, and the maximum amount of coverage is only $50,000.
USAA
Conclusion: Although USAA’s policies include aspects specifically created for military personnel, its policies are open to everyone.
Level Term V: Obtaining USAA life insurance does not require a military affiliation. However, this kind of policy was developed with military personnel in mind. Ten to thirty years are the range of terms. Applicants between the ages of 18 and 70 can apply for coverage that ranges from $100,000 to $10 million. After qualifying life events, such as having a child or getting married, if you acquire this insurance between the ages of 18 and 35, you might be able to add an extra $100,000 of coverage.
Essential Term Life: No medical examination is necessary for this policy, which renews annually. Applicants between the ages of 21 and 35 are eligible. It expires when you turn 39 years old and provides $100,000 in coverage. The states of Arizona and New York do not offer this policy.
Military members are covered by USAA life insurance during times of war, and it also aids in covering expenses if you suffer a serious injury while performing your duty. If you retire or leave the military, it also enables you to replace your lost group coverage.
