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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 featured term life policies offered by 11 of the leading life insurance companies in the United States.Why you should trust Shoreloop: We have stringent editorial standards that our authors and editors adhere to, so you can make decisions about your finances with confidence and select the products that are right for you. Here is a list of our partners, along with information on how we get paid.
READ MORE: What you should know about term life insurance
The top providers of term life insurance
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.
|Insurance company||Shoreloop rating||Term lengths available|
|Haven Life||5, 10, 15, 20, 25 or 30 years.|
|Guardian Life||10, 15, 20 or 30 years.|
|AARP||No traditional term lengths — all policies expire at age 80.|
|Fabric||10, 15, 20, 25 or 30 years.|
|MassMutual||1, 10, 15, 20, 25 or 30 years.|
|New York Life||1, 10 or 20 years.|
|Pacific Life||10, 15, 20, 25 or 30 years.|
|State Farm||10, 20 or 30 years.|
|Lincoln Financial||10, 15, 20 or 30 years.|
|Northwestern Mutual||1, 10 or 20 years.|
|USAA||10 to 30 years.|
How we determined the best life insurers
For individual life insurance, Shoreloop bases its ratings on consumer feedback, the National Association of Insurance Commissioners’ complaint index scores, and weighted averages of financial strength ratings, which show a company’s capacity to cover future claims. We take into account website accessibility and transparency, which examines the breadth of policy information readily available online, under the consumer experience category. We converted the results to a curved 5-point scale in order to determine each insurer’s rating.
In order to obtain the best rate for you, we advise you to shop about and compare numerous insurance rates. For any reviews, Shoreloop does not get paid.
« COMPARE: Prices for life insurance
For August 2022, the best term life insurance policies
By reading the succinct summaries below and reading the complete Shoreloop reviews, you can learn more about each firm and the policies it offers.
- Best for same-day coverage is Haven Life
- Best for candidates with HIV is Guardian Life.
- Best for coverage without a medical exam is AARP
- Fabric: Ideal for internet use
- MassMutual: Best for parents on a tight budget
- Best for large coverage amounts is New York Life.
- Best for converting flexibility is Pacific Life.
- Best for customer satisfaction is State Farm
- Best for applications made over the phone: Lincoln Financial
- Northwestern Mutual: Best in terms of customer satisfaction
- USAA: The best for service members
Haven Life: Best for same-day coverage
Haven Term Life: The application for Haven’s term life can be submitted online and accepted in a matter of minutes. Because of the insurer’s use of accelerated underwriting, you can be eligible for coverage without having to undergo a medical examination. Candidates 64 years of age and younger can apply for policies with coverage levels as high as $3 million. Policies can be purchased for terms of 10, 15, 20, 25, or 30 years.
Haven Simple: Haven also provides simplified issue term life insurance, which eliminates the need for a life insurance medical examination. To apply, you must be between the ages of 20 and 55. Five, ten, fifteen, and twenty year durations are offered for coverage. The range of policy amounts is $25,000 to $500,000.
Guardian Life: Best for candidates with HIV
Level of Guardian Term: Applications between the ages of 18 and 75 are granted policies, with coverage levels beginning at $100,000. The terms of 10-, 15-, 20-, and 30-year policies are offered.
Guardian provides special insurance for HIV-positive individuals. Between the ages of 20 and 60, you must apply. You must also meet specific eligibility requirements, such as being actively receiving antiretroviral medication.
» Guardian life insurance review, in its entirety
AARP: The best insurance provider without a physical / Medical Exam
Level Advantage Term Life: No medical examination is ever necessary with AARP plans; only health-related questions are asked. AARP members between the ages of 50 and 74 are eligible for the term life insurance coverage. Although larger coverage levels can be obtained by contacting New York Life, the company that issues AARP’s term life products, coverage amounts vary from $10,000 to $100,000.
The term life insurance plan offered by AARP is distinctive in that there are no other term options. All policies have an 80-year lifespan and the option to switch to a permanent life insurance plan before or beyond that age.
Fabric: Ideal for internet use
Term Life: The $100,000 to $5 million in coverage amounts for term life insurance offered by Fabric. The online application is finished in 10 minutes. If you decide to purchase coverage for more than $1.5 million, a physical examination is necessary. Ten to thirty years are the range for policy terms.
Finding out more about Fabric’s term life goods is simple thanks to its user-friendly website.
» Learn more about Fabric Life Insurance.
Pacific Life: Best for converting flexibility
PL Guaranteed Term: Policies are offered with a minimum $50,000 coverage amount and term durations of 10, 15, 20, 25, and 30 years. For an additional fee, you can choose to add life insurance riders like an accelerated death benefit, a waiver of premium, or a child term rider.
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.
» Read the entire evaluation for Pacific Life insurance.
State Farm: Best for customer satisfaction
Choosing term life insurance Applicants must be between the ages of 18 and 75 to qualify for coverage, which begins 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.
In J.D. Power’s 2021 U.S. Individual Life Insurance Study, State Farm placed first among 21 firms for customer satisfaction, making it a reliable option .
How to locate the top provider of term life insurance
When you purchase life insurance, you trust a corporation to support your family well into the future. Therefore, it’s critical to pick a business you can believe in. Here are a few methods for comparing businesses to determine which is best for you.
» MORE: Reviews of life insurance
Investigate the insurer’s financial stability
You want a business that will still exist in a few decades and has the resources to fulfill its obligations. One technique to determine whether an insurer is likely to fulfill that standard is to look at their financial strength rating. Through a rating agency like AM Best, you may find out the financial strength rating of each term life insurance provider you’re thinking about.
Typically, Shoreloop advises taking into account insurers with ratings of A- or better. However, the AM Best website states that any company with a B+ or better grade has a “good” ability to fulfill its duties. Companies with ratings below that might not be quite as safe a bet, and they frequently have greater complaint rates than other similar-sized businesses.
Strong financial strength ratings may be found for all of the biggest life insurance providers.
Find out how the insurer’s customer service is known.
From the moment you start shopping until it’s time to file a claim, you want a business that offers excellent customer service. On the website of the National Association of Insurance Commissioners, you can search for an insurer’s complaint index to get a sense of whether other clients have been happy. The rating is determined by the quantity of grievances lodged against the insurance provider with state authorities, with the company’s market share taken into account (based on premiums written). Anything above one indicates that the company received more complaints than would be expected given its size since the average score is one.
Compare life insurance quotes from different companies after you’ve whittled down your list. In this manner, you can receive the most affordable term life insurance policy for your needs.
READ MORE: Top-rated life insurance providers
approach to concerns from insurers
In 2018–2020, Shoreloop investigated the complaints that state insurance regulators received and provided a report to the National Association of Insurance Commissioners. Every year, the NAIC creates a complaint index for each subsidiary, comparing the proportion of total complaints to that subsidiary’s size, or the proportion of total premiums in the industry, in order to evaluate how insurers stack up against one another. Shoreloop created a comparable index for each insurer over the course of three years, weighted by market shares of each subsidiary to assess a company’s history of complaints. Auto, home (including renters’ and condo) and life insurance ratios are each calculated separately.
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