8 Best Term Life Insurance Companies for 2023

When considering purchasing a term life insurance policy, it’s essential to consider several key factors. One of the most important things to consider is the coverage amount you need. This will depend on various factors, including your income, family’s financial needs, and your overall financial situation. You’ll also need to consider the length of the term you’re interested in. Some policies last as little as five years, while others offer coverage for up to 30 years or more.

Another important consideration when choosing a term life insurance policy is your age. Many policies have age restrictions, so it’s essential to ensure you’re eligible before applying. Additionally, consider the option to convert your policy to permanent coverage. This can be important if you’re interested in long-term coverage that will last the rest of your life.

The best term life insurance companies of 2023

To help you find the right policy for your needs, we’ve compiled a list of top-rated companies that offer term life insurance in the United States. These companies have strong financial ratings, positive customer reviews, and minimal complaints from state regulators. We believe that trusting your insurer to treat your beneficiaries fairly when your policy pays out is crucial, so we’ve only included companies that will do so. By considering all of these factors, you can find the ideal term life insurance policy for you and your family.

Haven Life

Haven offers two types of life insurance policies: Haven Simple and Haven Term Life. Haven Simple provides a simplified issue-term life policy, which means you don’t need to take a medical exam to qualify. The policy is available for individuals between the ages of 20 and 55 and offers coverage for 5-, 10-, 15-, and 20-year terms. The policy amount ranges from $25,000 to $1 million, and a built-in accelerated death benefit rider exists. You can easily apply online, and coverage can start immediately if approved.

On the other hand, Haven Term Life allows you to complete the application online and receive approval within minutes. However, you might need a medical exam to qualify for coverage. The policy is available for individuals who are 64 years old and younger, and the coverage amount can go up to $3 million. The policy term options are 10-, 15-, 20-, 25-, or 30-year terms. There’s also a built-in accelerated death benefit rider included in the policy.

Guardian Life

Guardian Level Term:The Guardian Level Term policy is available for applicants between the ages of 18 and 75, with coverage starting at $250,000. You can choose from 1-, 10-, 15-, 20-, or 30-year terms. Additionally, Guardian offers coverage for individuals living with HIV who are between the ages of 20 and 65 and meet specific eligibility criteria, such as being on active antiretroviral therapy.


MassMutual Term: MassMutual provides term life insurance policies with various coverage options of 10, 15, 20, 25, and 30 years. Additionally, the company offers an annually renewable term life policy that renews every year, but choosing this option may result in higher premiums over time. The maximum issue age for MassMutual term life insurance is 75, with coverage starting at $100,000. You can convert to permanent life insurance before the deadline specified in your policy documents. MassMutual’s LifeBridge program offers a free policy to the parent or legal guardian of a child under 18 if the family’s total income is between $10,000 and $40,000 per year. The 10-year, $50,000 policy is designed to assist in paying for the child’s education expenses in the event of the parent or guardian’s death.

Northwestern Mutual

If you’re looking for life insurance with northwestern mutual, there are two types of policies you should consider. The first is called Annual Renewable Term Life, which starts with lower premiums but increases as you age. This policy automatically renews each year. The second is Level Premium Term Life, which provides coverage for 20 years and offers steady premiums for the first 10 years. It’s important to carefully consider your options before choosing a policy.

New York Life

When it comes to term life insurance policies, it’s important to choose a plan that fits your needs and budget. New York Life offers two options – the Yearly Renewable Term policy and the Level Premium Term policy

The Yearly Renewable policy is perfect for those who want flexibility and the option to renew annually. You can start with a minimum coverage amount of $250,000, and convert to a permanent policy if you want lifelong coverage. 

On the other hand, if you prefer a fixed term, the Level Premium Term policy offers coverage for 10, 15, or 20 years with death benefits starting at $100,000. You can convert this policy to permanent coverage within the first five or ten years after issuance.

Pacific Life

Pacific Elite Term: Pacific Life’s Pacific Elite Term policy is also worth consideration. This policy offers more conversion-friendly options, allowing you to convert to a permanent policy within the first ten years. What’s more, it adds cash credit to your new policy, which helps offset some of the initial premiums of your further permanent coverage.

State Farm

State Farm offers three types of term life insurance policies.

Select Term Life Insurance: The Select Term Life Insurance policy provides coverage starting at $100,000 and is available to applicants between 18 and 75 years old. You can add a child rider, term rider, or waiver of premium rider at an additional cost. The term lengths available are 10, 20, and 30 years. 

Return of Premium Life: The Return of Premium Life policy is ideal for those who want to receive their premiums back if they outlive the term. It offers coverage for several years and is available to applicants between 18 and 60 years old, with coverage available in 20- and 30-year periods. However, it’s worth noting that return-of-premium life insurance tends to be more expensive than standard term policies. 

Instant Answer Term Life: The Instant Answer Term Life policy offers $50,000 of coverage and can be applied for in person with a State Farm agent. The policy lasts ten years or until you reach 50, whichever is longer. With so many options available, it’s important to carefully consider your needs and budget before choosing a term life insurance policy.


USAA offers two policies – Level Term V and Essential Term Life. While these policies are designed with military personnel in mind, you don’t need to have a military connection to apply. 

Level Term V: Level Term V offers coverage ranging from $100,000 to $10 million for applicants between the ages of 18 and 70. The policy offers term lengths ranging from 10 to 30 years. If you purchase the policy between the ages of 18 and 35, you can add an additional $100,000 coverage after qualifying life events like getting married or having a child.

Essential Term Life: Essential Term Life is a yearly renewable policy that does not require a medical examination. It offers $100,000 of coverage for applicants aged 21 to 35, and expires when you turn 39. However, this policy is not available in Arizona or New York.

USAA also offers life insurance coverage for military members during wartime, and helps pay bills if they’re severely injured in the line of duty. Additionally, the policy lets you replace your lost group coverage if you retire or leave the military.

How to choose the best insurance

If you’re searching for a life insurance company to protect your family’s future, choosing a trustworthy one is crucial. Here are some steps to help you compare and find the best company:

1. Check the financial strength rating of the insurer. 

A rating of A- or higher is typically recommended. This information is found on a rating firm’s website, such as AM Best. Companies with ratings of B+ or higher are considered to have a good ability to meet their obligations, while those with lower ratings may be riskier and have higher rates of complaints.

2. Research the insurer’s reputation for customer service. 

You want a company that provides excellent customer service during the shopping process and when it’s time to file a claim. Check the insurer’s complaint index on the National Association of Insurance Commissioners’ website to see if other customers have been satisfied. A score higher than one means the company received more complaints than expected for its size.

1.Compare quotes 

Compare life insurance quotes from multiple companies to ensure you’re getting the best rate for the term life policy you need.

Remember, choosing the right life insurance company can provide peace of mind for you and your family for years to come.

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