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Nitat Termmee/Getty Images April 25, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. policies remain active for a set period of time, usually between 10 and 30 years, and are typically much cheaper than permanent life insurance policies. Individuals often take out term life insurance policies to cover a period of time in which they have certain financial obligations, such as when their children are school-age or when their mortgage is in effect. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More If you’re looking for the best term life insurance policy for your needs and your wallet, you may want to start by researching the companies we outline below. Through an objective analysis of each company’s policy options and third-party rankings, Bankrate’s insurance editorial team determined Northwestern Mutual, State Farm, Mutual of Omaha, Principal Financial and Guardian to be among the for term coverage. Best term life insurance companies
The best term life insurance companies depend on an individual’s needs and preferences. Some carriers focus exclusively on members of the military community, while others focus on coverage for people with certain health conditions, such as diabetes or respiratory illnesses. We chose the following companies based on their third-party financial strength and customer satisfaction scores, as well as the policy options and coverage capacities (the maximum dollar amount a policy can be) offered. It may be helpful to start your research with the following providers: Company Best for AM Best S&P Guardian No-exam term life insurance policies 775/1,000 A++ (Superior) AA+ Policy customization through riders 795/1,000 A+ (Superior) AA- Life insurance information and digital tools on its website 807/1,000 A++ (Superior) AA+ Flexibility of converting your term life insurance policy to whole life 776/1,000 A+ (Superior) AA- Highest customer satisfaction rating 822/1,000 A (Excellent) AA The ratings provided by and grade each carrier’s financial strength. These ratings allow customers to see each company’s historic ability to pay out claims. The scores reflect customer satisfaction based on policyholder feedback to help you see which companies are most popular with their policyholders. Guardian
Why we chose it: Guardian life insurance offers a term life insurance option that does not require a medical exam. The term life insurance policy offered by Guardian does not require a medical exam, so it may be an option worth considering for policy seekers who are dealing with health issues. In addition to this no-exam policy, the company offers seven term life insurance riders, which is more than most of its competitors. If you’re looking for flexible policy options or a no-exam term policy, you may consider researching Guardian. However, be aware that the company does not offer a network of local agents before purchasing a life insurance policy from Guardian. Learn more: Mutual of Omaha
Why we chose it: Mutual of Omaha’s wide array of riders helps policyholders to tailor their coverage to their needs. Mutual of Omaha offers a plethora of additional riders that can be added to its term life policies. It should be noted that not every rider can be used with every type of policy. To verify how much coverage you need and which riders can be added to your policy, you may want to consider consulting with an agent. This company also offers a locator service to help you find a financial advisor near you. However, the company’s mobile app is rated 4 out of 5 stars, whereas many competitor apps are rated higher than the one from Mutual of Omaha. Learn more: Northwestern Mutual
Why we chose it: Northwestern Mutual offers a wide array of informational resources and policy management tools online. Northwestern Mutual is the in the U.S. by direct premiums written, according to the Insurance Information Institute, and has been insuring consumers for more than 150 years. This is reflected in the company’s high J.D. Power customer satisfaction rankings and represents its deep understanding of families’ financial protection needs. Its term policies allow you to select your coverage period based on either a set amount of years or until a specific age, depending on which option is most suitable for you. These plans are all also convertible to whole life insurance should the need arise, meaning your policy can adjust as your needs evolve. Northwestern Mutual’s A++ (Superior) financial strength rating from AM Best is the highest level available. However, the company only offers one term life insurance rider, so if you want greater flexibility, it may be worth considering one of Northwestern Mutual’s competitors. Learn more: Principal Financial
Why we chose it: This company allows policyholders to convert their term policy to whole life insurance at any point during their term, creating maximum flexibility for the policyholder. Principal Financial, the 23rd-largest U.S. life insurer, offers term life insurance policies with an option of conversion at any time during the term to a whole life policy. Policyholders have the ability to choose term lengths that fit their current circumstances, whether they only need coverage for a single year or prefer longer 10-, 15-, 20- or 30-year periods. If you do decide to convert your policy, you may receive permanent coverage without the added need of proving your health. The company does not offer whole life insurance. Learn more: State Farm
Why we chose it: State Farm has the highest J.D. Power score for customer satisfaction on our list. In addition to a high J.D. Power score, State Farm won the award for best term life insurance provider in the thanks to its superior AM Best score and near-nationwide availability. State Farm, the seventh-largest U.S. life insurer, offers several term insurance products, but its option may be particularly helpful for certain term life insurance policyholders. This option lets policyholders choose between a 20- or 30-year payment term and receive a portion of their premiums back if they outlive the term. The return-of-premium policy can be renewed annually until age 95. While the return-of-premium option comes at an additional cost, it also builds cash value. Because State Farm offers a full array of insurance products, including auto and home, its customers may also have the opportunity to earn discounts on their auto or home policies by bundling life insurance with another policy. However, State Farm only offers three term life insurance riders, which is less than many of the company’s competitors. Learn more: How to find the best term life insurance company for you
There are several factors to consider when shopping for a quality term life insurance policy. Since your life insurance will ultimately be responsible for providing the coverage you want for your family, these considerations may be beneficial to keep in mind when determining which provider is right for you. In addition to policy types, you could consider: Financial strength: A life insurance company’s financial strength score reflects its past ability to pay out claims and could help you decide if a company is financially sound. Third-party agencies such as and publish financial strength scores for each major provider. Multiple quotes: and levels of coverage can help you get an idea of how much you’ll pay for your life insurance. However, keep in mind that quotes for the same person and policy type likely won’t vary as much from company to company as auto insurance or home insurance quotes do. Your personal situation: Term life insurance remains active for only a set number of years. To decide whether term life insurance is right for you, it may be helpful to ask what you want coverage for. Do you simply want coverage while your children are young, or would you prefer lifelong coverage? Life insurance can be a weighty investment, so you may want to give yourself ample time to consider your options and discuss them with friends and family. Many insurers’ websites include information about ways to contact an agent to discuss your needs in more detail. Frequently asked questions
What is the difference between term and whole life insurance
Term insurance is designed to provide a death benefit if the insured passes away within the length of the policy term. As the name suggests, term life insurance remains active for a predetermined “term,” which is the window of time that the policyholder chooses, typically between 10 and 30 years. When the term expires, the policyholder stops paying the premiums and the death benefit will no longer be paid out. Whole life insurance is a form of permanent insurance that includes a cash value account that accumulates interest or returns. is designed to remain in place for the insured’s entire life, as long as the premiums are paid.
What factors impact my life insurance premium
Your age, weight, health conditions and occupation are just some of the underwriting rating factors that will determine how much you pay for term insurance. The amount of coverage that you want to purchase is another key factor in determining your . Insurers consider multiple aspects of your lifestyle to set premiums. For example, the use of tobacco usually leads to higher premiums as a reflection of associated health risks. In general, the younger and healthier you are, the lower the cost of the premiums will be. Learn more:
Is term or whole life insurance better
There is not a right or wrong answer to this question. Term insurance usually can provide a much larger death benefit than at a much lower price. But if you know that you are going to need to have some life insurance at the end of your life, such as to pay for estate taxes, then permanent life insurance policies may be the better option for you. It all depends upon your financial situation and your objectives. It can be helpful to consult with your financial advisor or life insurance agent if you want more information on or need assistance with determining which option is better for you.
Does having a preexisting condition impact my ability to purchase term life insurance
Yes, having a preexisting condition may impact your ability to purchase term life insurance. If you have a preexisting condition, such as HIV, dementia, epilepsy, high blood pressure, obesity, mental health disorders, pregnancy, or even COVID-19, it may be difficult to get term life insurance. However, some life insurance providers may accept your application. If a life insurance provider does approve you for a term life policy with a preexisting condition, your premium may be high to reflect the health risks. Insurance providers may be more likely to approve you if you have conditions that can be managed. For instance, if you have Type 2 diabetes and maintain a healthy lifestyle, you may be more likely to be approved for term life insurance. SHARE: Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Related Articles