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Best Term Life Insurance Companies of November 2022
Protect your family’s financial future
Safeguard your loved ones from financial burden with the right policy from a company you can trust.
Compare and choose from these top life insurance companies.
Best Term Life Insurance Companies of 2022
Safeguard your loved ones from financial burden with one of these top life insurance companies.
Best Term Life Insurance
Companies of 2022
Protect your loved ones' financial future with
one of these top life insurance companies
How old are you?
1
Fast Application
9.9
Outstanding
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
Based on 2,362 Reviews
4.8
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
  • Adjust coverage whenever you need
  • Get up to $8 million coverage
  • 100% online application, no paperwork
  • Over $39 billion in coverage provided
  • No policy fees, cancel anytime
2
9.1
Excellent
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
Based on 569 Reviews
4.7
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
  • Instant coverage upon approval
  • Term life coverage up to age 80
  • Premiums from $9 per month
  • Most policies don’t require a medical exam
  • Get a free quote and apply online
3
6.5
Fair
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
Based on 24 Reviews
4.2
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
  • Medical exam not required
  • Coverage from $9 per month
  • Instant coverage available
  • Sign up in under 10 minutes
  • Covers applicants aged between 18 and 45
  • 100% online application
  • Coverage between $50,000 and $2.5 million
4
9.0
Excellent
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
Based on 916 Reviews
4.6
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
  • Coverage up to $1.5 million
  • Terms of 10-30 years
  • Premiums from $9 per month
  • No medical exams or waiting periods
  • Phone, email, and live chat support
Our Best Overall
1
Our Best Overall
9.9
Outstanding
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
Based on 2,362 Reviews
4.8
TrustPilot is an open, global platform where users write product reviews and assign products a star rating. If a brand does not have a TrustPilot score, its score will be based solely on the User Engagement score (see below).
  • Adjust coverage whenever you need
  • Get up to $8 million coverage
  • 100% online application, no paperwork
  • Over $39 billion in coverage provided
  • No policy fees, cancel anytime

Choosing the Best Life Insurance Company

Life insurance can play a key role in ensuring that your loved ones will have the financial stability they need if something happens to you. When choosing a life insurance policy, it’s important to ensure that you’re getting the right policy for your situation from a company you can trust.

Here, we explain how life insurance works and help you find the best life insurance policy for your needs.

What is Life Insurance?

Life insurance is a type of insurance that pays out in the event of the policy holder’s death. Essentially, in exchange for paying monthly premiums on your policy, the insurance company agrees to pay out a specified sum of money if you die while the policy is in effect. The money goes to your beneficiary, who may be your spouse, a child, or anyone else you name on your policy.

There are several important terms to know when evaluating life insurance policies:

  • Premium: A life insurance policy’s premium is the monthly or annual cost of the policy. You must pay your premium on time for your life insurance policy to remain in effect.
  • Death benefit: A life insurance policy’s death benefit is the amount the life insurance company will pay out in the event of your death. It can range from several thousand dollars to millions of dollars.
  • Beneficiary: A beneficiary is someone named on your policy as a recipient of your policy’s death benefit. With most life insurance policies, you can name multiple beneficiaries.

Types of Life Insurance

There are several different types of life insurance, but the 2 most common are term life insurance and whole life insurance.

Term Life Insurance

Term life insurance is a life insurance policy that lasts for a set number of years. If you pass away during the policy’s term, the insurance company will pay out your death benefit. If you live past the end of your policy’s term, your policy will simply end. You can either purchase a new policy or go without life insurance.

With term life insurance, your premiums stay the same over the entire length of your policy. Terms typically extend from 5 to 40 years. Longer terms usually have higher premiums since the likelihood that you’ll pass away while your policy is in effect is greater the longer your policy lasts and the older you get. The cheapest life insurance policies are short-term life policies for young, healthy individuals.

Term life insurance can be a good option for parents with dependent children, homeowners with a mortgage, families with a single breadwinner, or anyone else under age 70 with significant financial obligations. Your policy can cover you for your working years and lapse after your children have grown up or your mortgage has been paid off.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance. With whole life insurance, your policy never expires. As long as you pay your premiums on time, your policy remains in effect until you die. Your premiums remain the same over the entire life of the policy.

Importantly, most whole life insurance policies also have a “cash value” component. Most of what you pay in premiums goes toward covering the cost of your policy. The remaining portion of each premium is set aside in a cash account and is invested on your behalf.

Many whole life insurance companies allow you to withdraw cash from your policy’s cash value while you’re still alive. You can use the cash to pay your policy’s premiums, to help pay for your children’s college tuition, or for anything else you want. However, any withdrawals are considered a loan. If you don’t pay them back, your policy’s death benefit may decline over time.

Whole life insurance policies typically aren’t cheap. Since they last your whole life, they are guaranteed to pay out eventually, unlike term life insurance. In addition, the cash value component of these policies means that you’re paying for more than just life insurance coverage.

Whole life insurance can be a good option if you want to accrue cash value in your life insurance policy or if you want to use your life insurance policy as a tax-sheltered investment. These policies are often used for estate planning.

Comparing Term and Whole Life Insurance

Let’s take a closer look at how term and whole life insurance policies compare:

Term Life Insurance

Whole Life Insurance

Coverage term

Typically 5-40 years

Never expires as long as you pay your premiums

Premiums

Low, increasing with age and term length

High

Guaranteed death benefit

Yes

Benefit can be impacted by borrowing against your policy

Cash value

No

Yes

Suitable for

Those who want to ensure their financial obligations are covered in the event of their passing

Investment and estate planning

Why Choose Term Life Insurance?

Pros:

  • Affordable life insurance premiums
  • Customizable term and death benefit
  • Covers you during your working years

Cons:

  • Coverage only lasts until your policy expires
  • Renewing coverage may be expensive when you’re older

Why Choose Whole Life Insurance?

Pros:

  • Policy never expires
  • Accrues cash value over time
  • Offers a tax-sheltered investment

Cons:

  • Premiums are expensive relative to term life policies
  • Using your cash value can decrease your policy’s death benefit

#1
View Rates
Pros
  • Policies scale over time to match your financial needs
  • Fully online application
  • No medical exam needed up to $3 million
  • Choose from 10- to 30-year policy terms
Cons
  • Only offers term life insurance
  • No riders or supplemental insurance
  • Only available for people ages 20 to 60
Ladder offers term policies in New York (policy form # MN-26) that are issued by Allianz Life Insurance Company of New York, New York, NY. Term policies are issued in all other states and DC by Allianz Life Insurance Company of North America, Minneapolis, MN (Policy form # ICC20P-AZ100 and # P-AZ100) and Fidelity Security Life Insurance Company®, Kansas City, MO (policy form No. ICC17-M-1069, M-1069 and policy No. TL-146). Only Allianz Life Insurance Company of New York is authorized to offer life insurance in the state of New York.
#2
View Rates
Pros
  • Get a free quote and apply online
  • Term life coverage up to age 80
  • All term life plans include accelerated death benefit
Cons
  • Minimum term of 10 years
  • Some policies require a medical exam
Ethos operates in some states as Ethos Life Insurance Services. CA License #0L28949; AR license #100164629. Ethos offers policies issued by the carriers listed at www.ethoslife.com/carriers. Products and their features may not be available in all states. To help avoid requiring a medical exam, our application asks certain health and lifestyle questions.
#3
View Rates
Pros
  • Medical exam not required
  • Instant coverage available
  • Coverage from $9 per month
Cons
  • Not available in all 50 states
  • Applicants must be between 18 and 45
With a highly personalized approach to life coverage, Wyshbox could be a good choice if you’re seeking a life insurance policy tailored to your individual goals and lifestyle. Likewise, its application process is 100% online and the company doesn’t require a medical exam - though there will be questions about your health. Both of these features could prove extremely attractive if you’re looking for hassle-free protection.

How Much Coverage Do You Need?

There are 2 parts to figuring out how much life insurance coverage you need. The first is figuring out what term you need, and the second is figuring out what death benefit you need.

When considering your policy term, think about your financial obligations. If you have kids, you may want your policy to last at least until they graduate from college. If you have a mortgage, you may want a policy that lasts until your mortgage is paid off. Note that many life insurance companies set a maximum age for term life insurance coverage of 70-80 years old.

A good rule of thumb for determining how large your death benefit should be is to multiply your annual income by 10. You may also want to add $100,000 per child for college expenses. Of course, make sure that your death benefit is large enough to cover any financial obligations you already have, such as a mortgage or student loan debt.

Longer policy terms and larger death benefits will increase your policy’s premiums. When comparing life insurance quotes online, you can customize your coverage and see how different levels of coverage impact the cost of your policy.

Life Insurance Riders

The best life insurance companies typically offer riders for both term life and whole life policies. These riders can ensure that you’re covered under situations that standard life insurance policies don’t cover.

Some common riders include:

  • Accelerated death benefit: An accelerated death benefit rider enables you to access your policy’s death benefit before you die if you’re diagnosed with a terminal illness.
  • Accidental death rider: An accidental death rider increases your policy’s death benefit if you die from an accident, such as a vehicle crash or workplace injury.
  • Guaranteed insurability rider: A guaranteed insurability rider offers you the option to purchase additional insurance coverage at a specified rate in the future. Guaranteed insurability riders often apply if you have a child, get married, change jobs, or get sick.

Who is Eligible to Buy Life Insurance?

Eligibility for purchasing life insurance varies from company to company.

Some life insurance companies offer life insurance to anyone, regardless of age or medical history. Even individuals older than 80 can buy life insurance, although these policies typically come with high premiums and a relatively small death benefit.

Other life insurance companies limit policies to healthy individuals below a certain age. For most term life insurance policies, you must be under 70 to purchase a new policy.

Life Insurance Regulation

Life insurance companies are regulated by each individual state. While state laws differ, all 50 states require life insurance agents and brokers to be licensed in states where they operate. In addition, state regulators monitor term and whole life insurance policies to make sure that premiums are commensurate with the benefits these policies provide.

Life Insurance Underwriting & Disclaimers

Life insurance policies may be issued by one company but underwritten by another. Underwriting is the process of assuming the risk of a policy. So the company that underwrites your life insurance is ultimately the company responsible for paying your death benefit. In many cases, your beneficiaries will need to contact the underwriting company, not the company that issues your policy, to file a claim.

Life insurance agents and brokers are required to be transparent about what company is underwriting your life insurance policy. The best term life insurance policies are underwritten by companies with strong financial stability ratings, which signal that the company will be able to pay out your death benefit if and when the time comes.

Finding Life Insurance Quotes

You can find whole and term life insurance quotes online or by speaking with a licensed life insurance agent or broker. Check out the 10 best life insurance companies above to get a free quote today.

245,011
people have compared life insurance with
Editorial Reviews
Ladder
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Ethos
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Wyshbox
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Bestow
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