Best Term Life Insurance Companies of 2023

Most companies offer a 30-year maximum term, but you can get 40 years of coverage from Protective with the option to convert to a permanent policy without a medical exam. 

You can apply online and get a quote. Your beneficiaries will be able to file a claim online as well. Protective has superior financial strength ratings, with an A+ (Superior) rating from AM Best, the second highest grade.While the company’s J.D. Power ranking is below average, Protective had fewer complaints with the NAIC over the last three years than were expected given the company’s market share.

Nationwide received very few complaints over the last three years. Even the Nationwide mobile app is well rated. Nationwide also has an A+ (Superior) rating from AM Best for financial strength.

Some applicants will be able to get term coverage without taking a medical exam. Terms go up to 30 years and living benefit riders are included at no additional cost. You can also convert your coverage to a permanent policy or renew it once the term expires. Nationwide offers online tools you can use to complete most transactions, including paying your bill with a credit card.

We have nothing bad to say about Nationwide except that pricing for term policies is about average, exceeding the cost of some competitors. In fact, Nationwide is our top pick for the best overall life insurance company. 

For more information, read our Nationwide Insurance Review.

The cost of Mutual of Omaha term policies is about average, but three living benefit riders are included at no cost on the company’s Term Life Express policies: terminal illness, chronic illness, and critical illness accelerated benefits.

Mutual of Omaha's policy also includes a rider for a waiver of premium for unemployment and a common carrier death benefit provision. This increases the death benefit if you die while being a fare-paying passenger on a common carrier. There’s even a unique rider included that lets you pause premiums if your primary residence is damaged.

There are more options available for an additional premium, such as a disability income rider, which is an uncommon offering. The maximum term is 30 years, and term policies are renewable and convertible. 

Banner Life is part of Legal & General America. It ties with Protective for the cheapest term rates of the companies for which we collected quotes. Banner also offers the flexibility of a wide range of term lengths and available term riders. You can buy term coverage for up to 40 years, with seven term options to choose from.

You can also add a 10, 15, or 20 year term rider to your base policy to temporarily increase coverage. This reduces your overall cost relative to buying the maximum amount of coverage you need for the duration of the term. Banner term policies are also renewable and can be converted to a permanent policy.

You can get a quote for Banner term life policies online. The company also accepts digital wallet payments, which is a unique feature. But if you’re looking for a wide selection of riders, you’ll want to consider another insurer, such as Mutual of Omaha.

Both of Haven’s products include an accelerated death benefit for terminal illness, and Haven Term policies also come with the Haven Life Plus rider, a package of free subscriptions and discounts. Pricing for Haven’s policies is better than average.

MassMutual also has a very low incidence of consumer complaints, one of the lowest of our top-reviewed companies. But policies are only available to applicants who are 64 years old or younger, and they can’t be converted to permanent coverage, unlike the other carriers on our list.

You won’t have to speak to an agent, you can get online chat support, and the entire process from quote to application to approval is quick and easy. Your coverage can start immediately if you apply for the Haven Simple product, which provides up to $500,000 in no-medical-exam coverage.

You can apply for up to $3 million in instant coverage online with MassMutual’s Direct Term product. Temporary coverage will start right away, but most applicants will have to take a medical exam for coverage to continue. Some healthy individuals may qualify to forego the exam.

Term policies are convertible to permanent coverage within a specific time period. While a terminal illness rider is included at no cost and a few other riders are optional, the selection is limited compared to companies like Nationwide and Mutual of Omaha. Pricing will also be higher than our two cheapest picks.