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7 Best Term Life Insurance Companies – Forbes Advisor

June 17, 2025
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Table of Contents

Find The Best Life Insurance

Find The Best Life Insurance

Compare Life Insurance Quotes

Summary: The Best Term Life Insurance Companies

The Best Term Life Insurance Companies

BEST COMBINATION OF RATES AND FEATURES

Pacific Life

Pacific Life

Level term lengths available

10, 15, 20, 25 or 30 years

Pacific Life

10, 15, 20, 25 or 30 years

Our Expert Take

Pacific Life’s low rates and robust features earned top marks in our analysis. It’s a solid option for any term life insurance shopper. Whether you’re seeking coverage as low as $50,000 or over $3 million, Pacific Life has options with five term lengths: 10, 15, 20, 25 and 30 years.

Its highest maximum issue age (80) is the highest we found among competitors we analyzed, although some others also offer this limit.

More: Pacific Life Insurance Review

Pros & Cons

  • Low average term life insurance costs compared to most competitors.
  • Maximum issue age is 80, higher than most competitors.
  • The policy is guaranteed renewable until age 95.
  • If you choose to convert the term life policy, you’re limited to a universal life policy.

Life Insurance Riders Available

  • Children’s life insurance rider
  • Disability waiver of premium
  • Terminal illness accelerated death benefit rider

More Insight

Samuel Green, CEO of Blue Insurance, says, “I like Pacific Life for its flexibility. The products have a good range of riders and options, so you can really customize the coverage..”

BEST RATES FOR HIGH COVERAGE AMOUNTS

Symetra

Symetra

Level term lengths available

Symetra

Our Expert Take

We were impressed by Symetra’s consistently low rates—it had the lowest average term life insurance rates in our analysis for shoppers seeking coverage amounts up to $2 million. SwiftTerm can be converted to a permanent policy up until age 95, giving policyowners the flexibility to change policy types in the future.

More: Symetra Life Insurance Review

Pros & Cons

  • Lowest term life rates in our analysis for coverage amounts of $1 million and $2 million.
  • Symetra SwiftTerm can be purchased online and with instant approval if you’re young and healthy.
  • The policy can be renewed until age 95.
  • Maximum issue age of 60 is lower than many competitors.
  • Maximum face amount of $5 million is lower than many competitors.
  • The accelerated death benefit money available if you’re terminally ill is only up to $500,000 (or 75% of your death benefit, whichever is lower).

Life Insurance Riders Available

  • Accelerated death benefit rider
  • Accidental death benefit rider
  • Additional term insurance
  • Charitable giving benefit
  • Children’s life insurance rider
  • Overloan lapse protection
  • Supplemental protection
  • Surrender value enhancement
  • Waiver of premium rider

More Insight

“Symetra is a good one for younger, healthy clients. They can be super affordable, but their underwriting is stricter. It’s a trade-off to be aware of,” says Samuel Green, CEO of Blue Insurance.

BEST RATES WITHOUT CONVERSION OPTION

Penn Mutual

Penn Mutual

Level term lengths available

Penn Mutual

Our Expert Take

Penn Mutual’s nonconvertible term policy is a great low-cost option for term life shoppers not interested in later converting to a permanent policy. We like that it offers an online application intended to streamline and simplify the buying process. Young and healthy shoppers may be able to skip the medical exam, which means convenience and even quicker coverage.

More: Penn Mutual Life Insurance Review

Pros & Cons

  • Generally excellent rates for Penn Mutual’s basic term life policy, even for older buyers.
  • Online application available.
  • Young and healthy buyers may be able to skip the life insurance medical exam.
  • You’ll have to pay for the convertible term policy if you want that feature. The convertible term policy is much less price competitive.
  • No accelerated death benefit available.

Life Insurance Riders Available

  • Accidental death
  • Children’s term insurance
  • Disability waiver of premium
  • Disability waiver of premium with automatic conversion rider

More Insight

“One of the original mutual life insurance companies, Penn Mutual offers ultra-competitive, limited (accelerated) underwriting options to healthy individuals ages 0-65 with up to $10 million of coverage—as much as 10x higher limits compared to its peers,” says Ryan Pinney, Forbes Advisor board member.

GREAT FOR LOW COMPLAINTS

Thrivent

Thrivent

Level term lengths available

Thrivent

Our Expert Take

While all the top-rated companies on our list have a very low level of complaints, Thrivent Financial has the lowest among the companies we analyzed, which can give shoppers confidence in a positive policyholder experience.

Its Level Term IV policy offers competitive rates and features like guaranteed renewability and conversion to a permanent policy. But shoppers should take note that the conversion included in Level Term is limited to the first five years of the policy.

Pros & Cons

  • Competitive term life rates.
  • Lowest level of consumer complaints among competitors.
  • Maximum face amount of $3 million is lower than many competitors.
  • Level Term is renewable, but only for specific issue ages and term periods.
  • Basic conversion included only allows conversion during the first five years of the policy. Extended conversion, allowing conversion up to age 70, is an extra cost.

Life Insurance Riders Available

  • Terminal illness rider
  • Waiver of premium

GREAT FOR LONG LEVEL TERM LENGTHS

Protective

Protective

Level term lengths available

10, 15, 20, 25, 30, 35 or 40 years

Protective

10, 15, 20, 25, 30, 35 or 40 years

Our Expert Take

We like Protective’s Classic Choice policy for its low rates and superior choices of level term lengths during which you lock in the rate, including hard-to-find 35- and 40-year options.

More: Protective Life Insurance Review

Pros & Cons

  • Level term lengths include 35- and 40-year choices. Many competitors have 30 years as their longest level term period.
  • The policy can be renewed until age 95 (at higher rates every year after the level term period ends).
  • Choice of up to 8 permanent life insurance policies from Protective if you choose to convert the term life.
  • Protective puts tighter restrictions than many competitors on using the accelerated death benefit: You can access only 60% or $1 million (whichever is less) of the death benefit if the insured person becomes terminally ill. And you must have a life expectancy of no more than six months, while many competitors use 12 months.

Life Insurance Riders Available

  • Accidental death rider
  • Child life insurance rider
  • Income provider option for endorsement rider
  • Terminal illness accelerated death benefit rider
  • Waiver of premium rider

More Insight

Ryan Pinney, Forbes Advisor advisory member, says, “Protective is a financially strong U.S.-based life insurer with a Japanese (Dai-ichi Life Holdings, Inc.) parent company. Why does that matter? Japan has suffered low interest rates for more than two decades, which has prompted Japanese insurance companies to look to the U.S. and other markets to find and invest in profitable businesses where they can achieve rates of return substantially higher than those found in Japan while remaining fiscally conservative—a tenant of all good insurance companies. This conservative approach allows Protective to stay the course during economically turbulent periods and draw additional capital from Dai-ichi to invest in new technologies, develop new products and make process improvements and acquisitions when needed.”

BEST FOR LOW COVERAGE AMOUNT

Cincinnati Life

Cincinnati Life

Level term lengths available

10, 15, 20, 25 or 30 years

Cincinnati Life

10, 15, 20, 25 or 30 years

Our Expert Take

Cincinnati Life offers the lowest minimum face amount ($25,000) of the competitors in our analysis. Most companies require coverage of $100,000 or above. The low coverage amount options for Termsetter, in combination with low rates, make it a compelling option for shoppers seeking a small but low-cost policy.

Pros & Cons

  • Low minimum coverage amount opens the door for shoppers who only need or can only afford a small amount of coverage.
  • Children’s term life rider coupled with low costs make it a potentially affordable option for parents of young children.
  • Detailed policy information is not available online.

Life Insurance Riders Available

  • Accelerated death benefit rider
  • Accidental death benefit rider
  • Children’s term life rider
  • Disability waiver of premium rider

How Much Does a Term Life Insurance Policy Cost?

The average monthly cost is $19 for a $500,000 term life insurance policy for a buyer age 40 for a 10-year term, $29 for a 20-year term and $49 for a 30-year term. That’s $228 to $588 per year, depending on the term length.

Average Monthly Term Life Insurance Cost for a $500,000 Policy

Source: Forbes Advisor research. Rates are based on buyers who are healthy and qualify for the best rates.

Best Term Life Insurance Companies by Term

Term life insurance is offered by level term period, during which time the premiums are fixed and the death benefit is guaranteed. The level term periods offered vary by insurance company, but the best companies offer at least 10-, 20- and 30-year terms. The longer the term period, the higher the premium.

Using the top-ranking companies in our analysis, here are the lowest costs by level term. Actual rates will vary based on your age, health, coverage amount and other factors.

Best 10-Year Term Life Insurance

Best 20-Year Term Life Insurance

Best 30-Year Term Life Insurance

EXPERT TIPS

How Do I Find the Best Term Life Insurance?

Daniel Adams

Daniel Adams

Advisory board member

Ashlee Valentine

Ashlee Valentine

Insurance Editor

Amy Danise

Amy Danise

Insurance Managing Editor

Penny Gusner

Penny Gusner

Insurance Senior Writer

Michelle Megna

Michelle Megna

Insurance Lead Editor

Jason Metz

Jason Metz

Insurance Lead Editor

Get Life Insurance Pre-approval

If you have any health or risk concerns, ask your insurance agent to provide you with a preliminary approval from a company underwriter before going through the entire application process. This can give you a stronger assurance that you will get the offer you were quoted and help you avoid any unwelcome surprises when the official offer comes back.


Daniel Adams

Look Into Living Benefits

I recommend looking at whether any of the policies you’re considering have living benefits. This feature lets you take money from your own death benefit if you develop a chronic or critical illness that qualifies. It’s a great way to access a pool of money later that you can use for unexpected medical bills or other expenses.


Ashlee Valentine

Compare Life Insurance Quotes

I recommend comparing life insurance quotes from multiple companies. Find a good insurance agent or financial advisor who can gather quotes from multiple insurers. An experienced advisor will know which insurers are most likely to have competitive prices for your age and health.


Amy Danise

Look For Term Life Conversion

If I’m looking for the best term life insurance, I’m going to shop mainly on price, but I’m also going to make sure the policy will let me convert to a cash value policy later on. This term life conversion option is a good way to hedge your bets. You may find you want a permanent life policy many years later, when buying a new policy could be cost-prohibitive.


Penny Gusner

Consider Temporary Life Insurance

You can usually attach a check to your term life application and get temporary life insurance while your application is being processed. If this option is available, why not take it and get peace of mind right away.


Michelle Megna

Check Into a Waiver Of Premium Rider

Consider adding a waiver of premium rider, depending on the cost. This rider will waive your life insurance payments if you become disabled and cannot work. Make sure to check the rules for what qualifies to use the rider.


Jason Metz

Compare Life Insurance Companies

Compare Policies With Leading Insurers

Factors Affecting Term Life Insurance Rates

Life insurance companies usually look at these factors that affect term life insurance rates.

Ask an expert

We Answer Your Questions

Ashlee Valentine

Ashlee Valentine

Insurance Editor

Penny Gusner

Penny Gusner

Insurance Senior Writer

Michelle Megna

Michelle Megna

Insurance Lead Editor

Should I consider inflation when determining how much life insurance coverage I need?

-Ellis R., Adel, Georgia

Inflation should be considered when selecting your life insurance coverage amount. Let’s say you’ve calculated a need of $500,000 coverage if you died today. If you die 20 years from now, however, the amount needed to cover the same financial needs will be different and likely higher. Work with your agent to make sure you’re accounting for inflation. The insurer may also offer an inflation rider.


Ashlee Valentine

I bought a 10-year term policy but now wish I bought a 30-year instead. Can I change my term?

 – Cynthia L., Topeka, Kansas

Since the policy went through the underwriting process for a 10-year term, you cannot change the term now. You will need to apply for a new policy with a 30-year term and go through the underwriting process again. If you’re interested in switching to a permanent policy instead, check to see if your policy offers term life conversion.


Penny Gusner

What happens if I miss a payment on my term life policy?

– Jacob T., Sarasota, Florida

You are unlikely to lose your policy over one missed payment as most life insurance companies offer a 30- or 31-day grace period. But you do need to make the required premium payment during the grace period or your policy will lapse. If you know you’ll miss a payment, contact your insurance agent to discuss and make sure you understand the insurer’s grace period and policy reinstatement rules, if needed.


Michelle Megna

Compare Life Insurance Companies

Compare Policies With Leading Insurers

Methodology

To find the best term life insurance, we evaluated 20 companies on these measurements:

Read more: How Forbes Advisor rates life insurance companies

Other Term Life Insurance Companies We Rated

Best Term Life Insurance Frequently Asked Questions (FAQs)

Will taking a medical exam get me better term life insurance rates?

Taking a medical exam can potentially lead to better term life insurance quotes. Traditional life insurance policies with medical exams are considered lower risk for the insurer and may result in better rates if you are in good health, especially when compared to more expensive options like guaranteed issue life insurance.

 

But there are an increasing number of options for no-exam life insurance that have pricing that’s competitive with, or even lower than, policies that require a medical exam.

What is the maximum age for term life insurance?

The maximum issue age for term life insurance averages age 74, for a 10-year term life policy, according to a Forbes Advisor analysis of term life insurance companies. We found maximum issue ages ranging from 60 to 80.

What happens if you live beyond your life insurance term period?

If you outlive your life insurance term period, you can often renew the policy at a much higher premium (if that option is available). Or you can shop for a new life insurance policy.

 

If you don’t renew a term life insurance policy, your beneficiaries will not receive a death benefit payout if you die after the term expires.

Should I renew my term life policy when it ends?

Although renewing a term life insurance policy is convenient, it can get very expensive. Renewal rates are often significantly higher than the original level term rate and will continue to increase with each renewal.

 

Renewal can be a good option if you’ve developed a medical condition that will result in difficulty obtaining a new policy. But before you decide, check with your insurance agent to discuss your best options.

Learn More About Term Life Insurance


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