Best Term Life Insurance Companies: Most of us like to believe that we will always be young and strong. Sadly, no one is able to foresee the future.
Your loved ones will be taken care of if something were to happen to you if you have one of the best term life insurance policies.
Life insurance comes in many different forms. In this review, we’ll concentrate on the top term life insurance providers, their life insurance products, policy types, premium payment schedules, levels of coverage, term lengths, and much more.
10 Best Term Life Insurance Companies
Does life insurance matter? Yes. If it weren’t, your bank wouldn’t at least once a month send you a notice about life insurance in the bank.
Do your homework before purchasing a policy from the first life insurance provider you find. You want to ensure that you receive the broadest coverage at the most affordable price.
Even life insurance without a medical exam is available from some companies. These businesses can be a no-brainer if you don’t want to have your blood drawn or waste time visiting the doctor.
Even if you do not require a medical exam, you will still be required to respond to a number of health-related questions during your underwriting interview. If you have a particular health condition, you may also require an exam.
For the following insurance combinations, MassMutual provides term life insurance coverage:
- all by yourself
- Your spouse and you
- You, your spouse, and your kids
MassMutual advises getting either a 10- or 20-year term to lock in the best rate, though you can get a longer term.
Every term life insurance policy issued by Haven Life is also underwritten by MassMutual, so the quotes you receive from the two providers should be the same.
You can use MassMutual for both retirement and investing, which is a benefit of choosing them.
Additionally, parents and legal guardians can qualify for the MassMutual LifeBridge program, which provides free life insurance with a 10-year, $50,000 term.
MassMutual has contributed $680 million in LifeBridge life insurance premiums since this program’s inception in 2002! The children can use the money to cover educational costs in the event that the insured parent passes away.
A.M Best Rating: A++
2. New York Life
Another reputable life insurance provider is New York Life, but online quotes are not available. For individuals between the ages of 30 and 74, their Simplified Term Life Insurance program offers coverage up to $100,000 without a medical exam.
For either 10 or 20-year terms, fixed premium amounts are available. The 10 and 20-year terms are the most popular and cost-effective for many, despite the fact that you don’t have as many options as other life insurance companies.
In general, New York Life tends to charge more than the other companies mentioned on this list for life insurance.
A.M Best Rating: A++
3. Haven Life
Some applicants up to the age of 59 won’t even require a medical exam with Haven Life. The 160-year-old insurance company MassMutual also supports Haven Life.
After answering a few personal health questions, you can obtain an instant quote for an immediate decision using Haven Life’s InstantTerm feature.
Because coverage amounts range from $100,000 to $3 million, Haven Life is a better choice if you need a higher coverage amount.
You can automatically renew your policy after your current term has ended without further underwriting, but you will be charged the current life insurance rates based on your age at that time.
Their accelerated death benefit is a nice feature. You may be eligible for early withdrawals to pay for medical expenses if you or another Haven Life policyholder is identified as having a terminal illness.
The additional advantages of Haven Life are another justification. One of their extra perks for clients, for instance, is a 15% discount off any single service from CVS Minute Clinic.
Trustpilot: 4.8 out 5
4. John Hancock
In the worlds of investments and insurance, John Hancock is a well-known brand. When you adopt healthy habits, their Vitality Plus Program can reduce your annual premium by up to 15%. So exercising really does pay off.
Among the benefits are:
Healthy food is discounted by up to $600.
Earn a free FitBit device or an Apple Watch with a $25 down payment.
Discounts at partners in retail and travel
Without a medical exam, you may be eligible for coverage worth up to $1 million! If you’re active and want to earn healthy rewards, it’s worth checking out John Hancock because you can get an instant quote in under a minute.
A+ rating from A.M. Best
5. Prudential Insurance Company of America
It is almost a given that smokers and tobacco users will pay higher premiums than their non-smoking counterparts. Prudential is among the top life insurance providers for smokers who use chewing tobacco.
Because Prudential is a well-known company and might even offer workplace benefits, you might prefer using them.
As one of the best businesses in the world over the past year, Prudential has earned the top spot in Fortune and Forbes magazine’s insurance category!
It is not surprising that Prudential is the second-largest life insurer in the US given these honors.
A+ rating from A.M. Best
6. Primary Life Insurance Company
If you have a small insurance policy, sometimes as small as $30,000, many no exam life insurance companies won’t require a medical exam. One of the few providers of life insurance that offers a $1 million no exam policy is Principal!
To be completely honest, Principal does have more stringent underwriting requirements than other life insurance companies, so not everyone will qualify for the waiver of the exam requirement. It might be worthwhile to try to get a quote from Principal if you’re in good health.
Principal may not be a household name, but they have been in the insurance business since 1879 and are currently a Fortune 500 company.
Additionally, one of the biggest financial rating agencies, A.M Best, has given them an A+ rating. Principal is a secure place to open a policy because its rating is comparable to that of many of the best life insurance providers.
A+ rating from A.M. Best
7. Northwestern Mutual
The tall Corinthian pillar logo of Northwestern Mutual can be recognized by college sports fans from their television commercials.
The 160-year-old Northwestern Mutual has the highest financial rating of A++, standing today just like these ancient pillars. Consider Northwestern Mutual seriously if doing business with a stable organization is important to you.
Along with having a high J.D. Power customer satisfaction score and a low number of customer complaints, Northwestern Mutual also has one of the best customer satisfaction ratings.
The cost of Northwestern Mutual’s term life insurance is higher than that of many other suggestions on this list, which is the only drawback. However, you might imagine it as having a Mercedes or BMW instead of a Ford or Chevy in the insurance world.
A+ rating from A.M. Best
One of the biggest insurance providers you’ll come across is AIG. AIG allows you to choose a 35-year term, as opposed to the 30-year maximum offered by the majority of life insurance companies.
Since you pay the same monthly amount at 54 as you did at 20, your premiums will be higher, but you may be able to save money over the long term.
AIG requires a medical exam, but your policy is supported by a business that has been operating for almost a century and has operations in over 80 nations.
Bonus: The “Select-a-Term” policy offered by AIG allows you to select any term between 10 and 35 years. As a result, you can adjust the policy’s term to meet your specific requirements.
AM Best Score: A
9. Fidelity Life
An exam-free term life insurance policy for terms up to 30 years is available when using the Fidelity Life RAPIDecision Express. You may purchase this life insurance policy up until the age of 95.
You can keep your Fidelity Life policy after your term has ended, but your premiums will rise every year until you turn 94.
When your current policy expires, if you are still eligible for a new term policy, you should purchase a new one to lock in a flat rate for the following 20 years.
Dependent children and accidental deaths are optional riders. These add-ons may also be less expensive than purchasing the same coverages as a separate policy.
A.M. Best Grade:
You can add these extra riders to a YourLife Guaranteed Level Term policy from Nationwide:
- for terminal illnesses, an accelerated death benefit
- child’s language
- premium exempt
- Partner rider
Up until they turn 22 or get married, whichever comes first, the children’s term rider provides an extra benefit for each child.
For up to 30 years, Nationwide offers term insurance. With Nationwide, you can choose to maintain life insurance coverage until the age of 95.
A.M Best Rating: B+
In conclusion, the best term life insurance providers will give you the most affordable option without trying to upsell you on more expensive coverage you don’t require.
It’s crucial to find a reputable life insurance company to make sure your loved ones are taken care of.
For the average person, term life insurance is an affordable way to ensure that their family has enough coverage to cover the costs of living should the worst happen.
Obtaining a term life insurance quote as soon as you can helps to ensure that you pay the least amount of money and are protected as soon as possible.