What Are the Best Term Life Insurance Companies in 2023? A Review of the Top-Rated Insurers

 

Term life insurance is a type of life insurance that provides coverage for a specific period of time, usually between 10 and 40 years. If you die during the term, your beneficiaries will receive a lump sum payment called the death benefit. Term life insurance is one of the most affordable and simple ways to protect your family’s financial future in case something happens to you.

But how do you choose the best term life insurance company for you? There are many factors to consider, such as:

• Cost: How much are the premiums and how do they compare to other companies?
• Coverage: How much coverage can you get and what are the eligibility requirements?
• Customer service: How easy is it to apply, manage your policy, file a claim, and get support?
• Financial strength: How stable and reliable is the company and can it pay out claims when needed?
• Policy features: What are the benefits and options that come with your policy, such as riders, convertibility, renewability, etc.?

To help you find the best term life insurance company for you in 2023, we have researched and analyzed dozens of companies based on these criteria. Here are our top picks for the best term life insurance companies in 2023:

Protective: Best Overall

Protective is our top choice for best overall term life insurance company in 2023. It offers some of the cheapest rates in the market, with term lengths up to 40 years. You can apply online without an agent and get an instant decision. Protective also has strong financial ratings from A.M. Best (A+), Standard & Poor’s (AA-), Moody’s (A1), and Fitch (A+).

For example, a healthy 30-year-old male can get a 30-year term policy with $500,000 coverage for as low as $23.54 per month. A healthy 30-year-old female can get the same policy for as low as $19.44 per month.

The main drawback of Protective is that it has below-average customer satisfaction ratings from J.D. Power (2 out of 5) and the Better Business Bureau (B-). It also has limited policy options, such as no return of premium or guaranteed level premium riders.

Banner Life: Best for Cheap Insurance

Banner Life is another great option for cheap term life insurance in 2023. It offers low premiums, flexible underwriting, high coverage amounts (up to $10 million), and excellent financial strength ratings from A.M. Best (A+), Standard & Poor’s (AA-), and Fitch (AA-).

For example, a healthy 30-year-old male can get a 40-year term policy with $1 million coverage for as low as $57.13 per month. A healthy 30-year-old female can get the same policy for as low as $46.88 per month.

The main drawback of Banner Life is that it has a slow application process that can take up to six weeks. It also has average customer service ratings from J.D. Power (3 out of 5) and the Better Business Bureau (A+).

Haven Life: Best for Same-Day Coverage

Haven Life is the best choice for same-day coverage in 2023. It offers a fast and easy online application, instant approval, no medical exam option (for qualified applicants up to age 59 and $3 million in coverage), and generous living benefits, such as accelerated death benefit, waiver of premium, and terminal illness riders.

For example, a healthy 30-year-old male can get a 20-year term policy with $250,000 coverage for as low as $14.03 per month. A healthy 30-year-old female can get the same policy for as low as $12.34 per month.

The main drawback of Haven Life is that it has limited term lengths (10, 15, 20, or 30 years) and lower maximum coverage than some competitors ($3 million). It also has no customer satisfaction ratings from J.D. Power or the Better Business Bureau.

Mutual of Omaha: Best for Living Benefits

Mutual of Omaha is the best option for living benefits in 2023. It offers optional riders that allow you to access part of the death benefit in case of terminal illness, chronic illness, or disability. These riders can help you cover medical expenses, long-term care costs, or lost income if you become seriously ill or injured.

For example, a healthy 30-year-old male can get a 15-year term policy with $100,000 coverage for as low as $9.41 per month. A healthy 30-year-old female can get the same policy for as low as $8.66 per month.

The main drawback of Mutual of Omaha is that it has higher premiums than some competitors and requires a medical exam and an agent to apply. It also has no online quotes or application.

MassMutual: Best for Financial Stability

MassMutual is the best choice for financial stability in 2023. It has superior financial ratings from A.M. Best (A++), Standard & Poor’s (AA+), Moody’s (Aa3), and Fitch (AA+). It also has a long history of over 170 years and pays dividends to its eligible policyholders.

MassMutual offers a wide range of policy options, such as term lengths from 10 to 30 years, coverage amounts from $100,000 to $10 million, and convertibility to permanent life insurance.

For example, a healthy 30-year-old male can get a 10-year term policy with $50,000 coverage for as low as $8.50 per month. A healthy 30-year-old female can get the same policy for as low as $7.50 per month.

The main drawback of MassMutual is that it requires a medical exam and an agent to apply and does not offer online quotes or application.

How to Choose the Best Term Life Insurance Company for You

The best term life insurance company for you depends on your personal needs, budget, and preferences. Here are some tips on how to compare different term life insurance companies and find the best one for you:

• Shop around: Get quotes from multiple companies and compare their rates, coverage, customer service, financial strength, and policy features.
• Improve your health: The healthier you are, the lower your premiums will be. Try to quit smoking, lose weight, lower your blood pressure and cholesterol levels, and avoid risky hobbies or occupations.
• Choose the right term length and coverage amount: The longer the term and the higher the coverage amount, the more expensive your premiums will be. Choose a term length that matches your financial obligations and a coverage amount that meets your family needs. A good rule of thumb is to multiply your annual income by 10 to 15 times.

• Bundle policies: Some companies offer discounts if you buy more than one policy from them, such as term life and auto insurance or term life and disability insurance.
• Read the fine print: Before you sign up for a term life insurance policy, make sure you understand the terms and conditions, such as the exclusions, limitations, renewability, convertibility, and cancellation options.

Conclusion

Term life insurance is a smart and affordable way to protect your family’s financial future in case of your untimely death. However, not all term life insurance companies are created equal. You need to compare different companies based on their cost, coverage, customer service, financial strength, and policy features.

Based on our research and analysis, here are the best term life insurance companies in 2023:

• Protective: Best Overall
• Banner Life: Best for Cheap Insurance
• Haven Life: Best for Same-Day Coverage
• Mutual of Omaha: Best for Living Benefits
• MassMutual: Best for Financial Stability

We hope this article has helped you find the best term life insurance company for you in 2023. If you are ready to get a quote from one or more of these companies, click on the links below and start your application today.