Best Term Life Insurance Companies in 2026

Finding the Right Term Life Insurance in 2026

Term life insurance is the most straightforward way to protect your family financially. You choose a coverage amount, you choose a term length, and if you die during that term, your beneficiaries receive a tax-free death benefit. No cash value, no investment component, no complexity. Just protection at the lowest possible cost.

But not all term life providers are created equal. Premiums for the same coverage can vary by 50% or more between companies. Some insurers offer fully online applications with instant decisions, while others require weeks of medical underwriting. Conversion options, available riders, and financial strength ratings all differ significantly. Choosing the wrong company can mean overpaying for years or discovering critical limitations when it is too late to switch.

We evaluated dozens of term life insurance providers and ranked the best options for 2026 based on pricing, policy features, customer experience, financial strength, and conversion flexibility. Whether you want the cheapest possible premium, the most robust rider options, or a completely digital application process, this guide will help you find the right fit. If you are still deciding between term life and whole life insurance, start there first — but if you already know term is right for you, read on.

Our Top Term Life Insurance Picks at a Glance

Here is a quick summary of our top picks before we dive into the details:

• Best overall online experience: Haven Life
• Best for flexible coverage amounts: Ladder
• Most affordable premiums: Banner Life / Legal & General
• Best for convertibility: Pacific Life
• Best for riders and customization: Protective
• Best for military families: USAA
• Best agent-based experience: State Farm
• Best for high-net-worth individuals: Northwestern Mutual

1. Haven Life — Best Overall Online Experience

Haven Life has set the standard for buying term life insurance online. The entire application process takes about 20 minutes, and many applicants receive an instant decision without a medical exam. Policies are issued by MassMutual, one of the oldest and most financially stable insurers in the country, which means you get the convenience of a digital-first company backed by the strength of a 175-year-old institution.

Term lengths: 10, 15, 20, and 30 years

Maximum coverage: $3 million

AM Best rating: A++ (Superior) — MassMutual

Conversion option: Yes — convert to a whole life policy through MassMutual within the first 20 years of the term or before age 70, whichever comes first

Haven Life also includes a free rider called Haven Life Plus, which bundles a fitness and wellness program, an estate planning tool, and a digital vault for storing important documents. Premiums are competitive, though not always the absolute cheapest — you pay a slight premium for the streamlined digital experience and MassMutual's financial backing.

Best for: People who want a fast, fully online application backed by a top-rated insurer. Ideal if you are healthy and between 20 and 55 years old.

2. Ladder — Best for Flexible Coverage

Ladder's standout feature is its laddering technology, which lets you adjust your coverage amount up or down after your policy is in force — no new application required. As your mortgage shrinks and your kids leave the house, you can reduce your coverage and lower your premiums accordingly. If your needs increase — say, you have another child or take on a larger mortgage — you can apply to increase coverage without starting over.

Term lengths: 10, 15, 20, 25, and 30 years

Maximum coverage: $8 million

AM Best rating: A+ (Superior) — policies issued by Fidelity Security Life and Allianz Life

Conversion option: Yes — convert all or a portion of your coverage to a permanent policy during the first portion of your term

Ladder's application process is also entirely online, and many applicants qualify without a medical exam. The $8 million maximum coverage limit is among the highest in the industry, making Ladder a strong choice for high-income earners who need substantial protection.

Best for: People whose coverage needs are likely to change over time. Especially useful for younger buyers who expect major life changes in the coming decades.

3. Banner Life / Legal & General — Most Affordable Premiums

If your primary goal is getting the lowest possible premium, Banner Life (a subsidiary of Legal & General America) consistently ranks among the cheapest term life providers in the country. They have been a quiet powerhouse in the term life market for decades, and their rates are frequently the lowest or near-lowest in independent quote comparisons. To understand how much life insurance actually costs across different companies, Banner Life is often the benchmark.

Term lengths: 10, 15, 20, 25, 30, and 35 years

Maximum coverage: $10 million

AM Best rating: A+ (Superior)

Conversion option: Yes — convert during the first 10 years of the term or before age 70, whichever is earlier

Banner Life offers term lengths up to 35 years — longer than most competitors — which can be especially useful for younger buyers who want coverage that extends further into the future. The trade-off is that Banner Life does not have its own online application platform; you will typically apply through an independent agent or broker. Coverage is available in 49 states and the District of Columbia (not available in New York, where the parent company Legal & General offers comparable policies).

Best for: Budget-conscious buyers who want the lowest available premium and do not mind working with an agent rather than applying online.

4. Pacific Life — Best for Convertibility

Pacific Life stands out for one of the most generous conversion options in the industry. While many insurers limit conversion to the first 10 years or impose age restrictions, Pacific Life allows you to convert your term policy to any of their permanent life products at any point during the term — right up until the policy is set to expire. This is a significant advantage if you think you might eventually want permanent coverage but are not ready to commit to the higher premiums yet.

Term lengths: 10, 15, 20, 25, and 30 years

Maximum coverage: $65 million (one of the highest limits available)

AM Best rating: A+ (Superior)

Conversion option: Yes — convert to any Pacific Life permanent product at any point during the term with no additional medical underwriting

Pacific Life's underwriting leans more traditional — expect a medical exam for most applicants — and the company primarily works through agents and brokers rather than direct-to-consumer online channels. However, the flexibility of their conversion option and the extraordinarily high coverage limits make them a strong choice for anyone who values long-term optionality.

Best for: People who want maximum flexibility to convert to permanent coverage later without restrictions. Also excellent for high-income earners who need very large coverage amounts.

5. Protective — Best for Riders and Customization

Protective offers one of the most customizable term life policies on the market. Their Classic Choice Term policy comes with an unusually wide range of optional riders that let you tailor the policy to your specific needs. Available riders include a children's term rider, a disability waiver of premium rider, a chronic illness accelerated death benefit rider, and an extension of benefits rider that continues coverage at the end of the term.

Term lengths: 10, 15, 20, 25, 30, and 40 years

Maximum coverage: $5 million

AM Best rating: A+ (Superior)

Conversion option: Yes — convert during the first 10 years of the policy or before age 70

Protective also offers a 40-year term option, which is extremely rare in the industry. For a 25-year-old who wants coverage through age 65, this is a compelling option that eliminates the gap many people face when a 30-year term expires before they reach retirement. Premiums are competitive — often in the same range as Banner Life — and the company has a strong track record of claims payments.

Best for: People who want to add specific riders to their policy, need an extra-long term length, or want a highly customizable policy at a competitive price.

6. USAA — Best for Military Families

USAA consistently earns top marks for customer satisfaction, and their term life insurance is available exclusively to military members, veterans, and their families. What sets USAA apart is their understanding of military-specific needs. Unlike many insurers that charge higher premiums or add exclusions for active-duty military and combat deployments, USAA covers active-duty service members at standard rates with no war or aviation exclusions.

Term lengths: 10, 15, 20, 25, and 30 years

Maximum coverage: $10 million

AM Best rating: A++ (Superior)

Conversion option: Yes — convert to a USAA permanent life policy within the conversion period

USAA's premiums are competitive with the best in the industry, and their customer service is legendary — they consistently rank at or near the top of J.D. Power's life insurance satisfaction surveys. The main limitation is eligibility: you must be a current or former military member, or a qualifying family member, to purchase a USAA life insurance policy.

Best for: Active-duty military, veterans, and their immediate family members who want excellent rates, no military exclusions, and industry-leading customer service.

7. State Farm — Best Agent-Based Experience

State Farm is the largest life insurance provider in the United States by market share, and their agent network is unmatched. With nearly 19,000 agents across the country, chances are there is a State Farm office within a few miles of where you live. If you prefer a face-to-face conversation with a dedicated agent who can walk you through options and answer questions in person, State Farm is hard to beat.

Term lengths: 10, 20, and 30 years

Maximum coverage: Varies by state and individual — no publicly stated cap

AM Best rating: A++ (Superior)

Conversion option: Yes — convert to a State Farm permanent life policy within the conversion window

State Farm's premiums are not the cheapest in the market — you are paying in part for the agent network and brand recognition. However, if you already have auto or home insurance with State Farm, bundling a life insurance policy can simplify your financial life and may qualify you for multi-policy discounts on your other coverage.

Best for: People who want a dedicated local agent, value in-person guidance, or already have other State Farm policies.

8. Northwestern Mutual — Best for High-Net-Worth Individuals

Northwestern Mutual is one of the most financially stable insurers in the world and has been in business since 1857. Their term life products are competitively priced, and their financial advisors take a holistic approach — they do not just sell you a policy, they evaluate your entire financial picture including investments, retirement planning, and estate needs. This advisory model makes Northwestern Mutual especially well-suited for high-net-worth individuals with complex financial situations.

Term lengths: 10, 15, and 20 years

Maximum coverage: No stated maximum — underwritten on an individual basis

AM Best rating: A++ (Superior)

Conversion option: Yes — convert to any Northwestern Mutual permanent life product with no additional underwriting required

Northwestern Mutual does not sell policies online or through independent agents — you must work with one of their in-house financial advisors. This can be a positive for people who want comprehensive financial planning, but it means a longer, more involved purchase process. Their term lengths max out at 20 years, which is more limited than some competitors.

Best for: High-net-worth individuals who want a comprehensive financial planning relationship, top-tier financial strength, and access to Northwestern Mutual's full range of permanent life products for future conversion.

How to Compare Term Life Insurance Companies

Choosing the right term life insurance company involves more than just finding the lowest premium. Here are the key factors to evaluate when comparing providers, whether you are looking at the companies on this list or exploring our broader guide to the best life insurance companies in 2026.

Financial Strength Ratings

A life insurance policy is only as good as the company's ability to pay the claim decades from now. AM Best ratings are the industry standard for evaluating an insurer's financial stability. Look for companies rated A or higher. Every company on our list carries an A+ or A++ rating, which means they have a superior ability to meet their ongoing obligations to policyholders.

Conversion Options

The conversion option is one of the most underrated features of a term life policy. It allows you to convert to a permanent policy without a new medical exam — which is invaluable if your health deteriorates during the term. Pay close attention to the conversion deadline (some companies allow conversion for only the first 10 years), the products you can convert to, and whether conversion is available for the full death benefit or only a portion.

Available Riders

Riders are optional add-ons that expand your policy's coverage. Common term life riders include waiver of premium (continues coverage if you become disabled), accelerated death benefit (pays a portion of the benefit early if you are diagnosed with a terminal illness), children's term rider (adds coverage for your children), and return of premium (refunds your premiums if you outlive the term, though this significantly increases costs). Not all companies offer the same riders, so match available riders to your specific needs.

Underwriting Process

The underwriting process varies dramatically between insurers. Companies like Haven Life and Ladder offer accelerated underwriting that can approve you in minutes without a medical exam. Traditional insurers like Northwestern Mutual and Pacific Life typically require a full medical exam, blood work, and a more detailed health history — a process that can take four to six weeks. If speed and convenience matter to you, prioritize companies with no-exam life insurance options. If getting the absolute lowest rate is your priority, a traditional medical exam may work in your favor by proving your excellent health.

Premium Pricing

Always get quotes from at least three to five companies before buying. Premiums for identical coverage can vary by 50% or more. Your age, health, tobacco use, occupation, hobbies, and family medical history all affect your rate, and different companies weigh these factors differently. A company that is cheapest for a healthy 30-year-old may not be the cheapest for a 45-year-old with a family history of heart disease.

What Term Length Should You Choose?

The right term length depends on what you are protecting against. Here are general guidelines based on common life stages:

• 10-year term: Best for short-term obligations like a business loan, bridge coverage until retirement, or supplementing an existing policy for a few years.
• 20-year term: The most popular choice. Covers most of the years when your financial responsibilities are highest — raising children, paying a mortgage, and building retirement savings. A 35-year-old with young kids would be covered until age 55.
• 30-year term: Best for younger buyers in their 20s or early 30s who want coverage that lasts through their peak earning and child-rearing years. Also a good match for a 30-year mortgage.
• 35- or 40-year term: Available from select companies like Banner Life (35 years) and Protective (40 years). Useful if you want to lock in rates for an extended period while you are young and healthy.

A useful rule of thumb: choose a term that covers you until your youngest child would be financially independent or until your mortgage is paid off, whichever is longer. When in doubt, go longer rather than shorter — buying a new policy later will always be more expensive than locking in a rate now.

How Much Term Life Insurance Do You Need?

The standard recommendation is 10 to 15 times your annual income, but a more precise approach is to add up your specific financial obligations and subtract your existing assets. Consider these factors:

1. Income replacement — How many years of your salary would your family need to maintain their standard of living?
2. Outstanding debts — Mortgage balance, car loans, student loans, credit cards, and any other debts
3. Future education costs — Estimated college tuition for each child
4. Final expenses — Funeral and burial costs average $8,000 to $12,000
5. Existing coverage and assets — Subtract savings, investments, existing life insurance, and Social Security survivor benefits from your total need

For example, a 35-year-old earning $90,000 per year with a $350,000 mortgage, two young children, and $50,000 in savings might need approximately $1 million to $1.3 million in coverage. At current rates, a 20-year term policy for that amount could cost as little as $45 to $70 per month for a healthy non-smoker.

The Bottom Line

Term life insurance remains the most efficient way to protect your family's financial future. The companies on this list represent the best options available in 2026, each with distinct strengths depending on your priorities. Haven Life and Ladder offer the best digital experiences for people who want speed and convenience. Banner Life and Protective consistently deliver the most competitive pricing. Pacific Life provides unmatched conversion flexibility. USAA serves military families better than anyone else. State Farm and Northwestern Mutual offer the personal guidance that some buyers prefer.

Regardless of which company you choose, the most important step is getting coverage in place. A 2025 LIMRA study found that 42% of American adults have no life insurance at all, and among those who do, nearly half say they need more. Every year you wait, premiums increase — and a single health event can make coverage dramatically more expensive or unavailable entirely.

Get quotes from at least three companies, compare conversion options and riders alongside price, verify the insurer's AM Best rating, and lock in your rate while you are young and healthy. The best term life insurance policy is the one you actually buy — and the sooner you buy it, the less it will cost.

Frequently Asked Questions

What is the cheapest term life insurance company?

Banner Life (Legal & General) consistently offers some of the lowest term life premiums in the industry. However, the cheapest company for you depends on your age, health, tobacco use, and other individual factors. A company that is cheapest for one person may not be cheapest for another, which is why getting multiple quotes is essential. Protective and USAA also frequently appear among the most affordable options.

Can I get term life insurance without a medical exam?

Yes. Companies like Haven Life and Ladder offer accelerated underwriting that can approve many applicants without a medical exam. Instead, they use data from prescription databases, motor vehicle records, and other sources to assess your health risk. However, not everyone qualifies for no-exam approval — if the algorithm flags potential health concerns, you may still be asked to complete a medical exam. Coverage amounts for no-exam policies may also be capped at lower levels than traditional fully underwritten policies.

What happens when my term life insurance expires?

When your term ends, coverage stops and no benefit is paid. Most policies offer a renewal option that lets you continue coverage on a year-to-year basis, but the renewed premiums will be significantly higher because they are based on your current age. The better option for most people is to either convert the policy to permanent coverage before the term expires (if the conversion option is available) or purchase a new term policy if you are still in good health. Planning ahead before your term expires is critical.

Is a 20-year or 30-year term better?

A 20-year term is the most popular choice and works well for people in their mid-30s to mid-40s who want to cover the years until their children are grown and their major debts are reduced. A 30-year term costs more per month but provides an extra decade of protection and locks in your rate for longer. If you are in your 20s or early 30s, a 30-year term often makes sense. If you are in your 40s, a 20-year term usually provides enough coverage through your peak earning years.

What does it mean to convert a term life policy?

Converting a term life policy means exchanging it for a permanent life insurance policy — typically whole life or universal life — without having to undergo new medical underwriting. This is valuable because if your health has declined since you originally purchased the term policy, you can still get permanent coverage at a rate based on your original health classification. Conversion deadlines and available products vary by insurer, so review these details carefully when choosing a term policy.

How do AM Best ratings work for life insurance companies?

AM Best is an independent credit rating agency that evaluates the financial strength and creditworthiness of insurance companies. Their ratings range from A++ (Superior) at the top to D (Poor) at the bottom. An A++ or A+ rating means the company has a superior ability to meet its ongoing insurance obligations. An A or A- rating means excellent ability. When choosing a life insurance company, look for an AM Best rating of A or higher to ensure the company will be financially sound enough to pay your claim, potentially decades from now.

Can I have multiple term life insurance policies at the same time?

Yes, and it can be a smart strategy. Some people use a laddering approach where they buy multiple term policies with different term lengths. For example, you might buy a $500,000 30-year policy and a $500,000 15-year policy simultaneously. During the first 15 years, you have $1 million in coverage when your financial obligations are highest. After 15 years, the shorter policy expires and your coverage drops to $500,000 as your mortgage shrinks and your savings grow. This approach can be cheaper than buying a single $1 million 30-year policy.