When planning for your family’s financial security, selecting the right term life insurance is critical. To help you make an informed choice, we’ve analyzed coverage options, customer satisfaction, financial strength, and affordability. Here are the 8 Best term life insurance companies in 2025:
1. Haven Life
Guardian Level Term policies are issued to applicants aged 18-75, starting at $100,000, with coverage available in 10-, 15-, 20-, and 30-year terms, and for pre-existing conditions.
- Why It’s Great: Haven Life offers an entirely online process, affordable premiums, and policies backed by MassMutual, a top-rated insurer.
- Best For: People seeking a streamlined, digital-first experience.
- Coverage Highlights: Policies up to $3 million with instant decisions for qualified applicants.
- Pros: Fast approval, digital application process, affordable rates.
- Cons: Limited options for those requiring very high coverage amounts.
2. Banner Life
MassMutual offers term life policies in various increments, including renewable options. The maximum age for term life is 75, with coverage starting at $100,000. The company’s LifeBridge program allows a free policy for a child under 18’s parent or guardian if the family’s income is $10,000 to $40,000 annually.
- Why It’s Great: Known for offering some of the most competitive rates in the industry, Banner Life provides extensive-term lengths and high coverage limits.
- Best For: Budget-conscious shoppers.
- Coverage Highlights: Flexible term options up to 40 years.
- Pros: Affordable premiums, a wide range of term lengths.
- Cons: Lengthy application process for some applicants.
3. State Farm
- Why It’s Great: With top-tier customer satisfaction ratings and customizable coverage, State Farm remains a popular choice.
- Best For: Customer service-focused buyers.
- Coverage Highlights: Policies include optional riders for added flexibility.
- Pros: Excellent customer service, and reliable claims processing.
- Cons: Higher premiums compared to some competitors.
4. Northwestern Mutual
Thrivent offers term policies ranging from $100,000 to $100,000, covering 18-75 applicants in most states. They include an accelerated death benefit rider, disability waivers, and resources for member volunteer activities.
- Why It’s Great: Exceptional financial stability and robust customer service make Northwestern Mutual a reliable provider.
- Best For: Those prioritizing financial strength.
- Term lengths available: 10, 15, 20, and 30 years.
- Coverage Highlights: High coverage amounts and flexible terms.
- Pros: High financial ratings, and strong customer support.
- Cons: Limited online tools for policy management.
5. Mutual of Omaha
- Why It’s Great: Simplified underwriting and fast approval processes make it a top pick for those needing coverage quickly.
- Best For: Applicants seeking quick and hassle-free approval.
- Coverage Highlights: Competitive rates with no medical exam options.
- Pros: Simplified underwriting, fast approvals.
- Cons: Lower maximum coverage limits.
12 Best Bank Bonuses and Promotions of December 2024 (Up to $3,000)
6. Pacific Life
The PL Promise Term offers 10-, 15-, 20-, 25-, and 30-year terms with $50,000 coverage, an accelerated death benefit rider, and universal life insurance conversion before 71. The Pacific Elite Term allows conversion to a permanent policy within 10 years.
- Why It’s Great: Pacific Life specializes in serving high-net-worth individuals with customizable policies.
- Best For: Clients with substantial coverage needs.
- Term lengths available: 10, 15, 20, 25 or 30 years.
- Coverage Highlights: Competitive rates for large policies.
- Pros: Competitive rates, and high coverage options.
- Cons: Limited term length flexibility.
7. John Hancock
- Why It’s Great: Unique wellness programs like Vitality offer premium discounts for healthy lifestyle choices.
- Best For: Health-conscious policyholders.
- Coverage Highlights: High coverage amounts with added incentives for active living.
- Pros: Wellness rewards, and premium discounts for healthy habits.
- Cons: Higher starting premiums.
8. Protective
- Why It’s Great: Offers long-term value with flexible options, including term lengths up to 40 years.
- Best For: Applicants seeking long-term coverage.
- Coverage Highlights: Affordable rates with customizable policies.
- Pros: Long-term coverage, affordable rates.
- Cons: Fewer digital tools for policy management.
How to Choose the Best Term Life Insurance Company
When comparing term life insurance providers, consider the following:
- Coverage Needs: Assess how much coverage your family will need.
- Budget: Determine how much you can afford for premiums.
- Financial Strength: Ensure the insurer has a strong financial rating.
- Customer Satisfaction: Look for high ratings in claims satisfaction.
- Policy Flexibility: Check for riders or customization options.
Best-Term Life Insurance Companies in 2025
| Company | Best For | Coverage Amounts | Term Lengths | Financial Rating | Key Feature |
|---|---|---|---|---|---|
| Haven Life | Overall Best | $100,000 to \$3 million | 10, 15, 20, 30 yrs | A++ (AM Best) | Digital-first experience with affordable rates |
| Banner Life | Affordable Premiums | $100,000 to \$5 million | 10, 20, 30, 40 yrs | A+ (AM Best) | Flexible coverage options |
| State Farm | Customer Satisfaction | $50,000+ | 10, 20, 30 yrs | A++ (AM Best) | High ratings for customer service |
| Northwestern Mutual | Financial Strength | $100,000 to \$10 million | 10, 20, 30 yrs | A++ (AM Best) | Exceptional long-term stability |
| Mutual of Omaha | Fast Approval | $100,000 to \$2 million | 10, 15, 20, 30 yrs | A+ (AM Best) | Simplified underwriting available |
| Pacific Life | High Coverage Needs | $50,000 to \$10 million | 10, 20, 30 yrs | A+ (AM Best) | Competitive rates for high-net-worth clients |
| John Hancock | Wellness Incentives | $750,000 to \$65 million | 10, 15, 20, 30 yrs | A+ (AM Best) | Offers discounts for healthy lifestyle |
| Protective | Flexible Options | $100,000 to \$50 million | 10-40 yrs | A+ (AM Best) | Long-term value with extended terms |
Conclusion
Finding the best term life insurance in 2025 means balancing affordability, coverage, and reliability. Whether you prioritize digital convenience, customer service, or financial strength, there’s an insurer on this list to meet your needs. Start by comparing quotes and assessing your priorities to secure your family’s future today!
