Key takeaways
Guardian has coverage for certain health conditions and affordable rates while New York Life offers term policies you can renew annually.
Consider USAA if you’re a veteran or an active-duty military member.
Thrivent stands out for its convertible term life insurance policies, and Northwestern Mutual scores points for customer experience.
Reviewed weekly. Last updated: December 2025
If you're in the market for term life insurance, it’s important to compare coverage amounts, term lengths, age restrictions and whether you can convert to a permanent policy.
NerdWallet's editorial team highlights term life policies sold by some of the best life insurance companies in the U.S., so you can find the right coverage for you and your family. These insurers all scored at least 4.9 out of 5 stars.
Best term life insurance companies of 2026
Insurer | NerdWallet rating | Term lengths available | |
|---|---|---|---|
Best for health conditions | 1, 10, 15, 20 and 30 years. | ||
Best for renewable policies | 1, 10, 15 or 20 years. | ||
Best for military members | 10, 15, 20, 25 or 30 years. | ||
Best for customer experience | 1, 10 or 20 years. | ||
Best for conversion options | 10, 15, 20 and 30 years. | ||
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its term life insurance policy specifically. | |||
Best for health conditions: Guardian
Male
$31 /month
Female
$26 /month
Why this insurer made the list : Guardian offers a range of term lengths at affordable rates, and opens its coverage to applicants living with HIV — a condition that can make it hard to find life insurance.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Guardian's term life insurance
Guardian is our best life insurer overall for 2026, thanks to its accessibility, relatively low complaint rate and exceptional financial strength. Its affordable rates also secured Guardian a spot on our list of the cheapest life insurance companies.
Policy name: Guardian Level Term.
Coverage amount: $100,000 to $5 million.
Age eligibility: 18 to 75.
⌛Term lengths available: 1, 10, 15, 20 or 30 years.
Riders:
Term conversion.
Waiver of premium.
Guaranteed renewability.
Accelerated death benefit.
Accidental death benefit.
Charity benefit.
Online experience: Guardian’s website is packed with information about life insurance in general, but is light on policy details. One perk: Guardian’s term life calculator doesn’t require any contact information to provide a quote. However, you’ll have to contact an agent to purchase a policy.
What to know about applying for a policy: Guardian usually requires a medical exam to qualify for a policy, and people with health conditions may need to submit additional medical records.
Where this insurer stands out: Guardian extends coverage to people living with pre-existing conditions, like HIV. To apply, you must be from 20 to 65 years old and meet certain eligibility requirements, such as being on active antiretroviral therapy.
More Nerdy Perspective
Every insurer weighs things like health conditions differently. Guardian stands out for its lenient underwriting for applicants with certain health conditions, as long as they’re well managed. This might mean proving you’ve been taking your medication and following a treatment plan set by your doctor.
» Read the full review: Guardian life insurance
Best for annual renewable term: New York Life
Male
$36 /month
Female
$30 /month
Why this insurer made the list: New York Life offers a policy with relatively high coverage amounts that can be renewed annually.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About New York Life's term life insurance
New York Life has two different types of term life policies, both of which can be converted to permanent coverage. The company also sells guaranteed issue policies for older adults through AARP — these don’t require a health questionnaire or medical exam.
Policy name: Yearly Renewable Term.
Coverage amount: Starting at $250,000.
Age eligibility: 18 to 75.
Policy name: Level Premium Term.
Coverage amount: Starting at $100,000.
Age eligibility: 18 to 75.
⌛Term lengths available: 10, 15 or 20 years.
Riders:
Spouse paid-up purchase option.
Waiver of premium.
Online experience: New York Life’s website is fairly transparent about the company’s term life policies, but it’s missing finer details like coverage amounts. And while a quote for term life insurance requires you to talk to an agent, once you’re a policyholder you can manage beneficiaries or file claims online.
What to know about applying for a policy: You’ll need to contact an agent to apply for a New York Life term policy and most people will have to take a medical exam to qualify.
Where this insurer stands out: Older adults may appreciate the annual renewable options and the ability to convert New York Life’s term policies to permanent life insurance.
» Read the full review: New York Life insurance
Best for military members: USAA life insurance
Male
$32 /month
Female
$37 /month
Why this insurer made the list: USAA offers a simplified issue term policy that offers same-day coverage if you qualify, plus has a wide range of term lengths available.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term, permanent & no-exam
About USAA’s term life insurance
Although USAA’s life insurance policies are available to everyone, the insurer provides extra perks to military members, veterans, and their families. USAA’s term life insurance policies also let you buy more coverage after some life events without a medical exam.
Policy name: Eagle Express Term, Essential Term.
Coverage amount: $100,000 to $10 million.
Age eligibility: 18 to 70.
⌛Term lengths available: 10, 15, 20, 25 or 30 years.
Riders:
Term life event option rider.
Military severe injury benefit.
Military future insurability.
Online experience: You’ll find basic policy information on USAA’s website alongside financial advice and a life insurance calculator. USAA supports online quotes and can issue term life insurance on the same day for some applicants.
What to know about applying for a policy: USAA’s Eagle Express can offer instant coverage to those who qualify, which means you might be able to skip the medical exam if you’re young, healthy and willing to answer a few health questions.
Where this insurer stands out: With USAA, you'll be guaranteed coverage if you leave the military. Plus, all term life policyholders ages 18 to 45 can add up to $100,000 in coverage after having a baby, getting married or buying a house.
More Nerdy Perspective
With most insurers, if you need more coverage as your life evolves, you’ll have to buy another policy. This strategy is known as “laddering.” USAA is unique for allowing term life policyholders to top up their coverage after experiencing a major life event, which cuts down on admin and ensures they’re not underinsured.
» Read the full review: USAA life insurance review
Best for customer experience: Northwestern Mutual
Male
$40 /month
Female
$38 /month
Why this insurer made the list: Northwestern Mutual has one of the lowest rates of complaints we’ve seen, making it a solid choice for customer experience.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
About Northwestern Mutual’s term life insurance
Northwestern Mutual gets less complaints than many other life insurance companies and ranks near the top in J.D. Power’s customer satisfaction surveys year-over-year. The company also offers a term life insurance policy with an age limit instead of a term length.
Policy name: Annual Renewable Term Life.
Coverage amount: Starting at $100,000 or $250,000 depending on your age, with no set maximum for qualifying applicants.
Age eligibility: 18 to 80.
⌛Term lengths available: 10 years or up to 80 years of age.
Policy name: Level Premium Term Life.
Coverage amounts: Starting at $100,000 or $250,000 depending on your age, with no set maximum for qualifying applicants.
Age eligibility: 18 to 65.
⌛Term lengths available: 10 or 20 years.
Riders: Waiver of premium.
Online experience: Northwestern Mutual’s site buries most information in frequently asked questions at the bottom of the page. There’s also no way to get a quote online, although you can manage your policy and file claims through Northwestern’s portal.
What to know about applying for a policy: Northwestern Mutual asks for quite a bit of info up front on the website before directing you to an agent for a quote or to apply for a policy. The company also explicitly states that life insurance policies require medical review, so you’ll probably be asked to take a health exam.
Where this insurer stands out: Northwestern Mutual’s Term 80 policy is a unique approach to term life insurance. This annual renewable term policy provides coverage up to age 80, but premiums do increase yearly.
» Read the full review: Northwestern Mutual life insurance
Best for conversion options: Thrivent
Male
$37 /month
Female
$31 /month
Why this insurer made the list: Thrivent has lots of opportunities to convert term policies to permanent coverage, but it only services Christian consumers.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Thrivent’s term life insurance
Thrivent combines exceptional financial strength with a low rate of complaints. But its insurance offerings are only available to those who can prove they’re affiliated with the Christian faith.
Policy name: Thrivent Financial Term Life Insurance.
Coverage amount: $100,000 to $3 million.
Age eligibility: 18 to 75.
⌛Term lengths available: 10, 15, 20 and 30 years.
Riders:
Accelerated death benefit.
Extended term conversion.
Online experience: You can get a free term life quote with minimal fuss on Thrivent’s website. There is also basic policy information in the frequently asked questions section. Thrivent supports online claims, and has a mobile app for policyholders to manage their life insurance or connect with a financial advisor.
What to know about applying for a policy: While you can get a quote for term life insurance on the website, you have to connect with a financial advisor at Thrivent to finish your application. Thrivent’s website states if you’re between the ages of 18 and 60 and applying for less than $3 million in coverage, you may be able to skip the medical exam.
Where this insurer stands out: Thrivent stands out for opportunities to convert term life insurance policies into permanent coverage. During the first five years of purchasing a policy, you can convert your term life coverage into one of the company’s permanent life insurance policies without taking an exam. You can also pay for a term conversion rider that allows you to upgrade to permanent coverage anytime before the age of 70.
» Read the full review: Thrivent life insurance
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (35%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (35%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
What is term life insurance?
Term life insurance is a temporary policy lasting a set number of years, like 10, 15 or 20. It's a great choice for most people, as it covers you during the years when you have the most financial obligations — think a mortgage, tuition or childcare.
Is term life insurance worth it?
In general, term life is the most affordable type of life insurance and sufficient for most people. Term life insurance is intended to provide a safety net for families that might suffer financially if a loved one dies. It’s especially helpful for those who have financial responsibilities with a set end date, such as a mortgage, or people with young children.
How much does term life insurance cost?
The average cost of a term life insurance policy is $26 a month, according to Policygenius, a life insurance brokerage. It’s based on a healthy, nonsmoking 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. Keep in mind life insurance rates vary depending on factors like your age, health, smoking status and policy type.
Pros
- Affordable premiums.
- Covers years when financial burden would be the greatest.
Cons
- Usually can't make changes once coverage begins.
- Beneficiaries don't get any money if you outlive the policy.
Alternatives to term life insurance
Term life insurance is temporary and while it’s sufficient for most people, there may be some situations where another type of coverage is a better fit.
For instance, permanent life insurance — such as whole life insurance — typically covers your entire lifespan. These policies also grow cash value that can be withdrawn or borrowed against later in life. Permanent life insurance policies may be a better fit for parents of special needs children or for older adults who have maxed out their tax-advantaged retirement saving accounts, like 401(K)s.
More about top-rated life insurance companies
Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:
*Sample rates are based on a $500,000, 20-year term life insurance policy for a healthy, nonsmoking 40-year-old man and woman. If rates are not displayed, that means the insurer didn't supply them to us or doesn't offer term policies with that coverage amount.
Frequently asked questions
What happens when my term ends?
What happens when my term ends?
When a term life insurance policy ends, you’ll usually have a few options. Your policy may allow you to convert your term life insurance coverage into a permanent life insurance policy, usually in return for higher premiums. Some policies might extend coverage on an annual basis but your premiums would still increase with age.
If you still need life insurance, you could also buy a new term or permanent life insurance policy.
Which is better, term or whole life insurance?
Which is better, term or whole life insurance?
Term life insurance is more affordable and usually sufficient for most people. However, if you have a special needs child or would like to have life insurance that provides lifelong coverage for some other reason, you may want to look into whole life insurance.
Can I cash out my term life policy?
Can I cash out my term life policy?
Term life insurance doesn’t build cash value, so it’s not possible to “cash out” a policy. Surrendering a policy for cash is something you can consider only if you purchase a permanent policy that builds cash value, such as whole or universal life insurance.
