We've provided standardized ratings for each carrier featured on this list to help you compare your options. Here's a breakdown of what each category means:

1. Financial strength rating: These ratings indicate an insurer’s ability to pay future claims.

2. Online purchase: This indicates whether the company offers a way to apply for and purchase policies entirely online.

3. NAIC complaints: Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

4. Policies offered: Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

Term life insurance offers temporary coverage for a specific period of time, such as 10, 20 or 30 years. As long as you keep up with your premium payments, your insurer will pay a sum of money to your life insurance beneficiaries if you die during the term.

Unlike whole life and other types of permanent life insurance that may last your entire life, term life insurance coverage typically expires when the term ends. This means that if you outlive your policy, your beneficiaries won't receive any money. If you still need life insurance, you may be able to renew your policy, convert it to permanent coverage at a higher premium or buy another policy.

Term life doesn’t build cash value that you can borrow against, like permanent life insurance does. This is one reason term life is cheaper than whole life. Term life purely provides insurance, and with whole life, you're paying for longer coverage and the ability to grow the policy's cash value.

Term life insurance is sufficient for most people who are in the market for coverage. Consider term life insurance if:

Whether you’re dealing with a company representative or an independent life insurance agent, consider asking the following questions:

Term life insurance policies last only for a specified period — often 10, 20 or 30 years. The best term for you will depend on why you need life insurance. If you’re buying it to make sure a short-term debt can be covered, a 10-year policy might be enough. If you want to make sure your spouse can pay off your mortgage and put your children through college without your income, a 30-year policy might be better.

Term life insurance isn’t meant to last forever. But if you find you still need life insurance upon its expiration date, you may be able to renew your policy, convert it to a permanent policy at a higher premium or buy a new policy. It’s best to check with your insurance company or agent before you buy a policy to check what your options are.

Term life insurance lasts for a set number of years, while whole life insurance typically lasts your entire life. Because whole life insurance pays out regardless of when you die and includes a “cash value component” — a reserve attached to your policy that grows over time — it’s more expensive than term life insurance. Read NerdWallet’s term life vs. whole life insurance: differences and how to choose.

Most life insurance companies offer a grace period after a missed bill, usually between 30 and 90 days. During this time, your policy is still active. As long as you pay in full by the end of the grace period, you’ll be fully protected.

What if you still can’t pay? Insurers often allow customers to apply for reinstatement within a certain time period after the policy’s lapse.