Transamerica offers reasonable prices on the most flexible term options in the industry and boasts a solid set of tools and resources. An interactive guide walks buyers through a customized policy selection process that outlines coverage choices based on individual need. Policies range from 10 to 30 years in length and coverage amounts can be tailored to individual need with death benefits starting as low as $25,000 and going all the way to $999,999. This flexibility ensures that buyers of any age can find the right term coverage combination for them. Lower coverage options also make life insurance very approachable for younger buyers who wish to guarantee future insurability early in life while rates are low. The company also offers a variety of benefits with their term policies, including a renewal option upon term expiration and an accelerated death benefit in the event that the insured suffers from a terminal illness. Transamerica is rated A+ (superior) by A.M. Best and receives an AA- (very strong) from S&P, indicating solid overall stability. Twenty-year term coverage for a 45-year-old male non-smoker averages approximately $75 per month, placing Transamerica among the lowest-cost term providers. Get Details

New York Life is a close second for term life insurance coverage. The company offers flexible term options that range from 5 years to 20 years, but coverage minimums start at $100,000, making it slightly less accessible to younger buyers and budget shoppers. The company is among the most financially stable in the industry with A.M. Best and S&P ratings of A++ and AAA, respectively. New York Life offers an excellent selection of riders and conversion benefits that make it easy to tailor their policies to individual needs. Yearly convertible term riders allow for upgrade to permanent coverage for the insured, their spouse, or family members. Other riders like disability waiver of premiums and living benefits give the insured peace of mind in the event of disability or terminal illness. New York Life does not offer an online quote process so it's difficult to compare pricing information with competing companies, but consumer reviews place it near the median of the top companies. The additional cost may be worth it for older buyers looking for maximum protection and flexibility from their life insurance coverage. Get Details

Northwestern Mutual offers a unique term option that, in combination with its excellent financial stability and policy features, earn it a spot among the best term insurance companies. In addition to the industry-standard 10- to 20-year term policies, Northwestern Mutual offers a very unique Term 80 option that pays death benefits until the insured's 80th birthday. Term insurance is typically geared toward short-term insurance needs and low-cost coverage but with Term 80, the company has designed a policy option that extends coverage for those looking for longer term insurance with the predictability and low cost of traditional term coverage. The company's policy minimums are set at $100,000, but additions such as waiver of premium and indexed protection benefits offer increased flexibility. Other riders include waiver of premiums for disability and guaranteed conversion that can extend already excellent coverage for a lifetime. The company has an outstanding financial outlook with A++ and AA+ ratings from A.M. Best and S&P, respectively. Individuals who like the low-cost benefits of term insurance but would like to prolong their coverage should take a close look at Northwestern Mutual. Get Details