HomepageInsuranceLifeThe Best Term Life Insurance Companies in 2020
Last updated on Sep 21, 2020

The Best Term Life Insurance Companies in 2020

Our top picks for best term life insurance with robust coverage and strong financial backing ​

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    Having term life insurance from a young age is important, but it’s not always finding the best provider. To help you shop for life insurance, we put together a guide with the best term life insurance companies. These companies were reviewed and scored based on five main criteria—customer experience, financial strength, policy offerings, riders and website accessibility. 

    The 7 Best Term Life Insurance Companies in 2020 

    Best Term Life Insurance Companies: Summed Up

    Rank CompanyReviews.com ScoreCustomer SatisfactionFinancial Strength Riders offeredWebsite Can convert term to whole?
    1Northwestern Mutual5/55/55/55/55/5
    2State Farm5/55/55/55/55/5
    3Nationwide4.8/54/55/55/55/5
    4Mutual of Omaha4.2/54/55/52/55/5
    5New York Life4.2/55/54/54/53/5
    6Principal Financial3.8/54/55/52/55/5X
    7Liberty Mutual3.4/53/55/52/54/5X

    *Data as of 07/21/20.

    Northwestern Mutual

    Best For
    Best Overall
    Northwestern Mutual
    Northwestern Mutual


    Northwestern Mutual is our top pick for the best life insurance company overall. The company has impressive financial strength, great customer service and very few customer complaints. To learn more about this provider, check out our full review of Northwestern Mutual

    Best For: Financial strength and reputation

    Not For: Flexible term lengths

    AM Best: A++

    J.D. Power: 5/5

    NAIC: .02 (below average complaints)

    Pros

    • Great customer service reviews.
    • Strong financial rating.
    • Term conversion option with guaranteed acceptance.
    • Renewal policies available until age 80.
    • No-exam policies for people in good health.

    Cons

    • Term lengths are limited to 10, 20 or 80 years.
    • Website lacks information about what term policies include.

    State Farm

    Best For
    Best for Young Families
    State Farm
    State Farm


    If you’re shopping for life insurance for your family, State Farm’s Instant Answer Term Insurance® offers fast and affordable coverage. The company also offers Family Life insurance with specific riders that protect parents and kids. To learn more about this provider, check out our full review of State Farm life insurance

    Best For: Young families

    Not For: Flexible term lengths

    AM Best: A++

    J.D. Power: 5/5

    NAIC: .24 (below average complaints)

    Pros

    • Two policies specifically designed for young families.
    • No-exam policies available.
    • Affordable premiums and sample rates available on the website.
    • Great financial strength rating.
    • Online quote tool.
    • Available in 47 states.

    Cons

    • Term limits are only available in 10-, 20- and 30-year limits.
    • No accidental death benefit rider.
    • No guaranteed premium for term life insurance policies.

    Nationwide

    Best for
    Best for Online Tools and Resources
    Nationwide
    Nationwide


    Nationwide offers a number of helpful online tools and resources, which makes it a great choice for people who are buying life insurance for the first time. You can use the life insurance calculator to determine how much coverage you need, and check out the resource section for FAQs, articles and brochures. To learn more about this provider, check out our full review of Nationwide life insurance

    Best For: Online tools and digital resources

    Not For: Customer service

    AM Best: A+

    J.D. Power: 4/5

    NAIC: .05 (below average complaints)

    Pros

    • Great online tools and resources.
    • Term lengths offered in 10-, 15-, 20- and 30-year limits.
    • Term policies are renewable annually until age 95.
    • Online quote tool.
    • Wide selection of riders and add-on coverages.

    Cons

    • Most policies require a medical exam.
    • Higher-than-average premiums.
    • Customer service isn’t the best in the industry.

    Mutual of Omaha

    Best for
    Best for Customer Service
    Mutual of Omaha
    Mutual of Omaha


    Mutual of Omaha stands out for its exceptional customer service reputation, which can be difficult to find in the insurance industry. When you apply for a policy with Mutual of Omaha, you’ll be assigned a local agent who can answer questions and help you find the right policy for your needs. To learn more about this provider, check out our full review of Mutual of Omaha

    Best For: Customer service

    Not For: Customizable policies

    AM Best: A+

    J.D. Power: 4/5 

    NAIC: .65 (below average complaints)

    Pros

    • Highly rated customer service.
    • Strong financial ratings.
    • Flexible policy terms with 10-, 15-, 20- and 30-year limits.
    • Website contains helpful information about buying life insurance.
    • Option to convert your policy to permanent at any point.
    • Online quote tool.

    Cons

    • Fewer riders and add-on policies compared to other companies.
    • Not available nationwide.
    • Customer complaints about unexpected rate increases.

    New York Life

    Best For
    Best for Customizable Coverage
    New York Life
    New York Life


    New York Life is a great choice for anyone who is looking for customizable life insurance coverage. The company offers several riders and add-on policies that can give you extra protection for the things that matter most. To learn more about this provider, check out our full review of New York Life

    ✓ Best For: Customizable policies and riders

    Not For: Flexible term lengths

    AM Best: A++

    J.D. Power: 4/5

    NAIC: .21 (below average complaints)

    Pros

    • Yearly convertible and level premium convertible policies available.
    • Choose from a variety of riders to customize your policy.
    • 12,000 agents located around the country.
    • Excellent financial strength rating.
    • Few customer complaints.

    Cons

    • No online quote tool.
    • Term limits only available in 10 or 20 year increments.
    • Not many online resources or support options.

    Principal Financial

    Best For
    Best for Flexible Term Limits
    Principal Financial
    Principal Financial


    Principal Financial stands out for its flexible term limits. The company offers term life insurance policies in 10-, 15-, 20- and 30-year term lengths, as well as a unique one year term for short-term coverage needs. To learn more about this provider, check out our full review of Principal Financial

    Best For: Flexible term lengths

    Not For: Customizable policies

    AM Best: A+

    J.D. Power: 4/5

    NAIC: .19 (below average complaints)

    Pros

    • Flexible term limits, with a special one-year term limit option.
    • Quick online application.
    • Convertible policy options available.
    • Offers survivorship insurance.
    • High coverage limit up to $50 million.

    Cons

    • Fewer-than-average riders and add-on policies available.
    • No accidental death benefit coverage.
    • No option for online support.

    Liberty Mutual

    Best
    Best No-Exam Policies
    Liberty Mutual Life Insurance
    Liberty Mutual Life Insurance


    If you’re a healthy individual and lead a relatively low-risk lifestyle, you can qualify for a no-exam policy with Liberty Mutual. Policyholders can convert their term policy into permanent coverage whenever they want, regardless of their health status.

    Best For: No-exam term policies

    Not For: Customer service

    AM Best: A

    J.D. Power: 4/5

    NAIC: 1.79 (above average complaints)

    Pros

    • Offers no-exam coverage to healthy individuals.
    • Policy terms available in 10-, 15-, 20- and 30-year limits.
    • Option to add riders to customize your policy.
    • Guaranteed rate over the course of your policy term.
    • Option to convert your policy to permanent at any point.

    Cons 

    • Not much information about life insurance on the website.
    • Few online tools and resources.
    • Average customer service reviews.
    • Above-average customer complaints.

    Further Reading:

    Methodology

    Reviews.com scores products, services and companies using five quantifiable criteria to help readers choose the best one for them. For life insurance companies, our editorial team compared financial strength, number of riders offered, coverage options, customer satisfaction scores and website functionality from each company and averaged the scores to produce our very own Reviews.com rating. These ratings were produced with you — our readers — in mind, and are meant to be a helpful tool to simplify the process of choosing which life insurance company is best for you. Since life insurance rates vary widely among different profiles, we encourage you to continue researching options that best fit your specific needs.

    FAQs 

    About the Authors

    Elizabeth Rivelli

    Elizabeth Rivelli Contributing Writer

    Elizabeth Rivelli is a Rhode Island-based copywriter and content marketing consultant. She has expertise writing about home, auto and business insurance, and has been published in widely-read publications, including the Simple Dollar, Bankrate and Decision Data. Elizabeth holds a BA in Communications from Northeastern University in Boston.

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