Term life insurance is a type of life insurance policy that covers you for a specific period of time — usually between 10 and 30 years. It can be a good choice if you want coverage for a specific, time-constricted period (maybe until the kids leave the house or your mortgage is paid off) or if you want the lowest-cost life insurance possible.
It's true:is usually much , but not every policy is created equal.
Want to make sure you get the best term life insurance policy for your needs and budget? Then it helps know which are the best term life insurance companies of 2023. Start by getting a free price quote here to learn more.
Best term life insurance companies 2023
Here are some of the best term life insurance companies, broken down into five categories.
- Best for cost: Haven Life
- Best for customer satisfaction: Ladder
- Best for no-exam policies: Ethos
- Best for same-day coverage: Bestow
- Best overall: State Farm
Best for cost: Haven Life
If you're looking for the lowest-cost, could be your answer. We pulled sample pricing from several insurers (33-year-old female from Texas, $500,000 in coverage, 20-year term), and Haven Life claimed the lowest cost of all, at just $21.67 per month.
Haven Life's term life insurance policies go up to $3 million, and policies underdon't require a medical exam. The company also has excellent customer reviews, with a 4.6 rating on Trustpilot and a 4.1 rating on Google.
Best for customer satisfaction: Ladder
For top-notch service, look to, which boasts a 4.8 rating on Trustpilot. A whopping 95% of customers give their experience either four or five stars.
The company also offers a unique approach to term life insurance, allowing you toor down your coverage as your lifestyle and needs change. Coverage goes up to $1 million, and the process can be completed fully online.
Best for no-exam policies: Ethos
Don't want to submit to a medical exam?has you covered. The insurer offers up to $2 million, and you can even get same-day coverage.
Another nice perk? Ethos offers a 30-day money-back guarantee, so if you're not happy with your policy or service, you'll get a refund in full. That's probably why their customer reviews are so high. The company currently has a 4.8 rating on Trustpilot and 4.6 stars on Google.
Best for same-day coverage: Bestow
Need coverage today? Look to Bestow, which offers instant coverage for anyone approved. The company also has 4.5 stars on Trustpilot, indicating excellent customer service, and its premiums are among the lowest we found, too, with a monthly cost of just under $25 per month for our sample customer.
Bestow'scome in 10-, 20-, and 30-year terms and go up to $500,000 in coverage.
Best overall: State Farm
State Farm is a good choice if you want affordable, flexible. The company allows you to pay monthly or annually (for a slight discount), and you can choose between 10- and 30-year terms.
There's also the option toonce your term is over, and there are specialty products like , which guarantee you'll get your premiums back if they're not used by the end of your term, and "Instant Answer" policies, which give you $50,000 in coverage the same day you apply.
Insurance options, terms, Get started here now!and costs can vary widely from one insurer to the next, so be sure to shop around and compare term life insurance companies before finalizing your policy. You should also consider using an insurance company you already work with. Many will offer if you bundle your life insurance with other policies — like car, home, or renters insurance, for instance.
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