Best Term Life Insurance Companies and Coverage Options

Originally Posted On: https://topquotelifeinsurance.com/term-life-insurance-quotes/term-insurance-companies/

 

It is easy to feel overwhelmed with all the information about term life insurance.

If you watch TV, you see commercials for it regularly. Your mailbox is probably bombarded with postcards and letters advertising it. You may even get an occasional phone call from a life insurance salesperson.

You may have even been offered or possibly purchased life insurance at work, but it’s always confusing to you, isn’t it?

You wonder: “Am I getting the best deal? Do I really have the coverage my family needs? Does my policy offer additional benefits if I get sick?”

It’s not your fault. Life insurance can be confusing and this is mostly because there are so many companies, coverage options, and pricing. With term insurance, you can get a lot of coverage for very little money compared to the benefit your family will receive.

There are a lot of great term life insurance companies currently on the market. Each company has its own niche in the term life insurance market place.

No need to worry though.

This article will help you sort through the confusing challenges bombarding you when you are ready to invest in a new term life insurance policy.

Term life is the most common and the most affordable form of life insurance you can buy. In fact, if you feel you are paying too much for term insurance you probably have the wrong coverage and company.

If this is you or even if this is your first time buying life insurance coverage, this article is going to provide you with a list of the best term life insurance companies and coverage options available today.

What is Term Life Insurance?

So let’s talk about term insurance and explain what that means and how companies develop the price. In the world of life insurance, there are basically two types of life insurance policies.

Two Types of Life Insurance

There are term policies and permanent policies. Term policies are written for a specific amount of time. At the end of the term, most companies do allow you to renew them annually (at an increased cost) or convert the policy into permanent life insurance such as universal or whole life insurance.

Permanent policies, on the other hand, are more expensive policies for the coverage amount. But they don’t expire and last your entire life. Many financial advisors will recommend term insurance because of the cost-benefit.

The theory is that you hold onto the difference in what you would pay in a permanent policy. Then you invest it or save it.  At the end of your term, you will have a nest egg providing for your family and beneficiaries for the remainder of your lifespan.

Let’s go back to term. Term insurance policies are written in very specific time periods.

Most term policies are sold in 10, 15, 20, 25, 30, and possibly 40-year increments. One of the benefits of term life is that the best companies freeze or level the premiums throughout the life of your term.

For example, if you bought a term policy today for 30 years, and it cost you $15 a month, that price will not change over the term of the policy. You will continue to pay a monthly payment of $15 for 30 years.

If you currently have a term life insurance policy where the premium is increasing on a regular basis or if coverage is diminishing on a regular basis, you need to re-evaluate what you own.

What Goes into the Price of Term Insurance?

Why is understanding term pricing important? Many of these factors you control. Once you understand the pricing, you can manipulate them to find better deals.

There are several factors insurance companies will look at to determine your pricing.

Health

Most companies have 4 to 5 health classes that they use to determine what an applicant will pay for their life insurance rates. You will see things like preferred plus, preferred, standard, non-standard, and tobacco.

These health classes relate to your overall health history, both past and present. The most affordable term policies will require a medical questionnaire or a medical exam to see where you fit. But if you are nervous about these exams, there are several no medical exam options for you that are very affordable.

The cheapest premiums will be in the preferred category.  The more expensive premiums will be in the non-standard group, often referred to as table rated policies.

However, don’t despair if you find yourself in a lower health rating. Some companies specialize in each one of those health niches. This is one reason it pays to compare and shop amongst multiple companies. Also, a right agent will understand the differences between various companies, their underwriting, and their pricing structure.

Gender

Yes, it’s true, women live longer than men, and will always receive better rates. But this is only one criterion, and a healthy male will always have better pricing than an unhealthy female.

Age

As you age, pricing will increase because your lifespan decreases. It pays to invest in life insurance when you are younger. The good news is that even if you consider yourself too old for competitive life insurance, there are plenty of companies that specialize in older adults.

Weight/Height

Life insurance companies invented the BMI (body mass index). This is a ratio of height to weight. The higher your BMI, the lower your life expectancy will be. Lower your BMI and you can improve your pricing.

Tobacco Use

You know this, and it is a big factor. Smoking will impact your rates. If you stop smoking, you can even have your rates re-evaluated. Depending on the company, not all tobacco use is equal.

Who Are The Best Term Life Insurance Companies?

We are an independent insurance brokerage. This means we do not represent only one company. Beware of the insurance agent that only represents one carrier. These are known as captive agents and they will try to fit you into their company and their products rather than trying to fit a company to you.

Over time we’ve become very familiar with not only the most competitive companies but their niches, their appetites, and how easy they are to do business with.

Let’s take you through many of the companies we represent for term insurance.

Here’s how we’ll approach each company:

AM BEST RATING

The best term life insurance companies will have a strong and stable financial outlook. These companies have been awarded an A.M. Best rating of an (A) or better.

MEDICAL EXAM OPTION

We’ll explore which companies offer full medical underwriting as well as the companies that can offer a quick no medical exam option.

CONVERSION ABILITY

We’ll take a look at each companies conversion ability and when a term contract can be switched into permanent coverage without the need for new underwriting.

HIGHLIGHTS & NICHES

Several term life insurance companies are adding exciting features to their coverage. This list will reveal companies best features in today’s life insurance market.

Best Term Life Insurance Companies of 2020

1. AIG
2. ANICO
3. ASSURITY
4. BANNER
5. CINCINNATI LIFE
6. FORESTERS
7. JOHN HANCOCK
8. LINCOLN FINANCIAL
9. MINNESOTA LIFE (SECURIAN)
10. MUTUAL OF OMAHA
11. NORTH AMERICAN
12. PACIFIC LIFE
13. PRINCIPAL
14. PROTECTIVE
15. PRUDENTIAL
16. SAGICOR
17. SBLI
18. SYMETRA
19. TRANSAMERICA

AIG Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Select-A-Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 16-30 & 35 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 20-80)

• Ages 20-80 for a 10-year policy
• Ages 20-75 for a 15-year policy
• Ages 20-70 for a 16-20 year policy
• Ages 20-68 for a 21-year policy
• Ages 20-67 for a 22-year policy
• Ages 20-66 for a 23-year policy
• Ages 20-64 for a 24-year policy

• Ages 20-63 for a 25-year policy
• Ages 20-62 for a 26-year policy
• Ages 20-60 for a 27-year policy
• Ages 20-59 for a 28-year policy
• Ages 20-58 for a 29-year policy
• Ages 20-55 for a 30-year policy
• Ages 20-45 for a 35-year policy

NO MEDICAL EXAM OPTION: Not Available

RENEWABLE To age 95

CONVERSION OPTION: Select-A-Term may be converted to any one of AIG’s universal life insurance coverage options before the end of the level premium term contract or before the age of 70. AIG also offers a conversion credit worth one full year’s premium that will be applied to the new coverage as long as the conversion is done before the 8th policy year on the active Select-A-Term coverage.

INCLUDED POLICY RIDERS: Terminal Illness Rider

OPTIONAL POLICY RIDERS: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium

COVERAGE HIGHLIGHTS:

• Offers 18 different term durations including a 35-year contract option.
• Extremely competitive rates especially for high-risk applicants approved at substandard health classes.

Be sure to check out our AIG Life Insurance Review for a full list of coverage options.

 

ANICO Term Life Insurance

AM BEST RATING: A (Excellent)

POLICY NAME: Signature Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-70)

• 10 Year Level Term (Ages 18-70)
• 15 Year Level Term (Ages 18-65)
• 20 Year Level Term (Ages 18-60)
• 30 Year Level Term (Ages 18-50)

NO MEDICAL OPTION: Yes

• No medical exam underwriting up to $249,999 ages 0-65. Health class will be at standard rates.
• ANICO offers a second no exam option called Xpress. This is an accelerated underwriting program in which qualifying applicants between the ages of 18-60 can apply for up to $1,000,000 at preferred health class rates. A medical exam could be required for applicants who do not qualify Xpress accelerated underwriting.

RENEWABLE: To age 95

CONVERSION OPTION: Signature Term is convertible to any permanent coverage offered by ANICO. If conversion to permanent coverage is elected, it must be done by the end of the level premium term period and no later than age 65. ANICO will also provide an annual premium credit that will be applied to the new coverage if the conversion is done before policy year five.

INCLUDED POLICY RIDERS: Accelerated Benefit Riders (Critical, Chronic & Terminal Illness)

OPTIONAL POLICY RIDERS: Children’s Term Rider, Disability Waiver of Premium

COVERAGE HIGHLIGHTS:

• Signature Term comes with free built-in living benefit riders. These riders can advance a portion of the death benefit due to a qualifying chronic, critical or terminal illness.

Be sure to check out our ANICO Life Insurance Review for a full list of coverage options.

 

Assurity Term Life Insurance

AM BEST RATING: A- (Excellent)

POLICY NAME: Assurity Term Life with Accelerated Underwriting

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $25,000

MAXIMUM COVERAGE AMOUNT: $10,000,000

ISSUE AGES: (Ages 18-75)

• 10 Year Level Term (Ages 18-70)
• 15 Year Level Term (Ages 18-65)
• 20 Year Level Term (Ages 18-60)
• 30 Year Level Term (Ages 18-50)
• 10-30 Year Level Term (Ages 18-50) Tobacco Users

NO MEDICAL OPTION: Yes

• Assurity offers applicants between the ages of 18-50 and accelerated no medical option when applying for coverage up to $500,000. Applicants ages 51-65 may qualify for up to $350,000. A medical may be required for applicants that do not meet the accelerated underwriting guidelines.

RENEWABLE: To age 95

CONVERSION OPTION: Assurity term life insurance is convertible to permanent life insurance up to age 65 or within one prior to the end of the level term period on 10-year contracts and within two years of 15, 20 & 30-year contracts, whichever occurs first.

INCLUDED POLICY RIDERS: Accelerated Benefit Riders (Nursing Home & Terminal Illness)

OPTIONAL POLICY RIDERS: Accident Only Disability Income Rider, Children’s Term Rider, Critical Illness Benefit Rider, Disability Waiver of Premium Rider, Monthly Disability Income Rider, Other Insured Level Term Rider, Return of Premium (20 & 30-year contracts)

COVERAGE HIGHLIGHTS:

• Potential for same-day approval.
• Death benefits option as low as $25,000.
• Included living benefits that can advance an early payout due to a terminal illness or nursing home confinement.
• Optional Monthly Disability Income Rider that can pay a monthly income stream due to a total disability.
• Optional Critical Illness Benefit Rider that can pay out a percentage of the policy death benefit due to a critical illness.
• Optional return or premium feature on the 20 & 30-year term plans.

Be sure to check out our Assurity Life Insurance Review for a full list of coverage options.

 

Banner Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: OPTerm

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25, 30, 35 & 40 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 20-75)

• 10 Year Level Term (Ages 20-75)
• 15 Year Level Term (Ages 20-75)
• 20 Year Level Term (Ages 20-70) Tobacco (Ages 20-65)
• 25 Year Level Term (Ages 20-60) Tobacco (Ages 20-55)
• 30 Year Level Term (Ages 20-55) Tobacco (Ages 20-50)
• 35 Year Level Term (Ages 20-50) Tobacco (Ages 20-45)
• 40 Year Level Term (Ages 20-45) Tobacco (Ages 20-40)

NO MEDICAL OPTION: Yes

• Banner offers AppAssist which is an accelerated no medical exam underwriting program that offers applicants ages 20-50 up to $500,000 to qualify without an exam. A medical exam may be required for applicants that do not meet the AppAssist accelerated underwriting guidelines.

RENEWABLE: To age 95

CONVERSION OPTION: OPTerm is convertible to permanent life insurance coverage up until the end of the level period term contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit (Terminal Illness)

OPTIONAL POLICY RIDERS: Children’s Rider, Term Riders, Waiver of Premium

COVERAGE HIGHLIGHTS:

• Currently, one of the only companies to offer a 40-year term contract.
• Option to add the “Term Rider” which ladders your life insurance death benefit to meet changing life insurance needs.
• Banner OPTerm rates rank #1 70% of the time against other term competitors.

Be sure to check out our Banner Life Insurance Review for a full list of coverage options.

 

Cincinnati Term Life Insurance

AM BEST RATING: A (Excellent)

POLICY NAME: LifeHorizons Termsetter

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $25,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 0-75)

• 10 Year Level Term (Ages 0-75)
• 15 Year Level Term (Ages 0-75)
• 20 Year Level Term (Ages 0-65)
• 25 Year Level Term (Ages 0-60)
• 30 Year Level Term (Ages 0-55)

NO MEDICAL OPTION: Yes

• No exam required for coverage amounts $25,000 – $99,999 ages 18-60. Best health class will be at standard rates.

RENEWABLE: To age 99

CONVERSION OPTION: Termsetter is convertible to permanent life insurance coverage up until the end of the level period term contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit (Terminal Illness & Nursing Home Confinement)

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• Free Accelerated Benefit Rider that can advance up to 50% of the death benefit if diagnosed with a terminal illness or confinement to a nursing home.
• Tobacco chewers and pipe smokers can qualify for non-smoker rates.

Be sure to check out our Cincinnati Life Insurance Review for a full list of coverage options.

 

Foresters Term Life Insurance

AM BEST RATING: A (Excellent)

POLICY NAME: Your Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $50,000

MAXIMUM COVERAGE AMOUNT: $10,000,000

ISSUE AGES: (Ages 18-80)

• 10 Year Level Term (Ages 18-80)
• 15 Year Level Term (Ages 18-70)
• 20 Year Level Term (Ages 18-65)
• 25 Year Level Term (Ages 18-60)
• 30 Year Level Term (Ages 18-55)

NO MEDICAL OPTION: Yes

• No exam required for coverage amounts $50,000 – $400,000 ages 18-55 and 56-80 for coverage amounts $50,000 – $150,000. Best health class will be at standard rates.

RENEWABLE: To age 100

CONVERSION OPTION: Your Term is convertible to permanent life insurance coverage after the fifth policy year up until the end of the level period term contract, or to age 65, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit (Critical, Chronic & Terminal Illness), Common Carrier Accidental Death Benefit Rider, Family Health Benefit Rider

OPTIONAL POLICY RIDERS: Accidental Death Rider, Children’s Term Rider, Disability Income Rider (Accident Only), Disability Income Rider (Accident & Sickness), Waiver of Premium

COVERAGE HIGHLIGHTS:

• Free Charity Benefit Rider that pays an additional 1% death benefit to an eligible charity of the insured’s choice.
• Free built-in living benefits which include critical, chronic and terminal illness riders.
• Free Common Carrier Accident Death Benefit Rider that can pay an additional benefit due to accidental death while riding as a fare-paying passenger on a common carrier.
• Free Family Health Benefit Rider that can provide a payment to help with medical expenses that occur from the result of certain natural disasters.
• Optional Disability Income Rider that can pay a monthly income caused by an accident or sickness.

Be sure to check out our Foresters Life Insurance Review for a full list of coverage options.

 

John Hancock Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: SmartProtect Term Vitality

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15 & 20 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $1,000,000

ISSUE AGES: (Ages 20-60)

• 10 Year Level Term (Ages 20-60)
• 15 Year Level Term (Ages 20-60)
• 20 Year Level Term (Ages 20-66)

NO MEDICAL OPTION: Yes

• No exam required for coverage amounts $100,000 – $1,000,000 ages 20-60. John Hancock offers a fully underwritten coverage called Vitality Term which offers cheaper premiums.

RENEWABLE: To age 94

CONVERSION OPTION: Not Available

INCLUDED POLICY RIDERS: Accelerated Benefit Rider (Terminal Illness)

OPTIONAL POLICY RIDERS: Unemployment Protection Rider

COVERAGE HIGHLIGHTS:

• Approval within 2 business days.
• Great for people who live a healthy active lifestyle and are willing to participate in the Vitality Program to save on their premiums.
• Vitality Program offers several rewards and discounts such as an Apple Watch Series 3 for $25, complimentary Fitbit, savings on healthy food purchases, access to nutrition advice and guidance, entertainment, gym and several shopping rewards.
• Optional Unemployment Protection rider that waives 12 months of premiums if the policyholder becomes involuntarily unemployed.

Be sure to check out our John Hancock Life Insurance Review for a full list of coverage options.

 

Lincoln Financial Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: TermAccel

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $1,000,000

ISSUE AGES: (Ages 18-60)

• 10 Year Level Term (Ages 18-60)
• 15 Year Level Term (Ages 18-60)
• 20 Year Level Term (Ages 18-60)
• 30 Year Level Term (Ages 18-55) Tobacco (Ages 18-50)

NO MEDICAL OPTION: Yes

• Lincoln TermAccel accelerated underwriting process allows applicants to apply for up to $1,000,000 between the ages 18-60 without a medical exam. A medical exam could be required for applicants that do not meet the TermAccel accelerated underwriting guidelines or are over the age of 60.

RENEWABLE: To age 95

CONVERSION OPTION: TermAccel is convertible to any permanent life insurance coverage option up until the end of the level period term contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Benefits Rider (Terminal Illness)

OPTIONAL POLICY RIDERS: Children’s Term Insurance Rider, Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• The entire application process is completed by telephone.
• Two-day approval process for qualifying applicants.
• Highly competitive rates. Consistently ranks within the top 3  companies for cheapest rates, especially when coverage is $1,000,000 or higher.

Be sure to check out our Lincoln Life Insurance Review for a full list of coverage options.

 

Minnesota Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Advantage Elite Select Term Life

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $50,000

MAXIMUM COVERAGE AMOUNT: $3,000,000+

ISSUE AGES: (Ages 16-80)

• 10 Year Level Term (Ages 16-80)
• 15 Year Level Term (Ages 16-70)
• 20 Year Level Term (Ages 16-65)
• 30 Year Level Term (Ages 16-50)

NO MEDICAL OPTION: Yes, two different options.

• Option 1: WriteFit Express offers an accelerated no medical exam underwriting process up to $250,000 for ages 16-54. The best health class will be at the standard health class.
• Option 2: WriteFit is a second accelerated no medical exam underwriting process that offers up to $1,000,000 of coverage for ages 18-60 ($2,000,000 if between the ages of 15-50). Applicants may qualify for preferred health class rates. A medical exam may be required if the applicant does not meet the program guidelines.

RENEWABLE: To age 95

CONVERSION OPTION: Advantage Elite Select Term Life is convertible to any Minnesota Life permanent insurance coverage as long as it is done within the first five policy years (10 years if it is on a 20 or 30-year term contract), or to age 75, whichever comes first. If a conversion is elected within the first two years, a credit of one year’s premium will be applied to the new coverage.

INCLUDED POLICY RIDERS: Accelerated Benefits Agreement (Terminal Illness), Benefit Distribution Agreement

OPTIONAL POLICY RIDERS: Children’s Term Agreement, Chronic Illness Conversion Agreement, Extended Conversion Agreement, Waiver of Premium Agreement

COVERAGE HIGHLIGHTS:

• Approval can be made within 24 hours of submitting the application.
• Benefit Distribution Agreement allows for the policy owner to structure how the death benefit is paid out to their beneficiary should they pass away.
• Chronic Illness Conversion Agreement allows for chronic illness coverage to be added to a converted term policy. This is unique as most term policies that have living benefits will not transfer when coverage has been converted to permanent coverage.
• Social smokers with less than 12 cigarettes per year can qualify for non-smoker rates. An exam will be required and urinalysis must test negative for nicotine.

Be sure to check out our Minnesota Life Insurance Review for a full list of coverage options.

 

Mutual of Omaha
Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Term Life Answers

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $1,000,000+

ISSUE AGES: (Ages 18-80)

• 10 Year Level Term (Ages 18-80) Tobacco (Ages 18-75)
• 15 Year Level Term (Ages 18-74) Tobacco (Ages 18-70)
• 20 Year Level Term (Ages 18-68) Tobacco (Ages 18-65)
• 30 Year Level Term (Ages 18-55) Tobacco (Ages 18-50)

NO MEDICAL OPTION: Yes

• No exam required for coverage amounts $25,000 – $300,000 ages 20-60. Best health class will be at standard rates.
• No exam required for coverage amounts $25,000 – $250,000 ages 51-65. Best health class will be at standard rates.

RENEWABLE: To age 95

CONVERSION OPTION: Term Life Answer is convertible to permanent coverage up to age 75. If the original term contract was a 30-year duration, the conversion must be done within the first twenty policy years.

INCLUDED POLICY RIDERS: Accelerated Death Benefit for Terminal Illness Rider, Waiver of Premium for Unemployment Rider

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Dependent Children’s Rider, Disability Waiver of Premium Rider, Other Insured Rider

COVERAGE HIGHLIGHTS:

• Free Unemployment Rider provides up to six months of paid premiums if the insured becomes unemployed.
• Occasional use of marijuana may qualify for non-smoker rates.

Be sure to check out our Mutual of Omaha Life Insurance Review for a full list of coverage options.

 

North American Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: ADDvantage

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-80)

• 10 Year Level Term (Ages 18-75)
• 15 Year Level Term (Ages 18-70)
• 20 Year Level Term (Ages 18-65)
• 30 Year Level Term (Ages 18-55) Tobacco (Ages 18-50)

NO MEDICAL OPTION: Yes

• WriteAway offers an accelerated no medical exam underwriting process up to $1,000,000 for ages 18-50 or up to $500,000 for ages 51-60. The preferred health class is available and qualifying applicants can be approved within 48-72 from applying. Applicants who do not meet the WriteAway underwriting guidelines may be asked to take a medical exam.

RENEWABLE: To age 95

CONVERSION OPTION: ADDvantage is convertible to North American permanent insurance coverage as long as it is done no earlier than the first five policy years and no later than the end of the level period contract, or to age 75, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit for Critical, Chronic and Terminal Illness

OPTIONAL POLICY RIDERS: Children’s Term Insurance Rider, Waiver of Term Premium for Disability Rider

COVERAGE HIGHLIGHTS:

• Term coverage comes with free chronic, critical and terminal illness riders.
• Offers one of the highest ages to convert a term policy into permanent life insurance coverage.
• Priced very competitively compared to other companies that offer full living benefit riders on their term life insurance coverage.
• North American also offers an optional term coverage called Classic Term. This coverage is priced cheaper than ADDvantage as well as competitively against term coverage offered through other companies at most age groups. This coverage only focuses on providing death benefit protection and no conversion option or policy riders.

Be sure to check out our North American Life Insurance Review for a full list of coverage options.

 

Pacific Life Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: PL Promise Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $50,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-80)

• 10 Year Level Term (Ages 18-75)
• 15 Year Level Term (Ages 18-70)
• 20 Year Level Term (Ages 18-65)
• 30 Year Level Term (Ages 18-55) Tobacco (Ages 18-50)

NO MEDICAL OPTION: No

RENEWABLE: To age 95

CONVERSION OPTION: PL Promise Term is convertible to any Pacific Life cash value permanent insurance coverage as long as it is done prior to the end of the level period contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit Rider (Terminal Illness)

OPTIONAL POLICY RIDERS: Children’s Level Term Insurance Rider, Waiver of Premium

COVERAGE HIGHLIGHTS:

• Low $50,000 death benefit option.
• Competitively priced rates at ages 50-69 that can qualify for the preferred health class.
• Healthy seniors may be able to skip medical labs if they have had a comprehensive physical and blood work with their primary physician within the last 18 months.

Be sure to check out our Pacific Life Insurance Review for a full list of coverage options.

 

Principal Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Term Insurance

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $200,000

MAXIMUM COVERAGE AMOUNT: $1,000,000+

ISSUE AGES: (Ages 20-80)

• 10 Year Level Term (Ages 20-80) Tobacco (Ages 18-75)
• 15 Year Level Term (Ages 18-75) Tobacco (Ages 20-70)
• 20 Year Level Term (Ages 20-65) Tobacco (Ages 20-65)
• 30 Year Level Term (Ages 20-55) Tobacco (Ages 20-50)

NO MEDICAL OPTION: Yes

Principal accelerated no medical exam underwriting process offers up to $1,000,000 of coverage for ages 20-80. Applicants may qualify for preferred health class rates. A medical exam may be required if the applicant does not meet the program guidelines.

RENEWABLE: To age 95

CONVERSION OPTION: Principal Term Insurance offers two conversion options. The first option is a standard conversion option that comes free with the coverage. This option allows for the term coverage to be converted into permanent insurance as long as it is done within the allowable timeframe.

• 10 year: first seven policy years.
• 15 year: first 12 policy years.
• 20 year: first fifteen policy years.
• 30 year: first twenty policy years or to age 70, whichever comes first.

The second conversion option is available at an additional cost. When added, the conversion option is open until the end of the level premium contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Benefits Rider (Terminal Illness)

OPTIONAL POLICY RIDERS: Children Term Insurance Rider, Conversion Extension Rider, Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• Competitively priced rates for both males and females ages 35-55 as well as ages 65-75.
• Competitively priced rates when coverage is $1,000,000 or greater.

Be sure to check out our Principal Life Insurance Review for a full list of coverage options.

 

Protective Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Custom Choice UL

TYPE OF POLICY: Blended Term & Universal Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-75)

• 10 Year Level Term (Ages 18-75)
• 15 Year Level Term (Ages 18-70)
• 20 Year Level Term (Ages 18-65) Tobacco (Ages 18-63)
• 25 Year Level Term (Ages 18-55) Tobacco (Ages 18-52)
• 30 Year Level Term (Ages 18-55) Tobacco (Ages 18-43)

NO MEDICAL OPTION: Yes

Protective Plus offers an accelerated no medical exam underwriting process up to $1,000,000 for ages 18-45 or up to $500,000 for ages 46-60. The preferred health class is available, and qualifying applicants can be approved within 14 days from applying. Applicants who do not meet the Plus underwriting guidelines may be asked to take a medical exam.

RENEWABLE: To age 121

CONVERSION OPTION: Custom Choice UL is convertible to any Protective permanent universal life insurance coverage as long as it is done within the first 20 policy years, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Income Provider Option, Terminal Illness Accelerated Death Benefit

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider 

COVERAGE HIGHLIGHTS:

• Free Income Provider Option allows the policy owner the ability to structure how the death benefit is paid out should he or she pass away. Outside of the traditional lump sum payout, this rider can provide a guaranteed monthly or annual payout to the beneficiary of the life insurance policy.
• 61 day grace period on late payments.
• After the initial level death benefit period ends, the coverage will automatically turn into an annually decreasing death benefit policy. Premium payments will remain the same as they were during the level period years until the death benefit has reached $10,000. At that point, premium payments will increase each year.
• Protective also offers an optional term coverage called Classic Choice Term. This coverage is priced cheaper than Custom Choice UL and often ranks within the top 3 for the best price on term life insurance. The most significant difference between the two options is that the Classic Choice Term does not offer the decreasing death benefit that Custom Choice can provide.

Be sure to check out our Protective Life Insurance Review for a full list of coverage options.

 

Prudential Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Term Essentials

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-75)

• 10 Year Level Term (Ages 18-75) Tobacco (Ages 18-75)
• 15 Year Level Term (Ages 18-70) Tobacco (Ages 18-70)
• 20 Year Level Term (Ages 18-65) Tobacco (Ages 18-60)
• 30 Year Level Term (Ages 18-50) Tobacco (Ages 18-45)

NO MEDICAL OPTION: Yes

PruFast Track is an accelerated no medical exam underwriting process for ages 18-60 applying for coverage from $100,000 up to $1,000,000. The preferred health class is available, and qualifying applicants can be approved within hours from applying. Applicants who do not meet the Plus underwriting guidelines may be asked to take a medical exam.

RENEWABLE: To age 95

CONVERSION OPTION: Term Essentials is convertible to any Prudential permanent life insurance coverage as long as it is done prior to the end of the level period contract, or to age 65, whichever comes first.

INCLUDED POLICY RIDERS: Living Needs Benefit (Nursing Home, Terminal Illness & Vital Organ Transplant)

OPTIONAL POLICY RIDERS: Accidental Death Benefit, Children’s Protection Rider, Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• Often the best company when underwriting applicants with a history high-risk health conditions.
• Best when it comes to cigar, smokeless tobacco, and pipe use.
• Very competitive height and weight guidelines especially for females.
• Coverage includes the free Living Needs Benefit rider that can accelerate 100% of the death benefit if diagnosed with a terminal illness, vital organ transplant or if permanently confined to a nursing home.

Be sure to check out our Prudential Life Insurance Review for a full list of coverage options.

 

Sagicor Term Life Insurance

AM BEST RATING: A- (Excellent)

POLICY NAME: Sage Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15 & 20 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $50,000

MAXIMUM COVERAGE AMOUNT: $10,000,000+

ISSUE AGES: (Ages 18-75)

• 10 Year Level Term (Ages 18-75)
• 15 Year Level Term (Ages 18-70)
• 20 Year Level Term (Ages 18-65) Tobacco (Ages 18-55)

NO MEDICAL OPTION: Yes

Sagicor Accelewriting offers no medical exam underwriting with approval times as fast as 2 minutes up to 72 hours from applying. The preferred health class is available for qualifying applicants.

• Ages 18-45 can apply for up to $1,000,000
• Ages 46-55 can apply for up to $750,000
• Ages 56-65 can apply for up to $500,000

RENEWABLE: To age 95

CONVERSION OPTION: Sage Term is convertible to permanent life insurance coverage as long as it is done prior to the end of the level period contract, or to age 70, whichever comes first. If conversion is made within policy years 2 through 5, a full years worth of premium will be credited to the new permanent policy.

INCLUDED POLICY RIDERS: Accelerated Benefit Insurance Rider (Nursing Home Confinement, Terminal Illness)

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Children’s Term Rider, Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• Offers the fastest approval times for applicants that are in great health.
• Offers a free Accelerated Benefit Insurance Rider that can advance up to 50% of the death benefit due to a qualifying terminal illness or confinement to a nursing home facility.

Be sure to check out our Sagicor Life Insurance Review for a full list of coverage options.

 

SBLI Term Life Insurance

AM BEST RATING: A (Excellent)

POLICY NAME: Level Premium Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $100,000

MAXIMUM COVERAGE AMOUNT: $50,000,000

ISSUE AGES: (Ages 18-74)

• 10 Year Level Term (Ages 18-74) Tobacco (Ages 18-70)
• 15 Year Level Term (Ages 18-65) Tobacco (Ages 18-60)
• 20 Year Level Term (Ages 18-60) Tobacco (Ages 18-55)
• 25 Year Level Term (Ages 18-55) Tobacco (Ages 18-50)
• 30 Year Level Term (Ages 18-50) Tobacco (Ages 18-45)

NO MEDICAL OPTION: Yes

SBLI Accelerated Underwriting Program is available to applicants ages 18-60 applying for coverage between $100,000 up to $500,000. Underwriting is a bit slower than some of the other companies but the program is very acceptable to many health conditions including applicants with type 2 diabetes.

RENEWABLE: To age 85

CONVERSION OPTION: SBLI Level Term Insurance is convertible to either universal or whole life insurance as long as it is done prior to the end of the level period contract, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit (Terminal Illness)

OPTIONAL POLICY RIDERS: Accidental Death Benefit, Children’s Level Term

COVERAGE HIGHLIGHTS:

• Highly competitive rates for ages 25-45, especially for female applicants seeking $250,000 to $500,000 of coverage.
• Excellent no medical exam program that consists of a simple telephone exam. No paramedical visit or lab testing.

Be sure to check out our SBLI Life Insurance Review for a full list of coverage options.

 

Symetra Term Life Insurance

AM BEST RATING: A (Excellent)

POLICY NAME: Symetra Term

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $250,000

MAXIMUM COVERAGE AMOUNT: $10,000,000

ISSUE AGES: (Ages 20-80)

• 10 Year Level Term (Ages 20-80)
• 15 Year Level Term (Ages 20-75)
• 20 Year Level Term (Ages 20-68) Tobacco (Ages 20-65)
• 30 Year Level Term (Ages 20-55) Tobacco (Ages 20-50)

NO MEDICAL OPTION: No

RENEWABLE: To age 95

CONVERSION OPTION: Symetra Term Life Insurance is convertible to permanent coverage as long as it is done prior to the end of the 10th policy year on all level contracts, or to age 70, whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefit (Terminal Illness)

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Additional Term Insurance Rider, Insured Children’s Term Insurance Rider, Waiver of Premium Rider

COVERAGE HIGHLIGHTS:

• Highly competitive rates when coverage is $2,500,000 or greater.
• Symetra Preferred Cancer Program can offer applicants that have previously been diagnosed with cancer (breast, cervical, colon, prostate, skin, testicular or thyroid) the potential to qualify for preferred health class. Eligible applicants would have to have been previously diagnosed with one of the seven qualifying cancers, single in-situ level (non-invasive or low grade) to qualify for the program.

 

Transamerica Term Life Insurance

AM BEST RATING: A+ (Superior)

POLICY NAME: Trendsetter LB (Living Benefits)

TYPE OF POLICY: Term Life Insurance

CONTRACT LENGTHS: 10, 15, 20, 25 & 30 Years

HEALTH CLASSIFICATIONS: Preferred, Standard & Tobacco Classes

MINIMUM COVERAGE AMOUNT: $25,000

MAXIMUM COVERAGE AMOUNT: $2,000,000

ISSUE AGES: (Ages 18-80)

• 10 Year Level Term (Ages 18-80)
• 15 Year Level Term (Ages 18-75) Tobacco (Ages 18-73)
• 20 Year Level Term (Ages 18-70) Tobacco (Ages 18-65)
• 25 Year Level Term (Ages 18-65) Tobacco (Ages 18-60)
• 30 Year Level Term (Ages 18-58) Tobacco (Ages 18-53)

NO MEDICAL OPTION: Yes

• No medical exam underwriting up to $249,999 ages 0-60. The best health class for qualifying applicants will be at standard rates.

RENEWABLE: To age 105

CONVERSION OPTION: Trendsetter LB is convertible to Transamerica’s TransAce CV permanent life insurance coverage as long as it is done prior to the end of the level period contract, or to age 70 (75 if previously approved preferred plus), whichever comes first.

INCLUDED POLICY RIDERS: Accelerated Death Benefits (Chronic, Critical & Terminal Illness), Income Protection Option

OPTIONAL POLICY RIDERS: Accidental Death Benefit Rider, Children’s Insurance Rider, Disability Waiver of Premium Rider, Monthly Disability Income Rider

COVERAGE HIGHLIGHTS:

• Includes three built-in living benefit riders (chronic, critical and terminal illness).
• Best choice for older ages applicant looking for a 30-year term duration.
• Offers a low $25,000 death benefit option for those who need just enough coverage to cover smaller expenses such as burial costs.
• Optional Disability Income Rider that can pay out a monthly income stream of up to $2,000 for up to 24 months.

Be sure to check out our Transamerica Life Insurance Review for a full list of coverage options.

 

Is One Term Insurance Company Better Than the Other?

This answer depends on your overall insurance goals, financial needs, and health. If you are in excellent health and looking solely for the cheapest term life insurance rates, then go with the company that can offer you the best prices.

However, If you have a high-risk health condition, participate in risky hobbies, are active-duty military, use an occasional cigar, then yes one company may be better than the other. This is mostly because each life insurance company will view and underwrite certain risks differently.

The same can be said if you are looking for a life insurance company that offers a no medical exam option or even unique coverage options such as living benefits. These factors can then make term insurance coverage better than the other.

One thing is for sure; if you’re getting your life insurance quote from Top Quote Life Insurance, we can assure you that we will provide you with the best price for your life insurance converge.

Which is the Best Term Life Insurance Coverage for you?

Is your head swimming after reading through each one of those companies? How in the world can you keep all that information straight?

That is what we are here for.

You can quickly get a quick quote through our website. This will give you a good idea of which companies may be the best fit for you along with possible rates on what you may pay for coverage. Depending on your age, how much coverage you may need, or medical history, there may even be more options for you to choose from.

Here’s how we can help you sort through all these options.

Let one of our agents talk with you about your personal life situation. We can help you analyze what you need so that you don’t buy more than is necessary. We can discuss potential concerns you have about health or other options in your life that may affect pricing.

We will find the best possible fit for your situation. We will not force you into a situation. You are in control, and you understand what you need. Let us help you see the best options so you can get the best value for your money.