2017 RANKING & REVIEWS
TOP RANKING BEST TERM LIFE INSURANCE COMPANIES
2017 Guide: Finding the Best Term Life Insurance Quotes
Life insurance is an important — and necessary — type of coverage to ensure that dependents are protected.
While it may be an unpleasant topic, life insurance can provide security for a host of expenses after death. These could include funeral services, burial plots, mortgage payments, credit card debt, or even student loans.
When considering permanent or term life insurance quotes, most tend to choose term insurance plans. Although permanent life insurance is easily recognized, term life insurance rates are much easier to understand and have lowered costs attached.
For many, term life insurance quotes are not only more affordable; they also make the most sense.
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Rather than apply permanent life insurance across an entire lifespan, term insurance plans allow for specific financial planning. Policy-holders can align their term life insurance policy with the years their loved ones may need it most.
In this guide, we’ll cover the basics of term life insurance quotes, offering a term life insurance comparison for those who are considering term insurance plans.
We will also provide a ranking of the best term life insurance companies, aiding consumers in finding the best term insurance plan to protect their dependents into the future.
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AdvisoryHQ’s List of the Top 6 Best Term Life Insurance Companies
List is sorted alphabetically (click any of the insurance company names below to go directly to the detailed review section for that insurance company):
Top 6 Best Term Life Insurance Companies | Brief Comparison & Ranking
Best Term Life Insurance Companies | Financial Strength Rating | Term Lengths (years) | Minimum Coverage |
| Amica | A++ | 10, 15, 20, 25, 30 | $100,000 |
| New York Life | A++ | 10-20 | N/A |
| Northwestern Mutual | A++ | 10, 20 | $100,000 |
| State Farm | A++ | 10, 20, 30 | $100,000 |
| TIAA Life | A++ | 10, 15, 20, 30 | N/A |
| Transamerica | A+ | 10, 15, 20, 25, 30 | 25,000 |
Permanent vs. Term Life Insurance Quotes
If you’re on the fence about a permanent policy vs. a term life insurance policy, it may be helpful to see a term life insurance comparison. There are crucial differences between the two policy types, and knowing the basics can help identify the best choice for you.
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Permanent Life Insurance
Commonly called whole life insurance, permanent life insurance covers the insured for their entire lifespan. It also includes cash value, which means that the policy value will slowly increase at a guaranteed rate over time, and without being taxed.
The benefits to permanent life insurance are that premiums remain the same, death benefits are guaranteed, and cash value grows at a set rate.
The downfall to these policies is that they are often much more expensive, due to lifelong terms and increasing cash value.
Term Life Insurance
Whereas permanent life insurance covers an entire lifespan, term life insurance quotes will apply only to a specific period of time. Term life insurance rates are meant to cover premature fatality, with the most common policies covering 20-30 years.
The benefits of a term life insurance policy are accessibility, choice in timeframe, and lower term life insurance rates.
The downfall is that term life insurance quotes do not carry cash value. Unlike permanent life insurance policies, a term life insurance policy will not earn interest, and it comes with an expiration date.
Thus, term life insurance rates and quotes will need to be renewed if the policy expires before the insured does.
Additional Considerations
Ultimately, deciding between permanent or term life insurance quotes depends on individual finances, family needs, and personal preferences. Despite its importance, most people avoid the process altogether.
This is because wading through permanent and term life insurance quotes can be confusing and, admittedly, not very exciting. There is a misconception that life insurance is too expensive — but without proper research, many consumers overestimate the cost of life insurance.
When it comes to choosing between permanent or term life insurance rates, research and understanding is key.
How to Find the Best Term Life Insurance Quotes
Before seeking the best term life insurance rates and quotes, you’ll need to determine just how much insurance you will need.
There are two ways to estimate the amount of life insurance that will provide the most benefit:
- Needs-based: This involves looking at financial situations and how deeply your death will affect dependents and loved ones. Consider whether your spouse will continue to work, how many children you have, any outstanding debt, and what type of savings you have.
- Income-based: This approach involves factoring in how many years of your income would be necessary to provide a comfortable living after your death. Estimates will typically be much higher than a needs-based approach, and may need to consider factors like inflation and tax-based earnings.
With an estimation of total life insurance value, you can begin searching for the best term insurance plan. For most consumers, finding the best term life insurance quotes aligns with finding the best term life insurance companies.
There are a few efficient ways to find great term life insurance companies:
- Research: Many of the best term life insurance companies offer term life insurance quotes online, increasing accessibility and making research easy.
- Compare: Term life insurance quotes can vary from one company to the next. Comparison shopping for the best term insurance plan is a great way to find the best term life insurance companies with the lowest rates.
- Look at Reviews: Term life insurance reviews from financial experts or policy-holders can help identify which companies are mediocre, and highlight the best term life insurance companies to partner with.
If a term life insurance comparison, research, and term life insurance reviews cannot identify great term life insurance companies, ask for advice. A financial advisor may be able to offer valuable insight in finding the best term life insurance companies.
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Detailed Review – Top Ranking Best Term Life Insurance Companies
Below, please find a detailed review of each company on our list of best term life insurance companies. We have highlighted some of the factors that allowed these term life insurance companies to score so highly in our selection ranking.
Amica Life Review
Amica is a great option for term life insurance online. Their mission statement is “to create peace of mind and build enduring relationships,” a value which certainly shows within their term life insurance rates and quotes.
Amica provides some of the most extensive term life insurance plans, ranging from 10-30 years in five-year increments. If desired, term life insurance rates can be converted to whole life insurance, regardless of health.
Aside from traditional term life insurance quotes online, Amica also offers an annual renewable term. Because these term life insurance quotes need to be renewed each year, policy-holders can customize their coverage as financial and health conditions change.
Amica’s flexibility makes them one of the best term life insurance companies for those who want varied options throughout the life of their term life insurance quotes.
Not only is Amica one of the best term life insurance companies, but it is also one of the most reliable. All term life insurance rates and policies are underwritten by Amica, meaning that beneficiaries deal directly with the company.
With an A++ Financial Strength Rating (FSR) from A.M. Best, policy-holders have the security of knowing that term life insurance rates and policies from Amica can be depended on at the most critical times.
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New York Life Review
New York Life is the largest mutual life insurance company in the country, maintaining the highest financial strengths ratings from all three assessment firms.
In business since 1845, New York Life has demonstrated incredible stability and strength, making it one of the best term life insurance companies to consider.
Image Source: New York Life
With a simple interface and appealing design, New York Life has the easiest site to navigate. Their simple and informative website makes them one of the best term life insurance companies to find term life insurance quotes online.
What really sets New York Life apart is that their term life insurance rates can be set for any range between 10-20 years. For policy-holders who don’t want to be restricted to five-year increments, this is a great feature.
In fact, New York Life is the only company on our list to offer fully customizable coverage lengths.
Although availability may differ from state to state, New York Life offers a great range of policy riders to help customize term life insurance quotes. These include:
- Accidental Death Benefit
- Children’s Insurance
- Chronic Care
- Disability Waiver of Premium
- Living Benefits
- Spouse’s Paid-Up Insurance Purchase Option
As one of the oldest and most dependable providers of term life insurance quotes, New York Life is one of the best term life insurance companies in the business.
Northwestern Mutual Review
Northwestern Mutual has been providing financial security services for nearly two centuries, and experts have given the company outstanding term life insurance reviews. Along with an A++ FSR, Northwestern Mutual was recognized by Fortune on their list of “World’s Most Admired Companies.”
Image Source: Northwestern Mutual
When it comes to providing the best term life insurance rates, Northwestern Mutual offers two types of traditional term life insurance online:
- Level Term 20: Coverage for 20 years with term life insurance rates that remain the same.
- Level Term 10: Coverage for 20 years with term life insurance rates that reset after ten years.
What makes Northwestern Mutual one of the best term life insurance companies is that they provide a wide range of term life insurance quotes. If traditional term life insurance does not provide the best term life insurance rates, there are other options:
- Term 80: Annually renewed insurance, available until age 80.
- Term 10: Annually renewed insurance, available in sets of 10 years.
They also provide important tools to aid in the process of getting term life insurance online, like a life insurance calculator and lifespan calculator.
For those who want multiple options for term life insurance rates from a dependable, nationally respected company, Northwestern Mutual is a great place to start.
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State Farm Review
In a 2016 study on life insurance providers and customer satisfaction, J.D. Power & Associates ranked State Farm highest overall in customer satisfaction.
State Farm is no stranger to positive term life insurance reviews, as this is the third consecutive year that they have earned first place ranking.
The beauty of getting term life insurance quotes through State Farm is that these policies are meant to provide maximum benefit and customization. They provide four options for term life insurance rates:
- Select Term: Available in segments of 10, 20, or 30 years. Can be converted to a permanent life insurance policy regardless of health.
- Return of Premium Term: Available in segments of 20 or 30 years. If the policy-holder outlives the term, all premiums are returned.
- Mortgage Term: Designed to provide funds for mortgage payments, and available in 15- or 30-year segments. Coverage is selected based on mortgage balance amount.
- Instant Answer Term Insurance™: As the most affordable of the group, these term life insurance quotes provide $50,000 worth of coverage until age 50, or for 10 years, whichever is longer.
As one of the most popular providers of auto, health, and home insurance, bundling term insurance plans is easy through State Farm. For those who have pre-existing policies, adding a State Farm term life insurance policy is both convenient and affordable.
Those who want life insurance for a short period or who only need a small amount should consider the Instant Answer Term Insurance™. Starting at $19 a month, this is one of the most affordable term life insurance rates we have seen thus far.
TIAA Life Review
In 2016, the Ethisphere Institute listed TIAA as one of the world’s most ethical financial companies, recognizing them for superior integrity, transparency, compliance, and ethics.
With strong company values and ethical policies, TIAA Life is one of the best term life insurance companies to consider.
Image Source: TIAA
While many of their products are similar to what other top-rated term life insurance companies provide, the difference is in the details. Term life insurance quotes from TIAA come with the following benefits:
- Early access to benefits if terminal illness occurs: Total payout may be reduced by one year of interest and an additional $200 servicing charge. Still, not many term life insurance quotes advertise this type of benefit.
- Few conversion restrictions: TIAA allows term life insurance rates to be converted at any time to any type of permanent life policy, without medical screenings.
- Quick & easy application process: View term life insurance quotes, select the best one for you, apply, and then complete a brief medical screening from the comfort of your own home.
TIAA’s dedication to transparency can be clearly seen through their website design, which aims to be informative, comprehensive, and easy to use.
Because term life insurance can so often be confusing, the best term life insurance companies — like TIAA — will strive to create a simple and efficient process when applying for term life insurance quotes online.
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Transamerica Review
With over a century of history in banking and life insurance, Transamerica is a great option for anyone looking for term insurance plans. Education is first and foremost with Transamerica, as they explain differences between insurance plans and provide a glossary to explain insurance-related terminology.
For those who need additional information before getting term life insurance rates and quotes, Transamerica is one of the best term life insurance companies to consider.
Out of all the reviewed insurance companies, Transamerica has one of the widest ranges of coverage. Policy-holders can select anywhere between 10-30 years in five-year increments. Their term life insurance quotes also come in three death benefit options:
- Decreasing Term: Beneficiary payout decreases over time and aligns with an outstanding debt, like a mortgage.
- Level Term: Total payout remains the same throughout the life of the policy.
- Increasing Term: Beneficiary payout increases as the policy ages.
Another reason we like Transamerica is because their term life insurance rates allow for customization and change.
The Trendsetter® Super comes with guaranteed coverage and the ability to convert without additional medical exams. The Trendsetter® LB demonstrates flexibility by allowing for accelerated benefits for chronic, critical, or terminal illness.
Conclusion – Top 6 Best Term Life Insurance Companies
There’s no denying that searching for term life insurance rates is not always an exciting process. Insurance policies can be confusing, and talking about death is not something that everyone is comfortable with.
Still, despite its uncomfortable and somewhat complex nature, finding the best term life insurance rates is a crucial part of planning for the future. In fact, 30 percent of Americans recognize that they need to have more life insurance, but are stuck on how to improve their coverage.
The best term life insurance companies will make finding term life insurance quotes simple, affordable, and most importantly, easily understood.
By looking at the best term life insurance quotes, consumers will find themselves one step closer to providing maximum protection for their home and their families, even in absentia.
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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
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