Best Term Life Insurance Companies

Mutual of Omaha was founded in 1909 and offers two different term policies, the Term Life Answers and a simplified issue policy called Term Life Express. The Term Life Express doesn’t require a medical exam, but the coverage amount is only $300,000 compared to the $999,000 available with Term Life Answers. 

There are several riders available including: 

• Disability waiver of premium: covers your premiums if you become disabled 
• Accelerated death benefit: receive cash payouts for treatment and care if terminally ill 
• Accidental death benefit: gives extra payout if your death is ruled an accident
• Child protection: gives the option to add protection for the child onto the policy
• Unemployment waiver of premium: covers your premiums if you become unemployed

Mutual of Omaha also offers competitive rates for those struggling with preexisting conditions such as anxiety, arthritis, polycystic ovary syndrome, and ulcerative colitis. Online quotes are available through their website, but not all plans and features may be available in every state. If you have questions about eligibility, you can contact a representative to see what your options are. 

Term policies can be issued in 10-, 15-, 20-, and 30-year terms and purchased up to age 80. You can receive quotes online for up to $999,000 in coverage and also start the application online. Both policies can be renewed up to age 95, and some can be converted into permanent policies.

Mutual of Omaha has an A+ (Superior) rating from AM Best, the world’s first credit rating agency founded in 1899. The ratings it gives are an independent and objective opinion of a company’s creditworthiness and financial strength.

Legal & General was founded in 1981 and acquired Government Employees Life Insurance Company (GEICO), whose name was changed to Banner Life Insurance Company. Then in 1989, Legal & General bought William Penn Life Insurance Company of New York. Together Banner Life and William Penn underwrite and supply life insurance policies to all 50 states under the Legal & General name. 

Legal & General offers the lowest quoted premiums out of 12 companies compared. Quotes obtained for a 35-year old male and female were $63.99 and $51.21/month respectively. Competitors ranged from approximately $64 to $99/month for the male and $53 to $72/month for the female.  

Term policies are offered to individuals up to age 75, and term policies are convertible to permanent until age 70. Coverage amounts start at $100,000 and go up to $10 million. 

Riders for policies include:

• Children’s Term Rider: covers all children until turn 25 
• Waiver of Premium Rider: can skip payments if disabled for at least 6 months
• Stacking Term Rider: more coverage for a certain part of policy length
• Accelerated Death Rider: can access a portion of benefit if terminally ill 

Legal & General has an A+ (Superior) rating from AM Best.

State Farm was founded in 1922 and in addition to life insurance, provides home, auto, small business, and other types of insurance along with several discounts for its customers. 

Although the company offers term, universal, and whole life insurance, the term life is a popular choice as it allows buyers to convert the policy to permanent (whole) life insurance if they choose, without having to take another health exam. 

To receive a quote, potential buyers can look online and also speak to a representative, either over the phone or in person. They offer three different term policies including: 

• Select Term: 10-, 20-, or 30- year level payments with minimum of $100,000 of coverage
• Return of Premium Term: 20- or 30- year policies; policy builds cash value you can borrow against; can get return of premiums if you outlive initial term
• Instant Answer Term: Available to ages 16 to 45, $50,000 of benefit with no medical exam; covered for 10 years or until age 50 (whichever is higher)

Rider options for State Farm include: 

• Children’s Term Rider: can add coverage for a child
• Guaranteed Insurability Option: can add on more coverage without another medical exam
• Waiver of Monthly Deduction for Disabilities: covers your premiums if you become disabled 
• Level Term Rider/Additional Insured: can add term coverage or additional people to be insured 

Of these riders, the Children’s Term rider is especially beneficial to families. Children can be added to a parent’s policy before they are born, with coverage starting once they are 15 days old. If a family has multiple children, they can all be included, with a death benefit up to $20,000 per child. Once the child turns 25 the coverage will end, or they can convert the coverage to their own permanent policy without a medical exam, up to five times the amount of the rider coverage. 

State Farm life insurance is not available in Massachusetts, New York, or Wisconsin. It is rated A++ (Superior) from AM Best.

John Hancock was founded in 1862 in Boston, Massachusetts. Named after the patriot John Hancock, the company was acquired by the Canadian company Manulife Financial in 2004. 

John Hancock offers a guaranteed acceptance program, and term insurance policies can be purchased in 10-, 15, or 20- year terms with up to $3 million in benefit. Those 18-80 years of age are eligible for John Hancock’s policies. 

John Hancock also offers the following riders to supplement their policies:

• Accelerated Benefit: receive up to 50% of benefit early if diagnosed with a terminal illness
• Disability Payment of Specified Return: covers your premiums if you become disabled
• Long-term Care: provides funds for long-term care by accelerating your death benefit up to 4% of the benefit amount 
• Vitality PLUS Program: earn credits by participating in healthy lifestyle choices and use these to lower premium amount or get other rewards
• Return of Premium: can get premium refunded

In addition to riders available, John Hancock also offers the Aspire program, which helps individuals with type 1 or type 2 diabetes obtain life insurance. 

To obtain a quote you can fill out a form online and a representative will contact you. John Hancock offers insurance across the entire U.S.

John Hancock is rated A+ (Superior) by AM Best.

Haven Life was founded in 2014 but is backed by C.M. Life, a subsidiary of MassMutual in all states except CA and NY, which will still be issued by MassMutual. The founder created Haven Life when he was looking for an easier and faster way to obtain life insurance after having children. 

Term policies are available in 5-, 10-, 15-, 20-, 25-, and 30- year limits to those ages 20 to 49 and 10-, 15-, and 20-year terms for those 50-65. Benefit amounts starting at $200,000 and going up to $3 million. 

Haven Life is available in all 50 states and has the following rider options:

• Accelerated Death Benefit rider: receive cash payouts for treatment and care if terminally ill
• Haven Life Plus rider: access to health and wellness subscriptions for free/reduced price

The two term policies available are Haven Term and Haven Simple. The Haven Term policy offers up to $3 million in coverage and may require a medical exam. The Haven Simple policy, however, doesn’t require a medical exam but only offers up to $500,000 in coverage. 

Haven Life does not have an AM Best rating, but MassMutual is rated A++ (Superior).