Best Term Life Insurance Rates: Compare and Save Now!
No one wants to overpay for their life insurance, but with all the companies to choose from, how do you know which provider is the best?
Do some companies offer better options than others? How much should I expect to spend?
To further complicate matters, you also need to determine the amount of coverage you need, and for how long.
If it seems like a daunting task, fear not. This guide will help you find the best term life insurance policy that suits your needs and budget. Our independent agency represents 63 top-rated life insurance providers to make sure our clients are always matched with the best option available.
Here’s what we'll cover in this post:Quick Article Guide
What is the Best Amount of Term Life Insurance?
Term life insurance is usually purchased for financial protection. In this scenario, most life insurance agents suggest buying a policy that offers 5 to 10 times your current annual income, but everyone's need for life insurance is different. Younger applicants with dependent families typically need more coverage than older individuals nearing retirement.
If purchasing a policy for income protection, multiple the years until you expect to retire by your annual after-tax earnings. For instance, if you're in your mid-40s, you might consider around 20 times your current income, while someone in their late 50s, with adult children, may only need 5 to 10 times their yearly income to reach their goals.
For those purchasing life insurance to cover their outstanding debts, simply add up all existing debts to determine the amount of coverage you need. For example, if you have a $426,000 mortgage, $53,000 in car loans, $17,000 in student loans, and $14,000 in credit care debt, consider purchasing a policy with a death benefit of at least $510,000.
You can also purchase additional coverage to help your loved one's with unforeseen expenses like medical bills and burial costs. To learn more about purchasing life insurance to cover debt, read this article, "Life Insurance To Pay Off Major Bills Or A Mortgage."
What is a Reasonable Rate for Term Life Insurance?
Life insurance rates are influenced by various factors, such as age, overall health, and gender. Additionally, some providers consider your immediate family's medical history, occupation, and potentially risky hobbies. Due to these factors, rates can significantly differ among individuals.
Applicants in excellent health often qualify for a 'preferred' risk category, while those with average or better health for their age are likely to be approved at a 'standard' or better rate class. To help you gauge the potential cost of your policy, we've included some sample term life insurance rates by age below:
Best Term Life Insurance Rates for a Male - 10-Year Term, $500k
| Current Age | $100,000 | $250,000 | $500,000 | $1,000,0000 |
| 35 | $7.46 | $9.81 | $13.46 | $19.39 |
| 40 | $8.25 | $11.92 | $17.32 | $26.15 |
| 45 | $11.00 | $16.86 | $27.17 | $43.34 |
| 50 | $14.19 | $23.15 | $39.68 | $68.66 |
| 55 | $20.38 | $36.74 | $64.61 | $118.96 |
| 60 | $29.76 | $56.44 | $102.91 | $194.86 |
| 65 | $52.44 | $97.76 | $180.81 | $340.16 |
| 70 | $85.65 | $167.44 | $294.56 | $555.06 |
| 75 | $149.73 | $318.19 | $592.51 | $1,129.56 |
Displayed monthly rates are accurate as of 11/15/2023 and are provided for illustrative purposed only.
Best Term Life Insurance Rates for a Female - 10-Year Term, $500k
| Current Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 35 | $7.15 | $8.94 | $11.78 | $16.03 |
| 40 | $7.97 | $10.83 | $15.16 | $23.62 |
| 45 | $9.93 | $15.04 | $23.58 | $37.10 |
| 50 | $12.65 | $19.96 | $32.69 | $56.29 |
| 55 | $17.41 | $27.86 | $49.42 | $89.56 |
| 60 | $23.94 | $40.71 | $72.34 | $132.86 |
| 65 | $34.81 | $65.56 | $113.71 | $216.36 |
| 70 | $59.24 | $109.09 | $197.09 | $366.11 |
| 75 | $109.93 | $216.22 | $417.41 | $761.60 |
*Displayed monthly rates are accurate as of 11/15/2023 and are provided for illustrative purposes only.
If you are in average health for your age, you will probably qualify for a "Standard" risk with most life insurance providers. Standard is the fourth-best life insurance rate class and the most common. You can learn more about the risk classes used by the life insurance industry in this article, "Here's What Each Life Insurance Rate Class Means."
Average Term Life Insurance Rates for A Male - 10-Year Term, $500k
| Current Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 35 | $10.21 | $16.34 | $25.74 | $43.91 |
| 40 | $12.03 | $21.11 | $35.25 | $60.54 |
| 45 | $16.46 | $28.89 | $51.00 | $93.25 |
| 50 | $24.16 | $43.59 | $79.69 | $151.83 |
| 55 | $33.65 | $65.85 | $124.12 | $237.53 |
| 60 | $50.86 | $100.50 | $190.21 | $363.55 |
| 65 | $85.99 | $171.19 | $334.15 | $650.84 |
| 70 | $147.03 | $301.31 | $589.25 | $1,094.58 |
| 75 | $263.59 | $580.32 | $1,143.96 | $2,065.04 |
*Displayed monthly rates are accurate as of 11/15/2023 and are provided for illustrative purposes only.
Average Term Life Insurance Rates for A Female - 10-Year Term, 500k
| Current Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
| 35 | $8.76 | $14.02 | $21.49 | $35.46 |
| 40 | $11.56 | $18.05 | $29.50 | $51.47 |
| 45 | $15.42 | $24.19 | $41.51 | $75.12 |
| 50 | $20.28 | $33.65 | $60.07 | $112.30 |
| 55 | $26.67 | $47.29 | $87.32 | $165.12 |
| 60 | $37.65 | $71.06 | $128.57 | $248.88 |
| 65 | $59.91 | $120.49 | $214.02 | $388.20 |
| 70 | $95.96 | $202.38 | $372.78 | $690.46 |
| 75 | $178.38 | $375.88 | $669.62 | $1,258.78 |
*Displayed monthly rates are accurate as of 11/15/2023 and are provided for illustrative purposes only.
A 10-year term is the shortest and least expensive policy offered by most life insurance providers. If you would like to compare rates for a longer policy, or view exact rates for your age and health profile, click on the form below to get started.
Who Offers the Best Term Insurance?
While most shoppers are primarily motivated by price, paying a few extra dollars a year could provide you with some invaluable benefits down the road. In the United States, there are hundreds of term life insurance providers, and many offer nearly identical policies with guaranteed level rates throughout the policy's duration.
However, a few companies distinguish themselves from the pack with the additional benefits they offer. The top term life insurance providers not only demonstrate financial strength but also provide competitive pricing and extra features or riders to enhance your policy, such as the option to continue coverage after your term expires.
Financial Stabilty
A.M. Best, the leading credit rating agency for the insurance industry, evaluates every major life insurance provider in the U.S. The most stable insurers are rated "A" or better to reflect their financial strength and ability to pay claims. We strongly recommend avoiding companies that do not carry an "A" rating.
Companies that are rated as "B" or lower have a higher risk or becoming insolvent. Although the likelihood of insolvency is low, it's crucial to be informed. In the unlikely occurrence of such an event, your state's insurance commissioner would transfer your policy to a financially stable provider through a process called receivership. Each state also has a guaranty association to ensure that claims continue to be paid during the transition.
Included Benefits
The best term life insurance policies offer complimentary benefits to help you maximize the value of your coverage. One of the most common additions is an accelerated death benefit (ADB) rider. This rider enables policyholders to access a portion of their policy's death benefit if diagnosed with a terminal illness.
It's also important to consider other policy features or riders, such as the policy's renewal options after the term ends and conversion options that allow you to convert your term coverage into permanent insurance before your policy expires or you reach the specified age limit.
Optional Riders
Life insurance riders are benefits that can be added to your term policy for an additional fee. While these riders are less-common, they can be invaluable to those with specific coverage needs. Some examples of optional riders that can be added to a life insurance policy include:
- Child Term Rider - Life Insurance that can be purchased for your juvenile children or grandchildren.
- Long-Term Care Rider - Helps pay the cost of your long term care needs if you require assisted living.
- Waiver of Premium - Covers your life insurance premiums if you become disabled due to injury or health.
It's vital to note that not every company offers these riders, so you will want to confirm their availabilty before you apply. To learn more about life insurance riders and the benefits they provide, read this article, "8 Life Insurance Riders Worth Considering."
Our Top 10 Term Life Insurance Providers
In the following table, we've listed the 10 best term life insurance providers based on price, financial stability, included benefits, and optional riders that can be purchased for an additional fee.
| Company | A.M. Best Rating | Included Benefits | Optional Riders |
| 1. Mutual of Omaha | A+ | Accelerated Death Benefit, Critical and Chronic Illness Riders, Convertible Until Age 70, Annually Renewable After Term Ends | Return of Premium, Child Term Rider, Waiver of Premium for Disability |
| 2. Penn Mutual | A+ | Accelerated Death Benefit, Convertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider, Accidental Death Benefit, Waiver of Premium for Disability |
| 3. Prudential | A+ | Accelerated Death Benefit, Convertible Until Age 65, Annually Renewable After Term Ends | Child Term Rider, Accidental Death Benefit, Waiver of Premium for Disability |
| 4. Pacific Life | A+ | Accelerated Death Benefit, Convertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider, Waiver of Premium for Disability |
| 5. Savings Bank Life Insurance | A+ | Accelerated Death Benefit, Convertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider, Accidental Death Benefit, Waiver of Premium for Disability |
| 6. John Hancock | A+ | Accelerated Death Benefit, Convertible Until Age 75, Annually Renewable After Term Ends | Child Term Rider, Long Term Care Rider, Vitality Rider, Waiver of Premium for Disability |
| 7. Protective Life | A | Accelerated Death Benefit, Convertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider, Accidental Death Benefit, Waiver of Premium for Disability |
| 8. Banner Life | A + | Accelerated Death Benefit, Covertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider |
| 9. American National | A | Accelerated Death Benefit, Critical and Chronic Illness Riders, Convertible Until Age 65, Annually Renewable After Term Ends | Child Term Rider, Waiver of Premium for Disabilty |
| 10. Lincoln Financial | A | Accelerated Death Benefit, Convertible Until Age 70, Annually Renewable After Term Ends | Child Term Rider, Waiver of Premium for Disabilty |
*Listed riders are provided for illustrative purposes only and are subject to state availability.
For a complete breakdown of the top life insurance companies and the methodology we used to used to rank each provider, please read this article,"The 40 Best Life Insurance Companies for 2023."
How We Can Help
As an independent agency, we have access to each life insurance company's pricing, underwriting guidelines, and coverage options. This allows our experts to compare your available options and match you with the provider that best suits your needs and budget. Our shopping services are completely free with no added fees.
Call us today at 855-247-9555 to speak with a licensed agent, or select your state from the map below to get started. We've helped thousands of families and businesses with their life insurance and we can help you too! In just a few minutes, our experts will quickly identify the least expensive insurer that offers the benefits you need.
Clifford Pendell
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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