Haven Life, Northwestern Mutual and Haven top our list of the best term life insurance companies in 2023. Term life insurance is a type of life insurance that provides coverage for a specific period of time, such as 10, 20, or 30 years.
If the policyholder dies during the term of the policy, the beneficiaries receive a death benefit. Term life insurance is a popular choice for people who need financial protection for their loved ones, but who may not need permanent life insurance coverage.
MORE: What is term life insurance? Types, cost and how it works
There are many different term life insurance companies in the United States, and it can be difficult to know which one is right for you. Here is a review of the 10 best term life insurance companies in the United States in 2023:
Best term life insurance companies in 2023
Life insurance companies with solid financial strength ratings, high consumer experience ratings, and fewer complaints to state regulators are able to withstand scrutiny. It is crucial to trust that the insurer will treat beneficiaries fairly, as policyholders may not be present to fight for their rights after policy payout.
| Haven Life |  5.0 | Term lengths: 5, 10, 15, 20, 25 or 30 years. |
| Guardian | 5.0 | Term lengths: 1, 10, 15, 20 or 30 years. |
| MassMutual | 5.0 | Term lengths: 1, 10, 15, 20, 25 or 30 years. |
| Northwestern Mutual | 5.0 | Term lengths: 1, 10 or 20 years. |
| New York Life | 5.0 | Term lengths: 1, 10, 15 or 20 years. |
| Pacific Life | 5.0 | Term lengths: 10, 15, 20, 25 or 30 years. |
| State Farm | 5.0 | Term lengths: 10, 20 or 30 years. |
| USAA | 5.0 | Term lengths: 10 to 30 years. |
Northwestern Mutual Life Term Life Insurance
Northwestern Mutual is a mutual insurance company that offers a variety of term life insurance plans. They are known for their strong financial strength and their commitment to customer service. Northwestern Mutual also offers a variety of riders and add-ons, such as a child rider, a waiver of premium rider, and a guaranteed insurability rider.
Northwestern Mutual Insurance
Northwestern Mutual Life Term Life Insurance is a good option. Northwestern Mutual is known for its excellent customer service. Some of the benefits of Northwestern Mutual term life insurance include:
- Competitive rates
- There is a variety of policy lengths and coverage amounts to choose from
- The option to add riders, such as a child rider or a waiver of premium rider
- Access to Northwestern Mutual’s financial planning services
Pros👇
✅Financially strong company
✅ Affordable rates
✅ Good reputation
✅ Competitive rates
✅ Option to add riders
Cons 👇
❎ Policies are typically more expensive than policies from other companies
❎Mutual company – policyholders may be eligible for dividends, but may also be required to pay assessments
❎Policies only sold through agents
| Age | Gender | Term Length | Coverage Amount | Premium (Monthly) |
|---|---|---|---|---|
| 30 | Male | 20 years | $500,000 | $24.12 |
| 30 | Female | 20 years | $500,000 | $19.96 |
| 35 | Male | 20 years | $500,000 | $30.96 |
| 35 | Female | 20 years | $500,000 | $26.52 |
| 40 | Male | 20 years | $500,000 | $44.48 |
| 40 | Female | 20 years | $500,000 | $38.04 |
| 45 | Male | 20 years | $500,000 | $65.52 |
| 45 | Female | 20 years | $500,000 | $56.48 |
| 50 | Male | 20 years | $500,000 | $110.72 |
| 50 | Female | 20 years | $500,000 | $95.52 |
| 55 | Male | 20 years | $500,000 | $212.88 |
| 55 | Female | 20 years | $500,000 | $188.20 |
Annual Renewable Term Life: Premiums are relatively low at first, compared to level term policies, but they increase as you get older. Coverage automatically renews each year.
Level Premium Term Life: Coverage lasts 20 years, and the insurer offers a policy with steady premiums for the first decade.
Northwestern Mutual offers a variety of term life insurance policies with different features and benefits. Some of the benefits of Northwestern Mutual term life insurance include:
- Competitive rates
- A variety of policy lengths and coverage amounts to choose from
- The option to add riders such as a child rider or a waiver of premium rider
- Access to Northwestern Mutual’s financial planning services
Haven Life Term Life Insurance
Haven Life is an online life insurance company that offers term life insurance policies with no medical exam required for coverage up to $3 million. Haven Life is a subsidiary of MassMutual, a large and well-respected insurance company.
Here are some excerpts from Haven Life term life insurance reviews:
Haven Insurance
Haven Life is an online life insurance company that offers term life insurance policies with no medical exam required for coverage up to $3 million. Haven Life is a subsidiary of MassMutual, a large and well-respected insurance company.
Pros👇
✅Easy-to-use website.
✅ Affordable rates
✅ Quick and efficient application process
✅ No medical exam required for coverage up to $3 million
✅ Strong financial backing from MassMutual
Cons 👇
❎ Does not offer riders or add-ons
❎Only offers term life insurance policies
❎ Not available in all states
| Company | Liability Only | Collision + Comprehensive | Full Coverage |
|---|---|---|---|
| State Farm | $600/year | $1,200/year | $1,800/year |
| Geico | $550/year | $1,100/year | $1,700/year |
| USAA | $450/year | $1,000/year | $1,600/year |
| Progressive | $500/year | $1,050/year | $1,650/year |
| Nationwide | $575/year | $1,125/year | $1,775/year |
| Amica | $625/year | $1,250/year | $1,875/year |
| Farmers | $550/year | $1,100/year | $1,700/year |
| The Hartford | $525/year | $1,050/year | $1,650/year |
Haven Simple: Haven offers a simplified term life policy, requiring no medical exam for applicants aged 20 to 55. Coverage is available in 5-, 10-, 15-, and 20-year terms, with a built-in accelerated death benefit rider. Policy amounts range from $25,000 to $1 million.
Haven Term Life: The application can be completed online and approved within minutes, though a medical exam may be required. Haven Term Life is available to applicants aged 64.5 and younger, with coverage amounts reaching up to $3 million. Policies come in 10-, 15-, 20-, 25-, or 30-year terms.
Haven Life has received positive reviews from customers and experts alike. Customers praise Haven Life for its easy-to-use website, its affordable rates, and its quick and efficient application process. Experts praise Haven Life for its strong financial backing from MassMutual and its commitment to customer service.
State Farm Term Life Insurance
State Farm
Haven Life is one of the Biggest Term Life Insurance Companies in the United States. They offer a variety of term insurance plans, including:
- Child Rider
- Spousal Rider
- Disability Income Rider
- Accidental Death Rider
- Guaranteed Insurability Rider
Pros👇
✅A++ financial strength rating from AM Best
✅Good customer service
✅Easy to use online quote tool.
✅Variety of discounts available.
Cons 👇
❎Some customers have complained about the company’s claims process.
❎Not all discounts are available in all states
| Age | Gender | Term Length | Coverage Amount | Premium |
|---|---|---|---|---|
| 30 | Male | 20 years | $500,000 | $17.50/month |
| 30 | Female | 20 years | $500,000 | $14.64/month |
| 35 | Male | 20 years | $500,000 | $20.72/month |
| 35 | Female | 20 years | $500,000 | $17.50/month |
| 40 | Male | 20 years | $500,000 | $26.24/month |
| 40 | Female | 20 years | $500,000 | $22.36/month |
| 45 | Male | 20 years | $500,000 | $32.49/month |
| 45 | Female | 20 years | $500,000 | $27.72/month |
| 50 | Male | 20 years | $500,000 | $42.49/month |
| 50 | Female | 20 years | $500,000 | $35.80/month |
| 55 | Male | 20 years | $500,000 | $56.92/month |
| 55 | Female | 20 years | $500,000 | $45.80/month |
USAA Term Life Insurance
USAA Insurance
Geico Term Life Insurance
Geico Insurance
Geico is a well-known insurance company that offers various types of insurance, including boat insurance. Here are some key points to consider when evaluating Geico Boat Insurance:
Excellent Features 🤩
- ✅ Best For: 100% reimbursement rate
- ✅Max annual coverage: $5,000, $10,000, or unlimited
- ✅Reimbursement rates: 70%, 80%, or 90%
- ✅Deductible choices: $100 to $1,5000 per year
- ✅30 days Money-back guarantee
| Boat Type | Coverage | Average Annual Premium |
|---|---|---|
| Bowrider (18-28 feet) | Liability | $200-$500 |
| Center console (18-28 feet) | Liability | $250-$600 |
| Cuddy cabin (18-28 feet) | Liability | $300-$700 |
| Walkaround (18-28 feet) | Liability | $350-$800 |
| Ski boat (flat bottom) | Liability | $400-$900 |
| Pontoon (16-30 feet) | Liability | $450-$1000 |
| Jet boat | Liability | $500-$1100 |
| Personal watercraft | Liability | $200-$500 |
Pros
✅ Affordable rates
✅ Wide variety of coverage options
✅ Discounts available
✅ Good customer service reputation
Cons
❎Some complaints about slow claims processing and difficulty getting in touch with customer service representatives
Geico offers a variety of compression options for its boat insurance policies. Compression is a way to save money on your insurance premiums by combining multiple coverages into a single policy. Geico offers the following compression options:
- Boat Package This policy combines boat hull, boat liability, medical payments, and uninsured/underinsured boater coverage into a single policy.
- Boat and Personal Watercraft Package This policy combines boat hull, boat liability, medical payments, uninsured/underinsured boater coverage, and personal watercraft coverage into a single policy.
- On-Water Liability Package This policy combines boat liability, medical payments, and uninsured/underinsured boater coverage into a single policy.
Liberty Mutual Insurance
Liberty Mutual Insurance
