Best Term Life Insurance Reviews 2023 – Buy Term Insurance Term Life Insurance

Best Term Life Insurance Reviews 2023 – Buy Term Insurance Term Life Insurance

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 star rating 5.0 Term lengths: 5, 10, 15, 20, 25 or 30 years.
Guardian5 star rating 5.0Term lengths: 1, 10, 15, 20 or 30 years.
MassMutual5 star rating 5.0Term lengths: 1, 10, 15, 20, 25 or 30 years.
Northwestern Mutual5 star rating 5.0Term lengths: 1, 10 or 20 years.
New York Life5 star rating 5.0Term lengths: 1, 10, 15 or 20 years.
Pacific Life5 star rating 5.0Term lengths: 10, 15, 20, 25 or 30 years.
State Farm5 star rating 5.0Term lengths: 10, 20 or 30 years.
USAA5 star rating 5.0Term 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 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

AgeGenderTerm LengthCoverage AmountPremium (Monthly)
30Male20 years$500,000$24.12
30Female20 years$500,000$19.96
35Male20 years$500,000$30.96
35Female20 years$500,000$26.52
40Male20 years$500,000$44.48
40Female20 years$500,000$38.04
45Male20 years$500,000$65.52
45Female20 years$500,000$56.48
50Male20 years$500,000$110.72
50Female20 years$500,000$95.52
55Male20 years$500,000$212.88
55Female20 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 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

CompanyLiability OnlyCollision + ComprehensiveFull 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

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

AgeGenderTerm LengthCoverage AmountPremium
30Male20 years$500,000$17.50/month
30Female20 years$500,000$14.64/month
35Male20 years$500,000$20.72/month
35Female20 years$500,000$17.50/month
40Male20 years$500,000$26.24/month
40Female20 years$500,000$22.36/month
45Male20 years$500,000$32.49/month
45Female20 years$500,000$27.72/month
50Male20 years$500,000$42.49/month
50Female20 years$500,000$35.80/month
55Male20 years$500,000$56.92/month
55Female20 years$500,000$45.80/month

USAA Term Life Insurance

Geico Term Life 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 🤩

  1. ✅ Best For: 100% reimbursement rate
  2. ✅Max annual coverage: $5,000, $10,000, or unlimited
  3. ✅Reimbursement rates: 70%, 80%, or 90%
  4. ✅Deductible choices: $100 to $1,5000 per year
  5. ✅30 days Money-back guarantee
Boat TypeCoverageAverage 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 boatLiability$500-$1100
Personal watercraftLiability$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

Farmers Insurance

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The author's name is William, and he holds a Master's degree in finance from Columbia University, which is a highly reputable and prestigious institution known for its exceptional finance program. This indicates that the author has undergone rigorous training and has acquired in-depth knowledge and understanding of finance.

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