Best Term Life Insurance Companies: A Broker’s Honest Assessment

We’ve placed thousands of term life insurance cases across more than 40 carriers. This page is our honest, broker-eye assessment of the best term life insurance companies available today — not a ranking based on advertising budgets or affiliate commissions, but on what we actually see in real placements: underwriting outcomes, price competitiveness, conversion options, rider availability, and how carriers behave when clients need them most.

The truth about term insurance is that the best carrier for you depends on your specific age, health profile, face amount, and what you want out of the policy. There is no single “best” carrier for every buyer. What we can tell you is which carriers lead for which situations — and that’s exactly what this page covers.

Our Top Carrier Picks by Category

Based on our placement experience as of June 2025, here is how the leading term life carriers break down by buyer need:

Your Priority	Our Top Picks	Why
Lowest price, healthy applicant	Corebridge (AIG), Banner Life, Protective Life, Symetra, Pacific Life	Consistently top 5 nationally on Compulife for most age/term combinations
Best base conversion window	North American Company (age 75), Pacific Life PL Promise (age 70), Banner Life (age 70)	Longest windows without requiring an additional rider or cost
Chronic illness access at conversion	Protective Life (with CCRE rider)	Only carrier that locks in chronic illness coverage at conversion without re-underwriting, via the 2024 CCRE rider
Living benefits on term (chronic + critical)	Pacific Life Elite Term ($750K+), Transamerica Trendsetter LB	Both include chronic and critical illness ADB on the term policy itself
Widest permanent product shelf at conversion	Lincoln National	“Any currently available Lincoln permanent product” — IUL, VUL, UL — at conversion
Custom term duration	Corebridge Financial (Select-a-Term)	Only carrier offering every year from 10–35 years in one-year increments
Fastest underwriting	Symetra SwiftTerm (18-min instant path), Prudential PruFast Track	Qualifying applicants can receive coverage decisions same-day
Longest term available	Banner Life, Protective Life (40 years)	Only major carriers offering a 40-year level term
Best for brand recognition + satisfaction	Mutual of Omaha	A+ A.M. Best, consistently above-average J.D. Power scores, Guaranteed Insurability Rider
Conversion credit to offset permanent premium	Corebridge Financial (annual premium credit), Prudential (within 7 years)	Real dollar reduction on first-year permanent premium at conversion

Best for Price: The Consistently Cheapest Carriers

For healthy non-tobacco applicants, five carriers consistently occupy the top positions in our Compulife rate comparisons regardless of age band or term length. As of June 2025, the rates below reflect real quotes for a $500,000 20-year term policy:

Male, age 45, Preferred Plus, $500,000 / 20-year term (NV, non-tobacco):

Carrier	Monthly Premium	A.M. Best
Corebridge (American General)	$44.78	A
Banner Life	$45.01	A
Protective Life	$45.02	A+
Symetra	$45.03	A
Pacific Life	$45.03	A+
Transamerica	$45.05	A

At this profile, six carriers are within $0.27/month of each other — meaning product features, conversion options, and rider availability matter far more than price alone when choosing between them.

Rates pulled from Compulife® June 2025. Actual premiums depend on full underwriting, complete medical history, and carrier guidelines at time of application. Rates are subject to change. Individual outcomes vary.

Best for Conversion Flexibility

Conversion rights allow you to exchange your term policy for permanent coverage without proving your health all over again. Here’s how the major carriers compare on conversion window length:

Carrier	Base Conversion Window	Additional Rider Available?
North American Company	Through age 75 — no rider required	N/A — base feature
Transamerica (Preferred Plus)	Through age 75 (Preferred Plus class)	N/A — base feature for PP
Banner Life	Through age 70 — no rider required	N/A — base feature
Pacific Life PL Promise	Through age 70 — no rider required	N/A — base feature
Lincoln National	Through age 70 — no rider required	N/A — base feature
Corebridge Financial	Through age 70 — no rider required	N/A — base feature (+ conversion credit within 8–10 yrs)
Mutual of Omaha	Through age 70 — no rider required	N/A — base feature
Symetra SwiftTerm	10th policy anniversary or age 70 — whichever first	Conversion Enhancement Rider (cannot combine with WOP)
Protective Life	5 years (standard base)	CCRE rider: extends to 18 yrs + chronic illness access at conversion
Pacific Life Elite Term	10 years or age 70	N/A (includes conversion credit + chronic/critical illness ADB)

Best for Living Benefits on Term

Living benefits allow you to access a portion of your death benefit while still alive, under qualifying conditions. Here’s what’s available by carrier on term policies:

Carrier / Product	Terminal Illness	Chronic Illness	Critical Illness	Cost
Pacific Life Elite Term ($750K+)	✅ Included	✅ Included	✅ Included	Base product — no extra rider
Transamerica Trendsetter LB	✅ Included	✅ Additional cost	✅ Additional cost	Each rider priced separately
Protective Life (with CCRE rider)	✅ Included	✅ Upon conversion only	❌	CCRE rider at additional cost
Banner Life	✅ Included (75% / $500K max)	❌	❌	Free
Mutual of Omaha	✅ Included (24-month prognosis)	❌	❌	Free
Lincoln National	✅ Included ($1.5M lifetime max)	❌ (on perm products)	❌	Free
Symetra SwiftTerm	✅ Included (75% / $500K max)	❌	❌	Free
Prudential EssentialTerm	✅ Included (6-month trigger)	❌	❌	Free; $150 processing fee at claim

Best for Large Face Amounts ($1M+)

For buyers purchasing $1 million or more in term coverage, the ADB (accelerated death benefit) cap becomes a meaningful planning factor. Here’s how the carriers compare:

Carrier	ADB Max	On $1M policy	On $2M policy
Lincoln National	$1.5M lifetime max	Up to $1,000,000	Up to $1,500,000
Protective Life	$1M max	Up to $600,000 (60%)	Up to $1,000,000 (cap reached)
Pacific Life Elite Term	Terminal + critical + chronic included	Proportional to death benefit	Proportional
Banner Life	$500K max	Up to $500,000 (cap reached)	Up to $500,000 (cap reached)
Corebridge (AGL)	$250K or 50% (lesser of)	Up to $250,000	Up to $250,000 (cap reached)

For large face amounts, Lincoln National and Pacific Life Elite Term provide the most meaningful living benefit access. Corebridge’s $250K cap is particularly restrictive on $1M+ policies.

Best for Fast Underwriting

If you need coverage in place quickly — closing on a home, business deadline, or time-sensitive planning need — these carriers offer the fastest underwriting paths:

• Symetra SwiftTerm: Three-path underwriting — instant coverage decision in approximately 18 minutes for qualifying applicants via the accelerated path. Fastest in the market for healthy buyers.
• Prudential PruFast Track: 20-minute online interview process. No medical exam or lab work for qualifying applicants under age 60.
• Lincoln TermAccel: Lab work may be waived for applicants up to age 60 / $2.5M in coverage. Electronic interview-based process.
• North American WriteAway: Accelerated underwriting with typical approvals in 48–72 hours for qualifying applicants. No paramedical exam required.
• Banner Life: Electronic interview process can eliminate the paramedical exam for qualifying applicants.

Live Rate Comparison — $500,000, 20-Year Term

The following rates are pulled live from Compulife® as of June 2025 for a $500,000 20-year term policy, non-tobacco male, Preferred Plus health class. Rates are subject to change and represent sample illustrations only. Your actual premium depends on full underwriting and your complete health profile.

Age	Corebridge	Banner Life	Protective	Symetra	Pacific Life	Lincoln	Mutual of Omaha	Nationwide
Age 30	$18.16	$18.23	$18.24	$18.25	$18.25	$19.97	N/A*	$22.75
Age 35	$19.85	$19.93	$19.94	$19.95	$19.95	$23.61	$26.02*	$22.75
Age 45	$44.78	$45.01	$45.02	$45.03	$45.03	$51.48	N/A*	$51.19
Age 55	$111.88	$112.16	$112.17	$112.18	$112.18	$117.05	N/A*	$123.81

*United of Omaha (Mutual of Omaha subsidiary) shown where available in Compulife. Actual Mutual of Omaha rates require agent quote. Prudential (Pruco Life) rates: Age 35: $N/A, Age 45: $49.88, Age 55: $130.38. Rates pulled June 2025. Subject to change. Not an offer of insurance.

Head-to-Head Carrier Comparisons

Use the links below to read our detailed carrier comparison articles — each one covers pricing, conversion options, rider comparisons, and real placement outcomes from our brokerage:

• Banner Life vs. Protective Life: Which Term Carrier Wins?
• Banner Life vs. Pacific Life: Term Insurance Compared
• Protective Life vs. Pacific Life: Which Is Better?
• Banner Life vs. Symetra: Term Insurance Compared
• Corebridge Financial vs. Lincoln National: Term Life Insurance
• Prudential vs. Pacific Life: Term Life Insurance Compared
• Lincoln National vs. Protective Life: Term Life Compared
• Mutual of Omaha vs. Banner Life: Term Insurance Compared
• Transamerica vs. Banner Life: Honest Carrier Comparison
• North American Company vs. Protective Life: Term Insurance
• Symetra vs. Pacific Life: Term Insurance Compared
• Corebridge Financial vs. Protective Life: Term Insurance
• Prudential vs. Banner Life: Term Insurance Compared
• Lincoln National vs. Pacific Life: Term Life Compared
• Nationwide vs. Protective Life: Term Insurance Compared