Get Term Life Insurance Quotes Online

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Contributor, Benzinga
June 13, 2023

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Getting life insurance could be an important investment you make to protect your loved ones. If you want to ensure a safe and stable future for people who depend on you, you can do it by getting term life insurance for yourself.

Benzinga provides necessary, easy-to-grasp details on term life insurance so that you can make the right decision about buying a policy today.

Best Term Life Insurance Companies

Even with all the digital tools available, it can be overwhelming to search for and choose the best term life insurance. Benzinga found the best term life insurance providers for you:

Get Term Life Insurance Quotes Online

In a digitalized world where almost everyone has a smartphone, you’ve got power at your fingertips to request term life insurance quotes from the best insurers. Most insurance companies — including the insurers Benzinga reviews here — have a website or app you can access. With an internet connection and a smartphone or personal computer, you can get a quote within minutes, use handy tools to calculate your needs and compare plans.

Bestow

Specializing in term life insurance, Bestow is one of the most popular companies in the industry. Founded in 2016, this provider has a high customer satisfaction rate. When you go with Bestow for term life insurance, you don’t need a qualifying medical exam. The most you have to do is answer a few medical questions. 

Bestow offers two term life policies — 10-year and 20-year— that are accessible through its quick and easy online application process. If the information you provide is correct and you qualify for a policy, you are approved in minutes. Getting a term life insurance quote online has never been easier.

Pros

  • No medical exam
  • Approval in minutes
  • Cheap and affordable plans

Cons

  • Only two policies are available
  • Limited to people between 18 to 60 years old

Wyshbox

Popular with the younger generation, Wyshbox has been providing life insurance since 2021. Strong ratings and high customer satisfaction have earned the trust of many millennials. 

Wyshbox offers an online application that can be completed within minutes. Most of its customers are in their 20s and 30s. 

While traditional providers tend to complicate the process, Wyshbox can be a great choice for someone that wants to keep things simple. Compared to other companies, monthly insurance premiums are low.

Pros

  • Interactive and well-structured website
  • Increased coverage options
  • Coverage calculator

Cons

  • Limited live chat availability
  • Available only for people under age 50 

Transamerica

If you are looking for life insurance quotes, you can get in touch with Transamerica. It serves more than 12 million active customers across the country, and you could become one of them. 

Anyone between 18 and 80 years old can get a quote and apply for a policy at Transamerica. Established in 1928, this provider has enough experience and history to take care of your insurance needs. Its policies are mostly sold through independent brokers, but it also has products available online.

Coverage limits start at $25,000 and go up to $10 million. Some restrictions on coverage may apply based on the age and health condition of the applicant.

Pros

  • No medical exam 
  • Term, whole and universal life insurance
  • Lots of online resources 

Cons

  • More customer complaints than expected
  • Age restrictions for some plans

Northwestern Mutual

Buying life insurance online has never been easier, and Northwestern Mutual offers term life insurance in all 50 states. With superior financial strength and excellent ratings, many people put their trust in this company. It was founded 165 years ago and has been operating continuously ever since. Its strong customer support team is ready to help you find the right policy and answer your questions. The website is chock full of helpful information.

Northwestern Mutual has one of the cheapest term life insurance, and a term policy can be converted to a permanent life insurance plan in the future. However, with no online quote tool, you will have to talk with their agents if you want to find out if you qualify for a policy.

Pros

  • Large variety of insurance plans
  • One of the oldest providers with lots of history
  • Dividends on some policies

Cons

  • No online quote
  • Potentially confusing website

Ladder

  • Ladder Life Insurance
    Best For:
    Adjustable coverage
    VIEW PROS & CONS:
    securely through Ladder Life Insurance's website

    Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.

Operating exclusively in the digital realm, Ladder specializes in term life insurance. Terms range between 5 and 30 years, which are ideal for younger people who want to secure the future of their loved ones. Ladder makes it easy to apply online — policies range in coverage from $100,000 to $8 million. You can also design a customizable plan.

The value you get for the price you pay makes it worth considering this provider. In most cases, users can get approved in less than 10 minutes with no medical exam required. 

Pros

  • Fully digitalized life insurance provider
  • Approval in minutes
  • Affordable prices 

Cons

  • No permanent life insurance
  • Difficult to reach customer support

How To Buy a Life Insurance Policy

The process of buying term insurance is simple. Calculate your family’s income needs and figure out how much coverage they might require if you died. Some providers feature free premium calculators on their websites.

You can also use a simple formula for this purpose. Multiply your yearly salary times 10 to find out how much coverage you need. Then connect with one or more of the providers reviewed here to find the best term life insurance for you. 

Depending on the provider, you can get a quote online within just a couple of minutes. The application process should not be complicated, but you can contact a company’s customer support team if you are not sure about something. Most people can get insured online within minutes.

Life Insurance Comparison

Now that you have the 5 best term life insurance providers, you can narrow your search. If you’re not sure which company is best for you, compare plans and features on their websites. 

Benzinga provides a comparison table to help you find your favorite provider now.

ProviderBest forAge rangeMaximum coverage
BestowQuick application18 to 60$1.5 million
WyshboxYoung people18 to 50$2.5 million
TransamericaQuotes for families 18 to 80$10 million
Northwestern MutualCustom plans18 to 85$500,000
LadderAdjustable plans20 to 60$8 million

Why You Should Trust Benzinga

If you don't have experience with insurance, it might be hard to tell which providers are the best. It is important to get as much value as possible for the money you spend, and it's only fair to choose a company that delivers on its promises.

Technical details and complicated concepts can make it hard to choose the best life insurance plan. Benzinga reviewed and analyzed many insurers to help make choosing term life insurance as easy as possible, providing straightforward details about each company.

Benzinga’s team of experts searched the market and analyzed providers. If something suspicious or questionable leaped out, that provider didn’t make the list. You can trust Benzinga that any of the five providers reviewed here will meet your insurance needs.

How Does Life Insurance Pay Out?

A term life insurance payout is paid to the beneficiary of a plan when the insured person dies. After the death of the insured, the insurer gets in touch with the family and assists them with the payout process. The beneficiary files a claim, providing the required documents. Funds are released from two weeks to two months after the claim process begins. 

The coverage for a term life insurance plan lasts or the number of years specified on the term as long as the monthly premiums are paid. In return, the company pays out if the insured person dies during this term. If the owner of the policy outlives this term, the coverage ends. In most cases, a person can convert a term life insurance policy to a permanent one.

Term Life Insurance Rates

It is difficult to determine an exact rate for term life insurance because the monthly cost depends on several factors. Age is one of the criteria because younger people pay less for insurance than older ones. Smokers of all ages pay more.

Another influence over your rate is your overall health condition. If you have medical conditions that put your life at risk, the cost of term life premiums will be higher. After taking these considerations into account, the insurer determines your rate based on the coverage amount. 

The higher your coverage amount is, the more expensive your premiums will be. As an example, a 50-year-old woman with a 20-year term life insurance with $250,000 in coverage pays about $32 per month.

Factors to Look for

To further help you find the right life insurance for you, here are a few factors to consider and use when you're negotiating with one of the companies discussed here.

Review Your Needs

How much coverage do you need? A simple rule to follow is to multiply your yearly salary times 10. It is recommended to look for policies that offer coverage higher than this number.

Compare Different Plans

Compare several providers to see the bigger picture, and rely on ranking experts like Benzinga to narrow down the best term life insurance for you.

Make Sure You Can Afford the Premiums

Review your financial situation and make sure you can afford the monthly cost of life insurance. Make plans for the future and consider scenarios in which the premiums might increase after a while.

Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.

Luke Jacobi

About Luke Jacobi

Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.