Best Term Life Insurance Companies in 2026: Insurers That Still Sell Term, Compared

What are the best term life insurance companies in 2026?

No single insurer is best for every buyer, so this page compares companies that sell term life today on six named criteria instead of ranking them. On their own pages, Banner Life lists terms up to 40 years, Guardian and Northwestern Mutual show AM Best's A++, Nationwide offers an online no-exam route, and Ladder is an online agency for three named insurers. Haven Life, a pick on this page's earlier version, stopped accepting new applications in January 2024.

This page is built from each company's own product and ratings pages plus a Policygenius review, rather than first-hand use. Read it as general information, not personal insurance advice: premiums, exam rules and approval turn on your age, health, home state and the amount and term you choose, and each insurer makes its own underwriting decision.

The six criteria behind this comparison

1. Financial strength, as the insurer publishes it. Grades are copied from each insurer's own page together with the date that page gives, because ratings change and the date tells you how current a grade is.
2. Term lengths. How long the premium stays level, and whether the menu reaches the year your largest obligation ends.
3. Coverage range. The smallest and largest amounts the company's own page states.
4. How you apply, and when an exam applies. Online, through an advisor or both, and any no-exam limit the company publishes.
5. Riders. Add-ons named on the company's own pages, such as a waiver of premium or a children's rider.
6. Conversion and renewal. Whether the term policy can later become permanent coverage, and for how long that right lasts.

Price is deliberately not a criterion. Premiums are set applicant by applicant, so this page prints none; ask each company to quote the same amount and term.

How the companies compare (checked October 2026)

Companies are listed alphabetically. Every cell comes from the company's own pages; "not stated" means the page does not say.

Company	What it is	Term lengths on its pages	Coverage on its pages	Applying and exams	Conversion or renewal
Banner Life	Insurer (the Banner Life family of companies)	10, 15, 20, 25, 30, 35 or 40 years	From $100,000 to beyond $10 million	Online quote tool; exam rule not stated on its term page	Conversion to a permanent policy is listed among the end-of-term choices
Guardian	Insurer that underwrites its own policies	Level term "usually 10, 15, or 20 years"	Not stated	Instant online quote, or a financial professional	Convertible for the first five years; an optional rider extends that to the whole term; year-to-year renewal near the end
Ladder	Online agency selling for three insurers	Home page speaks of "the 10–30 years they depend on you most"	No-exam applications up to $3M; larger amounts may need a health check	Online, with "a few health questions"	Not stated on its home page
Nationwide	Insurer	10 or 20 years online; up to a 30-year term through Guaranteed Level Term	Up to $1.5 million online; more through Guaranteed Level Term	No medical exam for online 10- or 20-year coverage up to $1.5 million	Guaranteed Level Term can be renewed or converted
Northwestern Mutual	Insurer that sells through advisors	Term 10, Level Term 10, Level Term 20 and Term 80	Not stated	Through an advisor, who "will work with you directly"	Some or all of the coverage can be converted to whole life

Financial strength ratings, as each insurer shows them

Company	AM Best	Fitch	Moody's	S&P	Date on the insurer's page
Banner Life	A (Excellent)	A+ (Strong)	Not listed	A (Strong)	Updated March 13, 2026 (AM Best), February 4, 2026 (Fitch) and January 27, 2026 (S&P)
Guardian	A++ (Superior)	Not listed	Aa1 (High Quality)	AA+ (Very Strong)	As of December 31, 2025
Northwestern Mutual	A++	AAA	Aa1	AA+	Printed as 11/25 (AM Best), 6/26 (Fitch), 8/26 (Moody's) and 5/26 (S&P)

Nationwide's term page shows no ratings, and Ladder's home page says only that "Our policies are issued by highly rated insurers". For either, look up the issuing insurer's own ratings page and note its date before you rely on a grade.

What each company's own pages say

Banner Life

Banner's term page says its "term life options include 10, 15, 20, 25, 30, 35, and 40-year policies" and that "term coverage begins at $100,000 and extends beyond $10 million." It sells term riders that stack extra coverage on a base policy for 10, 15 or 20 years, a children's rider that covers children "until they’re 25 years old", and an accelerated death benefit rider "issued with term policies originally effective 2011 or later, subject to availability." When the term ends, the same page says you "may choose to end or extend your coverage or convert it to a permanent policy." Its ratings page shows the three grades in the table above, and it describes buying as a process that "can take as little as 20 minutes."

Guardian

Guardian states plainly that it "underwrites its own policies, but other companies may sell policies from another insurer." Its strongest published feature is conversion: "All Guardian level term policies are convertible for the first five years, and with an optional Extended Conversion Rider, you may do so for the duration of the policy." Near the end of a term it offers renewal "on a year-to-year basis", while warning that "you can expect your rates to rise substantially". Its riders "may incur an additional cost or premium." The ratings in the table come from Guardian's financial highlights page, which says they are "as of December 31, 2025 and are subject to change."

Nationwide

Nationwide publishes the clearest no-exam statement among the insurers here: "No medical exam is needed for 10- or 20-year coverage up to $1.5 million, and the process can be done completely online." It says "Anyone ages 21 to 55 can apply". Buyers who want more than $1.5 million, or a term of up to 30 years with a conversion right, are pointed to its Guaranteed Level Term policy, where "you have options to renew or convert to a permanent policy."

Northwestern Mutual

Northwestern Mutual steers buyers to its advisors: "The best way to get an accurate quote is to talk to an advisor." Its menu runs from "Term 10 is our most affordable coverage that lasts for up to 10 years" to "Term 80 is our longest coverage term that lasts until age 80." With Level Term 20, "your premiums won't go up throughout the entire period", while Level Term 10 "also gives you coverage for 20 years, but the premiums will increase for the second 10-year period." An optional waiver of premium rider lets you "stop paying your life insurance premiums if you ever experience a qualifying disability". Its ratings footnote reads: "Ratings are as of 6/26 (Fitch Ratings, AAA), 11/25 (A.M. Best Company, A++); 8/26 (Moody's Ratings, Aa1), and 5/26 (S&P Global Ratings, AA+)."

Ladder (an agency, not an insurer)

Ladder is the only agency in this comparison, so its rating questions belong to the insurers it sells for: Amica Life Insurance Company and Fidelity Security Life Insurance Company, offered in DC and every state except New York, and S.USA Life Insurance Company, which also leaves out Connecticut. It publishes the highest stated no-exam limit among the companies here, $3M, and says larger applications may need an at-home health check. Our guide to digital life insurance companies covers its current offer and its dated sample price, and our Haven Life vs Ladder comparison goes deeper on its terms.

Haven Life and other names from older lists

The third-party review site Policygenius dates the end of Haven Life's applications to January 3, 2024, and says MassMutual services the policies already in force. Our Haven Life review explains the closure and the alternatives worth comparing. If you already hold a Haven policy, our Haven policyholder guide explains who services it.

Other online brands you may meet in older roundups, including Bestow and Ethos, are covered in our guide to digital life insurance companies, which names the insurer behind each seller.

Using the criteria on a real quote

1. Write down the year your largest obligation ends, such as the last mortgage payment or your youngest child's final school year, and check that the company's term menu reaches it. Parents can start with our life insurance guide for young families.
2. Find the issuing insurer. When you buy through an agency or a broker, a named insurer issues the policy, and that insurer's rating and state license are the ones that count.
3. Read the rating on the insurer's own page and write down the date printed next to it.
4. Ask for the conversion deadline in writing. Guardian, for example, ties standard conversion to the first five years unless you add its rider.
5. Compare like with like: the same amount, the same term and the same riders from several companies.

Books to read alongside your quotes

• Check price on Amazon for Kimberly Lankford's The Insurance Maze.
• Check price on Amazon for The Financial Planning Workbook (2025).

For every head-to-head and buying guide we publish, see our full shortlist.

FAQ

Which term life insurance company is the best in 2026? No single company can be shown to be best for everyone, because price and approval depend on the applicant. The companies on this page are listed alphabetically; compare them on ratings, term lengths, coverage, exams, riders and conversion, then on quotes for the same amount and term.

Which of these insurers shows the strongest financial strength ratings? On their own pages, Guardian (as of December 31, 2025) and Northwestern Mutual (AM Best grade dated 11/25) both show AM Best's A++, and Northwestern Mutual also shows AAA from Fitch. Banner Life shows an A from AM Best, updated March 13, 2026. Grades change, so read the date next to any rating.

Can I buy term life insurance without a medical exam? Some companies publish no-exam limits: Nationwide for 10- or 20-year coverage up to $1.5 million bought online, and Ladder for policies up to $3M. The insurer still reviews every application and decides whether to offer coverage and at what price.

Is Haven Life still selling term life insurance? No. Policygenius reports that Haven Life stopped accepting applications in January 2024 and that MassMutual services existing policies. Our Haven Life review has the details.

Can a term policy be converted to permanent life insurance later? Usually, within limits that differ by company. Guardian allows conversion in the first five years, or for the whole term with its rider; Northwestern Mutual lets term owners convert some or all of their coverage to whole life; Nationwide's Guaranteed Level Term can be converted; and Banner lists conversion among its end-of-term choices.

Sources

1. What is Term Life Insurance | Banner Life family of companies — Banner Life Insurance Company (Banner Life family of companies) (checked October 2026)
2. Life Insurance Company Ratings | Banner Life family of companies — Banner Life Insurance Company (Banner Life family of companies) (checked October 2026)
3. Term Life Insurance | Northwestern Mutual — The Northwestern Mutual Life Insurance Company (checked October 2026)
4. Term Life Insurance — Types and How it Works | Guardian — The Guardian Life Insurance Company of America (checked October 2026)
5. Financial and investment highlights | Guardian — The Guardian Life Insurance Company of America (checked October 2026)
6. Term Life Insurance – Get a Quote – Nationwide — Nationwide Mutual Insurance Company (checked October 2026)
7. Ladder Life | Flexible life insurance in minutes. — Ladder Financial Inc. / Ladder Insurance Services, LLC (checked October 2026)
8. Haven Life Life Insurance Review: No Longer Accepting Applications — Policygenius (third-party review; secondary source) (checked October 2026)