Compare term life insurance the right way
The short version
Term life covers you for a set number of years for a lower current outlay than permanent coverage. Policies look similar but differ in ways that matter: the term lengths offered, the ages you can buy at, whether you can convert to permanent coverage later, what happens when the term ends, and whether you can skip the medical exam. Here's what to compare, and how to check it yourself. We don't show quotes, because real pricing is individually underwritten.
New to term life? Our sister site explains what term, whole, and universal life each do in plain English. This page is about comparing term policies once you know you want term.
What actually differs between term policies
| Feature | What it means | Why it matters |
|---|---|---|
| Term length | The number of years the price stays level, often 10, 15, 20, or 30 years; some companies offer other lengths. | Match it to how long your need lasts, for example until a mortgage is paid or children are grown. |
| Issue ages | The age range at which a company will sell you a given term. | Older buyers may find some term lengths closed to them. Ranges vary by company. |
| Convertibility | The right to switch your term policy to a permanent one later without a new medical exam. | Valuable if your health might change. Check the deadline and which permanent policies you can convert to. |
| Renewability | What happens when the level term ends. Many policies let you keep coverage year to year, at a much higher, rising outlay. | It's a safety valve, not a plan. Know the age up to which you can renew. |
| No-exam option | Whether the company offers a path that skips the medical exam for eligible applicants. | Faster and needle-free, but eligibility and limits vary. See how no-exam works → |
| Riders included | Add-ons such as a terminal-illness accelerated death benefit, which lets you draw part of the benefit early if you're diagnosed with a qualifying terminal illness. Most term policies include this one at no extra premium. | Some riders are free; others cost extra. Compare what's included before what's added. |
| Financial strength | An independent rating of the company's ability to pay claims for decades. | A long-term promise is only as good as the company. Check a rating → |
A money-back version: return of premium
One term variation refunds the premiums you paid if you outlive the term and keep the policy in force. You pay a much higher premium for that money-back feature, so it fits some people and not others. Compare return of premium term →
Which companies offer term
Term is widely available, from large mutual and stock insurers to direct-to-consumer sites. For example, big mutual companies like Northwestern Mutual and New York Life offer term, as do stock companies like Prudential and Lincoln Financial. Because each company's exact term lengths, issue ages, and rules change, confirm the current details on the company's own page, and check that it's licensed in your state and financially strong before you rely on it.
Compare company ownership types → · Compare where to buy →
Common questions
Is a longer term always better?
No. A longer term keeps the price level for more years but costs more now. The point is to match the term to how long your need lasts. Paying for 30 years of coverage when your need ends in 15 is money you didn't have to spend.
What happens when my term ends?
The level-price period ends. Many policies let you keep coverage year to year after that, but the outlay rises sharply each year, so it's meant as a short bridge, not a long-term plan. If you still need coverage, converting earlier or buying new coverage while you're healthy is usually the better move.
Does the exam-free option cost more?
Sometimes. Skipping the exam is faster, but a company may charge more or cap how much coverage it will sell without one. Whether it's worth it depends on your health and how quickly you need the policy. Compare the underwriting paths →
Sources
- NAIC — life insurance consumer guide and glossary (naic.org).
- Company product pages for term availability (Northwestern Mutual, New York Life, Prudential, Lincoln Financial); confirm current details at the source.
- AM Best — financial-strength ratings (ratings.ambest.com).
Last updated: July 23, 2026