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How to Find the Best Term Life Insurance Companies

Jan 27, 2023 5 Minute Read

End-of-life financial planning, while emotionally challenging, can offer you the peace of mind of knowing your loved ones have a financial safety net should you pass away. Many families opt for term life insurance as an affordable choice that provides coverage during dynamic periods of their lives.

Life insurance providers offer several term life insurance policies to accommodate different situations. Yet, with so many options on the market, choosing a term life insurance policy can feel overwhelming. At eFinancial, it doesn’t have to be.

Following these quick steps can help you find the best term life insurance coverage for your unique circumstances without breaking the bank.

5 Steps to uncover the best term life insurance company 

1. Understand your life insurance needs

To find the best term life insurance, start by identifying your specific coverage needs. Consider who would struggle without your financial support. If anyone, like a spouse, children, parents, dependents, or other loved ones, relies on a portion of your income, term life insurance could protect them from financial distress when you pass away.

Finding the best policy starts with understanding how much coverage it would take to meet their financial needs in your absence. If you’re unsure how much coverage you need, our term life insurance coverage calculator can help.

Term life policies offer coverage for a fixed period, usually between 10 and 30 years. You’ll want a company that offers a term length that makes sense for you.

For example, if you have children at home, you might want a 20- or 30-year policy to cover them through college and early adulthood. Alternatively, if you’re nearing the end of your career, maybe you want a 10-year policy to cover until you’ve paid off your mortgage, so you’ll know your loved ones have a home. If you’re just starting out with insurance, you may want an even shorter term.

Some life insurance companies offer products intended for people with specific backgrounds and lifestyles. Age, health, hobbies, and profession can all influence your eligibility and costs, so it helps to find a life insurance company with circumstances like yours in mind. The right life insurance company could tailor coverage to your lifestyle and needs.

2. Explore term life insurance companies

Once you know more about the type of policy you need, you can begin exploring your options. Most life insurance providers have at least one term life product with a range of possible term lengths and coverage options. As you assess life insurance providers, keep an eye out for policies that meet your needs and budget. If evaluating all available term life insurance options seems daunting, you could simplify the process by working with a company that has access to multiple insurance providers, like eFinancial.

We use a proprietary platform to search top companies for policies that align with your needs and budget, allowing us to create the best policy recommendation for you. Contact an agent to explore what’s possible for your life insurance coverage.

3. Perform in-depth research on each company

After you’ve narrowed your list of potential term life insurance providers to a few promising options, more intensive research can help you identify the best choice for you and your family.

Customer reviews

Customer reviews can show you what it’s like to work with a life insurance company over time. They often include anecdotes and honest feedback about a company’s customer service, including details about their responsiveness and willingness to answer questions. Reviews can sometimes show you what to expect from a life insurance company if any issues arise, like if you have to make any changes to your policy or if you reach the end of your term and want to renew your term life policy. Life insurance is often a sensitive topic; customer reviews can help you make sure you choose an insurance company that approaches its customers with care.

Financial reviews

Several trusted agencies, including A.M. Best, Moody’s, and Weiss, rate life insurance companies each year. The ratings, which usually work like letter grades, demonstrate an insurance company’s financial standing and its likelihood to fulfill financial obligations like paying death benefits. The agencies calculate ratings based on insurers’ assets and the sum of their collected premiums versus the sum of their claims. Life insurance companies with low financial ratings could risk your family’s financial security, so it’s important to take these ratings seriously.

Company ratings

Customer reviews can provide you with qualitative assessments of insurance providers; financial ratings offer a quantitative look at their financial strength. Life insurance company reviews from third-party websites often balance both experience and data. Consumer ratings and reviews organizations like J.D. Power and Trustpilot publish life insurance rankings and ratings based on customer satisfaction and other data. Company reviews are handy tools for comparing the various life insurance providers that interest you.

4. Assess the application process

Understanding an insurer’s application and underwriting process can help you choose a term life insurance policy that fits into your lifestyle and coverage needs. Sometimes, you can apply for term life insurance in a matter of a few clicks online. Other term life insurance applications include a phone call or in-person meeting with a representative. You’ll want to find a life insurance company with an application that best suits your schedule and comfort levels.

Insurers assess your risk level for life insurance based on your health, public records, and lifestyle through the underwriting process. Some life insurance providers offer same-day approval, while others could take up to eight weeks. Sometimes a longer underwriting process helps you secure lower premiums; it depends on your situation and needs.

Some term life applications include a medical exam to assess your overall health and lifestyle. If you have health concerns, want coverage to start immediately, or don’t feel comfortable undergoing an exam, options without a medical exam may better fit your circumstances.

The best policy for you offers the coverage you need with an application process that fits into your life.

5. Get an expert opinion

Conducting your own research before applying for a term life insurance policy can help you understand your coverage needs and the range of options available, but you may still need some guidance. A licensed life insurance agent can offer expert insight into your term life insurance options, coverage needs, and the application process. At eFinancial, an agent can explain your options, answer your questions, and help you get a term life insurance policy as quickly and easily as possible.