Last updated: October 9, 2026 · Fact checked ✓
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Term life is cheap and simple — a healthy 35-year-old can get $500,000 of 20-year term for roughly $20–30/month. Whole life costs much more but builds cash value. Sample rates below are for a healthy 35-year-old.
1. Northwestern Mutual — 4.9/5
Best for: Whole life and permanent coverage
- Financial strength: A++ (AM Best)
- 2026 dividend: 5.75%
- Policy types: Term, whole, universal, variable
Pros
- Highest-rated whole life insurer two years running
- Long history of paying dividends
- Strong agent guidance
Cons
- Must buy through an agent — no fully online purchase
- Term rates are higher than budget carriers
2. MassMutual — 4.8/5
Best for: Cash value and dividends
- Financial strength: A++ (AM Best)
- 2026 dividend: 6.6% (among the highest)
- Sample term rate: ~$238/year for $500K/20-year term (healthy 35-year-old)
- Policy types: Term, whole, universal, variable
Pros
- Top dividend payout in 2026
- Very low complaint ratio
- Strong whole life illustrations
Cons
- Best products need an agent
- Online experience is thin
3. New York Life — 4.8/5
Best for: Permanent coverage from a giant
- Financial strength: A++ (AM Best)
- 2026 dividend: 6.4%
- Policy types: Term, whole, universal, variable
Pros
- One of the largest and oldest U.S. insurers
- Strong dividends
- Lots of riders available
Cons
- Agent-driven sales process
- Term pricing isn't the cheapest
4. Banner Life — 4.7/5
Best for: Term life overall
- Financial strength: A+ (AM Best)
- Standout: Top-rated term life by multiple reviewers; up to $4M no-exam for ages 20–60
Pros
- Among the lowest term rates available
- Large no-exam options
- Simple online application
Cons
- Term only — no permanent policies
- Less hand-holding than agent-based companies
5. Ethos — 4.6/5
Best for: Fast no-exam term life
- Financial strength: A (through partner carriers)
- Standout: Apply online in minutes; many applicants approved same-day with no medical exam
Pros
- Fastest path to coverage
- No medical exam for most applicants
- Fully online
Cons
- Rates can be higher than fully underwritten policies
- Coverage caps are lower than traditional insurers
6. State Farm — 4.5/5
Best for: Bundling with home and auto
- Financial strength: A++ (AM Best)
- Policy types: Term, whole, universal
Pros
- Easy bundling if you already insure with State Farm
- Strong customer satisfaction
- Local agents everywhere
Cons
- Not the cheapest term rates
- Product menu is narrower than specialists
How we picked these
We compared AM Best financial strength ratings, dividend histories, J.D. Power and Insure.com customer scores, and sample term rates. Rates shown are illustrations for a healthy 35-year-old — your actual rate depends on age, health, and underwriting. Never buy life insurance without comparing quotes.