Best term life insurance to consider in 2023

Table of Contents

Haven life

Key features: 100% digital, 100% no medical exam, and coverage amounting to up to 1 million dollars.

Type Haven term Haven simple
Mass Mutual Medically underwritten Simplified issue
Issued by Tax-free lump sum C.M. life
Application digital digital
Medical exam possibly no
Availability nationwide N.A to CA, DE, SD, ND, NY residents
Price 10.68$/ month 14.64$/ month
Terms 10,15,20,25,30 5,10,15,20
payout Tax-free lump sum Tax free lump sum

Guardian life

Guardian Life Insurance Company of America is a mutual insurance company that has paid dividends since 1868 and is expected to pay 1.2 billion dollars to policyholders in 2023. Policyholders have two options term life insurance and Permanent life insurance.

Guardian term life insurance:

Term life insurance with terms 10, 15, 15, 20, and 30 years. Estimates of premiums can be taken from the official website.

Guardian permanent life insurance:

It is basically a survivorship policy typically for married couples. Death beneficiary paid to a beneficiary with increased cash value. More coverage can be added for the initial years of the policy. Guardian Life also offers whole-life policies to healthy people living with HIV. This policy is ranked 7 out of 22 in J.D. Power 2022 U.S. life insurance study.

New York life

This insurance company offers two plans, a yearly renewable term plan, and a level premium term plan.

Yearly renewable term plan

It is suitable for people looking for lower initial costs and conversion to a permanent policy soon. Premium is lower initially and then grows gradually.

Level premium term plan

This is suitable for those looking for fixed predictable payments. Lock in period is 10, 15, 20 years. After the premium period is over. One has to pay annually increased premiums to keep coverage.

These policies offer the facility of the following three riders;


    • Spouse’s Paid-Up Insurance Purchase Option Rider

    • Disability Waiver of Premium

    • Living Benefits Rider

Pacific life

Offers popular Pacific elite term plan. This plan is a level premium term plan and comes with an attractive conversion benefit.

Key features


    • Death benefit protection that is tax-free with competitive premiums for 10,  20, and 30 years with a face amount band of .75$ to 1$ million,1 $ to 3 $ million, and 3 $ million respectively.

    • Conversion benefits include converting the elite plan to a Pacific life cash value life insurance policy for up to 10 years and the addition of conversion credit to the new policy as an extra benefit.

    • Offers easy underwriting compared to other competitors by giving lesser invasive methods.

Extra protection


    • Terminal illness rider: Up to 0.25$ million or 75% of policy whichever is less if diagnosed with a terminal illness

    • Waiver of premium rider:  waivers premiums if the insurer becomes disabled before the age of 65

Mass Mutual

Offers liberal term conversion plans with the opportunity to receive dividends. Screening doesn’t require a medical exam. Being a vast company very few complaints are registered and have a high financial strength rating A++ financial strength rating from AM Best which is top grade. However, they still do not accept online credit card payments.

Average monthly term life insurance rates MassMutual Term, $100,000 coverage, 20-year term insurance, excellent health:

Age at purchase Male Female
25 10.36$ 9.66$
35 10.79$ 9.84$
45 17.93$ 15.06$
55 39.24$ 29.24$
65 111.80$ 76.39$

Northwestern Mutual

United States’ largest insurance company with a 9.5% market share. Has an A++ rating by AM Best for consumer satisfaction, fewer complaints, and higher financial stability. The company was founded in 1985. The company is owned by its policyholders, who participate in profits via dividends. Dividends have been paid every year for over 150 years.


what is a home warranty
What Is a Home Warranty and Is It Worth Taking Home Warranty in 2023?
We have to spend money on repairs of home appliances and systems regularly. These expenses sometimes...
12 old school money making hobbies
12 Old-School Money Making Hobbies That Are Still Effective
We all like to do interesting things in our spare time. With technological advancements, people have...
how to stop overspending
How to Stop Overspending: 7 Tips
Just like earning, saving, and investing, spending is also the crucial factor determining one’s financial...
diversification strategy
Diversification Strategy for Better Risk Management
The performance of any asset class is never guaranteed. The assets which have performed very well in...
How do co-branded credit cards work
Is It Worth Using Co-Branded Credit Cards?
The use of co-branded credit cards has really gained momentum in the last few years because of some additional...
high yield savings account (HYSA)
High Yield Savings Account (HYSA)|Better Way of Saving
If you are planning for an emergency fund, or short-term savings or have excess money in your checking...
life changing financial lessons
5 Life-Changing Finance Lessons
A very solid foundation of financial concepts is a must to live a prosperous life and create wealth....
choosing the best loan option
Smart Borrowing: Tips for Choosing the Best Loan Option
You may find various types of loans in the market like credit card advances, unsecured loans, secured...
ETF a good choice for beginner investors
Why ETFs Are Good Choice for Beginner Investors?
Investments in the stock market can be risky for new entrants because of high volatility. Performing...
automatic bill payment
Dos and Don’ts of Using Automatic bill payment
Using automatic bill payment can help customers to automatically pay the agreed amount on a decided date....

Leave a Comment

Your email address will not be published. Required fields are marked *