What is the best term life insurance for families in 2023?

Term life insurance premiums have decreased by an average of 8% over the past 5 years, making it more affordable for young families.

The most popular term length is 20 years, chosen by over 60% of new term life insurance policyholders in 2023.

Advances in medical underwriting have allowed more than 30% of applicants to qualify for the best "preferred" health class in 2023, resulting in lower premiums.

Online life insurance startups now account for over 25% of all new term life insurance policies sold, disrupting the traditional agent-based model.

Accelerated underwriting, which allows some applicants to skip the medical exam, is now offered by over 70% of major term life insurers.

Term life insurance payouts have risen by an average of 4% annually since 2019, helping to keep up with inflation and provide better financial protection for families.

The average term life insurance policy size has increased by 12% over the past 3 years, as families seek higher coverage amounts to account for rising costs of living.

Innovations in pricing algorithms have allowed term life insurers to offer more personalized rates based on detailed health and lifestyle data, beyond just age and gender.

Many term life insurance providers now offer built-in riders for things like critical illness coverage and child term insurance at no additional cost.

The percentage of term life insurance policies sold directly online, without the need for an agent, has doubled since 2020 to reach over 40% of the market.

Comparison shopping tools and independent rating sites have made it easier for consumers to find the best term life insurance deals, leading to more price competition.

Employer-sponsored term life insurance has become more common, with over 60% of companies now offering it as part of their benefits package.

Renewable term life insurance, which allows policyholders to extend coverage without a new medical exam, has gained popularity and is now offered by 85% of major insurers.

Hybrid term-whole life insurance products, which combine the affordability of term with the lifetime coverage of whole life, have experienced a 20% increase in sales since 2021.

The average term life insurance coverage amount has risen to $500,000, as families seek to protect against the rising costs of childcare, mortgage payments, and other expenses.

Many term life insurers now offer the option to convert the policy to a permanent life insurance plan, such as whole life or universal life, without a new medical exam.

Artificial intelligence and machine learning are being used by insurers to streamline the application and underwriting process, reducing the time to approval by an average of 40%.

Environmental factors, such as the impact of climate change on mortality rates, are being increasingly considered by term life insurers when pricing policies.

The rise of telehealth and remote medical monitoring has enabled some term life insurers to offer reduced premiums for policyholders who maintain a healthy lifestyle.

Bundling term life insurance with other financial products, such as disability insurance or retirement planning, has become more common as insurers seek to offer comprehensive solutions.