Mutual of Omaha life insurance is our top pick for ROP term life for a few reasons. Qualified applicants can get a same-day decision on coverage and skip the medical exam. Additionally, the company includes a terminal illness living benefit on its ROP policies. You can convert your policy to a permanent life insurance policy (such as whole or universal that lasts your whole life) until the end of the policy’s term or your 70th birthday, whichever comes first. And you can even renew coverage after the level-term period until age 100 if you want. That’s impressive, given that some companies limit the conversion period to the first 10 years of the policy, and many limit renewability to age 80 or 90. Mutual of Omaha also offers a wide variety of riders on its ROP policies, including a waiver of premium rider, accidental death benefit, and children’s term rider (all for an additional cost).

Those who are unsure of how long they want their term insurance to last will be happy to find that AAA has 15-, 20-, and 30-year terms available on its ROP policies—that’s more terms than is typical. If you prefer the ease and convenience of no-medical-exam life insurance, then AAA may be a good fit for you because it’s one of only three of our top-ranked life insurance companies for ROP term to offer no-medical-exam underwriting. However, if you want to customize your policy with riders, you won’t have that option with AAA’s ROP policies.

Learn more in our AAA review.

Assurity has a lot of good traits, but we especially like that it takes corporate responsibility to the next level. Assurity is a certified B corporation, which means the company meets high standards of accountability and transparency, and it's committed to social equity and the environment. It also receives fewer complaints than expected for a company its size. Plus, you can add a range of riders to your coverage, including a disability waiver of premium and a critical illness benefit.  

The conversion period for ROP and other term policies lasts until just two years shy of the policy’s level term period (or until you turn 65). For example, if you purchase a 30-year policy, you can convert it to permanent coverage until year 28. That’s not as good as the options provided by Mutual of Omaha and AAA, but it’s still good. 

Like our other top companies, Assurity lets you apply for coverage without a medical exam, but you can’t do it without the help of an agent. The company receives an A- financial strength rating from AM Best, which, while solid, is still the poorest of all “best” ROP companies in this list. 

Choosing a financially stable life insurance company can give you confidence that the company will be able to make payouts decades from now. State Farm earned a A++ rating from AM Best—the highest rating of any company on this list. AM Best ratings measure how strong and stable an insurance company is and how likely it is to meet its contractual obligations now and in the future. In addition to being financially stable, State Farm came in first in a J.D. Power 2021 customer satisfaction survey. This makes sense because the company received far fewer customer complaints than expected, according to the NAIC. 

We also like that you can convert your ROP coverage to a permanent policy until the end of the term or age 75, or renew the term until 95. Terms are available for 20 and 30 years, and you can add a premium waiver or children’s term rider to your policy. You can even bundle this coverage with a State Farm auto policy for additional discounts.

John Hancock's wellness perks make it stand out from the other life insurance providers we examined. Its Vitality PLUS program gives policyholders up to 25% in premium cashback every year that they participate in the program, plus discounts on a variety of wellness products, tools, and subscriptions. You can also save up to $600 on fresh fruits and vegetables annually through the Vitality PLUS program.