Life insurance might not be the top thing on your mind at any point. You have so many other commitments upon reaching your twenties and upwards. There are many things to think about that it's always easy to say that you'll think about life insurance later. But if you ignore it for too long, it could end up being too late. Life insurance needs to be in place when you die if you want it to help protect your family.
When you take out life insurance, it helps to ensure that your family isn't left with a huge financial burden if you're no longer around to help support them. Life insurance is very flexible too, giving you lots of options that could also benefit you in life.
Term life insurance is one of the options you can consider, with 10 year term life insurance generally being the second shortest option you can choose and 5 year term life insurance being the first. It can be useful in a range of situations to provide you with financial protection.
Term life insurance is one of the main types of insurance you can buy. The other type is whole life insurance. Term life insurance is a type of life insurance that lasts for a set time, whereas whole life insurance is designed to run for your whole life.
There are two main types of term life insurance:
Decreasing term life insurance–the coverage decreases over the term (often required by creditors to ensure the debt is paid off)
Level term life insurance–the coverage remains the same over the whole term
Term life insurance gives you a range of options, including how much coverage you want, how long you want it for, and various add-ons and benefits. Ten year term life insurance is usually the shortest term you can choose, but it can go up to 30 or sometimes 40 years or more.
Term life insurance can offer some benefits such as including a return on premiums rider. This means you get your premiums back at the end of the term (unless you die before then). However, this will usually make your premiums a lot more expensive. Another option is convertible insurance, which you can choose to convert to a whole life term before it expires.
You might wonder what advantages you gain from taking out 10 year level term life insurance or a decreasing term life insurance policy. After all, perhaps it's better to choose a longer term or whole life insurance. But this shorter term can offer you some advantages over other options. Some of the benefits of taking out this type of insurance include:
Affordable premiums
Guaranteed rates during the term
Flexibility from 10 year convertible term insurance or renewable policies
Could be used as collateral for personal loans
Tax-free death benefits
Term insurance doesn't typically have a cash value, unlike whole life insurance. However, some plans offer the option of a 10 year life insurance plan cash out if they have a return of premium clause. This allows you to use the policy as a kind of savings vehicle and get your money back at the end of the term.
There are a couple of downsides to short-term life insurance policies. Premiums are based on age, so you pay more if you're older. Of course, the coverage is only short-term too. When it's time to renew your policy, your premiums might go up or you might not be able to stay with the same insurance provider if you're too old. If you forget to renew it, you'll be without life insurance.
Because 10 year term life insurance is only short-term, you may wish to renew it when it expires. Many providers offer this option, so you can easily get a 10 year renewable term insurance product if that's what you want. Just remember that when you renew, you could find that your premiums have increased.
Another option could be to convert your insurance before it expires. Converting it to a whole life insurance policy will give you more protection, although it will also mean that you pay higher premiums. The average cost for 10 year term life insurance is much lower than whole life insurance because it only covers you for a short amount of time.
At the end of your 10 year term life insurance, you might also have the option to get your money back. However, this is only true if your policy has a return on premiums rider. With one of these riders, you can effectively return your spend to nothing by "cashing out" your policy. These are also typically more expensive insurance options, and not all providers offer this as an option.
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Age is one of the key factors affecting 10 year term life insurance rates. Insurance is all about risk and older people have a higher risk of getting ill or dying. So the older you are, the more expensive it will be for you to take out a life insurance policy.
Once you are past a certain age, some providers may not even want to offer you life insurance. This is one of the reasons it's important to be careful with term life insurance. If it expires, you might not be able to renew the same policy if you are too old. Here are some figures for the average cost of 10 year term life insurance by age.
| Age | $250,000 Coverage | $500,000 Coverage | $1,000,000 Coverage |
|---|---|---|---|
| 30 | $15 | $18 | $32 |
| 40 | $19 | $25 | $45 |
| 50 | $36 | $55 | $99 |
Of course, age is just one factor to take into account when considering the cost of 10 year term life insurance. There are other things that will affect the 10 year term life insurance quotes you will receive. 10 year level term life insurance rates may be higher than decreasing term rates.
Your gender also makes a difference. If you are a man, you will most likely pay more compared to a woman of the same age and with a similar risk profile. However, other factors also make a difference. Your job and your hobbies could both influence the premiums you pay, especially if they involve a lot of risks.
The average 10 year term life insurance cost is $33.14 per month or $397.68 per year for a $1,000,000 worth of coverage. This assumes that you’re in good health, never used nicotine products, and have no prior history of being diagnosed with a fatal injury or illness. The table below shows the cost of a $1,000,000 10 year term life insurance from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| Haven | $9.52 | $114.24 | 10 year term life insurance with a wide range of coverage amount |
| USAA | $10.40 | $124.80 | 10 year term life insurance for veteran and active military personnel |
| Fabric | $11.26 | $135.12 | Fast 10 year term life insurance application process |
| Ethos | $15 | $180 | 10 year term life insurance with money back guarantee |
| AARP | $20 | $240 | 10 year term life insurance for seniors |
| Bestow | $45.83 | $549.96 | 10 year term life insurance with fast claims process |
| AAA | $64.35 | $772.20 | Bundling products for discounts |
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Many providers are available if you're looking for a 10 year term life insurance policy. You can choose from some of the biggest names in insurance or take a look at some smaller companies if you're looking for something different. Here are some of the options available to help you find the best 10 year term life insurance.
130+ years of underwriting life insurance
100% digital term life insurance experience
30 day money-back guarantee
No price changes
Seniors might not be able to qualify
Fabric By Gertbert Life grants 10 year term life insurance that offers $100,000-$5 million worth of coverage. You can apply for a quote online and get covered in an instant, provided that requirements are met with no problems. This company guarantees that your rates won’t increase regardless if an economic turbulence happens. The best part is that Fabric allows you to make customizations to your 10-year term life insurance policy easily through its mobile app or website.
Best for: Fast 10 year term life insurance application process
Average cost: $11.26 per month
Our rating: 10/10
Ensures that older individuals enjoy comprehensive life insurance coverage
Highly involved
Quote online or call
10 year term life insurance is only available if you become a member
is a great choice if you’re searching for 10 year term life insurance for seniors. Note that this isn’t an insurance company but a nonprofit organization that’s committed to securing the lives of individuals that are 50 years old or higher. Your 10 year term life insurance from this company is underwritten by New York Life.
Best for: 10 year term life insurance for seniors
Average cost: $20 per month
Our rating: 10/10
Automatic underwriting
Get an estimate of your rates online
Level premiums
Works with multiple insurance companies to grant you coverage
Doesn’t allow you to convert your 10-year term life insurance into a permanent life insurance policy
Ethos works with multiple life insurance companies. This way you can enjoy the best coverage at the most reasonable price. Your 10 year renewable term life insurance from this company offers $20,000-$2 million worth of coverage. Moreover, you can choose to extend or buy a new but longer insurance policy once your coverage ends.
Best for: 10 year term life insurance with money back guarantee
Average cost: $15 per month
Our rating: 10/10
Specializes in working with military personnel
Upgrade to permanent life insurance policy with no medical exam
Child coverage included
Highly exclusive
Insurance companies might take a lot of time in granting coverage to those serving in the military. USAA exists to solve this problem. You can get a fast and comprehensive 10 year term life insurance no exam from this company as an active or retired military personnel. Coverage starts at $100,000 and may be increased as you wish. Moreover, you can decide to upgrade to a permanent life insurance coverage with no medical exam after one year.
Best for: 10 year term life insurance for veteran and active military personnel
Average cost: $10.40 per month
Our rating: 10/10
Backed by a long-standing insurance company
Easy to apply online
Living benefits rider available
No convertible term life insurance option
Low coverage for no-exam policies
Haven is another carrier where you can get term life insurance online without a lot of paperwork. This company allows you to enjoy a 10 year term life insurance policy with a $1 million-$3 million maximum worth of coverage. Other perks include level premiums, tax free lump sum payments, and a living benefits rider.
Best for: 10 year term life insurance with a wide range of coverage amount
Average cost: $9.52 per month
Our rating: 9/10
Affordable rates with terms of 2, 10, or 20 years
No medical exams required
Coverage starting from only $50,000
User-friendly online interface and fast process
Restricted to age 66 and under
Not as many coverage options as others
No riders or supplementary coverage
Not available in NY
Bestow specializes in term life insurance, making them ideal if you're looking for that instead of whole life insurance. One of the best things about them is they offer 10 year term life insurance with no exam. This makes it quick and easy to get the life insurance that you need. They're also a good choice if you want a short-term coverage option and if you're looking for no more than $1,000,000 in coverage. This all makes them an affordable option, although there are limited products available.
It's also important to note that this provider isn't available in New York.
Best for: 10 year term life insurance with fast claims process
Average cost: $45.83 per month
Our rating: 10/10
No medical exam coverage available, or up to $5,000,000 with an exam
Return of premium option
Secure and easy-to-use online system
Bundles discounts with other insurance policies
Not available in New York
AAA might be better known as a provider of auto insurance policies, but it also offers other types of insurance. If you're looking for a policy, you could find one through AAA. Because they offer both auto and home insurance, you can get some good discounts by bundling your life insurance policy together with other insurance policies. They also have other discounts and perks available for members.
Unfortunately, this is another provider that's not available in New York.
Best for: Bundling products for discounts
Average cost: $64.35 per month
Our rating: 8/10
Getting quotes for life insurance is the best way to determine how much you will need to pay. You can explore different options and configurations to find out what you need and make sure you get the best cover. Various different factors will affect the price you pay, so it's important to consider your specific circumstances and what exactly you're looking for.
Compare life insurance quotes today to learn more about what you might pay and what deals you can find to save money. Start by clicking the “Get Quotes” button on this page.
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