Best Term Life Insurance Quotes & Guide

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insurance > life insurance > best term life insurance quotes & guide


Has life ever became uncertain to you? Do you know someone healthy and having the time of his life suddenly passing away due to a car accident leaving his or her legatees with burdensome financial expenses such as loans, mortgages, and funeral expenses? Are you related to somebody who was once in good financial standing but had to sell most of their properties to get medical treatment for some critical illness? Or are you prepared to face whatever life throws at you because you know you are covered? 

Whatever it is, we all know that we all have one experience. It is just designed that way. But would you really let your loved ones carry this load in the event something happens to you, or would you like to leave a legacy and get them to have less financial worries while you're gone? It is the latter, right? 

Well, life insurance in general, and term life insurance in particular can help you have them covered in case something happens and you pass away. Some questions may be running in your head right now like: 

  • How does term life insurance work and pay out? 
  • How to buy and choose term life insurance? 
  • How long is term life insurance?
  • Does term life insurance expire? 
  • How much term life insurance do I need? 
  • How much does term life insurance cost? 

This page answers such questions and others in the best way possible.

Life Insurance Definition: What is Life Insurance?

You would have probably heard life insurance for so many times, but you may have not truly grasp it. So, let us start on the right note by defining what life insurance is and its types. 

             Seniors Life Insurance Help: Term Life Insurance and Its Importance

Life insurance is a contract or agreement between an insurance provider; a company and a policyholder that in exchange for regular premium payments. The insurance provider will pay the named beneficiaries of the insured, an agreed amount in the event he or she dies (also called death benefit), becomes disabled or gets sick. Its premium rate varies according to some factors, such as but not limited to, the following:

  1. Age: As the policy applicant age, the higher their risk of getting sick, therefore the higher their premium rate will be.

  2. Occupation: The riskier the work of the policy applicant, the higher his or her premium rate will be or the higher the chance that his application for insurance coverage will be denied.

  3. Medical History: The more complicated the policy applicant's medical history is, the higher his or her premium rate will be or the higher the chance that their application for life insurance coverage getting denied.

  4. Extreme Sports & Risky Hobbies: The more extreme and risky the sports and/or hobbies of the insurance applicant, the higher his or her premium rate will be or the higher the chance that their life insurance coverage application will get denied.

Those mentioned above are only a few but significant factors that affect the premium rates of the life insurance applicant that the best term life insurance companies take in to consideration. So when you apply for term life insurance quote and wonder how your term life insurance rates are calculated, keep that in mind.

 Hold on there, there are some other things you need to know before getting your term life insurance coverage and your income protected while securing your family financially.

As you probably know already, life insurance has two common types, term life insurance and whole life insurance (also known as permanent life insurance), and each type is broken to more categories. The table below visualizes it. 

What Are the Different Types of Life Insurance Policies?


Types of Life Insurance explained

There are two main life insurance policies that you should consider, whole and term life insurance:

Whole Life Insurance

Whole life insurance is a type of life insurance that provides coverage from the date of insurance application approval until the unfortunate happens, given that the premiums are paid on time. It has a savings component, called cash value, that builds over time and which the insured may withdraw or take a loan from for a certain fee. Its death benefit is guaranteed given that the premium payments are settled. It has three types, the traditional or permanent, which is the most commonly whole term life insurance, the universal life which offers adjustments on policy terms, and the universal variable experience, which has investment components. Full life insurance is complicated. It is infamous for its cost and more extended period of paying, thus a separate article may be provided for whole term life insurance. However, a comparative table between the types of life insurance is presented below for an easy run down.

Term Life Insurance

Term life insurance, on the other hand, is a type of life insurance that expires. It only offers protection for only a specific period as its name hints, usually to secure loans or mortgage financing. It can either be renewed or outlived. At the end of the term, the premium payments must be complete, and the protection coverage will cease. The best term life insurance usually addresses the need for protection from loss of life, disablement and diseases. There are two types of term insurance:

Decreasing Term Life Insurance

Decreasing term life insurance is a type of term insurance whose only difference is that its protection coverage falls during the term of the policy at a given or predetermined rate. The life of the system and the premium rate is fixed throughout the life of the plan. Creditors usually require a term life insurance policy to their debtors as the principal amount due decreases over time.

Level Term Life Insurance

Level term life insurance is the most common term insurance in the market. It is also sought after because upon application for insurance coverage, the applicant may request for the face amount or sum insured, and the number of years (from 5-30 years) that the coverage will last. It is called level because not only is the term of the policy fixed, but also the guaranteed death benefit is, and the premium rate is the same. It is renewable, but upon restitution, the death benefit may change, and the premium rate may rise due to an increase in the applicant's age. 

Does Term Life Insurance Have Cash Value? 

Unlike whole life insurance, a term life insurance policy does not have cash value.

Whole vs Term Life Insurance Comparison

Common Types of Life Insurance Infographic | Whole life insurance, Life  insurance facts, Life insurance quotes

 In choosing life insurance, budget is usually on top of the game, but other factors must be considered. Read on below to know more of these characteristics and match which one fits your needs.

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Average Term Life Insurance Cost Per Month vs Whole Life (2020)

Customer TypeCoverage AmountWhole Life Cost20 Year Term Life30 Year Term Life
30 year old male$250,000$180$12$19
30 year old male$500,000$355$19$31
30 year old male$1,000,000$700$31$54
30 year old female$250,000$160$11$16
30 year old female$500,000$310$16$26
30 year old female$1,000,000$620$25$44
40 year old male$250,000$266$17$28
40 year old male$500,000$530$29$50
40 year old male$1,000,000$1,050$49$90
40 year old female$250,000$229$15$23
40 year old female$500,000$449



40 year old female$1,000,000$899


50 year old male$250,000$415$39$67
50 year old male$500,000$825$70$125
50 year old male$1,000,000$1649$133$242
50 year old female$250,000

50 year old female$500,000




50 year old female$1,000,000




So how much does term life insurance cost? we are starting with the average whole and term life insurance cost/rates in 2020 for different customer types, since many are interested in that, especially those who are new to life insurance and those whose looking for low cost, affordable, cheap term life insurance quotes.

As you can see in the table above, term life insurance ultimate edge over whole life insurance is its cost. Assuming that the coverage is just for a specific period and the only guaranteed outlay is a death benefit, then it is expected that it is much more affordable. On the side is average premium rates comparison of term life insurance over whole life for both gender, and various ages who are non-smokers.

Disclaimer: As stated earlier, other factors affect life insurance. The table only reflects the average life insurance cost per month. It is best to compare rates and get term life insurance quote that is tailored to you through our cheap term life insurance quotes comparison tool at the top of this page.

Term Life Insurance Benefits

Aside from the guaranteed death benefit while the plan is in effect, an insured may enjoy the following services to wit:


1. Most comfortable and most affordable life insurance to buy

Given its nature, most term life insurance will not require a medical exam. Also, since only the guaranteed death benefit is the only outlay, it is much cheaper. Thus, it is the most accessible and most affordable life insurance.

2. Can be used as additional temporary coverage with a permanent life insurance policy

3. Available in a various term such as the following:

    • Short term life insurance – This usually provides a year or less of coverage and usually bought for a specific purpose such as the following:

      • An additional layer of coverage for travellers 

      • An extra layer of coverage for individuals who may be exposed to a dangerous situation or activity temporarily

      • Serves as a guarantee of payment for a substantial short-term loan or business transaction.


    • 20 year term life insurance – This is a more attractive term life insurance as one can be protected for two decades at a lower fixed premium amount. The feeling of confidence brought by financial protection is possible because of this term life insurance policy. The 20-year term life insurance is typically acquired for the following purposes:

      • Family security is essential, but when there is so much more on your plate for the next 20 years, and you cannot afford a whole life insurance policy, yet, this is an excellent option.

      • A 20-year term life insurance policy can be a debt guarantor instead of your parent or sibling or other important people in your life.

      • A 20-year term life insurance policy can be supplemental insurance in the event one changes his/her family structure.


    • 30 year term life insurance – This is by far the longest-term life insurance one can secure while he is younger and healthier. Usually, young professionals ages 18 to 30 choose this term to enjoy the peace of mind given by life insurance for the longest time at a lower fixed amount of premium. Anyhow, the insured can request for conversion when his budget will suit him or when the need arises. The 30-year term life insurance is typically acquired for the following purposes:

      • A 30-year term life insurance is a good option for people who have dependents with special needs like ageing parents or disabled or exceptional children.

      • A 30-year term life insurance is also a good option for a young couple who is planning to have a family shortly. With this term life insurance, their children are already capable before their insurance matures.

      • A 30-year term life insurance policy may also be a supplement of an investment plan since investment plans do not pay out a guaranteed death benefit.

Compare Cheap Term Life Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

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