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Protect your family with term life insurance.
In just minutes, SelectQuote can help you find the right amount of life insurance coverage at a price that works for you.
In just minutes, SelectQuote can help you find the right amount of life insurance coverage at a price that works for you.
Features of Term Life Insurance
Term life insurance gets its name from your option to choose the “term” or length of your life insurance policy, meaning you only buy it for as long as you need it. Term life insurance is a popular option due to its affordability and simplicity. Along with its flexible payment options and fixed premiums, it’s a great way to create a financial safety net for you and your family.
What is term life insurance?
Term life insurance is one of the most affordable ways to ensure your loved ones are protected financially. Term life insurance policies have a start and end date, typically ranging anywhere from 10 to 30 years.
Benefits of Term Life Insurance
Beyond its affordability and simplicity, there are a variety of benefits that come from purchasing a term life insurance policy, including:
You Can Choose From Multiple Term Lengths
One of the main features of term insurance is the ability to only buy it for as long as you need it. The typical term lengths are 10-year, 15-year, 20-year, 25-year, and 30-year. When deciding what term length is right for you, you’ll want to consider your immediate and future financial needs, who depends on your financial support, and how much you can afford.Most Affordable Life Insurance
Term life insurance is arguably one of the most affordable life insurance options, especially compared to whole or permanent life insurance. The cost of term life insurance is determined by a number of factors, including things such as term length, coverage amount, age, gender, health and lifestyle.
Term life insurance policies also feature “guaranteed level” premiums, meaning you pay the same premium for the entire length of your policy. Oftentimes, your life insurance company will offer an additional discount if you choose to pay the premium on an annual basis instead of monthly.
Average Term Life Insurance Rates by Age & Gender
| 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
| 10 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $8.78 | $11.44 | $15.72 |
| 25 Years Old Male | $10.15 | $13.79 | $19.90 |
| 35 Years Old Female | $9.24 | $12.32 | $19.03 |
| 35 Years Old Male | $10.26 | $14.16 | $21.77 |
| 45 Years Old Female | $15.38 | $24.21 | $41.04 |
| 45 Years Old Male | $17.16 | $28.10 | $46.73 |
| 55 Years Old Female | $29.53 | $50.01 | $90.87 |
| 55 Years Old Male | $38.45 | $67.53 | $123.17 |
| 15 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $9.74 | $13.25 | $19.15 |
| 25 Years Old Male | $10.26 | $14.53 | $22.65 |
| 35 Years Old Female | $10.78 | $15.15 | $21.37 |
| 35 Years Old Male | $11.90 | $16.24 | $26.92 |
| 45 Years Old Female | $21.80 | $34.32 | $59.41 |
| 45 Years Old Male | $22.66 | $35.77 | $67.13 |
| 55 Years Old Female | $35.19 | $61.56 | $116.34 |
| 55 Years Old Male | $48.28 | $87.21 | $166.29 |
| 20 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $11.39 | $16.40 | $23.97 |
| 25 Years Old Male | $12.83 | $19.29 | $31.44 |
| 35 Years Old Female | $12.45 | $18.06 | $30.53 |
| 35 Years Old Male | $13.76 | $21.64 | $34.84 |
| 45 Years Old Female | $22.10 | $37.82 | $67.99 |
| 45 Years Old Male | $27.32 | $47.40 | $87.89 |
| 55 Years Old Female | $48.87 | $84.99 | $158.95 |
| 55 Years Old Male | $62.47 | $117.29 | $221.63 |
| 25 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $14.48 | $22.45 | $35.43 |
| 25 Years Old Male | $16.88 | $27.08 | $45.36 |
| 35 Years Old Female | $17.23 | $28.13 | $50.14 |
| 35 Years Old Male | $21.54 | $34.58 | $61.24 |
| 45 Years Old Female | $34.25 | $58.91 | $106.20 |
| 45 Years Old Male | $43.85 | $75.38 | $137.27 |
| 55 Years Old Female | $89.06 | $147.50 | $277.32 |
| 55 Years Old Male | $124.95 | $215.00 | $388.90 |
| 30 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $15.47 | $24.56 | $39.85 |
| 25 Years Old Male | $18.44 | $28.90 | $50.90 |
| 35 Years Old Female | $18.49 | $30.46 | $53.12 |
| 35 Years Old Male | $21.46 | $35.80 | $64.51 |
| 45 Years Old Female | $34.64 | $61.62 | $116.45 |
| 45 Years Old Male | $43.56 | $79.40 | $151.20 |
| 55 Years Old Female | $94.98 | $177.17 | $334.04 |
| 55 Years Old Male | $124.29 | $232.24 | $459.37 |
Table rates are based on 10-year, 15-year, 20-year, 25-year, and 30-year term policies for men and women in excellent health from one or more of the trusted companies we represent. 10-year term rates were pulled on 8/2021 and other rates were pulled on 5/2021. Your price could vary depending on your health, issuing company and other factors. Not available in all states.
Best Life Insurance if You Have a Pre-Existing Condition
We partner with several life insurance companies who are more likely to approve term life insurance for cancer survivors, individuals with diabetes and people who take medications for cholesterol, blood pressure and other conditions. In such cases, we’re able to shop on your behalf for the most affordable premiums for you.Term Life Insurance is Tax-Free
If you should pass away while the term life insurance policy is active, your beneficiaries will receive the benefit for the full amount of your policy (generally in a lump sum or as an annuity). In most cases, these proceeds are tax-free, but if taken in installments, potential interest could be taxable.Payment Options Are Flexible
As the policyholder, you have the option to pay a monthly, quarterly, semi-annual or annual premium for the length of your term period—you can often get a discount for paying annually.Term Life Insurance Premiums Are Fixed
Your policy remains active for the length of that period as long as you pay your premiums, and typically, your policy will be “guaranteed level,” which means your monthly premium amount never changes.Should I get term life insurance?
Term life insurance is often a great choice, as it’s the most affordable and simple way to make sure your family is financially protected. Situations in which someone would benefit from having a term life insurance policy include:
- Paying off a mortgage
- Raising children
- Paying off student loans
- Paying off any short-term debt
