A 10-year term life insurance policy is a type of life insurance that lasts for 10 years. You’ll pay 10 years of premiums in exchange for life insurance coverage over the course of that time period — called the “term” of your policy. If you die while your policy is active, your beneficiaries can claim a tax-free sum of money called the death benefit.
What is a 10-year term life insurance policy?
10-year term life insurance is a policy with a duration of 10 years. In general, term life insurance is a type of coverage that lasts for a set number of years before expiring. It’s typically used as a financial safety net for your loved ones, so they wouldn’t face sudden expenses if you were to die unexpectedly.
How does 10-year term life insurance work?
10-year term life insurance works the same way as the majority of term life policies. When you initially apply for a policy, you’ll work with a licensed agent to select your insurer, your coverage amount, and your term length.
You’ll select a 10-year term, and carry on with the application process as you would for any other type of life insurance.
Most 10-year term life insurance policies have level premiums, which means they won’t change for the duration of the term.
The majority of people pay for their life insurance either monthly or annually.
As long as you make payments on time, your coverage will stay active for the entire 10-year term.
At the end of the 10-year term, the policy expires.
Who should consider getting a 10-year term life policy?
Generally speaking, if you only need life insurance for a few years, a 10-year term policy is often a more affordable option than buying an annual renewable policy each year. Below are a few other common scenarios in which you might need a 10-year term.
Parents of growing children
If you’re a parent of young teenagers or you expect your children will be financially independent within the next decade, 10 years of coverage is likely enough for you. This way, you’re covered while your children depend on your financial support, but you won’t need to pay for coverage when they no longer rely on you.
People with short-term insurance needs
If you have a business loan, personal loan, mortgage, or other debt that your loved ones would need to pay in your absence, a 10-year life insurance policy can help cover those expenses. If you expect to have your debts paid within 10 years, this term length is likely a good fit for you.
Smokers planning to quit
Smokers can pay two to three times more than non-smokers for the same life insurance coverage. If you currently smoke but are planning to quit, you can opt for a 10-year term instead of a 20-year term or a 30-year term to lower your premiums, while still getting the financial protection you need.
Once you’re nicotine-free for a year or two, you can reapply to replace the 10-year term policy. This will lower your rates, so you could potentially afford a longer term at this point, if needed.
Older adults with fewer financial responsibilities
Oftentimes, older adults choose to replace a longer term policy with a 10-year term as they approach the end of their career. As you have fewer years left before going into retirement or fewer years left on your mortgage, you’ll likely only need coverage through the end of your existing financial responsibilities.
If you’re an older adult buying a life insurance policy for the first time, you still may only need 10 more years of coverage. A licensed agent can help you assess how much life insurance you need and how long your coverage should last, if you’re unsure.
Young people looking for affordable coverage
Term life insurance rates increase with your term length, so a 10-year term policy is cheaper than a 20-year or 30-year term one. If you’re a young adult with a limited budget, a 10-year term life policy can get you the coverage you need for the time being at a more affordable price.
Pros & cons of 10-year term life insurance
A 10-year term life policy can be cheaper than other coverage options, but may expire while you still have financial obligations to cover. Here’s a look at other pros and cons.
Pros
Affordable. 10-year term life insurance is cheaper than life insurance with a longer term length.
Coverage only when you need it. If you have a specific financial obligation that only lasts a few years, a 10-year term can offer you coverage exactly when you need it, so you won’t overpay for your policy.
Cons
May not last long enough for your needs. Depending on your financial situation, you might still need coverage after 10 years.
Can be expensive to renew. After your 10 years are up, renewing your rates will be more expensive than if you had originally bought a term policy lasting 20 or 30 years.
How much does 10-year term life insurance cost?
A 30-year-old female who doesn’t smoke could pay between $13 and $25 per month for a $500,000 term life policy that lasts 10 years. A 30-year-old male with a similar profile could pay between $16 and $32 per month for the same coverage.
Your term life insurance rates will depend on your age, health, gender, and lifestyle factors. You can connect with a Policygenius agent for free in order to get a personalized quote for your circumstances.
Cheapest 10-year term life insurance rates
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $10.94 | $14.25 | $18.33 |
Male | $12.89 | $18.49 | $25.93 | |
30 | Female | $10.24 | $13.36 | $18.99 |
Male | $11.72 | $16.55 | $23.85 | |
40 | Female | $13.12 | $18.97 | $29.51 |
Male | $15.12 | $22.63 | $34.72 | |
50 | Female | $23.95 | $39.91 | $67.45 |
Male | $28.80 | $48.64 | $83.24 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250,000, $500,000, or $1,000,000, 10-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Average 10-year term life insurance rates
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $17.53 | $25.76 | $38.05 |
Male | $21.93 | $33.34 | $53.45 | |
30 | Female | $17.36 | $25.66 | $39.84 |
Male | $21.24 | $32.29 | $51.28 | |
40 | Female | $23.57 | $36.38 | $60.61 |
Male | $28.97 | $45.39 | $74.38 | |
50 | Female | $47.52 | $78.44 | $137.13 |
Male | $61.18 | $102.07 | $183.34 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Standard health classification obtaining a $250,000, $500,000, or $1,000,000, 10-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
10-year term life insurance rates for smokers
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $35.65 | $59.61 | $99.96 |
Male | $45.84 | $75.59 | $128.06 | |
30 | Female | $37.81 | $62.72 | $107.63 |
Male | $47.44 | $79.79 | $139.47 | |
40 | Female | $60.34 | $100.39 | $174.28 |
Male | $76.81 | $129.90 | $231.47 | |
50 | Female | $132.67 | $219.17 | $394.15 |
Male | $176.05 | $303.33 | $554.49 |
Methodology: Average monthly rates are calculated for male and female smokers in a Standard Smoker health classification obtaining a $250,000, $500,000, or $1,000,000, 10-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Learn more about life insurance for smokers
10-year term life insurance rates for seniors
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
60 | Female | $62.60 | $107.24 | $190.74 |
Male | $82.70 | $144.34 | $259.24 | |
70 | Female | $173.39 | $303.01 | $543.42 |
Male | $245.01 | $456.78 | $833.66 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a $250,000, $500,000, or $1,000,000, 10-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Learn more about life insurance for seniors
What happens after a 10-year term policy ends?
After your 10-year term is up, your policy will simply expire, unless you choose to renew your policy, or convert your coverage into a permanent life insurance policy. You can also apply for a new policy altogether.
Renew your policy
Most insurers give you the option to renew your policy at the end of the term. You’ll pay a higher premium, but your coverage will remain the same and you won’t have to take a new medical exam, which is a standard part of the application process.
If you choose to renew, you’ll typically have to continue renewing each year if you want to keep your coverage, so this option may become expensive, depending on your age.
Convert to a permanent policy
You can typically convert your term life coverage into a permanent life insurance policy with your insurer, either before the end of the term or before you reach a certain age (usually 65 or 70.) This option will increase your premiums, but you’ll have lifelong coverage.
Permanent life insurance policies — like whole life or universal life insurance — are more expensive than term life policies because they don’t expire and come with a cash value savings feature. They’re best suited for people with specific coverage needs, or high-net-worth individuals. A financial advisor or a licensed agent can help you determine if this type of policy is right for you.
Learn more about the differences between term and permanent life insurance
Get a new policy
You can also choose to apply for a new policy to replace your expired term. Depending on your age, your health, and how much longer you need life insurance coverage, it may be cheaper to buy a new policy rather than to renew your old policy each year.
Working with an independent broker like Policygenius is a simple way to compare quotes from multiple insurers to determine which option is best for you.
Best 10-year term life insurance companies of 2024
The best term life insurance company for you depends on your age, health, and coverage needs. Most insurers offer a 10-year term among their term life insurance offerings, but below are a few of Policygenius’ partner companies that offer affordable 10-year terms.
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Brighthouse Financial offers a no-medical-exam term life policy with either a 10-, 20-, or 30-year term. The insurer offers a seamless application process — you could get approved for coverage on your initial phone call. This policy option is available for people age 25 to 50 with relatively few health complications.
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Legal & General America, which also does business as Banner Life and William Penn, has affordable premiums at many different coverage amounts and term lengths. You’ll complete a health questionnaire along with your application before the insurer will determine if you need to take an in-person medical exam for approval.
Comparing the best 10-year term life insurance of 2024
Company | Policygenius rating | AM best rating | Cost | |
5.0/5 ★ | A | $ | ||
4.9/5 ★ | A+ | $ |
Learn more about the best life insurance companies of 2024
How to buy 10-year term life insurance through Policygenius
More term life insurance options
Frequently asked questions
Do you need to take a medical exam for a 10-year term life insurance policy?
Depending on your health profile, you’ll either take a medical exam or fill out a health questionnaire to send in with your application. The life insurance agent you’re working with will be able to let you know if you qualify for a 10-year policy without taking an exam.
What factors affect the cost of a 10-year life insurance policy?
Your age, gender, health, and coverage amount will affect the cost of your life insurance policy.
Can you extend a 10-year term life insurance policy?
Most life insurance policies offer you the option to renew your term at a higher premium. You can also let your policy expire and apply for a new one to replace it.
Can you cash out a 10-year term life insurance policy?
No, term life policies don’t have a cash value account, so you won’t be able to withdraw funds.
