Most consumers know that 10 year term life insurance is among the most affordable life insurance coverage available in the marketplace. Term insurance has become the go-to life insurance product for consumers who wish to replace the income for their family members in case they died unexpectedly, and 10 year term life insurance offers the most budget-friendly option.
10 year term life insurance is the most common life insurance product selected by young adults who wish to purchase a large amount of coverage at the lowest possible premium. According to the Insurance Information Institute, term life insurance accounts for the majority of individual life insurance policies sold in the United States. This coverage can be used to accomplish some or all of the following financial goals:
- Replace the surviving family’s income stream to pay expenses for a number of years
- Eliminate personal debt like credit card debt, personal loans, and vehicle loans
- Pay off the mortgage on the family’s home
- Pay the cost of college tuition for the children
- Continue with contributions for retirement plans
- Pay final expenses such as funeral and burial expenses or unpaid medical expenses
One of the key advantages of 10 year term life insurance is that it offers the lowest premiums among all term options. While term policies are available in 15, 20, 25, or 30 year terms, the 10-year option provides maximum affordability. The policy’s term should be based on your specific coverage needs and budget constraints.
Since 10 year term life insurance rates are the most affordable among all term options, it makes excellent financial sense to choose this coverage when your protection needs align with the 10-year timeframe. Let’s explore when 10 year term life insurance makes the most sense for your situation.
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Current 10-Year Term Life Insurance Rates
Here are the most current 10 year term life insurance premium rates from top-rated insurance companies. We’ve organized the rates by coverage amount to help you find the right protection level for your family’s needs:
$250,000 10 Year Term Life Insurance Coverage
Ideal for covering final expenses, small debts, or supplemental coverage
| Age | CoreBridge | Pacific Life | Protective | Lincoln | Prudential |
|---|---|---|---|---|---|
| 30 | $9.71 | $9.77 | $9.77 | $10.32 | $13.35 |
| 40 | $12.04 | $11.93 | $12.06 | $13.26 | $15.53 |
| 50 | $23.00 | $23.55 | $23.95 | $24.91 | $28.00 |
| 60 | $60.76 | $60.34 | $58.51 | $65.23 | $65.63 |
| 70 | $177.24 | $175.63 | $175.58 | $169.43 | $218.75 |
$500,000 10 Year Term Life Insurance Coverage
The most popular coverage amount – perfect for income replacement and major debt protection
| Age | CoreBridge | Pacific Life | Protective | Lincoln | Prudential |
|---|---|---|---|---|---|
| 30 | $12.67 | $13.11 | $13.75 | $13.63 | $19.25 |
| 40 | $17.31 | $17.41 | $18.28 | $20.74 | $23.63 |
| 50 | $39.63 | $39.91 | $39.91 | $44.28 | $48.57 |
| 60 | $108.50 | $109.15 | $109.12 | $114.39 | $123.82 |
| 70 | $317.88 | $313.17 | $313.07 | $331.12 | $430.07 |
$1,000,000 10 Year Term Life Insurance Coverage
Comprehensive protection for high earners and families with substantial financial obligations
| Age | CoreBridge | Pacific Life | Protective | Lincoln | Prudential |
|---|---|---|---|---|---|
| 30 | $17.66 | $13.11* | $21.97 | $22.56 | $25.82 |
| 40 | $26.14 | $26.30 | $29.29 | $33.96 | Not Available |
| 50 | $68.64 | $69.08 | $69.11 | $85.91 | $82.69 |
| 60 | $205.58 | $206.79 | $206.68 | $219.18 | $222.69 |
| 70 | $594.72 | $589.03 | $598.25 | $605.28 | $776.57 |
*Limited availability – rates may vary. All rates shown are for healthy, non-smoking males.
How to Choose the Right Coverage Amount:
- $250,000: Best for covering final expenses, small debts, or as supplemental coverage to existing policies
- $500,000: Most popular choice – provides 5-10 years of income replacement for middle-income families
- $1,000,000: Ideal for high earners, substantial debt obligations, or comprehensive family protection
As you can see by reviewing the different rates for different age groups and policy terms, it makes good financial sense to purchase the policy term that is most appropriate for the insurance need you are covering. For example, if your intent is to cover the costs of paying off a 15-year mortgage and providing funds for tuition, a longer term policy may make more sense financially than choosing 10 year term life insurance. However, for short-term needs or budget constraints, 10-year coverage provides excellent value.
Our Top 4 Reasons to Buy 10 Year Term Life Insurance
1. When 10 Year Term Life Insurance is All You Can Afford
If your financial situation is very tight but you know you need life insurance protection for your family, purchasing an inexpensive 10 year term life insurance policy can be the perfect solution. You’ll have substantial protection for a full decade, and most policies include conversion privileges that allow you to upgrade to permanent coverage later without a medical exam – even if health issues develop during your coverage period.
Real-World Example: A 30-year-old father on a tight budget can secure $500,000 in 10 year term life insurance coverage for as little as $12.67 per month with CoreBridge – less than the cost of a dinner out.
2. Purchase 10 Year Term Life Insurance if You are Close to Retirement
10 year term life insurance serves as an excellent bridge policy when your coverage needs are reduced but you’re not quite ready for retirement. During your final working years, you may still have mortgage payments, want to ensure your spouse’s financial security, or need coverage while maximizing your retirement savings. 10 year term life insurance provides this protection at a fraction of the cost of longer-term policies.
Modern Scenario: A 60-year-old professional planning to retire at 70 can secure $500,000 in 10 year term life insurance for around $108-$114 per month, providing protection during those crucial final working years.
3. Use 10 Year Term Life Insurance to Supplement Other Permanent Life Insurance
Many consumers purchase permanent insurance like whole life or universal life when they’re younger and rates are more affordable. However, these permanent policies often don’t provide enough death benefit when your coverage needs increase. This is where 10 year term life insurance excels as an affordable supplement to your existing coverage.
This strategy, known as “laddering,” allows you to get the total coverage you need at the most affordable rate. According to financial experts at NerdWallet, laddering is an effective way to maximize coverage while minimizing costs. At the end of the 10-year term, you can convert the 10 year term life insurance policy to permanent coverage or simply let it expire while maintaining your base permanent policy.
Strategy Example: If you have $250,000 in permanent life insurance but need $750,000 total coverage, adding a $500,000 10 year term life insurance policy provides the extra protection at a fraction of the cost of increasing your permanent coverage.
4. Use 10 Year Term Life Insurance to Cover a Specific Loan
10 year term life insurance is perfect for covering major purchases financed over 10 years or less. Whether it’s a home renovation, RV purchase, business loan, or other significant debt, 10 year term life insurance ensures these obligations won’t burden your family if something happens to you.
Common scenarios where 10 year term life insurance provides ideal debt protection include:
- Home renovation loans
- RV or boat financing
- Business equipment loans
- Personal loans for major expenses
- Second mortgage or home equity loans
Current Example: If you finance a $100,000 home renovation with a 10-year loan, a 10 year term life insurance policy ensures your family won’t inherit this debt if something happens to you.
Key Advantages of 10 Year Term Life Insurance
Maximum Affordability: 10 year term life insurance offers the lowest premiums among all term options, making substantial life insurance coverage accessible even on the tightest budgets.
Ultimate Flexibility: Convert to permanent insurance later or let the policy expire when coverage is no longer needed – you’re not locked into decades of payments.
Guaranteed Conversion Rights: Most 10 year term life insurance policies offer conversion privileges without additional health questions, protecting your insurability. The American Council of Life Insurers notes that conversion features are standard in quality term life insurance policies.
Perfect Coverage Timing: Ideal for covering specific debts, supporting young families during tight budget years, or bridging coverage gaps.
In Conclusion
10 year term life insurance is an affordable and effective method for financially protecting your surviving loved ones during specific coverage periods. With the ability to add various riders to broaden your coverage and obtain living benefits, 10 year term life insurance provides maximum flexibility at minimum cost.
10 year term life insurance can be an economic solution to the coverage needs we’ve outlined above and many others. The current rates from top-rated carriers make this coverage more affordable than ever, with some applicants able to secure substantial 10 year term life insurance coverage for less than the cost of a monthly streaming subscription.
Ready to explore your 10 year term life insurance options? Use the term life insurance quoter on the side of this page to get your rates.
Frequently Asked Questions
Why would I buy a 10 year term life insurance policy?
The four main reasons are: (1) It’s the most affordable life insurance option available, (2) You are close to retiring and need bridge coverage, (3) To supplement other permanent life insurance affordably, and (4) To cover a specific loan or debt that will be paid off within 10 years.
How much does 10 year term life insurance cost?
A sample monthly premium for a $500,000 10 year term life insurance policy on a 40-year old healthy non-smoker male would be approximately $17-$21. Your premium would be based on your personal underwriting. An independent life insurance agent can provide you with quotes from different insurance carriers.
What am I protecting with 10 year term life insurance?
Your intention for buying 10 year term life insurance is to protect your family and eliminate specific debts or provide income replacement during a particular time period. This could include mortgage payments, business loans, children’s education costs, or general family expenses during your highest-risk financial years.
Can I convert my 10 year term life insurance to permanent insurance?
Yes, most 10 year term life insurance policies include conversion privileges that allow you to convert to permanent life insurance without a medical exam, typically within the first few years of the policy. This protects your insurability even if your health changes.
What happens at the end of my 10 year term life insurance policy?
At the end of the term, you typically have three options: (1) Let the policy expire if coverage is no longer needed, (2) Convert to permanent insurance using your conversion privilege, or (3) Renew the term coverage at higher, annually increasing rates based on your then-current age.
