10 Year Term Life Insurance

Is a 10 year term life insurance policy the best plan for your family? A 10 year term life insurance policy can be perfect fit for people only needing to protect a short term mortgage obligation or for those needing to protect their income to surviving family members until retirement.

Many life insurance companies specialize in offering different types of life insurance policies. So, it can be difficult to know which life insurance company can offer you best ten year term life insurance rates for your unique planning needs.

We hope to provide you with education information to help you determine if a 10 term life insurance policy is best type of policy for your family.

In our 10 year term life insurance review, we will answer the following common questions:

  1. What is a 10 year term life insurance policy?
  2. Who should consider 10 year term life insurance?
  3. How to compare 10 year term life insurance rates?
  4. How to apply for coverage?
  5. Who are the top 10 year term life insurance companies?

 What is 10 Year Term Life Insurance?

A term life insurance policy is usually available to you in 10,15, 20, or even 30 year terms. The longer the term length, the more expensive your life insurance premium. The length of the term also determines how long you will maintain death benefits from your coverage

What is 10 year term life insurance? A level 10 year term life insurance policy provides you with a guaranteed premium for ten years, and a guaranteed level death benefit should you pass away during the ten years that your policy is in force.

Since, a 10 year term life insurance coverage only lasts for a short time, it is an excellent choice for people looking to obtain the largest amount of insurance for the absolute cheapest cost.

Keep in mind, in order to receive benefits of your policy, you would need to die within the 10 years that the policy remains active. However, if you buy a policy which is 10 year renewable term life insurance with a conversion option, you can also extend coverage beyond the initial term period. This can be done by converting your existing term insurance plan into permanent coverage.

You can also convert your current coverage without answering any questions about your health or taking a new medical exam. The policy will have the same rate class as when you initially purchased your term life policy.

So, if you have developed any health problems during your policy term your rate class will not change with the new permanent policy.

10 Year Term Life Insurance

Reasons to Buy a 10 Year Term Life Policy

Purchasing a 10 year term life insurance is ideal for people only needing life insurance to protect a short term need.

Not to mention, for younger people there is not much difference in cost between 10, 15, 20, or even 30 year term life insurance. So, ten year policies are is usually purchased by people in their 40s , 50s, and 60s with a specific need in mind.

Here are few common needs people address with ten year term:

  • College Tuition Many people in their 40s and 50s may only need coverage for ten years because their children are now approaching college and paying for their tuition is major concern.
  • Mortgage Protection Many middle aged couples have often outgrown their first house and need a larger house to accommodate growing children and mortgage protection life insurance  is usually high on the priority list.
  • Income Protection Most people are in the prime of their careers in their 40’s and 50s. So, another prime reason for selecting a 10 year term life insurance policy centers around protecting your income for your spouse until you retire.

Here is an Example:

Middle-age couple, One income, Children, and a Mortgage

First, calculate the death benefit required to generate enough income to provide for your surviving spouse, and fund the cost of your children’s college tuition. Next, figure the additional amount needed to pay off any outstanding mortgage balance.

  1. $100,000 Income (x 3 years)   =  $300,000
  2. $50,000 College Education    =    $50,000
  3. $200,000 Mortgage Balance    =  $200,000

        $550,000 Total Life Insurance Required

In the event of your death, this total death benefit will provide your spouse and children immediate funds to replace your income, pay for college, and pay off the mortgage.

Comparing 10 Year Life Insurance Rates

How much does 10 year life insurance cost?  If you’re looking for some quick sample comparisons, please see the 10 year term life insurance rate chart below. As you can see, the average term life insurance quotes for males over 50 years old are now starting to get more expensive. So, this is good time to lock in coverage while the rates are still reasonable.

10 Year Term Life Insurance Rate Chart

Age $250,000 $500,000 $750,000 $1,000,000
10 year 10 year 10 year 10 year
Age 20 $10.00 $14.00 $19.00 $21.00
Age 30 $12.00 $15.00 $20.00 $22.00
Age 40 $12.00 $19.00 $25.00 $29.00
Age 50 $24.00 $42.00 $63.00 $75.00
Age 60 $60.00 $113.00 $171.00 $214.00
Age 70 $172.00 $319.00 $475.00 $610.00

* The monthly sample on the 10 year term life insurance rate chart are for non-smoking males, with a Preferred Plus rate class.

Do you Need Term Life Insurance Quotes?

No Problem!

You can use our free life insurance rate calculator to compare life insurance quotes based on your families needs.

To compare 10 year term life insurance rates press “Get Quote” below:

10 year life insurance ratea

How do I Apply for Coverage?

Most ten year term life insurance plans are medically underwritten. Although more expensive in cost, getting life insurance no exam required is still possible. So, it is important check into whether you can qualify for coverage before deciding which application process to pursue.

Please do not worry if you are trying to get life insurance with medical condition! Just because you have a pre-existing medical condition does not mean that you will be turned down or need to pay the highest rates. If you can demonstrate that you are following your doctor’s orders you can also receive the similar rates to healthy applicants.

Affordable Life USA pioneered the concept of selling affordable life insurance by phone, mail, and internet on a nationwide level. We assist consumers by providing affordable 10 year life insurance rate comparisons with easy to understand insurance planning concepts.

In order to get an accurate life insurance comparison, you will eventually need to apply for coverage. Here is a brief summary of the application process for life insurance:

  • First, your overall medical history is initially evaluated by our agents to determine which company may be best suited for your particular medical history.
  • Next, your life insurance needs are discussed to find an appropriate plan and amount of insurance for your needs and budget.
  • Then, we will determine if it is best to apply for life insurance no exam required (more expensive) “or” if it better for you to do a brief insurance examination.
  • Finally, your application, medical information, and exam (if required) are usually submitted to several highly rated companies to determine which carrier would be willing to offer coverage at the most competitive rate class.
  • The underwriting process can takes several weeks depending on the details of your medical history.

This process allows us to provide you with accurate quotes based on how your overall medical history fits with each company’s underwriting guidelines.

Want to compare different Term Life Insurance Quotes?

Are you not sure if you need either a 10 or 20 or even a 30 year term life insurance policy?

You can use our life insurance calculator to compare life insurance quotes based on your specific needs.

With our rate calculator you can compare 10 year vs 20 year term life insurance and much more!

To compare different term life insurance plans press “Get Quote” below:

affordable life insurance quote

Top Term Life Insurance Companies

In the meantime, here is a list of some of the highly rated life insurance companies offering cheap 10 year term life insurance quotes.

Financial ratings for life insurance carriers are super important to us when choosing a life insurance company four our clients.

We monitor the financial strength and claims paying ability of life insurance companies by using a number of different rating agencies such as A.M Best, S&P, Fitch, and Moody’s.

The life insurance companies (listed alphabetically below) offer the best combination of ratings, underwriting fairness, and affordable rates.

AIG 10 Year Term Life InsuranceAIG (American General) Plan Summary:

  • 10 year policy name: Select-A-Term 10
  • Type of policy: Term Life Insurance
  • Issue age: 20-80
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium Rider, Select Income Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A)

Banner 10 Year Term Life Insurance Quote Opterm 10

Banner Life 10 Year Term Plan Summary:

  • 10 year policy name: OPTerm 10
  • Type of policy: Term Life Insurance
  • Issue age: 20-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium Rider, Term Rider, Children’s Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

MetLife Insurance 10 year term Met Life 10 year term Plan Summary:

  • 10 year policy name: Guaranteed Level Term 10
  • Type of policy: Term Life Insurance
  • Issue age: 18-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Disability Waiver of Premium Rider, Acceleration of Death Benefit Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

Protective 10 Year Term Life Insurance Protective Life 10 Year term Plan Summary:

  • 10 year policy name: Custom Choice UL 10 Year Term
  • Type of policy: Hybrid Term/UL Life Insurance
  • Issue age: 18-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider, ExtendCare Rider, Income Provider Option, Accelerated Death Benefit
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)Transamerica 10 Year Term Life Insurance

Transamerica  10 year term Plan Summary:

  • 10 year policy name: Trend Setter Super 10 Year Term
  • Type of policy: Term Life Insurance
  • Issue age: 18-80
  • Minimum coverage amount: $25,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium, Children’s Insurance Rider, Accident Indemnity, Income Protection Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

Honorable Mention Term Life Companies

Getting approved for is the most important thing when looking into life insurance coverage. The premiums you pay will depend on your health. The price you pay for life insurance is based on many factors like height, weight, medical background, and family history.

Affordable Life USA expedites the underwriting process by shopping your policy with many life insurance companies.

We also represent other companies which often provide better prices for you after the underwriting process takes place. If you need help determining the best option for your family, please do not hesitate to call us at 1-877-249-1358.

Honorable Mention term life insurance companies:

American National
John Hancock
Lincoln National
Mass Mutual
Midland
Minnesota Life
Nationwide
North American Life
Pacific Life 
Principal Life
Prudential
SBLI
United of Omaha

Introducing Eric Van Haaften:

Eric Van Haaften

Affordable Life USA is a nationally licensed and independently operated life insurance agency. The agency was started by Eric Van Haaften, over 25 years ago, from our home office located in Grand Rapids, Michigan. Please feel free to email him at: eric@affordablelifeusa.com, or call us at 1-877-249-1358.