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Term Life Insurance Quotes
Term life insurance offers simple, affordable financial protection for your family for a specific number of years. Comparing term life insurance quotes is the most effective way to find a policy tailored to your budget and family needs. When you shop and compare rates, you can secure reliable coverage at the best possible price.
Key Takeaways
Affordable, Targeted Protection: Term life insurance provides coverage for a specific period (usually 10 to 30 years) and is one of the most cost-effective ways to secure a large financial safety net for your loved ones.
Compare Quotes to Save: Premiums vary significantly between carriers based on your age, health, and lifestyle. Comparing quotes from multiple insurers ensures you find the right coverage at a price that fits your budget.
Flexible Coverage Options: Policies can be tailored to your specific needs with various term lengths and types, including level term, decreasing term, and instant-approval policies that require no medical exam.
Tax-Free Payout: If you pass away while the policy is active, your beneficiaries receive a payout that's generally income tax-free. This money can help them pay off a mortgage, cover college tuition, or handle daily living expenses.
What is Term Life Insurance?
Term life insurance is a straightforward way to safeguard your family's financial future. Unlike permanent policies, it covers you for a set timeframe without complex savings features.
Here is how term life insurance works:
Choose Your Term: Select how long you need coverage, typically 10 to 30 years.
Pay Your Premium: You make regular monthly or annual payments to keep your policy active.
Receive Protection: If you pass away during the active term, your beneficiaries receive a tax-free payout to help replace lost income or cover outstanding debts.
While term life insurance doesn't build up cash value, it's an inexpensive way to gain peace of mind while paying off a mortgage, raising children, or saving for retirement.
Average Cost of Term Life Insurance Per Month
Your monthly premium depends on your age, health, gender, and coverage amount. Below are sample estimated monthly costs for healthy, non-smoking adults buying a 20-year, $500,000 policy.
Age 30: $18 to $23 per month
Age 40: $26 to $34 per month
Age 50: $62 to $80 per month
Age 60: $160 to $210 per month
Disclaimer: These amounts are estimated sample rates for illustration purposes only. Your actual rate will vary based on your individual medical history, lifestyle factors, and specific policy details.
Factors That Affect Your Term Life Insurance Quote
When you request a life insurance quote, insurance companies evaluate several health and lifestyle factors to determine your monthly premium:
Age: Coverage is generally cheaper the younger you are when you apply.
Health and Medical History: Conditions such as high blood pressure, diabetes, or a history of illness can affect your rate.
Tobacco Use: Smokers pay significantly higher rates than non-smokers.
Gender: On average, women have longer life expectancies than men, which often results in lower premiums.
Lifestyle and Hobbies: High-risk jobs or dangerous hobbies can affect your final price.
Key Features and Benefits of Term Life Insurance
There are several features to , but the main benefits include:
Multiple Term Lengths
Term life insurance provides coverage for a specific period of time, generally between 10 and 30 years.
Pre-Existing Condition-Friendly
We partner with several carriers that 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.
Tax-Free
If you should pass away while the 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 income tax-free, but if taken in installments, potential interest could be taxable.
Flexible Payment Options
As the policyholder, you have the option to pay your premium monthly, quarterly, semi-annually, annually, or the length of your term period. You can often get a discount for paying annually.
Fixed Premiums
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.
Peace of Mind
Term life insurance can help secure your family’s financial stability for both the short- and long-term. With the right term life policy, you’ll have insurance protection for your loved ones for as long as you need it, whether that’s five years or thirty.
Ability to Convert the Policy
Once the initial period of your term life insurance policy is up, you can extend your coverage by converting it into a permanent policy (like universal life insurance). You can also do this without having to complete an additional medical exam.
Types of Term Life Insurance Policies
The different term life insurance types—also known as term lengths—typically include 10-year, 15-year, 20-year, 25-year, and 30-year terms. Term life insurance also offers various policy types, each designed to meet different needs and preferences. Here’s a closer look at the options you may want to consider:
Level/Fixed Term Life Insurance
This is the most popular type of term life insurance, often called traditional term life. With a level or fixed policy, the death benefit and premiums remain the same throughout the entire term of the policy. This makes it a reliable option for individuals who want consistent coverage and payments over time.
Decreasing Term Life Insurance
In a decreasing term life insurance policy, the death benefit gradually decreases over the course of the term, typically in yearly increments. This type of policy is often used to cover specific debts, such as a mortgage, where the outstanding balance reduces over time. The premiums, however, generally stay the same.
One-Year/Short-Term Life Insurance
A one-year or short-term life insurance policy offers coverage for a short duration, typically ranging from one to five years. These policies are ideal for individuals who need temporary coverage, such as for a specific event or to bridge a gap in their insurance needs. Premiums tend to be higher due to the shorter term.
Simplified Issue Life Insurance
Simplified issue term life insurance is designed for individuals who want quick coverage without undergoing a medical exam. Applicants answer a few health-related questions, and approval is often faster than with traditional life insurance. However, the policy may come with higher premiums and some limitations.
Yearly Renewable Term Life Insurance
With yearly renewable term insurance, the coverage lasts for one year at a time and can be renewed annually without requiring a medical exam. However, premiums tend to increase each year as the insured person ages, making this type of policy more expensive in the long run.
Return of Premium (ROP) Term Life Insurance
Return of premium term life insurance provides a unique benefit: if the policyholder outlives the term, they receive all their premiums back. This type of policy is more expensive than standard term life, but it can be a good option for those who want a savings component combined with life insurance.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance is designed for individuals who may have difficulty qualifying for other types of coverage due to health issues. No health questions or medical exams are required, and approval is guaranteed if you’re between the ages of 45-85. However, these policies typically offer lower death benefits and higher premiums.
Popular Term Life Insurance Riders
Policy riders allow you to add extra benefits or protections to your standard coverage. Common riders include:
Accelerated Death Benefit Rider: Allows you to access a portion of your payout early if you are diagnosed with a terminal illness.
Waiver of Premium Rider: Waives your monthly payments if you become totally disabled and cannot work.
Child Term Rider: Provides a small amount of life insurance coverage for your children under one policy.
How Term Life is Different than Whole Life
Term life insurance and whole life insurance differ primarily in duration and cost. Term life provides coverage for a set period, and once the term ends, coverage expires unless renewed. Whole life insurance, on the other hand, offers lifelong coverage with premiums that remain level but are generally higher than term life.
Whole life also includes a cash value component that grows over time, which can be borrowed against or used in other ways. Term life is often more affordable but lacks the long-term benefits of whole life.
Getting an Instant Term Life Insurance Quote (No Medical Exam)
If you prefer to bypass the traditional medical exam, you may qualify for an instant term life insurance quote. SelectQuote works with trusted carriers that use automated underwriting systems to review your health records electronically. This allows healthy applicants to get approved rapidly without blood draws or doctor visits.
How to Buy Term Life Insurance
Purchasing term life insurance is an important step in securing your family’s financial future. It provides coverage for a specified period, ensuring that your loved ones are financially protected if the unexpected happens. Here’s a step-by-step guide to help you through the process.
Determining the Right Amount of Coverage
One of the first steps in buying term life insurance is determining the right amount of coverage. The ideal amount varies from person to person and depends on factors like your income, debts, dependents, and long-term financial goals. A common rule of thumb is to have coverage that’s 10 to 15 times your annual income. This amount helps ensure that your family can maintain their lifestyle, pay off debts, and meet other financial needs if you were to pass away unexpectedly.
Comparing Quotes to Find Affordable Policies
Once you’ve determined how much coverage you need, it’s time to compare quotes from a variety of insurance providers. Life insurance premiums can differ greatly between companies, depending on factors like age, health, lifestyle, and the length of coverage you choose. By comparing quotes, you can find a policy that offers the coverage you need at a price you can afford.
At SelectQuote, we make comparing quotes easy. Once you’ve narrowed down your options, our team can help you secure more detailed quotes from trusted insurers. Beyond premiums, it’s essential to consider other factors like the insurer’s reputation, customer service, and claims process. A low-priced policy may seem attractive, but if the company has a history of poor claims handling, it could lead to frustration down the road.
Application Process Basics
After you’ve chosen the right term life insurance policy, it’s time to apply. The application process typically involves providing personal information, such as your age, occupation, health history, and lifestyle habits. Depending on the insurer and the amount of coverage, you may be required to undergo a medical exam. This exam typically includes a physical check-up, blood tests, and possibly urine tests, all aimed at assessing your overall health.
The insurer will use this information to evaluate your risk level and determine your premium. If you’re in good health, you’ll likely pay a lower premium, while individuals with pre-existing conditions or high-risk factors may face higher rates or exclusions. Some policies, like simplified issue or guaranteed issue life insurance, may not require a medical exam, but these options often come with higher premiums or limited coverage. Use the life insurance calculator below to help determine how much life insurance you need.
Get Term Life Insurance Quotes With SelectQuote
Term life insurance is one of the most affordable coverage options available, whether you’re just starting a family or preparing for your retirement years. SelectQuote can help you find the right term life policy to meet your needs. We’ll compare rates to help save you time and money by offering unbiased recommendations based on what’s important to you.
We shop. You save. Let SelectQuote help you get started on your life insurance journey today.
Common Term Life FAQs
What causes of death does term life insurance cover?
All causes of death are covered by term life insurance, with the only typical exclusion being suicide in the first two years.
Why buy term life insurance?
Term life insurance can provide peace of mind for you and your family if the unexpected happens, ensuring they will be supported financially if there is a significant loss of income.
The money from your life insurance policy can be used to cover the cost of end-of-life expenses in addition to outstanding expenses your family might still be expected to pay once you’re gone. This often includes the mortgage, utilities, college tuition, outstanding debts, etc.
What happens if term life insurance expires?
It’s important to first understand that the insurance policy’s coverage doesn’t necessarily go away, but instead, the rate at which you were paying does. After the term period ends, you can usually continue your policy year-to-year but at a much higher premium. Before that happens, though, SelectQuote is able to help you shop for a new policy to ensure you’re still receiving the coverage you need at a price that fits your budget.
What is the death benefit?
If you pass away while your life insurance policy is still active, your beneficiaries will receive a tax-free lump sum called the death benefit, which can be paid out all at once or over the course of their lifetime.
Is there term life insurance available that doesn’t require a medical exam?
SelectQuote now offers no medical exam life insurance coverage with instant approvals. If you’re 60 years old or younger and in good health, you may be eligible for up to $5 million in life insurance coverage that works within your budget. The approval process takes less than an hour, and if approved, coverage begins immediately.
Can you cancel a term life policy?
Yes, you can cancel a term life insurance policy at any time without penalty. However, it’s important to review the terms and conditions, as you may lose any premiums paid if you cancel early. If you're considering canceling, it’s a good idea to explore other options to ensure your coverage needs are still met.
Can you get coverage with health conditions?
Yes, you can still get life insurance coverage with health conditions, though it may depend on the severity of your condition. Some insurers offer policies specifically designed for those with health issues, while others may charge higher premiums or offer limited coverage. It’s best to work with an experienced agent who can help find the right policy for your needs.