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10-Year Term Life Insurance Policies
When shopping for life insurance, there are many types of coverage to choose from. One is term life insurance, which is a great option for those looking for a more flexible policy than permanent life insurance. Whether term life insurance is right for you will depend on factors like your age, income, family size, and current and future financial responsibilities.
Term policies have a variety of term lengths to choose from, with one common option being a 10-year term, meaning your coverage lasts for 10 years. Read on to learn more about 10-year term life insurance and whether or not it’s right for you.
Key Takeaways: What to Know About 10-Year Term Life Insurance
What It Is: A policy that guarantees a set death benefit and level premiums for exactly 10 years.
The Cost Advantage: 10-year policies generally offer the lowest monthly premiums compared with 15-, 20-, or 30-year terms.
Who It Is Best For: Ideal for covering short-term financial needs, such as a child finishing college, the remaining balance on a 10-year mortgage, or a personal business loan.
End-of-Term Options: Many 10-year term policies include a conversion rider, allowing you to convert to permanent life insurance before the term ends without taking a new medical exam.
Why choose a 10-year term policy?
Everyone’s circumstances and needs differ when it comes to purchasing life insurance. Taking the time to consider your budget, financial plans, and the needs of any dependents you have will help you understand whether a 10-year term life insurance policy is the right choice for you and your loved ones.
Term life insurance tends to be popular due to its simplicity and affordability—you choose the term (or length) of your policy, so you only buy it for as long as you need it. A 10-year term life insurance policy provides a financial safety net for ten years once your policy is in effect. In the event of your unexpected death, the policy would pay out the death benefit. Here are some financial milestones with which a 10-year life insurance policy may align:
Paying down debt, like a mortgage, a student loan, or a sizable personal loan
Putting children through school, like college or a trade school
Planning for retirement
Is a 10-year term right for your financial picture?
A 10-year term life insurance policy may be best for people with older children or those who are planning to retire in the next decade. A longer term length, such as a 20- or 30-year term, would likely be more beneficial for a family with very young children. One of the main benefits of term life insurance is the variety of lengths available. Your family’s current and future financial obligations can help determine which term length is right for you.
Life Stages That Align With a 10-Year Term Policy
Because life insurance policies should last the length of your longest financial obligation, it’s helpful to take a look at the financial priorities on your horizon. Generally, people who buy 10-year life insurance policies are in their 40s and 50s, and their financial priorities often include:
Getting Kids Through College
Sending your children off to college is a major life milestone that comes with significant financial commitment. With the annual tuition for public, four-year colleges averaging nearly $10,000 for state residents and around $28,000 for out-of-state residents, the costs can add up. Having a 10-year term life insurance policy will help ensure that your dependents will be able to continue paying for their education if you were to pass away unexpectedly.
Paying Off a Mortgage
One benefit of having life insurance is avoiding leaving your loved ones with outstanding debt in the event of your death. One major source of debt for many families is mortgage debt, which accounts for around 70% of consumer debt in the U.S.1 With the amount Americans collectively owe on their mortgages at nearly $13 trillion1, it’s vital to ensure your family can continue paying their mortgage if you pass away. If you know you have at least ten years to go on your mortgage payments, a 10-year term life insurance policy may be a good option to ensure it can be paid off in case you unexpectedly pass away.
Focusing on Reaching Retirement Age and Lifestyle
Retirement is a rewarding time to celebrate your years of hard work. It also means you’ll no longer have an income source from employment, so you want to make sure you feel financially secure. A 10-year term life insurance policy can offer you flexibility and protection as you plan for your financial needs and goals in retirement.
Calculating Your Coverage Amount
The right coverage amount for your needs will depend on your unique situation and financial goals. However, experts typically recommend coverage that’s 10 to 15 times your annual salary. A life insurance calculator can be a great place to get started.
10-Year Term vs. 20-Year and 30-Year Terms: Making the Right Choice
Choosing the right term length comes down to balancing your monthly budget with how long your financial responsibilities will last. While a 10-year term gives you the lowest monthly cost today, picking a longer policy can sometimes save money over time:
10-Year Term: Offers the lowest monthly premiums. It is best for short-term needs, like paying off a car loan or helping a teenager through college. However, if you need another policy in 10 years, it will cost more because you will be older.
20-Year Term: The most popular middle ground. It costs a bit more per month than a 10-year policy, but it locks in your rate and health standing for two full decades. Learn more about how a 20-year term life insurance policy works to protect your growing family.
30-Year Term: Has the highest monthly cost of the three, but it provides the longest safety net. A 30-year term life insurance policy is ideal for newlyweds, new parents, or anyone taking on a 30-year home loan who wants to lock in a low price while young and healthy.
Simplifying the Process: Your Path to a Policy
Term life insurance rates depend on individual factors that make up your “risk profile” from the perspective of life insurance companies. It’s common to assume that life insurance is expensive, but it can be surprisingly easy to find affordable term life insurance.
The younger and healthier you are, the more likely you’ll be able to find a lower 10-year term life insurance rate. Since the cost of life insurance increases every year as you age, the best time to buy life insurance is always right now. We can help you find accurate coverage and term life insurance rate comparisons in just minutes from some of the most trusted life insurance companies in the nation. Let us help you determine if a 10-year term life insurance policy is the right fit for you.
Affordable 10-Year Term Rates
The Age Penalty for Waiting to Buy Coverage: 10-year term policies offer the lowest monthly premiums of any level term length, but your age at purchase is the single biggest factor in determining price. A healthy 25 to 30-year-old can generally lock in a $500,000, 10-year policy for as little as $12 to $17 per month. However, waiting to secure coverage incurs a steep cost penalty — average premiums roughly double between ages 40 and 50. Buying your 10-year policy early ensures you lock in baseline rates for your short-term financial safety net.
10-Year Term Life Rates
Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
25-Year Old Female | $8.47 | $10.58 | $14.93 |
25-Year Old Male | $9.74 | $12.74 | $17.76 |
35-Year Old Female | $8.93 | $11.46 | $16.09 |
35-Year Old Male | $9.81 | $13.16 | $19.47 |
45-Year Old Female | $15.00 | $23.33 | $36.89 |
45-Year Old Male | $16.76 | $26.73 | $43.27 |
55-Year Old Female | $27.99 | $49.59 | $89.76 |
55-Year Old Male | $36.70 | $66.26 | $120.79 |
Table rates are based on a 10-year term policy for men and women in excellent health from one or more of the trusted companies we represent. Rates were pulled July 2026. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
Do You Need a Medical Exam for a 10-Year Policy?
Getting a 10-year policy does not always require a doctor visit or health check. Depending on your age, health history, and the carrier you choose, you may have a few options:
Fully Underwritten: Requires a standard medical exam (often a short physical and basic blood test at home). This route offers the lowest rates for healthy individuals.
Simplified Issue (No-Exam): Skips the medical exam completely. Insurance companies review a health questionnaire and digital background data, like prescription records, to approve your plan. You can read more about no-exam life insurance to see if this fits your needs.
Accelerated Underwriting: A hybrid approach where computer algorithms analyze your health and prescription history in real time. Learn about accelerated underwriting policies to see if you qualify for quick approval without an exam.
What Happens When Your 10-Year Term Ends?
Term life insurance is temporary. When your 10-year term ends, your coverage stops, and no death benefit is paid out if you pass away after that date. As you near the end of your policy, you generally have three main choices:
Let the Policy Expire: If your home is paid off, your kids are financially secure, and you have enough retirement savings, you can simply let the policy end without any fees.
Convert to Permanent Life Insurance: Many policies include a term conversion rider. This allows you to convert your term policy into permanent life insurance (like whole life) without taking a new medical exam. This is a huge benefit if your health has changed over the past ten years.
Renew the Policy: Some carriers let you renew your 10-year policy every year. However, because you are 10 years older, your monthly payments will go up significantly each year.
Guided Steps to Securing Your Policy
Once you’ve decided a 10-year term life insurance policy is the right amount of coverage for you, it’s time to buy. At SelectQuote, we not only make the shopping process easy, but also the application and purchasing process, too. Buying a 10-year policy through SelectQuote looks like:
1. Get a free term life insurance quote from a licensed insurance agent at SelectQuote, who can compare dozens of policies for you in just minutes.
2. Choose the amount of term life insurance coverage that’s right for you.
3. Apply and buy a 10-year term life insurance policy with one of the trusted insurance carriers we work with.
10-Year Term FAQs
What happens if I outlive my 10-year term life insurance policy?
If you outlive your 10-year term, your coverage simply expires, and the policy ends. However, most carriers offer a grace period where you can choose to renew the policy annually (usually at a much higher premium) or convert it to a permanent policy before the expiration date.
Can I convert a 10-year term policy to permanent life insurance?
Yes, many 10-year term life insurance policies come with a term conversion rider. This allows you to convert your term policy into a permanent life insurance policy (like whole life) before the term expires, usually without needing to take another medical exam.
Does 10-year term life insurance build cash value?
No, 10-year term life insurance does not build cash value. It is a temporary policy designed purely to provide a death benefit to your beneficiaries if you pass away during the active 10-year window. Because they offer pure protection without a savings or investment component, 10-year term policies have some of the lowest and most affordable life insurance premiums available.
Can I cancel my 10-year term policy early?
Yes, you can cancel your term life insurance at any time without a penalty. If your financial situation changes and you no longer need the coverage, you can stop paying premiums, though you will not receive a refund for premiums you have already paid.
Ready to get started? Let SelectQuote shop 10-year term life insurance policies for you.
If you think a 10-year term life insurance policy is a good fit for you, talk to SelectQuote. We work with a variety of trusted insurance carriers to find you coverage at the right price. Our licensed insurance agents will take the time to learn about your unique needs and, in just minutes, will gather plan quotes and details on your behalf. Contact us today to get started finding the policy that best meets your needs and budget.
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