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10-Year Term Life Insurance
When shopping for life insurance, there are many plans 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. Read on to learn more about 10-year term life insurance and whether or not it’s right for you.
What is 10-year term life insurance?
A 10-year term life insurance policy provides a financial safety net for ten years once your policy is in effect. With term insurance, you can choose the term (or length) of your policy, so you only buy it for as long as you need it. Term life insurance tends to be the most affordable type of life insurance coverage, so it’s often the most budget-friendly way to protect your family’s financial security.
In addition to being an affordable option, term life insurance tends to be popular due to the simplicity of coverage that can also meet many needs. Ten-year policies are just one option for term life insurance, but other typical term lengths include 15, 20, 25, and 30 years.
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.
Who would benefit from a 10-year term life insurance policy?
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.
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 $10,740 for state residents and $27,560 for out-of-state residents, the costs can add up (not to mention the additional average of $11,950 per year for room and board). 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 70.4 percent of consumer debt in the U.S. With the amount Americans collectively owe on their mortgages at $12.01 trillion, 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 for your situation.
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. According to the Economic Policy Institute, the median retirement savings for working-age households is around $95,776. A 10-year term life insurance policy can offer you flexibility and protection as you plan for your financial needs and goals in retirement.
Are any of these included in your plans within the next ten years? If so, a 10-year term life insurance policy could potentially be a good fit for you.
What happens after the 10 years of your term are up?
There are several options available when you reach the end of your term length. If you no longer need coverage, you may choose to simply let the policy expire. If you still are providing for dependents or have outstanding debts, you can either convert your policy into a permanent policy or buy another term life policy, either for an additional 10-year term or another term length that works for your needs. Keep in mind that not all carriers offer the option to convert a term policy into a permanent policy, so make sure you confirm your options with your life insurance company before you decide what to do.
10-Year Term Life Insurance Cost
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. For a 10-year term with $500,000 in coverage, you could pay as low as 40 cents a day. 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.
10-Year Term Life
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25-Year Old Female | $8.48 | $10.81 | $14.97 |
| 25-Year Old Male | $9.76 | $13.07 | $17.77 |
| 35-Year Old Female | $8.94 | $11.83 | $16.11 |
| 35-Year Old Male | $9.85 | $13.52 | $19.49 |
| 45-Year Old Female | $15.03 | $23.70 | $37.29 |
| 45-Year Old Male | $16.79 | $26.76 | $43.33 |
| 55-Year Old Female | $28.02 | $49.64 | $89.82 |
| 55-Year Old Male | $36.73 | $67.06 | $120.84 |
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 1/2025. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
How to Buy a 10-Year Term Life Insurance 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 the application and purchasing part, too. In simple terms, 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.
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.
Compare Life Insurance Rates Now
Still unsure if a 10-year term life insurance policy is right for you? Check out our other life insurance options.
There is no shortage of options when it comes to term life insurance. If a 10-year term life insurance policy doesn’t seem like enough coverage, other typical term lengths include 15, 20, 25, and 30 years. We can help you figure out the term and policy that’s right for you.
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