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How to Buy Term Life Insurance
For those looking to protect their loved ones’ financial future, term life insurance can be a great option. Term policies offer flexibility while still helping you safeguard what matters most. However, the process can seem overwhelming, often leaving you with more questions than answers. At SelectQuote, we can help you navigate decisions about term life insurance, offering experienced guidance to make you feel confident in your choice of policy. Read on for our comprehensive guide about purchasing term life insurance.
1. Calculate How Much Term Life Insurance Coverage You Need
One of the most important parts of purchasing term life insurance is determining how much coverage you need. This can be hard to figure out and depends on many different factors. To start, think about how much life insurance you can afford, whether you have any dependents, and any planned financial milestones like a mortgage or retirement. Our life insurance calculator can help you get started, and our licensed insurance agents will help you confirm the right coverage amount for your unique needs and situation.
2. Decide Which Term Life Insurance Policy Length is Right For You
Once you decide how much coverage you need, you’ll also need to decide on the length of term that makes the most sense for you. The most common term lengths are 10, 15, 20, 25, or 30 years. Figuring out which term length is right for you will depend on both the stage of life you’re in and your financial situation. For example, if you know you want your policy to cover your loved ones until you’ve reached certain life milestones, like paying off a mortgage or entering retirement, pick the term length that corresponds with the timeline of those events.
Average Term Life Insurance Rates by Age and Gender
There are many factors that determine your monthly premium. Two of the most significant ones are age and gender. Let’s break down the average premium for several coverage options for both males and females by age.
| 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
Example Rates for 10-Year Term Life Policies
| 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 |
Example Rates for 10-Year Term Life Policies
| 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 10-year, 15-year, 20-year, 25-year, and 30-year term policies for men and women in excellent health from one or more of the trusted companies we represent. Term life insurance rates were pulled 1/2025. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
3. Gather All the Information You’ll Need
During the life insurance application process, the carrier will evaluate your medical history and family background. In addition to your basic information, you may also be required to share any hospitalizations, medications, procedures, surgeries, and more from the last five years. You’ll want to make sure you have the necessary information on hand when you call SelectQuote for your free life term life insurance quote.
4. Fill Out the Life Insurance Application
The life insurance application will ask for basic information such as your name, address, and employer. It will also ask for personal information such as your height, weight, date of birth, financial information, and lifestyle habits. Your SelectQuote licensed insurance agent will help with this process, but to make the process go even more smoothly, it can be helpful to have this information ready when you call.
5. Schedule Your Medical Exam
For most traditional life insurance policies, you’ll have to undergo a medical exam as part of the application process. Much like an annual physical, a healthcare provider will perform routine tests like checking your pulse, blood pressure, height and weight, as well as taking samples like blood or urine. This is a simple, quick exam that usually takes less than an hour.
If you want to skip the medical exam process, no medical exam life insurance may be a good option. This type of policy is also known as instant life insurance and allows you to bypass the medical exam in favor of a convenient online application process. People 60 years of age or younger and in generally good health can qualify for up to $5 million in coverage in less than an hour when they work with SelectQuote.
6. Wait For the Underwriting Results
The underwriting process varies by company, but you can expect to hear back from the life insurance company within eight to twelve weeks if you choose a traditional term policy that includes a medical exam. (If you qualify for SelectQuote’s instant coverage term option, you can get approved with a fully underwritten rate in about an hour!) Once you get your underwriting results, you’ll then know your final monthly premium for your life insurance policy. From here, you can decide if you want to move forward with the policy or look into other options.
7. Finalize Your Term Life Insurance Policy
Once you receive the results of your medical exam, you can then finalize your policy. Every company’s process is different, but in many cases, your life insurance coverage begins as soon as your first premium payment is submitted.
SelectQuote Makes Buying Term Life Insurance Easier
When shopping for term life insurance, you’re bound to have questions. SelectQuote is here to help you through. We’ll help you navigate the life insurance shopping process by getting to know your unique needs and searching a variety of life insurance carriers on your behalf. By gathering and comparing quotes for you, we take the guesswork off your hands to find you the right coverage with the right carrier at the right price.
We do the shopping. You do the saving.
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