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Features of Term Life Insurance
Term life insurance gets its name from your option to choose the “term” or length of your life insurance policy, meaning you only buy it for as long as you need it. Term life insurance is a popular option due to its affordability and simplicity. Along with its flexible payment options and fixed premiums, it’s a great way to create a financial safety net for you and your family.
What is term life insurance?
Term life insurance is one of the most affordable ways to ensure your loved ones are protected financially. Unlike permanent life insurance policies, term life insurance policies only provide coverage for a certain amount of time. Term lengths vary, but typically range anywhere from 10 to 30 years. Because these policies offer coverage for only as long as you need it, they provide great flexibility depending on your needs.
Benefits of Term Life Insurance
Term life insurance can be a great option for many people. Beyond simply offering peace of mind, term policies are known for their affordability and simplicity, but the benefits don’t end there. There are a variety of positive features that come with purchasing a term life insurance policy, including:
You Can Choose From Multiple Term Lengths
One of the main features of term insurance is the ability to only buy it for as long as you need it. The typical term lengths are 10-year, 15-year, 20-year, 25-year, and 30-year. When deciding what term length is right for you, you’ll want to consider your immediate and future financial needs, who depends on your financial support, and how much you can afford.
Most Affordable Life Insurance
Term life insurance is arguably one of the most affordable life insurance options, especially compared to whole or permanent life insurance. The cost of term life insurance is determined by a number of factors, including things such as term length, coverage amount, age, gender, health, and lifestyle.
Term life insurance policies also feature “guaranteed level” premiums, meaning you pay the same premium for the entire length of your policy. Oftentimes, your life insurance company will offer an additional discount if you choose to pay the premium on an annual basis instead of monthly.
Average Term Life Insurance Rates by Age and Gender
| 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.
Instant Term Coverage Available for Some Customers
Don’t want to hassle with the medical exam and the wait that comes with it? No medical exam instant life insurance is now available for generally healthy customers 60 years of age or younger. In less than an hour, you can apply and get approval for up to $5 million in life insurance coverage. The online process is simple and if approved, coverage starts immediately.
Best Life Insurance if You Have a Pre-Existing Condition
We partner with several life insurance companies who 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.
Term Life Insurance is Tax-Free
If you should pass away while the term life insurance 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 tax-free, but if taken in installments, potential interest could be taxable.
Payment Options Are Flexible
As the policyholder, you have the option to pay a monthly, quarterly, semi-annual, or annual premium for the length of your term period—you can often get a discount for paying annually.
Term Life Insurance Premiums Are Fixed
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.
Should I get term life insurance?
Term life insurance is often a great choice, as it's the most affordable and simple way to make sure your family is financially protected. It also will likely be cheaper the earlier you buy it, making your 30s and 40s a great time to purchase a policy. Because you can pick the term length that makes the most sense for your needs, this policy type can offer great flexibility during the many major events of early and middle adulthood.Situations in which someone would benefit from having a term life insurance policy include:
- Paying off a mortgage
- Raising children
- Paying off student loans
- Paying off any short-term debt
How much term life insurance do I need?
Many people have no idea how much life insurance they need. Our life insurance calculator will help you calculate your family’s ongoing and one-time expenses and will help you get a headstart on determining how much life insurance coverage you need.
Learn More About Term Life Insurance with SelectQuote
A term life insurance policy is a great way to provide peace of mind for both you and your family. At SelectQuote, we can walk you through the purchasing process, making sure you understand all of your options and answering any questions you may have. We’ll make sure you get the life insurance coverage you need at a price that fits your budget.
We do the shopping. You do the saving.
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