10 Year Term Life Insurance – Meaning, Quotes, Calculator

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If you're searching for life insurance, the different terms lengths like 10 or 20 years can be a bit confusing.

And the truth is most people get it wrong!

If you want to learn the truth about what 10 year term life insurance is, how it works, and get some sample quotes with or without a medical exam, we've got you covered.


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What is 10 year term life insurance?

Most people assume if you're buying a 10 year term plan, that the policy lasts for 10 years and then expires.

That is incorrect.

At most insurance companies, the term length guarantees that during the term, premiums and the death benefit will remain constant (or fixed).

In other words, 10 year term life insurance offers you level payments and a level death benefit for a period of 10 years.

Pros and cons of 10 year term

The biggest advantage to 10 year term is the low price.

Since it's the lowest level term that most companies offer, it's also the least expensive.

If you compare it to 20 year term, for example, the policyholder may own that policy for twice the length!  There is a much greater chance the insured person will die in 20 years compared to 10.

Given that the insurance company is at greater risk of having to pay a death claim, the price goes up.

The big downfall of 10 year term, then, is that the guaranteed low premiums only last for 10 years.

How much does 10 year term cost?  Sample quotes by age

Please find some sample quotes below for a $100,000 policy.  

Note the rates are monthly and are estimates only based on "preferred best non tobacco" ratings, which you have to be in pretty good health to get.

We are showing 10 year term rates by age from 30 years old to 70 years old, which is the max age most companies will offer term coverage.

Getting these rates would also require a medical exam.

$100,000 10 Year Term Life Insurance Policy

100K 10 Year Term



Age 30



Age 40



Age 50



Age 60



Age 70



*  Rates are estimates only and vary widely based on health, smoking status, family history of disease, driving history, and more.  It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $100,000 10 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75. 

Instant quotes from over 30 companies with no personal info required!


If you'd like to calculate your own 10 year term rates, we have a free quoter in the right hand sidebar (if you're on a desktop) or at the bottom of the page (if you're on a mobile device).

You can compare rates from $50,000 of coverage up to $1 million or more!

medical Exam vs. no exam

Hands down, the best way to get low rates on life insurance is to take a medical exam.

This lets the insurance company really get a good look into a current snapshot of your health, greatly reducing their risk.

But it can take 4-6 weeks to be approved!

One thing you can do is get something called temporary insurance so you have coverage while you wait.  Then the waiting is no big deal.

Skip the Needles!

Want to take the "pain" out of life insurance?  We don't blame you!  Ladder Life Insurance is our #1 recommended no-exam company offering 10, 20, and 30 year plans up to age 60.  See if you qualify for "no exam" today.

Quotes are quick, easy, and free! 

Or you can get coverage in 1-2 days if you go the no exam route.

If you want quick an easy coverage, there's no question that a no exam policy is the way to go.

The only problem with a no exam option is it tends to cost between 10% to 40% more than the fully underwritten option.

The good news?

If you're looking at 10 year term, there's a good chance your rates are super low.  

For example, if you got a quote to pay $20 for a policy that requires an exam or $25 for a no exam plan, you'd probably think, "It's only $5 bucks.  I'll just go the no exam route."

And that's what most people do.  But if you think about it, that's a 25% increase!

Like I said, if you're buying 10 year term, the price difference isn't very much, so no exam may be the way to go.

understanding conversion

When considering any type of term life insurance, and especially 10 year term, you need to understand the conversion priveleges.

Most term life insurance policies allow you to "convert" your term policy to a permanent life insurance policy (such as whole life insurance or unviversal life insurance) without a medical exam or any proof at all that you're in good health.

Better yet, you get to keep your original health rating from when you bought your policy!

Conversion Example:

In action, here's what this looks like.  

Say you purchased a 10 year term policy 9 years ago and now that your level term is expiring, you meet with your financial planner and decide that you should really need this policy for longer; maybe even your entire life!

But there's a problem...

When you bought your policy, you were in excellent health and qualified for the company's top health rating, preferred plus.

Unfortunately, you've let your health slip.

If you have a conversion feature, you could change your policy into a permanent plan that the life insurance company has available even if you've started smoking, had three strokes, and gained 500 pounds!  That's the beauty of conversion!  You get to keep your original health rating from when you bought your policy without "evidence of insurability."

Most companies offering 10 year term allow you to convert your policy throughout the entire term duration, unless you're over 60 years old.  That's because some companies set a limit of age 60, 65, or 70 when you can no longer convert a term policy, regardless of how long ago you purchased it.

The best I've seen is AIG's Select-a-Term product that allows you to convert to age 70.

Bottom line: be sure to ask "how long can I convert my term policy?" when purchasing a 10 year term life insurance plan.

Best companies that offer 10 year term life insurance

Deciding who the best company is really depends on what you're looking for.  But we've provided a little guide for you:

Additionally, below we've prepared some no exam company quotes for you for a healthy male for $100,000 of coverage.  Quotes are monthly.

As you can see, Haven tends to have the lowest rates.

$100,000 10 Year Term Life Insurance - Haven VS Ladder VS Bestow VS Ethos VS Fabric VS Sagicor


Age 30

Age 40

Age 50

Age 60































For more company information, please visit our Life Insurance Company Reviews Page.   If you’re searching for life insurance by term length or dollar amount, please visit this page

Still have questions?  Call (888) 681-4952


Written by:  Chris Huntley

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