Term Life: The Most Affordable Life Insurance Policy
Term life is our most popular type of coverage because it’s the most affordable way to protect your family, especially if you’re on a budget. This cost-effective option protects your family for a period of time ranging from 5 to 30 years. The goal is to pick a term length that corresponds with the length of your financial obligations – a mortgage term, or the number of years until the kids finish college.
- Have a newborn baby? Look for 20 year term life insurance quotes that protect them until they’re grown.
- Halfway through the mortgage? Get a 15 year term life insurance quote to ensure your family can keep that home if something happened to you.
- Took out a home equity loan? Look for a 10 year term life insurance quote that protects that debt until it’s paid off.
One great feature of term life policies is their flexibility, thanks to additional “riders” that provide extra benefits. Some cost extra, while others are provided by the insurer at no cost. For example, you can buy a rider that will return some or all of your premium payments if you outlive your term. You can also buy a rider that cancels upcoming payments if you become sick or disabled.
Another feature to look for is a conversion option. If you decide you want a permanent policy (such as whole life or universal life), you can convert your current policy, regardless of your health, before your term expires. This flexibility is extremely valuable in case you develop health complications as you age.
Your first step in getting covered? Start by comparing term life insurance online quotes. Rates differ from carrier to carrier and depend on your age, health, lifestyle, and family history.
Start now! Get 20 year term life insurance quotes from the nation’s top carriers:
Talk to Us about Your Term Life Insurance Online Quotes
After you get a quote, call us! We can help you understand what you’re looking at so you get the most bang for your buck. Our licensed agents can also help you find term insurance policies that offer these helpful features:
Convertibility: Convert your term policy to permanent policy without proving insurability (i.e., no medical exam). This saves a lot of money if you develop health issues in the future! Some policies limit the time window for conversion; however, your term life insurance online quotes won’t specify a policy’s convertibility. Contact us and we can see if your quoted policies offer that feature.
Return-of-Premium: This is a handy money-back feature. Let’s say you get a 15 year term life insurance quote, buy the policy with a return-of-premium option, and outlive your term. The insurer will refund the payments you made over those 15 years. Return-of-premium policies are priced about a third higher than standard policies, but could be worth the peace of mind.
Accelerated Death Benefits: If you’re diagnosed with a terminal illness, this feature lets you collect a significant portion of the policy’s death benefit while you’re alive. It can be used for anything you need, including alternative treatments.
The #1 Reason to Get Term Life Insurance Online Quotes
It’s all about affordability.
When it comes to buying life insurance, term life is a cost-effective choice if you’re starting or raising a family, when the need for protection is paramount. Your policy should cover the time of your greatest financial need. We see quite a few requests for 20 year term life insurance quotes, for example – the most convenient term length for raising a new baby to adulthood. If you pass away during the term, your policy pays your beneficiaries a death benefit. At the end of that term, the policy expires unless you convert or renew it.
The number one reason to get term life insurance online quotes is because of the financial security provided by the policy’s death benefit. If the worst happens, that money can help meet financial goals like paying off a mortgage or paying for your children’s college education. The tax-free death benefit, paid in cash, will cover any outstanding debts you leave behind, including hefty funeral costs or medical bills.
Start now! Get a 15 year term life insurance quote from the nation’s top carriers:
Why Term Life Is the Most Affordable Life Insurance Policy
One advantage of term insurance is its lower cost compared to cash value policies (such as whole life or universal life). It’s the most affordable life insurance policy because your premium goes entirely toward the death benefit – the lump sum payment your beneficiaries receive if you die during the policy’s term.
Compare that to permanent policies, which cost more but build a savings component over time (called the “cash value” portion of the account). Your premium payments fund both the death benefit and the cash value. As a result, they cost significantly more. You can see this difference when you get term life insurance online quotes – any quotes for permanent policies will be higher.
Term life may not have cash value, but it’s not intended to be a savings vehicle. Instead, think of it as an investment in your family’s protection. It protects the people who depend on you from financial hardship should you die unexpectedly. In almost all cases, term life benefits aren’t taxable. That means your loved ones won’t have to pay federal income tax on that money.
If your primary goal is to protect your family and stay within a budget, term is the most affordable life insurance policy you can get.
Ready to get started? Get a 10 year term life insurance quote now:
What Determines Your Rate?
Insurance carriers base rates on life expectancy. If you happen to die prematurely, they have to pay out on your behalf sooner rather than later – possibly before you’ve made a significant amount of premium payments. This leads to a simple formula: the bigger your risk factors, the more you’ll pay.
After you get term life insurance online quotes, the next step is to apply for a policy. The insurance company will assign you a risk classification based on your health history and lifestyle. Even if you’re healthy with no chronic conditions such as high blood pressure or elevated cholesterol, your family history and lifestyle could pose other risks. That’s why insurers ask a lot of questions and may require a medical exam.
But not all insurance companies use the same criteria to rate you – that’s why it’s important to get term life insurance online quotes from multiple carriers to improve your chances of getting the best price. The healthiest applicants will qualify for 'Preferred' or 'Super Preferred' rates, while the average person will qualify for 'Standard’ rates.
Ready to see your rates? Get 20 year term life insurance quotes here:
Specific Factors That Affect Term Life Insurance Online Quotes
Age and Gender
Your age and gender are the most important factors impacting your rate. The younger you are, the longer you’re expected to live. Women also edge out men in life expectancy according to U.S. actuarial tables, so they usually get the most affordable life insurance policy. The takeaway? Apply when you’re young, especially if you have a family who counts on your income for support. If you’re not young, don’t worry – we can still get you covered. But you’ll never be younger than you are today, so we recommend taking action as soon as possible. Start with our term life insurance online quotes.
Health and Family History
Your family history can work for or against you when it comes to risk classification. For example, if a parent suffered a heart attack and died young, this will hurt your rating. But if they’re alive and healthy, it’s a good indicator you’ll live a long, healthy life, too. Life insurance underwriters value medically conscientious applicants. If you have a health issue, get it treated by a doctor beforehand to improve your rate before you apply. Then, we’ll use our in-depth knowledge to help you select the right policy. For example, some carriers are more lenient with height/weight ratio. Others are more forgiving when it comes to hypertension (high blood pressure) or non-insulin dependent diabetes, as long as these conditions are controlled under a doctor’s supervision. Other chronic issues such as elevated cholesterol, cancer, and heart disease are more serious conditions that will place you in a higher risk class.
There’s only one way to find out where you stand – get your free term life insurance online quotes. If the first quote you get seems high, try a different term length. Start with 20 year term life insurance quotes, for example, and work your way down to a 10 year term life insurance quote to see where that price starts to drop.
10 Year Term Life Insurance Quote: Sample Rates
| Age | $250,000 | $500,000 | $1,000,000 | $2,000,000 |
|---|---|---|---|---|
| 30 | $9.46 | $13.76 | $20.68 | $37.41 |
| 40 | $11.61 | $18.06 | $28.71 | $51.18 |
| 50 | $23.65 | $40.62 | $71.07 | $135.57 |
*Rates are for a male, Preferred Plus; subject to change.
See how your rates compare - get a 10 year term life insurance quote from A-rated carriers:
15 Year Term Life Insurance Quote: Sample Rates
| Age | $250,000 | $500,000 | $1,000,000 | $2,000,000 |
|---|---|---|---|---|
| 30 | $10.51 | $15.05 | $23.65 | $42.57 |
| 40 | $12.97 | $20.21 | $34.83 | $64.93 |
| 50 | $30.82 | $54.32 | $99.47 | $192.37 |
*Rates are for a male, Preferred Plus; subject to change.
Find out how your rate would compare - get a 15 year term life insurance quote from the nation’s top carriers:
20 Year Term Life Insurance Quotes: Sample Rates
| Age | $250,000 | $500,000 | $1,000,000 | $2,000,000 |
|---|---|---|---|---|
| 30 | $13.11 | $20.21 | $33.97 | $62.77 |
| 40 | $17.85 | $28.32 | $49.17 | $91.77 |
| 50 | $41.43 | $69.92 | $129.57 | $252.57 |
*Rates are for a male, Preferred Plus; subject to change.
See how much coverage you can afford - get 20 year term life insurance quotes here:
What to Do After You Get Term Life Insurance Online Quotes
Price is important, but it’s not the only criteria you should use to choose a policy. Ratings matter when it comes to carriers. That’s why we only show you companies with an “Excellent” A.M. Best rating. These rating services (including Fitch, S&P, and Moody’s) grade carriers on their financial strength to make sure they’ll make good on their financial commitments to policyholders. That’s critical when you’re choosing a policy that will provide your family with a safety net for decades.
Is Term Life Insurance Necessary for Everyone?
It depends! If you’re young, single, and have no dependents relying on your income, you may not need coverage now. If you’re at the opposite end of that spectrum - older, financially stable, with plenty of savings – you may also not need the kind of protection term life offers. Of course, you’re still welcome to get term life insurance online quotes. Some of our clients who don’t have debt use these policies to leave an inheritance for kids or grandkids.
But let us tell you about one type of client who thinks they don’t need coverage – when they do. If you have employer-provided term life coverage, you might think you’re 100% covered. But is that policy enough to cover your needs? Will your loved ones need more than the minimal coverage your company pays for? Multiply your income by ten and see if that existing policy measures up. If not, shop for term life insurance online quotes to see how much more coverage you can afford.
Not sure what you need? Start with a short term and see if the rates quoted fit your budget. Get a 10 year term life insurance quote from the nation’s top carriers:
What Happens When Your Term Ends?
When your term expires, you’re left without coverage and you don’t get any money back (unless you bought a return-of-premium rider, as discussed above). The greatest value was the death benefit it offered your beneficiaries in case of your death. You can renew your policy at the end of the term, but it will cost more because your rate will be assessed at your current age. Plus, you’ll have to prove your insurability (i.e., take a medical exam to determine your health status). That makes renewing an expensive proposition! So as you shop and look at term life insurance online quotes, consider your term length carefully. Choose as long a term as you can afford, in case your health takes a turn for the worse and it’s harder to secure more coverage later.
Right Now: Lowest Rates in Decades
Term insurance rates have dropped precipitously in the last 20 years because our life expectancy has increased. It may be cheaper, in the long run, to buy a new policy today than it was a decade ago despite your age, as long as you’re in good health.
Insurance can be confusing, but don’t let that stop you from exploring your options. Let our licensed LifeQuote agents guide you to the choice that’s right for you and your family.
We’re standing by, ready to help. Your first step? Shop term life insurance online quotes now!