Compare Life Insurance Companies That Offer 10-Year Terms (2021)
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Compare Life Insurance Companies That Offer 10-Year Terms (2021)
[su_box title="Important Things to Know" style="default"] Most insurance companies that offer term life insurance will have 10-year term life insurance policies A 10-year term life insurance policy is usually the most affordable for monthly payments Young adults can sometimes purchase 10-year term life insurance policies for under $10 per month [/su_box] Buying life insurance is a...
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- Most insurance companies that offer term life insurance will have 10-year term life insurance policies
- A 10-year term life insurance policy is usually the most affordable for monthly payments
- Young adults can sometimes purchase 10-year term life insurance policies for under $10 per month
Buying life insurance is a big decision that requires careful consideration. If you aren’t sure about buying term life insurance, there are many life insurance companies that offer 10-year terms, which tend to be more affordable while avoiding a major long-term commitment.
To help you make an informed decision, we’ll discuss the features of 10-year term life insurance policies, how to find the best term life insurance company, and which life insurance companies are the most affordable.
Keep reading to learn more about life insurance companies that offer 10-year terms, or get ahead with our free quote tool to get instant rates from top life insurance companies near you.
Table of Contents
Which life insurance companies offer 10-year terms?
There are many life insurance providers out there, which makes it challenging to decide which might be the best. Most life insurance providers tend to specialize in one type of insurance or with a specific demographic, so finding the best term life insurance can sometimes be complicated.
That said, virtually any term life insurance provider will offer 10-year term life insurance policies. Some life insurance providers will have term limits, but it’s much more common for companies to limit longer terms, usually 30 years or longer.
What is a 10-year term life insurance policy, and why are they more common?
A 10-year term life insurance policy is a policy in which the policyholder pays a steady monthly premium over the course of 10 years while the insurer is held accountable for a pre-determined death benefit if the policyholder dies at any point during those 10 years.
In short, there is an increase in term life insurance rates by age, so long-term term life insurance policies typically have more affordable rates for a longer period of time. A 10-year term life insurance policy will have to be renewed in 10 years, leaving policyholders subject to significant price increases, especially if their health has declined.
Why choose a 10-year policy? Purchasing life insurance is a unique process. Realistically, it’s beneficial to have life insurance if you have anyone that relies on you for income, directly or indirectly. In addition, a 10-year policy is the cheapest per month despite the potential for a price increase in the future.
If you’re just establishing your career or only have a little bit of extra cash each month, a 10-year policy could be a good option that would potentially save your beneficiaries financially if you died unexpectedly. On the other hand, a 20 or 30-year life insurance term might cost you double or triple the monthly rates of a 10-year term.
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How much does 10-year term life insurance cost?
For many people, the best 10-year term life insurance company will be the cheapest. Unfortunately, it’s difficult to truly identify the cheapest company since so many variables impact life insurance rates.
Sample 10-Year Term Life Insurance Rates for $250,000 Policy Coverage
| Age | AIG - Male | AIG - Female | Allstate - Male | Allstate - Female | Nationwide - Male | Nationwide - Female | State Farm - Male | State Farm - Female |
|---|---|---|---|---|---|---|---|---|
| 25 | $10.34 | $9.57 | $17.00 | $15.00 | $18.91 | $17.58 | $20.02 | $17.62 |
| 30 | $10.34 | $9.57 | $17.00 | $16.00 | $14.69 | $14.46 | $20.67 | $18.49 |
| 35 | $11.67 | $11.08 | $18.00 | $16.00 | $14.69 | $14.69 | $21.74 | $19.37 |
| 40 | $13.81 | $13.59 | $22.00 | $20.00 | $17.36 | $17.13 | $25.67 | $23.49 |
| 45 | $17.95 | $16.46 | $29.00 | $24.00 | $22.70 | $22.03 | $30.44 | $28.72 |
| 50 | $25.86 | $22.33 | $39.00 | $32.00 | $34.04 | $27.59 | $44.59 | $37.64 |
| 55 | $41.68 | $31.68 | $56.00 | $42.00 | $54.51 | $43.83 | $67.22 | $50.02 |
| 60 | $63.70 | $46.08 | $78.00 | $55.00 | $89.22 | $61.63 | $105.27 | $78.09 |
| 65 | $113.71 | $84.00 | $123.00 | $83.00 | $158.64 | $109.69 | $167.27 | $123.97 |
There are many life insurance companies to choose from, but chances are, you’ll be looking into a company that you’re familiar with. In the samples above, you’ll see why you might want to consider shopping for life insurance quotes before deciding on a company.
The above companies are all popular brands with a strong market presence. However, this doesn’t necessarily make them the most affordable. State Farm is consistently more expensive in this case. While price isn’t everything, it’s a pretty major consideration for most people.
What are the term life insurance company ratings?
Before you decide to buy term life insurance because you’ve found a good deal, you’ll want to look up the insurer’s financial strength and customer service ratings. The best life insurance companies that offer 10-year terms will be highly rated for both.
Company Ratings for the Top Term Life Insurance Companies
| Companies | A.M. Best Rating | JD Power Score |
|---|---|---|
| Allstate | A+ | N/A |
| John Hancock | A+ | 781 |
| MassMutual | A++ | 782 |
| Mutual of Omaha | A+ | 795 |
| Nationwide | A+ | 813 |
| New York Life | A++ | 777 |
| Northwestern Mutual | A++ | 807 |
| Pacific Life | A+ | 801 |
| Prudential | A+ | 753 |
| State Farm | A++ | 822 |
You’ll see above that most of your well-known insurance companies have strong financial strength ratings from A.M. Best. Each of these companies is also highly rated for customer satisfaction, with the exception being Prudential, according to J.D. Power.
Overall, you should feel fairly comfortable choosing any of these providers for term life insurance. That said, the only way to find the most affordable 10-year term life insurance is to get quotes from each company. The same would be said for 20, 25, and 30-year life insurance terms.
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Keep in mind that there are still some life insurance companies that don’t offer 10-year terms. These companies will typically specialize in permanent life insurance options like whole life insurance or universal life insurance. The major difference is that permanent life insurance carries cash value.
In short, 10-year life insurance plan cash-out options aren’t available because there is no cash value with term life insurance. That said, if there is an emergency, many companies offer life insurance riders that allow you to access a portion of your death benefit before you die.
Comparing the Life Insurance Companies That Offer 10-Year Terms
Overall, 10-year term life insurance policies tend to be the most affordable on a month-to-month basis. However, the most affordable 10-year term life insurance will vary based on your age and gender, so it’s important to get quotes from multiple insurance providers.
We hope you enjoyed learning more about life insurance companies that offer 10-year terms. Before you go, be sure to take advantage of our free quote tool below to get instant rates from multiple insurers near you.
Enter your zip code below to view companies that have cheap auto insurance rates.
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Compare Life Insurance Companies That Offer 10-Year Terms (2021)
[su_box title="Important Things to Know" style="default"] Most insurance companies that offer term life insurance will have 10-year term life insurance policies A 10-year term life insurance policy is usually the most affordable for monthly payments Young adults can sometimes purchase 10-year term life insurance policies for under $10 per month [/su_box] Buying life insurance is a...