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Term life insurance can ease the financial burden on your family when you’re gone for as low as $15 a month. You’ll find coverage amounts from $20,000 to $10 million. The best term life insurance policy covers everything you pay for now and can expect to pay for in the future, from everyday expenses to a mortgage or college tuition.
To help you compare, our life insurance experts spent over 500 hours researching 100+ companies, highlighting the top options for the coverage, term length and riders you may need.
Get free term life insurance quotes online starting at $15 per month.
The average term life policy costs $70.61 a month with a 20-year, $250,000 policy for a healthy person between ages 18 to 70. We compared quotes across over a dozen companies to give you an idea of your rates:
| Age | Man | Woman |
|---|---|---|
| 20 | $16.28 | $13.48 |
| 25 | $15.46 | $13.66 |
| 30 | $15.98 | $13.98 |
| 35 | $16.92 | $14.90 |
| 40 | $21.71 | $19.04 |
| 45 | $31.02 | $26.43 |
| 50 | $46.35 | $37.32 |
| 55 | $72.07 | $54.54 |
| 60 | $127.79 | $92.12 |
| 65 | $240.93 | $162.59 |
| 70 | $407.14 | $366.25 |
Your premium may differ from this cost table based on your age, coverage and health factors.
Follow these steps to find the right term life policy from a strong company:
The amount of term life coverage you need depends on your annual income, assets and responsibilities, which is similar to buying other types of life insurance.
You can buy term life insurance with death benefits valued anywhere from $10,000 to $10 million. General steps for deciding how much coverage:
Term life insurance is the best choice for most people in the market for life insurance. It offers temporary coverage for the years you need it most, like when you’re paying off a mortgage or raising children. It works to replace your income and help your family financially if you die.
Thanks to its affordable, fixed premiums, it’s easier to fit life insurance in your budget more easily than other policy types.
The rule of thumb is to choose a term length that matches your longest financial responsibility, like your mortgage or kids’ college tuition.
Common term lengths are 20 or 30 years, but you may choose a different term based on:
Term life insurance offers protection for a set time like 30 years. If you die during your term, your loved ones get a one-time payment, called the guaranteed death benefit.
The process looks like this:
Watch our video to find out the basics in under two minutes.
Term life is the simplest and cheapest form of life insurance, a solid fit if you:
Guide to buying life insurance
Most insurers offer the following riders for a fee, but whether you can add riders depends on the company.
Types of riders you might see:
You can find several types of term life insurance to help you customize the payments or coverage:
Yes, many insurers offer term life policies that don’t require a medical exam, some with instant approvals. But no-exam policies may cost more than other policies.
Most no-exam policies also cap coverage at $100,000, compared to standard policies that go up to $10 million.
When your term is up, you no longer have any life insurance coverage. Your options at this point include:
For most people, term life insurance is enough to offer peace of mind and financial security for your family for a set time.
However, permanent policies like whole life or universal life build cash value through investments that you can withdraw from.
These policies are more expensive than term life, but are ideal if you have long-term financial goals and want your policy to be a cash asset.
Compare term vs whole life insurance
Term life insurance offers predictable payments and protection for a set period of time. But it doesn’t offer cash growth, so your loved ones won’t get any money if you outlive your term.
If you’re ready to purchase a policy to protect your family, take the time to compare life insurance companies to find the right one.
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