Is a 10-year term life insurance policy right for you?

As you begin to shop for life insurance, there are several factors to keep in mind. Cost, income, age, family makeup, current financial responsibilities and future plans will all have an impact on determining the best policy for you and your family. Let SelectQuote help you decide whether a 10-year term life insurance policy or a different length is the right fit.

A woman reads on her phone why term life insurance is the best fit for her and her needs

Why term life insurance?

Overall, term life insurance tends to be the most popular type of life insurance. With term insurance, you can choose the term, or length, of your policy, so you only buy it for as long as you need it. For this reason, it’s also the most affordable way to protect your family’s financial security.

In addition to being the more affordable option, term life insurance tends to be more popular due to the simplicity of coverage that can also meet many, if not all, of your needs. One length option for term life insurance coverage is a 10-year policy, though typical term lengths are 10, 15, 20, 25 and 30 years.

At SelectQuote, we understand that everyone’s circumstances and needs are different when it comes to life insurance. That’s why we’re committed to helping you find the policy that’s the best fit for you. We can help you first decide between the two most popular types of life insurance— term life and permanent life insurance—but then we can help you decide what term length, coverage amount and more are right for you and your family.

Consider a 10-year Term Life Insurance Policy

Although there are many different lengths available when it comes to buying term life insurance, your personal needs can help determine which term length is right for you. A 10-year term life insurance policy may be best for people with older children or those who are planning to retire in the next decade. A longer term length, such as a 20- or 30-year term, would likely be more beneficial for a family with very young children.

Because life insurance policies should last the length of your longest financial obligation, it’s helpful to take a look at the financial priorities on your horizon. Generally, people who buy 10-year life insurance policies are in their 40s and 50s and their financial priorities often include:

  • Getting kids through college
  • Paying off a mortgage
  • Focusing on reaching retirement age and lifestyle

Are any of these included in your plans within the next 10 years? If so, a 10-year term life insurance policy could potentially be a good fit for you.

How much coverage do I need?

Life insurance policies come in many shapes and sizes to meet everyone’s unique life insurance needs. As you begin to shop around for life insurance, you may be surprised at the variety of options available.

A good place to start is by taking a financial inventory, thinking about both your current situation and any future plans and goals. Then, you can use our term life insurance calculator to help you determine what might be the right amount for your situation. If you find that a 10-year life insurance policy might be the best fit for you, we can help you weigh all your options and compare both coverage and rates available to you. Keep in mind that both coverage availability and premium amounts often vary based on a number of individual factors.

Learn more about the average 10-year term life insurance rates.

Find the Right Coverage for You with SelectQuote

Thanks to SelectQuote, you don’t have to feel overwhelmed by the process of shopping for life insurance. While it’s important to compare rates and coverage, we can help you through the entire process. We work with some of the most trusted insurance companies in the industry, and we can return multiple quotes to you in just minutes. Together, we can find the policy that meets your needs, goals and budget.

We do the shopping. You do the saving.