The Average Rate for a 10-Year Term Life Insurance Policy

You may be surprised to find that similar term life insurance plans can have drastically different costs from one insurance provider to another. At SelectQuote, we can help you better understand how the average rate for a 10-year term life insurance policy is calculated and compare coverage and rates from some of the most trusted companies in the industry in just minutes.

What are life insurance premiums based on?

Life insurance companies typically base their premiums on factors like:

  • Gender
  • Age
  • General health
  • Unhealthy habits, such as smoking and drinking.

Additionally, some life insurance calculators may ask for information about your hobbies, where you live, family health history, or even your driving record. The type of policy, policy length and benefit amount will also impact the cost of your life insurance policy. For example, a 20- or 30- year term life insurance policy will likely cost more than a 10-year term life insurance policy of the same benefit amount.

How much does a 10-year term life insurance policy cost?

Life insurance policies and rates depend on highly individual factors that make up your “risk profile” in the eyes of insurance companies, making it difficult to determine an “average” 10-year life insurance rate. Don’t be put off by the high-dollar amounts of coverage available, though, as for many people, life insurance can be surprisingly affordable.

The younger and healthier you are, the more likely you’ll be able to find a lower 10-year life insurance rate. And because the price of life insurance increases every year as you age, the best time to buy life insurance is always right now.

We can help you find accurate coverage and rate comparisons in just minutes from some of the most trusted insurance companies. Let us help you determine if a 10-year life insurance policy is the right fit for you.

Can I change my policy later?

Life changes frequently, as do your needs. After buying a 10-year life insurance policy, there may come a time where you find yourself wondering whether that policy is still a good fit for you and your family. Maybe you’ve improved your health by lowering your blood pressure or made another positive lifestyle change such as quit smoking. Or maybe you noticed that life insurance policy prices have been decreasing. The good news is that you don’t have to be locked into the rate you originally purchased if there’s a lower price available to you.

It’s always a good idea to compare your coverage with what else is available. We’re ready to help you reshop your rates at any time to make sure you’re still receiving the coverage you need at a price you can afford.

Let SelectQuote Help

Buying life insurance can be one of the most important decisions you’ll make to protect your family’s financial future. We have helped millions of families find the coverage they need at a rate they can afford and we can help you compare coverage and rates from some of the most trusted insurance companies in America in just minutes.

We do the shopping. You do the saving.