Best Life Insurance Companies that Offer 10-Year Term Policies [2023]

Life insurance companies that offer 10-year terms could be helpful for someone looking for the cheapest term life insurance quotes. For many people, the monthly price is the most important factor when buying insurance.

Nobody wants to overpay on life insurance. We’ll help by helping you identify the best 10-year term life insurance, breaking down term life insurance rates by age, and covering the best term life insurance companies.

Ready to learn more about the life insurance companies that offer 10-year terms? We’ll cover that in the sections below. For now, enter your ZIP code into free quote tool above to get rates from top insurers in minutes.

Life Insurance Companies That Offer 10-Year Terms

Life insurance companies each have a specialty when it comes to the products they offer. Some life insurance companies are well-known for term life insurance while others are known for permanent life insurance.

The companies that don’t offer 10-year term life insurance probably don’t offer term life insurance at all. Term life insurance is the most common option and it tends to come in different term lengths. Many companies offer 10-, 20-, or 30-year term options.

What is a 10-year term life policy?

A 10-year term life insurance policy is a normal term life insurance policy that has an agreement between the policyholder and the insurer. In short, the policyholder will pay a specified monthly amount for a specific death benefit.

For example, you might pay $15 per month over the course of 10 years for a policy worth $250,000. If you died before those 10 years had passed, your beneficiaries would receive the $250,000 as long as you were current on payments.

Why choose a 10-year policy?

It’s hard to commit to anything for 30 years. Life changes, and nobody wants to be locked into a policy that they no longer wish to have. This is just one reason why a 10-year life insurance policy could be desirable.

Beyond long-term commitment, a 10-year term life insurance policy can often be more affordable from a monthly standpoint. That said, it comes with a small asterisk.

A 10-year policy is cheaper, but if you outlive that policy and want to renew your coverage, you’ll need to undergo the underwriting procedure again and will probably pay a significant amount more moving forward.

Basically, a 10-year term life insurance policy is better for short-term financial needs while a 30-year term life insurance policy would probably be better long-term.

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How much does 10-year term life insurance cost?

Term life insurance rates can vary greatly based on many factors. The easiest to predict are age, gender, and smoking status. Your health, hobbies, and even your job also play a factor in your life insurance rates.

As you can see above, the prices for 10-year term life insurance can vary quite a bit from company to company. There are a handful of life insurance companies that offer insurance under $10 per month while some start closer to $20.

The sample rates above are just an example of the rates you could qualify for as a healthy, non-smoking woman. Again, other factors like your health, job, and hobbies could influence those rates.

Rates vary based on policy coverage with most policies becoming more expensive as you increase your coverage amount. Some companies weigh policy coverage more than others.

For example, MassMutual is cheaper than AIG for $100,000’s worth of coverage in the example above; however, AIG is the cheaper option for a $500,000 policy. This makes it hard to guarantee which company will be the cheapest.

What are the term life insurance company ratings?

Since most companies offer 10-year term life insurance policies, you’ll want to account for price and ratings, at a minimum. Most importantly, life insurance company ratings help indicate their ability to pay out your death benefit when the time comes.

These ratings fluctuate regularly as the rating agencies perform audits, so you’ll want to look into them one-by-one as you determine which companies fit into your budget.

According to J.D. Power, the top-rated life insurance companies for customer satisfaction are listed in order below:

• State Farm
• Globe Life
• Nationwide
• Northwestern Mutual
• Mutual of Omaha
• New York Life
• Pacific Life
• MetLife
• Principal Financial
• MassMutual

Any of the above companies could be worth looking into. It would be a good idea to double-check their A.M. Best ratings to be sure they are financially stable before you commit to a life insurance policy.

An unstable company might have problems with your 10-year life insurance policy cash out if they don’t have the means to cover your policy amount.

Life Insurance Companies That Offer 10-Year Terms: The Bottom Line

Most life insurance companies offer 10-year terms but prices will vary based on age, gender, and the policy amount. It’s important to compare rates from respectable life insurance providers.

By now, you should have a better understanding of the life insurance companies that offer 10-year terms. Before you go, be sure to use our free quote tool below to get instant rates from top providers near you.

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