Best Life Insurance Companies that Offer 10-Year Term Policies [2024]
The best insurance companies that offer 10-year terms tend to specialize in term insurance. Companies like AIG and MassMutual consistently offer competitive 10-year term insurance rates to healthy adults. Your 10-year term insurance rates will vary depending on your policy coverage amount, age, gender, health, and more. You could qualify for rates under $10/month.
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Laura Berry
Former Licensed Insurance Producer
Laura Berry has experience as a licensed producer selling life, health, and property insurance coverage for both Allstate and State Farm. She has dedicated many hours to helping her clients understand the insurance marketplace so they could find the best car, home, and life insurance products for their circumstances. While she currently helps businesses take advantage of the federal R&D tax...
Former Licensed Insurance Producer
UPDATED: Feb 27, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Feb 27, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Many popular life insurance companies offer 10-year term life insurance
- 10-year term life insurance rates will vary by company, age, gender, health, and many other factors
- The best 10-year term life insurance companies will vary depending on how much life insurance coverage you want
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.
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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.
| Age | AIG | Cincinnati | Liberty Mutual | Minnesota Life | North American | Prudential | State Farm |
|---|---|---|---|---|---|---|---|
| 25 | $9.47 | $9.50 | $16.83 | $7.04 | $8.27 | $12.25 | $12.44 |
| 30 | $9.47 | $9.94 | $17.01 | $7.04 | $8.27 | $12.25 | $13.14 |
| 35 | $9.92 | $10.38 | $17.19 | $7.15 | $8.36 | $12.25 | $14.44 |
| 40 | $11.00 | $11.62 | $17.64 | $8.14 | $9.42 | $13.30 | $15.49 |
| 45 | $12.52 | $13.29 | $21.51 | $10.01 | $11.26 | $16.28 | $20.71 |
| 50 | $15.04 | $15.49 | $32.94 | $12.65 | $13.90 | $21.27 | $23.49 |
| 55 | $20.96 | $19.71 | $39.15 | NA | $18.48 | $23.80 | $29.67 |
| 60 | $25.58 | $24.90 | $59.76 | NA | $24.55 | $29.49 | $40.98 |
| 65 | $44.93 | $36.96 | $81.27 | NA | $35.02 | $41.13 | $59.51 |
Read more:
- Liberty Mutual Life Insurance Review
- Minnesota Life Insurance
- MassMutual Life Insurance Review
- Minnesota Life Insurance Review
- Northwestern Mutual Life Insurance Review
- Cincinnati Life Insurance Review
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.
| Company | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| AIG | $10.64 | $11.67 | $14.70 |
| Farmers | $21.77 | $16.85 | $25.18 |
| John Hancock | $9.64 | $12.44 | $18.76 |
| MassMutual | $9.31 | $11.30 | $16.08 |
| Nationwide | $11.75 | $14.69 | $17.80 |
| Prudential | $13.92 | $19.25 | $31.07 |
| State Farm | $15.23 | $21.74 | $30.04 |
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. Compare AIG vs. MassMutual Life Insurance to decide which insurance is best for you.
Read more: AIG vs. North American Life Insurance
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
Read more: Global Life Insurance Company Review
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.
Case Studies: Life Insurance Companies That Offer 10-Year Terms
Case Study 1: InsuraCo – Competitive Rates for Healthy Adults
John, a healthy adult in his early 30s, was looking for a 10-year term life insurance policy that offered competitive rates. After comparing quotes from various companies, he found that InsuraCo consistently offered affordable rates for his desired coverage amount.
With InsuraCo, John was able to secure a 10-year term life insurance policy at a monthly rate under $10, providing him with the financial protection he needed.
Case Study 2: SecureLife – Affordable Options for Short-Term Needs
Sarah, a 40-year-old woman, was seeking a 10-year term life insurance policy to cover her short-term financial needs. She compared rates from different life insurance companies and discovered that SecureLife offered competitive prices for policies with a 10-year term.
Sarah chose SecureLife for its affordability and flexibility, allowing her to protect her loved ones with a budget-friendly option.
Case Study 3: GuardianShield – Tailored Coverage for Specific Needs
Mark, a 50-year-old individual with specific coverage requirements, wanted a 10-year term life insurance policy that addressed his unique circumstances. After researching various options, Mark found GuardianShield, which specialized in providing customized coverage.
With GuardianShield, Mark was able to personalize his policy based on his age, health, and coverage amount, ensuring comprehensive protection for the next 10 years.
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.
Frequently Asked Questions
What are the best insurance companies that offer 10-year term policies?
There are several reputable insurance companies that offer 10-year term policies. While the “best” company can vary depending on individual needs and preferences, here are some well-regarded options:
- Prudential: Prudential is a highly regarded insurer known for its financial stability and competitive rates. They offer 10-year term policies with flexible coverage options.
- Banner : Banner Insurance, a subsidiary of Legal & General America, is known for its strong financial ratings and affordable premiums. They provide 10-year term policies with options for conversion to permanent insurance.
- AIG Direct: AIG Direct offers a range of insurance options, including 10-year term policies. They are known for their simplified underwriting process, making it easier to obtain coverage.
- Pacific : Pacific Insurance Company is well-regarded for its financial strength and customer service. They offer 10-year term policies with customizable options to suit different needs.
- Mutual of Omaha: Mutual of Omaha is a respected insurer with a long-standing history. They offer 10-year term policies with competitive rates and a variety of optional riders.
How do I choose the best insurance company for a 10-year term policy?
When choosing the best insurance company for a 10-year term policy, consider the following factors:
- Financial stability: Look for insurers with strong financial ratings from reputable rating agencies. This indicates their ability to fulfill claims and maintain stability over the policy’s term.
- Policy features: Evaluate the coverage options, benefits, and riders offered by different companies. Ensure they align with your specific needs, such as accelerated death benefit riders or conversion options.
- Premium rates: Obtain quotes from multiple companies and compare premium rates. Keep in mind that the cheapest option may not always be the best, as financial stability and customer service are also crucial considerations.
- Customer service: Research the company’s reputation for customer service and claims handling. Read reviews and consider reaching out to their customer support to gauge their responsiveness and professionalism.
- Underwriting process: Consider the ease and efficiency of the company’s underwriting process. Some insurers offer simplified underwriting, which can make it quicker and more convenient to secure coverage.
Can I convert a 10-year term policy to a permanent insurance policy?
Yes, many insurance companies allow policyholders to convert their 10-year term policies to permanent insurance policies. However, the conversion options and terms may vary between insurers. It’s important to review the policy contract or consult with your insurance agent to understand the conversion options available to you.
What happens if I outlive my 10-year term policy?
If you outlive your 10-year term policy, the coverage will typically expire, and the policy will terminate. At this point, you will no longer have insurance coverage from that policy. However, some insurers may offer renewal or conversion options, allowing you to extend or convert the policy into a permanent insurance policy, subject to the terms and conditions of the specific policy and the insurer’s guidelines. It’s important to review your policy contract or discuss your options with your insurance provider.
Can I renew a 10-year term policy after it expires?
Generally, 10-year term policies do not have a renewal provision. Once the policy reaches its expiration date, the coverage terminates, and you will no longer have insurance protection under that policy. If you still need coverage, you may need to apply for a new insurance policy, taking into account your current age, health, and any changes in your circumstances. It’s advisable to start exploring new policy options before your existing policy expires to ensure continuous coverage.
Your life insurance quotes are always free.
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Laura Berry
Former Licensed Insurance Producer
Laura Berry has experience as a licensed producer selling life, health, and property insurance coverage for both Allstate and State Farm. She has dedicated many hours to helping her clients understand the insurance marketplace so they could find the best car, home, and life insurance products for their circumstances. While she currently helps businesses take advantage of the federal R&D tax...
Former Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
