Term Life Insurance
The cost of your term life insurance will depend on your age, gender, medical history, and the term length you select for your policy. Learn how life insurance companies set their rates and how to find the right policy for your needs and budget.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Jul 7, 2023
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.
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: Jul 7, 2023
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
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- You can quickly get free term life insurance quotes online
- You can compare term quotes for 10, 15, 20, 25, or 30-year policies from most companies
- Term life insurance quotes are an average of costs in your area, but your rates can vary based on your medical history, occupation, and more
Term life insurance is the most basic and least expensive type of policy you can buy. It provides protection for a specified period or “term,” and you can purchase a policy for 10, 15, 20, 25, or 30-year terms.
If you’re unsure how long you need a policy, you can shop for term life insurance quotes to see which policy length fits your budget. Read our article on how to buy term life insurance to learn more.
What is a term life insurance quote? Term quotes are not a guarantee of coverage or price. They are simply an estimate of both. Instead, think of your life insurance quotes as an average of what similar policyholders in your area pay for coverage.
Your life insurance company ultimately uses your medical history and rating class to determine your term life insurance rates. Every company rates medical conditions differently, and shopping for multiple-term life insurance policy quotes online can help you narrow down your costs and better negotiate with an agent when buying a policy. Read “How is My Term Life Insurance Rate Determined?” to learn more.
Read on to learn what goes into determining your term life insurance quotes and where you can get instant term life quotes online. We cover quotes for different term lengths and discuss how your age, gender, occupation, and medical history all impact your term life insurance rates.
Can I get term life insurance quotes online?
Yes, you can easily compare term life insurance quotes online. There are free term life insurance quote comparison tools on websites like this one, term life insurance calculators, or you can go to most life insurance company websites to get free quotes.
You will have to complete an online application to get your insurance quotes. The application will typically ask generic questions about your age, gender, occupation, and policy preferences.
These variables impact how much you pay for life insurance and can give you an idea of how much a policy costs. This table shows how varied monthly term life insurance costs are based on age, gender, and coverage level:
| Age and Gender | $100,000 Policy 10-Year Term | $100,000 Policy 20-Year Term | $250,000 Policy 10-Year Term | $250,000 Policy 20-Year Term | $500,000 Policy 10-Year Term | $500,000 Policy 20-Year Term |
|---|---|---|---|---|---|---|
| 25-Year-Old Male | $11 | $14 | $12 | $23 | $23 | $35 |
| 25-Year-Old Female | $10 | $13 | $13 | $19 | $19 | $27 |
| 30-Year-Old Male | $11 | $15 | $15 | $25 | $24 | $37 |
| 30-Year-Old Female | $10 | $13 | $13 | $20 | $19 | $30 |
| 35-Year-Old Male | $11 | $18 | $15 | $26 | $24 | $40 |
| 35-Year-Old Female | $10 | $15 | $13 | $22 | $19 | $32 |
| 40-Year-Old Male | $13 | $21 | $18 | $34 | $29 | $55 |
| 40-Year-Old Female | $11 | $19 | $15 | $28 | $24 | $46 |
| 45-Year-Old Male | $15 | $27 | $22 | $45 | $36 | $79 |
| 45-Year-Old Female | $13 | $23 | $20 | $37 | $33 | $66 |
| 50-Year-Old Male | $19 | $36 | $30 | $69 | $54 | $126 |
| 50-Year-Old Female | $17 | $29 | $27 | $55 | $47 | $97 |
As you can see, term life coverage is more expensive the older you are when you apply for a policy. Your quotes will also increase if you need a higher coverage level. However, your term life online quotes may differ greatly from the final offer the insurer makes based on your medical history.
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Can I get term life quotes online with no exam?
When requesting quotes, you might be given two options — term life quotes with a medical exam or term life quotes with no medical exam. Based on your age, gender, and health history, many insurers require a medical exam before approving your application.
However, some companies offer no medical exam life insurance. If your insurer doesn’t require a medical exam, it will automatically assume you are at higher risk and charge higher life insurance rates accordingly.
Getting a quote for term life insurance online with no exam may seem more convenient. Still, if you don’t have any medical conditions that keep you from getting coverage, you should probably consider a traditional policy. The time it will take to get your medical exam could save you hundreds of dollars per year on term life insurance.
What information do I need to compare term life insurance online quotes?
Generally, life insurance quotes are merely estimates as a wide variety of factors affect your individual rates. Let’s take a look at a few of these factors:
- Gender. Females pay less per month for life insurance than males. Read this article, “Women vs. Men: Term Life Insurance Rates” to learn more.
- Age. Life insurance rates by age vary. Rates start to rise around your late-20s to mid-30s and increase more rapidly as you enter your 50s and 60s.
- Height/Weight. Each company has its own build table or thresholds for the weight it will allow for each rating class.
- Tobacco use. Smoking or vaping will result in a tobacco rating class and a significantly higher policy cost.
- Medical history. You can get term life insurance with heart disease, but it may be more costly. Also, if your family has a history of cardiovascular disease or high blood pressure, you can expect to pay more for life insurance.
- Occupation. There are some jobs that could raise your life insurance premium. If you have a dangerous occupation like a logger, steel/ironworker, or police officer, your term life quotes will be higher.
Each of these variables impacts your life insurance rating class. Companies use life insurance rating classes to calculate their quotes. The better rating classes with cheaper rates are reserved for lower-risk people, including those who don’t smoke and have a safe occupation.
Here are some examples of rating classes and what they mean:
Term Life Rating Class What it Means
Super Preferred Excellent health w/no major medical conditions
Preferred Very good health w/some minor medical conditions
Standard Plus Good health w/some moderate medical conditions
Standard Average health w/some medical conditions
Substandard Poor health w/some major medical conditions
The difference between rating classes can range from 20-30%, and you can significantly reduce your term life quotes by quitting smoking, maintaining a healthy weight, and applying for a policy before you turn 40.
What is the difference between term life quotes and term life insurance rates?
One of the biggest misconceptions about term quotes is that the quoted rates are the actual rates you will pay for the policy. While most people do end up with the same rates, in the end, this is not always the case.
Common reasons you may receive different rates from term life insurance companies than you were quoted include:
- The company discovered something during underwriting that was not disclosed or known at the time of the quote. You never want to get caught lying on a life insurance application.
- The insurer updated its pricing after you obtained your quote but before you completed your application.
- You had a birthday or other lifestyle change before completing your application.
Sometimes an error or typo can occur when you’re filling out the online application, which can drastically change your life insurance rates. It would be best if you didn’t consider any quotes as the final cost until you have your policy.
Term life insurance quotes can only help you estimate the rating class the insurer may approve your application for. Ultimately, it is entirely up to the life insurance underwriting process to determine your final rating class. So, if you’d like to learn more about rating classes and insurance pricing, do your research and shop around to compare term life insurance options. Read more about life insurance underwriting guidelines in this article.
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Is term life insurance worth getting?
Depending on your family’s needs, it can be worth getting quotes for term insurance. Term life is a type of policy that covers you for a period of time, up to 30 years with some companies. If you only need coverage for a set amount of time, term life insurance is worth buying as it has cheaper rates than whole life insurance.
For example, term life insurance is economical for young families or individuals who just bought a home, as they can set the terms of the policy to match that of their mortgage. This will protect their family and investment should they die before the term ends.
As opposed to other types of life insurance, such as whole vs. universal life Insurance, term life does not build cash value and will expire. Therefore, if you have a 401(k) or another retirement plan, you may not need a permanent life policy, making term life a more affordable option.
However, term life insurance will only pay out a benefit if you die during the policy term. If you outlive your policy, you will not receive any benefits or refunds unless you buy return of premium life insurance. Return of premium add-ons will raise your life insurance rates, so shop for multiple term life quotes if you’re interested in this kind of policy.
Case Studies: Examples of Term Life Insurance Scenarios
Case Study 1: John’s Term Life Insurance
John, a 35-year-old male with no significant health issues, was looking for an affordable life insurance policy to protect his family.
He compared term life insurance quotes online and found that a 20-year term policy offered the right coverage at a reasonable price. By shopping around and comparing multiple quotes, John was able to find a policy that fit his needs and budget.
Case Study 2: Sarah’s No Medical Exam Term Life Insurance
Sarah, a 45-year-old female with a busy schedule, was interested in getting life insurance but didn’t want to go through the hassle of a medical exam. She explored her options and found a reputable insurance company that offered no medical exam term life insurance.
Although the rates were slightly higher compared to policies with a medical exam, Sarah valued the convenience and time-saving aspect of the no-exam option.
Case Study 3: Mark’s Rating Class Improvement
Mark, a 50-year-old male, was a smoker and overweight. He wanted to secure life insurance coverage but was concerned about the impact of his lifestyle choices on the rates. Mark decided to make positive changes by quitting smoking and adopting a healthier lifestyle before applying for a policy.
After six months of being smoke-free and maintaining a healthy weight, Mark reapplied for term life insurance. His improved health allowed him to qualify for a better rating class, significantly reducing his quotes.
How can I save money with term life insurance quotes?
Life insurance quotes are not a guarantee that you will be approved for a policy, nor is it a promise of the cost of the policy. However, shopping for free term life insurance quotes from multiple companies will allow you to compare policies. You can read about 5 ways to get term life insurance quotes in this article.
After comparing quotes for each term length, you may find that coverage from one insurer is less expensive than the same amount of coverage from another reputable insurer.
Comparing term life insurance quotes will also give you a chance to consider your annual rates. For example, most companies offer discounts to policyholders who pay their rates in full, so we recommend shopping with at least three different companies to find the best quotes for your term life policy.
Frequently Asked Questions
What is term life insurance?
Term life insurance is a type of life insurance policy that provides coverage for a specific period, known as the term. If the policyholder passes away during the term, the designated beneficiaries receive a death benefit payout. Unlike permanent life insurance, such as whole life or universal life, term life insurance does not accumulate cash value and is typically purchased for a set number of years.
How does term life insurance work?
Term life insurance works by offering coverage for a predetermined period, usually ranging from 5 to 30 years. The policyholder pays regular premiums during the term, and if they pass away within that period, the beneficiaries receive the death benefit. However, if the policyholder outlives the term, the coverage expires, and there is no payout or refund of premiums.
Who should consider getting term life insurance?
Term life insurance is suitable for individuals who have specific financial obligations or dependents to protect for a defined period. It is often recommended for people who want coverage during their working years, to replace income, pay off debts (e.g., mortgage), fund children’s education, or provide for their family’s financial stability if they were to pass away prematurely. It can also be an affordable option for those who require a higher coverage amount within a limited budget.
How much term life insurance coverage do I need?
The amount of term life insurance coverage you need depends on your individual circumstances, such as your financial obligations, income, and the needs of your dependents. As a general guideline, it’s often recommended to have coverage that is 5-10 times your annual income. However, it’s best to assess your specific needs with the help of a financial advisor or insurance professional who can consider all relevant factors.
Can I convert my term life insurance policy into permanent life insurance?
Many term life insurance policies offer a conversion option, which allows you to convert the policy into a permanent life insurance policy without the need for a new medical exam or underwriting. The conversion typically needs to occur within a specific timeframe, known as the conversion period, and the resulting permanent policy may have higher premiums. It’s important to review your policy terms or consult your insurance provider to understand the conversion options available to you.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
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.
