10-Year Term Life Insurance: Low-Cost Protection
10-year term life insurance gives you a fixed premium and a guaranteed death benefit for 10 years. It’s the lowest-cost term length for most people, which makes it ideal for covering a specific, shorter-term need: the last decade of a mortgage, the years until retirement, or a business loan.
Here’s what a 10-year term policy costs, who it’s best for, and what happens when the term ends.
Key takeaways
- 10-year term life insurance has the lowest monthly premium of any common term length.
- Your premium and death benefit stay level for the full 10 years.
- It’s best for shorter needs, like a mortgage nearing payoff or the gap before retirement.
- Many carriers offer 10-year terms to applicants up to about age 80.
10-year term life insurance rates by age
| Age | Men | Women |
|---|---|---|
| 30 | $14–$22 | $12–$18 |
| 40 | $22–$34 | $18–$28 |
| 50 | $52–$77 | $42–$63 |
| 60 | $140–$207 | $115–$170 |
| 65 | $250–$369 | $205–$303 |
| 70 | $459–$675 | $376–$554 |
Compare 10-, 20-, and 30-year rates side by side with the term life insurance calculator.
Who is 10-year term life insurance best for?
- Homeowners near payoff who want the last 10 years of the mortgage covered.
- Adults in their 50s and 60s bridging the gap until retirement savings, pensions, or Social Security can support a spouse.
- Parents of teenagers who need coverage until their children finish college.
- Business owners covering a loan or a buy-sell agreement with a set end date.
- Anyone adding a layer of extra coverage on top of a longer policy during a high-expense decade.
Benefits of a 10-year term policy
- Lowest premium. You pay less each month than for a 20- or 30-year term.
- Fixed for 10 years. Your price can’t rise during the term.
- Available at older ages. Many carriers offer it well into your 70s.
- Tax-free benefit. Beneficiaries generally receive the death benefit free of federal income tax, according to the IRS.
What happens after 10 years?
When the term ends, your coverage stops unless you take action. Most policies let you renew annually without a new exam, but premiums rise sharply each year. Many also let you convert to permanent coverage before a set age. The NAIC recommends checking renewal and conversion terms before you buy. If you think you’ll still need coverage in 10 years, a 15- or 20-year term often costs less overall. Learn more about what happens if you outlive your term policy.
10-year vs. 20-year vs. 30-year term
| Age 40, $500,000 | Men | Women |
|---|---|---|
| 10-year term | $22–$34 | $18–$28 |
| 20-year term | $31–$47 | $25–$38 |
| 30-year term | $48–$72 | $39–$59 |
A 10-year term saves money each month, but if your need lasts longer, buying a new policy at an older age will cost more. Choose the term that matches your longest obligation. See 20-year term life insurance and 30-year term life insurance.
How much 10-year coverage do you need?
Size a 10-year policy to the obligations that will still exist over the next decade: the remaining mortgage balance, any loans, the income your spouse would lose before retirement, and final expenses. Subtract savings that would be available. Our life insurance calculator can help you total it up.
Using a 10-year term in a ladder
A 10-year policy works well as one rung of a ladder. For example, a family might pair $500,000 of 20-year term with $250,000 of 10-year term. Coverage is highest during the next decade, when the mortgage and childcare costs are largest, then steps down automatically. The combined cost is often less than buying $750,000 of 20-year coverage.
10-year term life insurance FAQs
How much is a 10-year term life insurance policy?
In our model, a healthy 40-year-old man might pay about $22 to $34 a month for $500,000 of 10-year coverage. At 60, it runs about $140 to $207 a month.
Can I get 10-year term life insurance at 70?
Yes. Many carriers offer 10-year term policies to healthy applicants into their 70s, and some up to about age 80.
Is 10-year term better than 20-year term?
It’s cheaper, but only better if your need lasts about 10 years. If you need coverage longer, a 20-year term usually costs less than buying a second policy later.
Can I renew a 10-year term policy?
Many policies can be renewed year to year without a new exam, but at much higher premiums. Some can also be converted to permanent coverage.