Term Life Insurance Plans

Eric Van Haaften Jan 29, 2026 Term Life Insurance

Are you searching for the proper term life insurance plan for your family, but don’t know where to start or what options are available? Look no further!

We will discuss term life insurance, how it functions, and which plan best protects your family.

Whether you already have a policy or are just starting to evaluate coverage, our informative article will help you understand all aspects of this protection.

What is Term Life Insurance?

A term life insurance policy is basically a deal between you and the life insurance company. If you pass away, they promise to pay a lump sum to your beneficiaries.

Most people think of term coverage as pure life insurance because it has no cash value or investment component.

It’s good to know that term life insurance pays out a death benefit for any cause of death, whether accidental or due to illness, as long as the policy is in force.

The only exception is that if you commit suicide within the first two years of coverage, no death benefits will be paid out.

How does term life insurance work?

Term life insurance is popular among younger buyers and those with limited disposable income because it is affordable and easy to understand.

When you purchase term insurance, your premium is based on your health, the length of coverage (ranging from 10 to 40 years), and the chosen death benefit.

Once your policy is approved, your loved ones will be assured of a tax-free death benefit.

According to US News, your beneficiaries can choose to receive the proceeds in a lump sum or a series of payments and can spend the money as they see fit.

What happens when term life insurance ends?

When your term period ends, your coverage ends unless you have options to renew or convert it.

We encourage buyers to choose a term length that matches their expected coverage needs, as renewal rates increase each year after the initial term.

Fortunately, our policies offer a conversion option, allowing you to switch to more expensive permanent coverage without undergoing a new health examination.

If you need coverage but don’t want to convert your current policy, you will simply need to get new term life insurance. Please note that your premiums will be influenced by your current age and health, which may result in higher rates.

Comparing Term Life Insurance Plans

The most significant decision you’ll face when selecting insurance is determining the duration of your coverage, referred to as your “term.”

We strongly recommend level-term policies, as they provide the stability of consistent payments and coverage that remain unchanged throughout the policy’s term.

Let’s explore the most common term lengths, how each option could seamlessly integrate into your life, and the protection it provides for your family.

Term Life Insurance for 10 Years

A 10-year term policy is the most economical type of life insurance coverage, providing maximum coverage at a minimal cost for a decade.

We primarily sell these term policies to clients looking to protect shorter-term commitments, such as business loans, debt consolidation, or education funding.

Last month, we helped a 45-year-old business owner secure a $500,000 policy to cover a business loan. During her loan repayment period, she needed coverage for ten years, which only cost $24 per month.

You’ll be happy to know that this type of coverage is widely offered by many companies for applicants up to age 80, making it one of the easiest policy options to find!

10-Year Term Life Quotes for Men

	$250k	$500k	$1mm
45	18	28	44
50	24	41	69
55	38	67	120
60	58	108	190
65	97	181	348

10-Year Term Life Quotes for Women

	$250k	$500k	$1mm
45	16	24	38
50	22	33	57
55	36	51	89
60	51	73	143
65	88	120	220

Term Life Insurance for 15 Years

A 15-year term gives you a bit more breathing room, offering guaranteed death benefits and level premiums for fifteen years.

It’s a great choice for those in their 40s and 50s managing various financial obligations, such as paying off a mortgage, handling short-term debt, and ensuring their family’s security while raising children.

We partner with many reputable insurers that typically offer these term insurance plans until you reach age 75.

15-Year Term Life Insurance Costs for Men

	$250k	$500k	$1mm
45	22	35	63
50	37	54	160
55	45	86	182
60	67	127	243
65	114	256	471

15-Year Term Life Insurance Costs for Women

	$250k	$500k	$1mm
45	19	29	49
50	24	41	73
55	35	60	109
60	51	93	178
65	87	165	304

Term Life Insurance for 20 Years

This is the sweet spot for many families. It’s long enough to cover major life milestones—raising kids, paying off a big chunk of your mortgage, or reaching retirement.

In fact, the 20-year term insurance plan is one of our most popular product offerings. Industry statistics from Forbes support this, noting that over 40% of term insurance buyers choose this plan.

This policy offers guaranteed premiums and reliable coverage for two decades, ideal for long-term planning.

We offer solid 20-year coverage options for individuals up to age 70 through trusted insurance providers.

20-Year Term Insurance Rates for Men

	$250k	$500k	$1mm
45	27	46	85
50	39	70	128
55	60	112	213
60	103	197	373
65	188	375	739

20-Year Term Insurance Rates for Women

	$250k	$500k	$1mm
45	22	37	66
50	32	55	96
55	45	84	157
60	75	139	262
65	131	255	475

Term Life Insurance for 25 Years

A 25-year term life insurance policy protects your loved ones for a quarter century and at a price that won’t keep you up at night.

It’s ideal for those with extended financial commitments, such as mortgage protection, or parents who want to secure their children’s future into adulthood.

The best part? You’ve got many options. While several insurance carriers offer these policies, we often recommend Transamerica because they’re more flexible with age requirements – you can apply until age 65.

25-Year Term Life Prices for Men

	$250k	$500k	$1mm
45	38	65	121
50	58	104	200
55	98	187	332
60	200	382	679
65	347	660	1,277

25-Year Term Life Prices for Women

	$250k	$500k	$1mm
45	30	50	92
50	45	78	149
55	69	129	244
60	147	266	508
65	131	542	1,067

Term Life Insurance for 30 Years

A 30-year term life plan is one of our most popular choices for younger and middle-aged clients. Why? Because you lock in one predictable rate that won’t change for three decades.

This coverage safeguards you during your prime earning years, offering protection when it matters most. Whether you want to protect your income, cover mortgage payments, or secure your children’s education.

For instance, we recently sold a $250,0000 term plan to a 55-year-old male client for just $118 a month to protect his mortgage, ensuring his family wouldn’t have to worry about losing their home.

If you’re middle-aged and considering a 30-year term, submit your application before you turn 56 to ensure eligibility.

30-Year Term Insurance Costs for Men

	$250k	$500k	$1mm
35	24	36	64
40	29	51	143
45	43	77	151
50	69	124	226
55	118	226	443

30-Year Term Insurance Costs for Women

	$250k	$500k	$1mm
35	20	30	52
40	25	40	73
45	35	59	113
50	58	96	177
55	82	54	298

Term Life Insurance for 40 Years

Yes, a 40-year term plan does exist! They’re not for everyone, but they can be a lifesaver for people who want coverage as long as possible.

With premiums guaranteed for four decades, 40-year term life insurance provides a lasting layer of protection, no matter what happens in the years ahead.

Forty-year policies are perfect for young individuals who want comprehensive protection without a permanent plan’s financial commitment.

Younger buyers who choose term coverage and invest the premium savings from whole life insurance may see better long-term returns—but only if they stick to their investment plan and avoid spending the difference.

For those exploring insurance options, it’s worth noting that only Banner and Protective Life offer 40-year term plans.

Due to the extended duration, policies are available only to non-smokers aged 45 or younger and to smokers aged 40 or younger.

40-Year Term Insurance Rates for Males

	$250k	$500k	$1mm
25	25	43	73
30	30	54	102
35	37	70	134
40	61	113	219
45	96	186	365

40-Year Term Insurance Rates for Females

	$250k	$500k	$1mm
25	21	34	58
30	23	39	72
35	29	52	92
40	49	90	174
45	77	46	285

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Tips for Buying Term Life Insurance

Term life insurance isn’t fancy, but that’s the point. It’s reliable, affordable, and designed to protect the people who matter most to you.

Let’s figure out the right coverage for you. As your independent insurance agents, we’re here to walk you through it, step by step.

First, we’ll work together to decide how much coverage makes sense—taking into account your income, debts, and what you want for your family’s future.

A good rule of thumb is 7 to 10 times your yearly income, but we’ll tweak that number to fit your life.

How long you need the coverage is just as important as how much. We’ll help you match the term to your biggest responsibilities—like a mortgage or kids in college.

Instead of buying one large policy, some people “ladder” multiple term policies with different expiration dates. As your obligations decrease, so does your coverage and your premiums.

For example, you might buy a 10-year, 20-year, and 30-year policy to match major financial obligations like a mortgage or children’s college years.

When you’re ready, we’ll shop around with trusted companies, including Lincoln, Protective, Pacific Life, Banner, Corebridge, and Transamerica.

Forbes’ latest analysis confirms that these companies continue to offer competitive rates and reliable service.

Finally, we’ll walk you through the application process, which typically involves a brief phone call or a home medical exam.

Be patient because the underwriting process typically takes a few weeks to a month. During this time, the insurance company’s team will review your medical results and may contact your doctors to obtain records.

Remember, we’re independent agents, which means we work for you, not the insurance companies. We’ll make sure you understand all your options and help you navigate any bumps along the way.

FAQs: Term Life Insurance Plans

What riders come with a term life policy? The terminal illness rider is included with most term coverage and allows you to access part of your death benefits early when diagnosed with a terminal illness.

What is the main disadvantage of term life insurance? Term life provides protection for a specific period, not a lifetime. If the policy expires before your death, no death benefit will be paid to your beneficiaries.

Can you cash out term life insurance? You cannot cash out term life insurance policies as they do not accrue any savings. However, specific term policies may offer the option to convert into a permanent policy that does provide cash values.

Do you get money back after your term coverage ends? Term-life insurance policies do not refund premiums if you survive the policy term. Only specific policies, such as return-of-premium plans, offer this feature.

Can senior citizens buy term life insurance? Insurance companies typically have an upper age limit for term life policies, usually around 80. However, most seniors would be better off buying universal or whole-life insurance coverage.