10-Year Term Life Insurance Rates

For a healthy non-smoking 35-year-old, a $500,000 10-year term policy runs about $17/mo for men and $14.54/mo for women at Preferred rates. Cost scales with age: the same policy is about $16.21/mo at 30 and $33.4/mo at 45 (male, Preferred). The tables above show every age from 20 to 65.

A 10-year term is the lowest-cost way to get real coverage in place. It fits people close to the finish line: a mortgage that's nearly paid off, kids almost through college, or bridging the gap to retirement savings. It's also the longest term many buyers in their 60s can still get. If your biggest obligations end sooner, a shorter term costs less; if they run longer, price the next term up before deciding.

Your level premium ends. Most policies then become annually renewable at much higher rates, so in practice you either let it lapse (if the need is gone), convert to a permanent policy (if your policy allows), or apply for new coverage. If you think you'll need coverage past the term, it's usually cheaper to buy the longer term today than to re-qualify later at an older age.

Price the difference and match it to your obligations. At 35, a $500K policy costs about $17/mo for 10 years vs $19.69/mo for 15 years (male, Preferred, non-smoking) — a small premium for 5 more years of locked rates. If you're between terms, err longer: you can cancel a term policy any time with no penalty, but you can't extend one.

No — these are level term rates. The premium you lock at purchase stays fixed for all 10 years, regardless of health changes. You can also cancel at any time without a penalty; you simply stop paying.