Term Life Insurance - Term Insurance Brokers

Term life insurance provides a death benefit for a fixed period — typically 10, 15, 20, 25, or 30 years. If you die during the term, your beneficiaries receive the full death benefit tax-free. It’s the most straightforward and affordable form of life insurance.

How Term Life Works

You choose a coverage amount and a term length when you apply. Your premium is locked in for the entire term — it never increases. If you die while the policy is in force, the insurer pays the death benefit to your beneficiaries. If you outlive the term, coverage ends with no payout and no cash value returned.

✅ Why Most People Choose Term

Lowest cost per dollar of coverage
Simple — pure protection, no complexity
Level premiums locked in at issue
Coverage amounts up to $10M+ available
Many carriers offer no-exam options
Convertible to permanent coverage at most carriers

⚠️ Limitations to Understand

Coverage ends when the term expires
No cash value accumulation
Renewal after term typically very expensive
New policy at older age costs significantly more

Choosing the Right Term Length

Match your term to your longest financial obligation. Common benchmarks:

10-Year Term — Kids are nearly grown, mortgage almost paid off, or you’re within a decade of retirement. Lowest premiums of any term length.

15-Year Term — Good fit for families with older children and moderate remaining debt obligations.

20-Year Term — The most popular choice. Covers the core child-rearing and mortgage years for most families with young children.

25 or 30-Year Term — Best for younger parents (late 20s to mid-30s) with young children and long mortgages. Locks in today’s rates for maximum protection window.

How Coverage Amount Is Determined

A common starting point is 10–12× your annual income, plus outstanding debts. But your real number depends on your spouse’s income, how many dependents you have, your mortgage balance, and how long your family would need income replacement. Use our Life Insurance Needs Calculator for a personalized estimate.

What Affects Your Premium

Age — The younger you are when you lock in your rate, the lower your premium. Every year you wait costs more.

Health — Your risk classification (Preferred Plus, Preferred, Standard Plus, Standard, Substandard) has a large impact on price.

Coverage Amount — Higher face amounts cost more but the cost per thousand of coverage often decreases at higher amounts.

Term Length — Longer terms cost more. A 30-year policy is more expensive than a 20-year policy for the same coverage amount.

Tobacco Use — Smokers pay 2–4× more than non-smokers. Most carriers require 3–5 years of tobacco-free status to qualify for non-tobacco rates.

Carrier — Rates for the same applicant vary significantly across carriers. Shopping the market can save 20–40% annually.

Sample Monthly Premiums

For a healthy non-smoking male, $500,000 in 20-year term coverage:

Age at Issue	Approx. Monthly Premium
Age 30	~$22–$28/mo
Age 35	~$28–$36/mo
Age 40	~$40–$52/mo
Age 45	~$65–$85/mo
Age 50	~$105–$135/mo

Rates are illustrative estimates for Preferred health class. Actual rates vary by carrier, exact health classification, and state.

See Your Actual Rate in 60 Seconds

Instant quotes from 30+ carriers. No personal info required to get started.

Get an Instant Quote →