TERM 10 LIFE INSURANCE QUOTES, RATES, AND EXPERT TIPS

Why Choose LSM Insurance For Term Life Insurance

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What is Term 10 Life Insurance?

Term 10 life insurance is a sub-category of Term life insurance. It covers a policyholder for a clearly defined term of 10 years (thus, it is called Term 10). Should a policy holder pass away within this time frame, his/her beneficiaries will receive the coverage amount. After 10 years, this policy comes to an end (coverage disappears). A picture below shows a sample premium structure.

If you want to extend a 10-year term life insurance policy, most likely, your insurance company will require you to get another quote. The new term life insurance policy will be typically more expensive because life insurance rates become higher as you get older (see an example below).

When do you need 10 year level term life insurance?

10 year level term life insurance, or Term 10 Life Insurance, provides a coverage for 10 years only and is optimal in particular situations. Here are a few examples:

  • You want clearly defined protection for 10 years to protect yourself and your family (e.g. while paying off a 10-year long mortgage).
  • You want to make sure your kids are well off (if you pass away) until they are able to live on their own. It is important to mention that the Term 10 coverage in this case makes sense if your kids are less than 10 years away from being independent (e.g. if they are already 17 and you expect them to be fully independent when they are 25 years old).
  • You want to minimize your insurance premiums for the next 10 years while having life insurance coverage. Term 10 is one of the cheapest options that you can choose from. It is important, though, to know that these premiums may significantly increase when you renew your policy.
Interested in Term 10 Life Insurance or have questions?

How does Term 10 Life Insurance compare to other life insurance products?

Here is a brief comparison of how 10 year term life insurance compares to whole life insurance and universal life insurance

 10 Year Term Life InsuranceWhole Life InsuranceUniversal Life Insurance
Coverage length10 year coverageLife longLife long
Insurance coverageYesYesYes
Cash accumulationNoYesYes
Can choose amounts going into insurance and cash accumulationNoNoYes
PricingLower than Whole Life and Universal LifeMore expensive than Term LifeMore expensive than Term Life

What are 10 year term life insurance quotes?

Below are a few examples of 10-year term life insurance rates/quotes. It is important to remember that any life insurance quote depends on multiple factors and may vary from person to person (e.g. based on your health condition).

Term 10 Life Insurance quote

Male, 29 years old, 10 Year Life Insurance Term, Non-Smoker, coverage amount $250,000

Rate: $23/month

Term 10 Life Insurance quote

Female, 36 years old, 10 Year Life Insurance Term, Non-Smoker, coverage amount $400,000

Rate: $16/month

Term 10 Life Insurance quote

Female 47 years old, 10 Year Life Insurance Term, Non-Smoker, coverage amount $350,000

Rate: $31/month

10 year vs 20 year term life insurance

Please find below a few examples of 10 and 20 year term life insurance quotes for $500,000 coverage. It is important to remember that any life insurance quote depends on multiple factors and may vary from person to person (e.g. based on health condition).

 10 Year Term Life Insurance rates20 Year Term Life Insurance rates
Male, 30 years old, non-smoker$23 / month$31 / month
Female, 30 years old, non-smoker$17 / month$23 / month
Male, 50 years old, non-smoker$66 / month$129 / month
Female, 50 years old, non-smoker$45 / month$84 / month

10 term life insurance companies

Nearly every insurance company offers 10 year term life insurance policies, and, in most cases, the pricing is very competitive. We work with many of these companies and can provide access to providers such as Canada LifeEmpire LifeIvariRBC InsuranceLa CapitaleCanada Protection PlanWawanesa InsuranceAssumption LifeSSQ Financial GroupIndustrial AllianceEquitable Life, Foresters, Desjardins InsuranceBMO Life Insurance, and many more.

Interested in Term 10 Life Insurance or have questions?

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