TERM 10 LIFE INSURANCE QUOTES, RATES, AND EXPERT TIPS

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Want to find out more about Term 10 Life Insurance?


Why Choose LSM Insurance For Term Life Insurance

  • We work with experienced and reputable independent brokers across Canada
  • LSM Insurance is one of the most respected life insurance brokerages in Canada
  • We work with more life insurance companies than the majority of brokers (15+ insurers)
  • We have been serving Canadians for over 25 years

LSM Insurance is accredited by:


Customer testimonials

 
Marci Scolnik:

“… I found Andrew to be extremely knowledgeable with all his products, and was very thorough and patient…”

 
Raymond and Shauran Ramdihal:

“… We were thrilled with the level of service you provided. You made the entire process of buying insurance enjoyable and you saved us money in the process…”

 
Arthur Balaniuk:

“… I am very pleased with the plan they set up. It’s easy to see why they have become so successful and I would not hesitate to refer others looking for insurance and investment solutions to LSM Insurance…”

 
Lewis Lee:

“…Your service has been outstanding and you helping me get an exceptional rate on my life insurance. I look forward to working with you in the future…”

Interested in term 10 life insurance or have questions?

Please complete the form above.

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).

Interested in term 10 life insurance or have questions?
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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?

Please complete the form above.

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 Insurance

Whole Life Insurance

Universal Life Insurance

Coverage length

10 year coverage

Life long

Life long

Insurance coverage

Yes

Yes

Yes

Cash accumulation

No

Yes

Yes

Can choose amounts going into insurance and cash accumulation

No

No

Yes

Pricing

Lower than Whole Life and Universal Life

More expensive than Term Life

More expensive than Term Life

 

Interested in term 10 life insurance or have questions?

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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

Interested in term 10 life insurance or have questions?
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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 rates

20 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

 

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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 Life, Empire Life, Ivari, RBC Insurance, La Capitale, Canada Protection Plan, Wawanesa Insurance, Assumption Life, SSQ Financial Group, Industrial Alliance, Equitable Life, Foresters, Desjardins Insurance, BMO Life Insurance, and many more.

Interested in term 10 life insurance or have questions?
Please complete the form above.