10 Year Term Life Insurance: Top 5 Companies

  • Top 5 Affordable 10 Year Term Life Insurance Companies

10 Year Term Life Insurance: Top 5 Companies

For anyone beginning their search for affordable life insurance coverage Top Quote Life Insurance would like to recommend starting with term life insurance. There are many different variations of life insurance coverage but they can easily be put into two main categories of term and permanent coverage.

Term insurance, without going into extensive detail on how it works, “which can be located on our term life insurance quotes page”, is often the top choice when it comes to purchasing life insurance coverage. The main reason for this is its affordability and the larger amounts of death benefit protection that can be purchased at a much lower cost versus a permanent policy.

Term life insurance generally comes in fixed premium (payment) lengths of 10, 15, 20, 25 and 30 years.  10 year term life insurance is the shortest available term length and is offered by nearly every life insurance company that offers term life insurance coverage. Not only is a 10 year term policy the shortest available term length, it’s also the most affordable of all the term lengths.

Term life insurance is very competitively priced, but your final rates will depend on the outcome of your underwritten approval, otherwise known as your health classification. Top Quote Life Insurance represents over 25 top rated life insurance companies and all of them offer very affordable 10 year term life insurance rates.

The following 5 life insurance companies are consistently coming up number one for the most affordable rates when selecting a 10 year term life insurance quote.

 

American General Life Insurance (AIG)

AIG 10 Year Term Life Insurance Select-A-Term

  • Policy name: Select-A-Term 10
  • Type of policy: Term Life Insurance
  • Issue age: 20-80
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium Rider, Select Income Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A)

 

Banner Life Insurance

Banner 10 Year Term Life Insurance Quote Opterm 10

  • Policy name: OPTerm 10
  • Type of policy: Term Life Insurance
  • Issue age: 20-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium Rider, Term Rider, Children’s Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

 

MetLife Insurance

MetLife Insurance 10 year term life insurance guaranteed term 10

  • Policy name: Guaranteed Level Term 10
  • Type of policy: Term Life Insurance
  • Issue age: 18-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Disability Waiver of Premium Rider, Acceleration of Death Benefit Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

 

Protective Life Insurance

Protective 10 Year Term Life Insurance Quote Custom Choice 10

  • Policy name: Custom Choice UL 10 Year
  • Type of policy: Term Life Insurance
  • Issue age: 18-75
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider, ExtendCare Rider, Income Provider Option, Accelerated Death Benefit
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

 

Transamerica Life Insurance

Transamerica 10 Year Term Life Insurance Quote Trendsetter

  • Policy name: TrendSetter Super 10 Year
  • Type of policy: Term Life Insurance
  • Issue age: 18-80
  • Minimum coverage amount: $25,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium, Children’s Insurance Rider, Accident Indemnity, Income Protection Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

 

Other Highly Recommended 10 Year Term Life Insurance Companies

Top Quote Life Insurance provides instant online quotes from over 25 of the top (A) rated life insurance companies. As we mentioned earlier, your final price for life insurance coverage will depend on the outcome of underwriting and your approved health classification.

Health classifications are determined on several underwriting factors such as your age, gender, health history, height and weight and family history to name a few. Our top 5 list will not be the results for everyone and that’s perfectly ok. Anyone of the life insurance companies offered through Top Quote Life Insurance is highly recommended.

We recommend coverage from anyone of the following life insurance companies:

  • Cincinnati Life
  • John Hancock
  • Lincoln Financial
  • Minnesota Life
  • North American Company
  • Pacific Life
  • Prudential
  • United of Omaha
  • Voya

 

No Medical Exam 10 Year Term Life Insurance

Traditional life insurance requires you to take a medical exam to qualify for the chance to get the best life insurance rates. There is also the no medical exam option. No medical exam life insurance is way for individuals to purchase life insurance without having to do the medical exam portion of the application process.

The downside is that you are generally given a lower health classification since you are opting out of the medical exam. No medical exam life insurance can be a great option for those who need coverage fast or have a fear of needles. Coverage is subject to approval with no medical exam life insurance.

Every one of our no medical exam term life insurance companies offers a 10 year term life insurance option.

 

Who Should Consider a 10 Year Term Life Insurance Policy?

10 year term life insurance is one of the most popular choices for life insurance coverage as its going to be the cheapest. For younger families whose life insurance needs are high but are on a budget, a 10 year term life insurance policy can provide them the coverage they need at an affordable price.

For seniors who need life insurance coverage but cannot afford a permanent policy, a 10 year policy can make a great alternative as some companies will offer coverage up to age 80.

Any life insurance coverage is better than no coverage, but make sure to purchase your coverage based on your needs and not price. If a 20 or 30 year even permanent policy makes more sense based on your needs then don’t take the risk of purchasing price over need.

 

Pros and Cons of Purchasing a 10 Year Term Life Insurance Policy

PROS:

  • It’s the most affordable term length
  • The price will be guaranteed to remain the same for the next 10 years

CONS:

  • After the 10th policy year if you still need coverage you will need to go through underwriting again.
  • After the 10th policy year the coverage will be more expensive to renew.

  

Sample 10 Year Term Life Insurance Rates

Preferred Plus sample rates as of 04/03/2016 subject to change. Check current rates with our online quote form.

Male age 30 Non-Smoker

$250,000 = $9.62 monthly
$500,000 = $14.07 monthly
$1,000,000 = $21.29 monthly

Female age 30 Non-Smoker

$250,000 = $8.79 monthly
$500,000 = $12.42 monthly
$1,000,000 = $18.76 monthly

Male age 40 Non-Smoker

$250,000 = $11.71 monthly
$500,000 = $17.46 monthly
$1,000,000 = $28.71 monthly

Female age 40 Non-Smoker

$250,000 = $10.87 monthly
$500,000 = $16.11 monthly
$1,000,000 = $26.01 monthly

Male age 50 Non-Smoker

$250,000 = $23.81 monthly
$500,000 = $41.75 monthly
$1,000,000 = $74.87 monthly

Female age 50 Non-Smoker

$250,000 = $20.47 monthly
$500,000 = $35.56 monthly
$1,000,000 = $63.01 monthly

Male age 60 Non-Smoker

$250,000 = $60.12 monthly
$500,000 = $112.82 monthly
$1,000,000 = $214.34 monthly

Female age 60 Non-Smoker

$250,000 = $42.18 monthly
$500,000 = $76.05 monthly
$1,000,000 = $139.91 monthly

 

How to get a 10 Year Term Life Insurance Quote

If you’re interested in a 10 year term life insurance quote, please feel free to use the online quote form located here on this page. Our online quote form will provide you with instant life insurance rates from all the top rated term life insurance companies. For immediate assistance or questions regarding coverage or underwriting please feel free to send us a message below or call us toll free (888) 777-7574.

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Top 5 Affordable 10 Year Term Life Insurance Companies by Jeffrey Manola Top Quote Life Insurance

2017-08-25T00:47:17+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance.

His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance.

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.