A 10-year term life insurance policy pays a death benefit to your beneficiaries if you die within the 10-year coverage period. It's the shortest term length available from most providers in our analysis. Your premium stays fixed for the full term, so you pay the same rate in year ten as you did in year one. If you outlive your policy, coverage ends and no benefit is paid. Some policies let you renew at the end of the term or convert to a permanent policy, though both options come at a higher cost.
10-Year Term Life Insurance Cost Guide (2026 Rates)
A 10-year term life insurance policy costs an average of $34 per month for women and $41 for men with $500,000 in coverage. Rates vary by profile and coverage needs.
Find out if you're overpaying for life insurance below.
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Updated: August 31, 2026
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Key Takeaways
Age and gender affect 10-year term life insurance costs. A 25-year-old woman pays $25 per month for $500,000 in coverage, while a 65-year-old man pays $385 for the same policy.
High-risk applicants pay higher premiums. For a 10-year term life insurance policy with $500,000 in coverage, a 40-year-old man in poor health pays $46 per month, and a woman with the same profile pays $38 per month. Male smokers pay $133 per month; women who smoke pay $102.
Based on MoneyGeek's 2026 survey, Penn Mutual, Banner Life and Transamerica have the lowest rates for 10-year term life insurance, averaging $26 to $31 per month for a $500,000 policy.
Ten-year term life insurance policies provide temporary, low-cost coverage and a fixed death benefit for a decade. The lowest average rate is at $23 per month for a 20-year-old healthy female nonsmoker with $500,000 coverage.
What Is a 10-Year Term Life Insurance Policy
10-Year Term Life Insurance Rates by Age
10-year term life insurance rates remain stable through age 40, then increase sharply. For a $500,000 policy, the average monthly premium for women rises from $34 at age 40 to $70 at age 50. Men's rates move from $41 to $90 over the same period.
Male and female rates diverge sharply after 40. By age 65, men pay 47% more than women for the same coverage, up from 21% at age 40. Men's rates jump roughly 49% at age 45 and 60% at age 55. Shoppers approaching either milestone should lock in coverage before their next birthday to hold their current rate for the full term.
20 | $23 | $29 |
25 | $25 | $31 |
30 | $24 | $29 |
35 | $28 | $34 |
40 | $34 | $41 |
45 | $49 | $61 |
50 | $70 | $90 |
55 | $104 | $144 |
60 | $158 | $227 |
65 | $262 | $385 |
*Rates shown are estimates for nonsmokers with average weight and health ratings on a $500,000 policy.
10-Year Term Life Insurance Rates by Coverage Level
Larger coverage amounts cost more per month but less per dollar of coverage. A 40-year-old woman pays $34 per month for $500,000 in coverage and $60 per month for $1 million, a 76% increase for 100% more coverage.
The value proposition improves at higher coverage levels. Increasing coverage from $1 million to $2 million adds only $56 per month for the same applicant. Because larger policies come with a lower cost per dollar of coverage, shoppers seeking $750,000 or more should compare multiple coverage tiers before choosing a policy amount.
$13 | $15 | |
$22 | $26 | |
$34 | $41 | |
$750,000 | $48 | $59 |
$60 | $74 | |
$116 | $142 | |
$171 | $207 | |
$245 | $291 | |
$465 | $540 |
*Rates shown are based on 40-year-old nonsmokers in average health.
10-Year Term Life Insurance Cost with Poor Health
For a 40-year-old man, moving from average to poor health adds $5 per month to a $500,000 policy, raising the premium from $41 to $46. At $1 million in coverage, poor health adds $9 per month.
The harder challenge for applicants with health conditions is qualifying for coverage at all. Eligibility depends on the severity of your condition and each insurer's underwriting guidelines. If you have a pre-existing condition, work with an independent broker who can match your profile to carriers most likely to approve your application at a competitive rate.
$100,000 | $14 | $16 |
$250,000 | $24 | $28 |
$500,000 | $38 | $46 |
$750,000 | $53 | $66 |
$1,000,000 | $67 | $83 |
$2,000,000 | $129 | $164 |
$3,000,000 | $192 | $245 |
$5,000,000 | $269 | $347 |
$10,000,000 | $513 | $675 |
*Rates shown are based on 40-year-old nonsmokers in poor health.
10-Year Term Life Insurance Rates for Smokers
Smoking creates the largest pricing gap in our 10-year term life insurance analysis. A 40-year-old man seeking $500,000 in coverage pays an average of $133 per month as a smoker, compared with $41 for a nonsmoker. Women who smoke see a similar premium increase, paying $102 per month versus $34 for nonsmokers with the same profile.
The difference is even greater at higher coverage levels. At $1 million in coverage, a 40-year-old male smoker pays $250 per month compared with $74 for a nonsmoker, a gap of more than $2,100 per year.
If you've recently quit smoking, ask insurers about their tobacco-free requirements. Most carriers require one to two years without any nicotine use before offering nonsmoker rates.
$100,000 | $31 | $38 |
$250,000 | $60 | $76 |
$500,000 | $102 | $133 |
$750,000 | $150 | $195 |
$1,000,000 | $191 | $250 |
$2,000,000 | $373 | $496 |
$3,000,000 | $553 | $741 |
$5,000,000 | $784 | $1,038 |
$10,000,000 | $1,513 | $2,008 |
*Rates shown are based on 40-year-old smokers with otherwise average health.
Cheapest 10-Year Term Life Insurance Companies
Penn Mutual is the cheapest life insurance provider for a 10-year policy for women, averaging $26 for $500,000 in coverage. Banner Life is the most affordable for men at $30 per month. But the price differences among the lowest-cost insurers are small. Among the 10 cheapest carriers in our analysis, female rates range from $26 to $31 per month, while male rates range from $30 to $37 per month.
The annual difference between the lowest- and tenth-lowest-priced carrier is just $60 for women and $84 for men. Qualifying for a better health classification has a greater effect on your premium than carrier selection does.
Penn Mutual | $26 | Banner Life | $30 |
Banner Life | $27 | Transamerica | $30 |
Transamerica | $27 | Penn Mutual | $31 |
Cincinnati Life | $27 | Cincinnati Life | $33 |
Protective | $29 | Nationwide | $34 |
Pacific Life | $29 | Protective | $35 |
Prudential | $30 | Pacific Life | $35 |
Nationwide | $30 | Columbus | $36 |
Mutual of Omaha | $30 | Mutual of Omaha | $37 |
Fidelity | $31 | Lincoln Financial | $37 |
*Rates shown are based on 40-year-old nonsmokers in average health with a $500,000 policy.
GET QUOTES FROM MULTIPLE INSURERS
Rates differ across insurers even for identical coverage. Compare quotes from at least three carriers. Before buying, check each company's AM Best rating and NAIC complaint index for financial strength and claims history.
What Factors Affect 10-Year Term Life Insurance Rates?
Your premium depends on several factors, each assessed at underwriting. The criteria below help you time your application and choose a carrier whose guidelines work in your favor.
AgeAge is the most predictable pricing factor in 10-year term life insurance, but increases aren't evenly distributed. Premiums tend to reset sharply at key age bands rather than rising steadily each year. See the Rates by Age section to see how this plays out across the 20 to 65 age range and why applying before your birthday matters.
GenderWomen pay less than men at every age, and the gap widens over time. What the rate tables don't reflect: some states prohibit gender as a pricing factor. If you're in one of those states, ask carriers directly how rates are set. Your premium may differ from the averages shown here.
Health HistoryInsurers assign a health classification at underwriting based on your medical history, current health status, BMI and blood pressure. That classification directly determines your rate tier. The premium difference between average and poor health is smaller than most applicants expect; see the Rates with Poor Health section for the breakdown. Applicants with managed conditions, such as controlled high blood pressure, should work with an independent broker to identify carriers most likely to approve their profiles at competitive rates.
SmokingTobacco use creates the largest pricing gap of any underwriting factor, wider than age or health status alone. Beyond the rate difference covered in the Rates for Smokers section, two things affect how carriers classify you: most carriers define a smoker as anyone who has used tobacco or nicotine products in the past 12 months, and risky hobbies or a DUI conviction can also raise your rate or trigger a coverage exclusion.
10-Year Term Life Insurance Quote
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Life Insurance Rates by Age, Gender and Coverage
Get average life insurance premiums based on your profile.
Estimates shown are for people in average health with a 10-year term policy.
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FULL UNDERWRITING VS NO-EXAM
Most applicants with larger coverage amounts need to undergo full underwriting. The process includes medical exams, so expect a 30–45-day approval timeline. Full underwriting policies are more affordable than no-exam plans.
No-medical-exam life insurance is available for smaller coverage amounts but costs more than fully underwritten policies. Approval takes 7–14 days. Some policies include waiting periods for full benefits during the initial policy years.
Underwriting options depend on coverage amount, health status and insurance company.
How Does 10-Year Term Compare to Permanent Life Insurance?
A 10-year term life insurance policy covers you for a fixed decade. Permanent life insurance, like whole or universal life, can last your entire life as long as you keep paying premiums. A key difference is cash value: permanent policies have a savings component, which you can borrow against over time.
Permanent life insurance also costs more because coverage remains in force for life. This makes a death benefit payout more likely compared to a policy that ends after 10 years.
Coverage length | 10 years | |
Cash value | None | |
Monthly cost | Cheaper, level for 10 years | More expensive, level for life |
Payout | Paid only if you die during the 10-year term | Paid whenever you die |
A 10-year term suits buyers with a specific, time-limited obligation: a mortgage with eight or nine years left or a business loan that resolves in seven are the clearest fits. Permanent coverage fits buyers who want lifelong coverage or a policy that builds savings alongside it.
Pros and Cons of 10-Year Term Life Insurance
- Lower cost. A 10-year term policy costs less per month than permanent coverage and less than longer term lengths. A 25-year-old man pays $31 per month for a 10-year, $500,000 policy. A 20-year term for the same profile averages $59 per month.
- Level premiums. Your rate stays fixed for the full 10 years. A 40-year-old man who locks in $41 per month pays that same rate at 49, even though new buyers at 50 pay $90 per month for the same coverage.
- Simple structure. There's no cash value or investment component built into the policy. It's a monthly cost and a death benefit with nothing else attached.
- Conversion options. Many carriers let you convert to a permanent policy without a new medical exam, though conversion windows and available products vary by insurer. Check your policy's conversion rider before the term ends.
- Coverage ends after 10 years. The policy pays nothing back if you outlive the term. Coverage stops unless you renew, convert or buy a new policy.
- No cash value. A 10-year term policy doesn't build savings the way a permanent policy does. There's no component you can borrow against over time.
- Renewal costs more. Restarting coverage at 50 means paying rates based on your age and health at the time. A 40-year-old man pays $41 per month now. At 50, the same profile costs $90.
- Outliving your needs. If you still have dependents, a mortgage or income replacement needs when the term ends, you'll pay more to restart coverage than if you'd chosen a 20-year term at today's rate.
Is a 10-Year Term Life Insurance Policy Right for You?
A 10-year term policy fits buyers with a specific financial obligation and a known end date: homeowners whose mortgages clear within the decade, parents who expect their children to be financially independent within 10 years, and pre-retirees in their late 50s bridging to retirement and Social Security at a lower monthly cost than a permanent policy.
Buyers with young dependents or long-term financial obligations pay less with a longer term. A 25-year-old man pays $31 per month for a $500,000, 10-year term policy. The same buyer's 20-year term averages $59 per month, based on MoneyGeek's 2026 rate data. Paying $28 more per month locks in coverage for twice as long at today's health rating. A second policy bought at 35 is priced on that older age and any health changes in the interim.
10-Year Term Life Insurance: FAQ
No. Your premium stays fixed for the full 10 years. You won't pay more even if your age goes up or your health changes during the term.
Most policies include a 30-day grace period. Coverage continues during that window, and you can reinstate by paying the overdue amount. Miss the deadline and the policy lapses. Coverage ends with no cash value and no refund, since term policies don't accumulate value.
Yes. Stop paying anytime and the policy ends. Canceling mid-term means forfeiting all premiums paid with no cash value returned.
It depends on how long you need coverage. A 25-year-old man pays $31 per month for a $500,000, 10-year term policy and $59 per month for a 20-year term. The 10-year policy costs less per month, but the 20-year term locks in your rate for twice as long at today's health rating.
For buyers whose financial obligations clear within a decade, the 10-year policy is the more cost-efficient choice. For buyers with longer needs, paying $28 more per month now is cheaper than buying a second policy at 35, when age and any health changes will raise the rate.
Coverage stops at the end of the term. From there, you have three options: renew year-by-year at rates based on your current age, convert to a permanent policy (available if your contract includes a conversion rider) or apply for a new term policy with a new medical exam. Renewing year-by-year is the most expensive long-term path. Buyers who expect to need coverage past 10 years get a better rate through conversion or a new application than through annual renewals.
Many 10-year term policies include a conversion option that lets you switch to a permanent policy without a new medical exam. Conversion windows vary by carrier. Some allow conversion throughout the entire term. Others limit the window to the first few years. Check your policy's conversion rider before the term ends; the window may be shorter than you expect. Converting costs more than your current term premium, but you don't have to re-qualify on health.
We collected 248,399 life insurance quotes in 2026 from 20 major insurers to determine average rates for different term lengths and coverage amounts.
Sample Profile Details
- 40-year-old male
- Nonsmoker
- 5'9" tall, 160 pounds
- Average health rating
Quote Variations and Coverage Analysis
Beyond our standard profile, we modified key factors that impact your 10-year term life insurance rates:
- Age ranges to show how premiums increase over time
- Gender differences
- Health status
- Coverage amounts
- Smoking status
Learn more: MoneyGeek Life Insurance Review Methodology
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About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.