Updated: August 25, 2025
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A 15-year term life insurance policy offers fixed premiums and guaranteed coverage for 15 years, making it a good fit for mid-term financial needs like mortgage payments, education costs or debt payoff.
GEICO, Protective and Lincoln Financial are among the most affordable providers of 15-year term policies. They offer competitive rates for a wide range of applicants.
Policy rates vary based on age, health, lifestyle and coverage amount, with the average monthly cost for a 40-year-old with average health at approximately $24 per month ($290 per year) for $250,000 in coverage.
A 15-year term life insurance policy provides financial protection for a fixed period of 15 years. If you pass away during the term, your beneficiaries receive a tax-free death benefit. This type of policy is ideal for those seeking affordable, straightforward coverage without lifelong commitment. It’s one of the most popular term lengths, offering a balance between cost and coverage for people in key life stages like parenthood or early mortgage repayment.
When you purchase a 15-year term policy, you agree to pay monthly or annual premiums to keep the policy active for the entire term. If you die within that period, your chosen beneficiaries will receive the policy’s death benefit, which they can use to cover funeral costs, living expenses, mortgage payments, outstanding debts, or educational needs. After 15 years, the policy expires and no benefit is paid if you outlive the term, unless you convert it or renew it.
Your 15-year term life insurance policy will expire at the end of the term. Before your term ends, you can: renew it, convert it to permanent insurance, buy a different policy or let it expire.
Your circumstances will determine whether you extend, convert, buy new coverage or let your current policy expire. If you have people in your household who still depend on your income or have debts to pay, it's best to maintain coverage through one of these options.
You can extend your existing coverage if you want your beneficiaries to continue having financial protection. Check if your policy includes a renewal clause, as it's sometimes possible to renew up to age 95. You won't need a new medical exam, but expect higher premiums than your original rates.
Choose this if you still need coverage but want to avoid new medical underwriting (the process insurers use to evaluate your risk and set rates) due to health changes during the original term. Renewal provides a bridge while you explore other options or covers short-term needs like a child's remaining college years.
Most insurance providers include a provision for conversion to permanent coverage, allowing you to exchange your term policy for whole life or universal life insurance without medical exams. This preserves your insurability even if your health has declined, and you'll have coverage for the rest of your life with fixed premiums.
This option works best for people who need permanent coverage, want to build cash value, or have developed health conditions that make new policies difficult to obtain. You must typically convert within a certain timeframe or before reaching a specific age limit set by your insurer.
Another option is to purchase a different policy, which can help you find better rates than renewing, especially if you're healthy. However, buying new coverage means you'll need to complete a new application and medical exam. This approach gives you flexibility to choose different coverage amounts and term lengths based on your current needs.
This works best for people in good health who want longer-term coverage at competitive rates. If market rates have decreased since your original purchase or your health has improved, a new policy might offer significant savings compared to renewal or conversion options.
If your spouse or children no longer depend on your income and you have no other significant financial responsibilities, you can simply let the policy expire. This makes sense when you've paid off major debts, your children are financially independent, and you have sufficient assets to cover end-of-life expenses.
Carefully evaluate your situation before choosing this option. Consider factors like your spouse's financial security, potential estate taxes, final expenses, and whether you might want life insurance for legacy planning. Once your policy expires, getting new coverage later will be more expensive and may require medical underwriting.
Understanding life insurance costs can feel overwhelming. The average cost of a term life policy depends on term length, coverage amount and individualized factors.
For our base profile, a 40-year-old male who doesn't smoke and has average health, the average rate is $24 per month or $290 per year. Below, we highlight average premiums for different ages, coverage amounts, profiles and companies.
Age affects life insurance costs. Premium rates rise with age because of decreasing life expectancy. The table below shows average rates for different ages and coverage amounts.
| $100,000 | $14 | $163 |
| $150,000 | $20 | $239 |
| $200,000 | $24 | $279 |
| $250,000 | $24 | $290 |
| $300,000 | $28 | $325 |
| $350,000 | $28 | $334 |
| $400,000 | $36 | $414 |
| $450,000 | $34 | $416 |
| $500,000 | $41 | $480 |
| $550,000 | $39 | $475 |
| $600,000 | $48 | $559 |
| $650,000 | $46 | $554 |
| $700,000 | $47 | $393 |
| $750,000 | $58 | $694 |
| $800,000 | $63 | $727 |
| $850,000 | $59 | $712 |
| $900,000 | $70 | $809 |
| $950,000 | $65 | $791 |
| $1,000,000 | $73 | $844 |
| $1,100,000 | $46 | $562 |
| $1,200,000 | $50 | $609 |
| $1,250,000 | $75 | $909 |
| $1,300,000 | $54 | $657 |
| $1,400,000 | $58 | $705 |
| $1,500,000 | $110 | $1,271 |
| $1,600,000 | $66 | $800 |
| $1,700,000 | $70 | $847 |
| $1,800,000 | $73 | $895 |
| $1,900,000 | $77 | $943 |
| $2,000,000 | $143 | $1,654 |
| $2,100,000 | $120 | $1,466 |
| $2,200,000 | $120 | $1,466 |
| $2,300,000 | $120 | $1,466 |
| $2,400,000 | $120 | $1,466 |
| $2,500,000 | $166 | $1,224 |
| $2,600,000 | $120 | $1,466 |
| $2,700,000 | $120 | $1,466 |
| $2,800,000 | $120 | $1,466 |
| $2,900,000 | $120 | $1,466 |
| $3,000,000 | $212 | $2,450 |
Since people who smoke or have poor overall health are more likely to develop serious medical conditions, insurance companies consider them risky to cover and charge higher premiums. MoneyGeek analyzed the cost of life insurance for people who smoke.
| $100,000 | $43 | $522 |
| $150,000 | $61 | $739 |
| $200,000 | $76 | $913 |
| $250,000 | $73 | $882 |
| $300,000 | $87 | $1,050 |
| $350,000 | $108 | $1,301 |
| $400,000 | $111 | $1,334 |
| $450,000 | $134 | $1,617 |
| $500,000 | $127 | $1,524 |
| $550,000 | $122 | $1,478 |
| $600,000 | $156 | $1,881 |
| $650,000 | $143 | $1,725 |
| $700,000 | $180 | $2,167 |
| $750,000 | $183 | $2,197 |
| $800,000 | $204 | $2,446 |
| $850,000 | $183 | $2,218 |
| $900,000 | $226 | $2,720 |
| $950,000 | $204 | $2,464 |
| $1,000,000 | $233 | $2,804 |
| $1,250,000 | $354 | $4,262 |
| $1,500,000 | $357 | $4,291 |
| $2,000,000 | $451 | $5,422 |
| $2,500,000 | $586 | $7,035 |
| $3,000,000 | $670 | $8,044 |
The cost of term life insurance is slightly higher for people who are overweight. Filter the table below to see the average 15-year term life insurance costs by age, gender and coverage level.
| $100,000 | $23 | $261 |
| $150,000 | $32 | $383 |
| $200,000 | $39 | $448 |
| $250,000 | $39 | $465 |
| $300,000 | $45 | $522 |
| $350,000 | $44 | $536 |
| $400,000 | $58 | $664 |
| $450,000 | $55 | $668 |
| $500,000 | $67 | $771 |
| $550,000 | $63 | $762 |
| $600,000 | $78 | $897 |
| $650,000 | $74 | $889 |
| $700,000 | $76 | $631 |
| $750,000 | $93 | $1,114 |
| $800,000 | $101 | $1,167 |
| $850,000 | $95 | $1,143 |
| $900,000 | $112 | $1,298 |
| $950,000 | $105 | $1,270 |
| $1,000,000 | $117 | $1,354 |
| $1,100,000 | $74 | $902 |
| $1,200,000 | $80 | $978 |
| $1,250,000 | $121 | $1,458 |
| $1,300,000 | $87 | $1,054 |
| $1,400,000 | $93 | $1,131 |
| $1,500,000 | $177 | $2,040 |
| $1,600,000 | $105 | $1,284 |
| $1,700,000 | $112 | $1,360 |
| $1,800,000 | $118 | $1,436 |
| $1,900,000 | $124 | $1,513 |
| $2,000,000 | $230 | $2,654 |
| $2,100,000 | $193 | $2,353 |
| $2,200,000 | $193 | $2,353 |
| $2,300,000 | $193 | $2,353 |
| $2,400,000 | $193 | $2,353 |
| $2,500,000 | $266 | $1,965 |
| $2,600,000 | $193 | $2,353 |
| $2,700,000 | $193 | $2,353 |
| $2,800,000 | $193 | $2,353 |
| $2,900,000 | $193 | $2,353 |
| $3,000,000 | $341 | $3,932 |
MoneyGeek analyzed the cost of a term life insurance policy by company and coverage amount to help you save time and money. Our analysis shows that GEICO offers the most affordable life insurance policies with 15-year term lengths for a $250,000 coverage amount. See how rates differ across coverage levels in the table below.
| Geico (Lifequotes.com) | $14 | $174 |
| Protective Insurance | $17 | $203 |
| Lincoln Financial | $17 | $207 |
| CoreBridge | $20 | $237 |
| Legal&General | $20 | $240 |
| Pacific Life | $20 | $240 |
| Cincinnati Life | $21 | $253 |
| SBLI | $21 | $253 |
| North American | $21 | $254 |
| Midland National | $21 | $254 |
| Gerber Life (Fabric) | $21 | $256 |
| Principal National | $21 | $255 |
| AAA | $21 | $257 |
| TransAmerica | $22 | $260 |
| Guardian Life | $22 | $266 |
| Assurity | $25 | $299 |
| Columbus Life | $25 | $297 |
| Securian | $25 | $305 |
| Prudential | $26 | $309 |
| Life Insurance Co of The South West | $27 | $329 |
| National Life Group | $27 | $329 |
| Foresters Financial | $28 | $334 |
| Mutual of Omaha | $29 | $346 |
| John Hancock | $32 | $387 |
| Nationwide | $33 | $400 |
| Royal Neighbors of America | $49 | $592 |
*Rates are based on averages for a 40-year-old man with average health.
MoneyGeek's research shows that GEICO offers the cheapest life insurance policies for smokers, with an average coverage of $250,000, costing an average of $24 per month or $293 per year. The most affordable option may differ, depending on the coverage amount.
| Geico (Lifequotes.com) | $24 | $293 |
| Protective Insurance | $60 | $718 |
| North American | $60 | $717 |
| Midland National | $60 | $717 |
| Columbus Life | $63 | $753 |
| Legal&General | $63 | $763 |
| CoreBridge | $64 | $765 |
| Pacific Life | $65 | $785 |
| Cincinnati Life | $65 | $790 |
| SBLI | $66 | $795 |
| AAA | $66 | $801 |
| TransAmerica | $70 | $843 |
| Assurity | $71 | $853 |
| Guardian Life | $74 | $887 |
| Securian | $74 | $886 |
| Prudential | $76 | $918 |
| Lincoln Financial | $76 | $908 |
| Principal National | $82 | $979 |
| Mutual of Omaha | $84 | $1,011 |
| Foresters Financial | $88 | $1,044 |
| Life Insurance Co of The South West | $90 | $1,077 |
| National Life Group | $90 | $1,077 |
| Nationwide | $99 | $1,201 |
| Gerber Life (Fabric) | $100 | $1,199 |
| John Hancock | $104 | $1,259 |
*Rates are based on averages for a 40-year-old man with average health.
MoneyGeek's data shows that GEICO offers the cheapest 15-year term life insurance policies for people who are overweight. On average, its $250,000 policies cost $23 per month or $279 per year. Filter the table below to see the cheapest companies for different coverage levels.
| Geico (Lifequotes.com) | $23 | $279 |
| Protective Insurance | $27 | $325 |
| Lincoln Financial | $28 | $332 |
| Legal&General | $32 | $385 |
| Pacific Life | $32 | $385 |
| CoreBridge | $32 | $381 |
| Cincinnati Life | $34 | $407 |
| SBLI | $34 | $407 |
| North American | $34 | $408 |
| Midland National | $34 | $408 |
| Gerber Life (Fabric) | $34 | $410 |
| Principal National | $34 | $409 |
| AAA | $34 | $413 |
| TransAmerica | $35 | $417 |
| Guardian Life | $36 | $427 |
| Assurity | $40 | $480 |
| Columbus Life | $40 | $477 |
| Securian | $41 | $489 |
| Prudential | $41 | $496 |
| Life Insurance Co of The South West | $44 | $528 |
| National Life Group | $44 | $528 |
| Foresters Financial | $45 | $536 |
| Mutual of Omaha | $46 | $555 |
| John Hancock | $51 | $620 |
| Nationwide | $53 | $643 |
| Royal Neighbors of America | $79 | $950 |
*Rates are based on averages for a 40-year-old man with average health.
According to MoneyGeek's research, your premium is influenced by several key factors, including your age, health, lifestyle habits, and the amount of coverage you choose. Understanding how these elements impact your rate can help you find the most affordable policy for your needs.
Younger people usually get more affordable life insurance quotes because insurers consider them less risky. Insurance companies use actuarial tables that show statistical life expectancy based on age, making it much cheaper for younger applicants to be insured.
For example, a healthy 25-year-old will pay substantially less than a healthy 45-year-old for the same coverage amount.
Statistically, females have a longer lifespan than men. Therefore, they pose less risk and typically pay less for a term life insurance policy, though some states prohibit using gender as a rating factor.
Insurance companies usually look at your height and weight, medical records and your family's medical history to determine if you have or may develop a health condition that can shorten your life. Insurers assess your Body Mass Index (BMI), blood pressure, cholesterol levels, and family history of heart disease, cancer, diabetes, and other hereditary conditions to determine your premium rates.
Lifestyle factors like your smoking habits and criminal record play a significant role in determining your policy's cost. Tobacco use can double or triple your premiums, while criminal history, dangerous occupations, risky hobbies like skydiving, and poor driving records with DUI/DWI convictions can increase rates or lead to coverage exclusions.
A 15-year term life insurance policy is best suited for people with financial responsibilities expected to last around 15 years. It's a strong fit for:
Parents with young children who want to fund their upbringing and education
Homeowners with a 10–15 year mortgage
People nearing retirement who want to protect their spouse financially
Young adults looking to shield their family from student loan debt
Whether you’re in your 20s planning ahead or in your 40s managing family obligations, a 15-year term can provide flexible and timely protection.
A 15-year term life insurance policy offers several benefits, but it may not be the right fit for everyone. Here’s a quick look at the pros and cons.
Getting approved for 15-year term life insurance is straightforward when you follow the right steps. The application process can take 4-8 weeks from start to finish, though some insurers offer accelerated underwriting that can provide approval within days.
Here's how to apply:
Start by estimating how much life insurance you need. A commonly recommended guideline is to multiply your annual income by 10 to 12 times. For example, someone earning $50,000 may consider $500,000 to $600,000 in coverage. Add any outstanding debts, mortgage balances, education costs and long-term financial responsibilities to refine your estimate.
Compare quotes from multiple insurers to assess your options and find the best life insurance companies for your needs.
Organize key documents before applying. You'll need:
Also prepare beneficiary information, including full names, birth dates and Social Security numbers. Having this ready can help you complete your application online in 15 to 30 minutes.
Once your documents are ready, complete the insurer’s application online or with an agent. Answer all health, lifestyle and financial questions honestly, including any past or current medical conditions.
Double-check your answers before submitting. Inaccurate or incomplete information can delay approval or lead to denial. Misrepresentation on a life insurance application can void your coverage and result in legal consequences.
Most 15-year term life insurance policies require a medical exam, unless you're eligible for accelerated underwriting. The insurer arranges the exam at no cost to you, usually within one to two weeks of submitting your application.
A licensed paramedical professional will meet you at home or work to collect your vitals, ask health questions, and draw blood and urine samples. The exam usually takes 15 to 45 minutes.
After your exam, the underwriting process begins. The insurer evaluates your health data, lab results and financial information. Some applicants may be asked for additional documentation or clarification.
Traditional underwriting typically takes 30 to 60 days, depending on your health profile and whether medical records are requested. Accelerated underwriting may be completed in a few days if no exam is required.
You may still qualify with another insurer if you're denied, as underwriting guidelines vary.
Once approved, you’ll receive your policy documents. Review them carefully to confirm all information is accurate. Set up premium payments and verify that your listed beneficiaries are correct.
Store your policy in a safe place and make sure your beneficiaries know about it. Take advantage of the free-look period, which typically ranges from 10-30 days, depending on your state. During this time, you can cancel the life insurance policy for a full refund if it no longer meets your needs.
Many insurers also offer online portals to manage your policy and track application progress.
Your health status directly impacts your approval odds and premium rates for 15-year term life insurance. Most 15-year term policies require a medical exam, so proper preparation can improve your results and potentially lower your premiums.
48 Hours Before: Start eating balanced meals, limit salt and high-cholesterol foods, and avoid alcohol. Collect your photo ID, current medications list with dosages, and health history documentation.
Day of Exam: If you're taking a morning exam, fast for at least 8-12 hours. Avoid caffeine and strenuous exercise. Sit calmly and drink water before your appointment.
Be completely honest about current medications, past surgeries, chronic conditions, and family health history. You'll need to disclose tobacco use history even if you've recently quit. Failure to provide accurate answers could void your policy.
Immediate improvements: If you're a smoker, quit several weeks before your exam. Focus on eating more greens and less red meat leading up to the exam.
Long-term strategies: Maintain a healthy weight, control blood pressure, and manage cholesterol. You typically need to quit nicotine for at least one year to qualify as a non-smoker for better rates.
Getting premium estimates based on your age, health and coverage amount narrows down the most cost-effective 15-year term life insurance options for your needs. Use our life insurance calculator below to start comparing rates.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Aug 27, 2025
A 15-year term life insurance policy is a practical and affordable option for those with short- to mid-term financial responsibilities. It’s especially useful for parents, homeowners and anyone nearing retirement who wants to protect loved ones from debt or income loss.
With competitive rates from top providers like GEICO (averaging $14 per month for a healthy 40-year-old with $250,000 worth of coverage) and flexible coverage options, a 15-year policy offers reliable financial protection without long-term commitment.
You can make an informed decision about purchasing 15-year term life insurance with answers to these frequently asked questions.
With a 15-year term life insurance policy, you pay monthly or annual premiums for the term to keep your policy active. If you pass away during this period, your family will receive a death benefit.
The cost of a 15-year term policy depends on various factors like your age, gender, health status, lifestyle and coverage amount.
Yes, a 15-year term life insurance policy can be extended after 15 years. You can also convert it to a whole life insurance policy or let your policy expire.
Comparing 15-year term life insurance requires balancing affordability with reliable coverage for your family's specific protection timeline. We designed our research to cut through marketing claims and identify which companies actually deliver the best combination of competitive rates, financial stability and customer experience for this shorter-term coverage period.
We analyzed life insurance quotes from companies with broad national coverage and online quoting capabilities. Rather than relying on advertised rates that rarely reflect what customers actually pay, we gathered real quotes using standardized profiles to ensure accurate comparisons.
Our scoring system evaluates companies across five key areas that matter most when you're choosing 15-year term coverage:
Sample Customer Profile
We used this standard profile to collect quotes:
We then modified age, gender, health status and location to capture rate variations across different customer types. This approach revealed pricing patterns that help predict costs for various demographics seeking 15-year coverage.
Why This Matters
Fifteen-year term insurance covers specific financial obligations like mortgage payments or children's education costs that end within this timeframe. Our methodology identifies insurers that excel at this mid-length coverage period, where you need reliable protection without paying for longer coverage you don't need.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
