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How Much Does a 10-Year Term Life Insurance Policy Cost?

A 10-year term life insurance policy is an affordable way to protect your loved ones during many stages of life.

For young families, a 10-year term policy can cover credit cards or student loans while you’re paying down debt, saving for emergencies, or socking away cash for a down payment for your first home.

For soon-to-be retirees, it can ensure that your loved one would not have to sell your home as an affordable policy could cover the last remaining years of a mortgage before social security fully kicks in.

A 10-year policy is one of the lowest costing life insurance policy you can buy as the coverage lasts only for a short term.

Cost of a 10-Year Term Life Insurance Policy By Age

The Estimated Monthly Cost of a
$250,000 10-Year Term Policy
for a Healthy, Non-Smoker

Age

Male
Female

25
$11

$10

30

$11

$10

35

$12

$11

40

$14
$13

45
$20

$17

50

$28
$23

55
$41

$31

60

$63

$46

 

You can see from this life insurance rates table for a 10-year term policy that the cost ranges from $10 per month for a healthy, non-smoking female age 25; to $20 per month for a healthy, non-smoking male age 45; to $63 per month for a healthy, non-smoking male age 60 for a 10-year term life insurance policy with a face amount of $250,000.

Here we’ll discuss when it makes sense to get a 10-year term life insurance policy.

» Calculate: Life insurance needs calculator

Use a 10-Year Term Life Policy to Protect Your Income

Buy a 10-year term policy if it’s all you can afford.

You may have a lot of bills. Maybe you’ve got credit card debt. You couldn’t possibly afford to buy life insurance now, right?

Wrong. It’s in situations like these when you likely need life insurance the most and can’t afford not to have it.

If your income were to suddenly disappear, what would happen to your family? If you were already struggling financially, your death won’t make things easier. Final expenses—such as debt, medical bills, or your funeral costs—would be up to your family to pay.

A 10-year term policy can protect your income and your family’s future while you work toward paying off debt.

A little bit of life insurance is always better than none at all.

Once your finances are more secure, you can either convert your 10-year term life insurance policy into a

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