The following is a chart of the best term life insurance rates by age based on the best health rate class for a 10 year term life policy.
Finding the best 10 year term life insurance rates is not always as easy as applying for the company that offers you the lowest quote.
The key is to work with an agency that takes the time to walk you through your different options, including life insurance without a medical exam, to make sure you apply with the best company for you, based on your unique health and lifestyle.
Best 10 Year Term Life Insurance Rates
All quotes are from top rated life insurance companies, are for informational purposes only and must be qualified for. Sample rates are for the top life insurance health rating, preferred best.
Who Needs 10 Year Term Life Insurance?
A 10 year term policy is a great option for a primary bread winner, entrepreneur looking to start a business, or someone who wants to hedge a retirement package.
Primary Bread Winner
The primary bread earner, also known as the main income earner of the household, should consider a 10 year term policy to protect his or her income if they were to die prematurely.
Since the 10 year term life insurance policy is going to be the most affordable coverage available, it is a great “starter” policy for someone newly married or who is about to have their first child.
That way, you are covered and your family protected, if you were to pass away while you still had many income earning years ahead of you.
For anyone in their 30s or 40s, the ideal amount of coverage would be 20-30 times your income. That way, if you do die too soon, your family is made “whole” financially for what you would have earned had you lived those 20 or 30 more years earning income.
Many aspiring entrepreneurs need a 10 year term life insurance policy to cover an SBA loan. The term policy can be used as collateral.
The main strategy here is to get covered for the amount that is required by the SBA, then collaterally assign your life insurance death benefit.
This is an important step because you want to make sure that only the portion of the life insurance that covers the SBA loan goes to the loan holder, and the rest goes to your beneficiary of choice.
Otherwise, it could play out that your entire term life insurance death benefit goes to the SBA loan holder, above and beyond what you owed.
Many times we speak with people who are about to retire. They have the option of different retirement packages, some including a larger payout for life only vs joint benefit.
With a life only payout, the term life insurance can be used as a buffer so that if the pension holder dies early, his or her spouse receives the death benefit to make up for the loss of the pension.
We call this “Pension Max” and it can be a valuable tool to make sure you have enough money in retirement, with the term life as a buffer just in case.
How To Qualify For These 10 Year Term Life Insurance Rates
The top life insurance companies in the U.S. have various underwriting criteria to determine what health rating an applicant can qualify for.
These life insurance health ratings are mutlifactorial, meaning there are a lot of variables that go into determining what health rating an underwriter will assign to an applicant.
Life Insurance Health Ratings include:
- Preferred Best or Preferred Plus
- Standard Plus
- Substandard or Table Rated
- Preferred Tobacco
- Standard Tobacco
There are other variables that an underwriter will consider. For example, dangerous hobbies and occupations are looked at. If you skydive, rock climb, or fly a Cessna, your life insurance health rating will most likely be affected.
Underwriters also give healthy credits for applicants who meet certain health criteria.
For example, people with well controlled blood pressure or great cholesterol ratios, can get a healthy credit that raises their health rating up one or two rate classes, based on each individual company’s underwriting criteria.