Compare Term Life Insurance Rates

Term life insurance covers you for a fixed number of years — usually 10, 20, or 30. If you die during the term, your beneficiaries receive a tax-free death benefit. If you outlive the term, the coverage simply ends. There's no cash value and no refund; you're paying for pure protection during the years your family most depends on your income.

That simplicity is the point. Term is the cheapest way to cover the largest gap, and for most young and middle-aged families it delivers more protection per dollar than any other product.

A healthy 30-year-old non-smoker can typically buy a 20-year, $500,000 term policy for $20–$28 per month. The same policy at 40 runs about $35–$50; at 50 it jumps to $90–$140. Smokers pay roughly 2–3x more at every age.

The five biggest rate drivers are age, health, term length, coverage amount, and nicotine use. Applying a year earlier can save 8–10% over the life of the policy; quitting nicotine for 12+ months can cut premiums in half.

Typical monthly premiums for a $500,000, 20-year term policy on a healthy non-smoker:

Smokers pay roughly 2–3x more at every age. Applying a year earlier saves about 8–10%, and quitting nicotine for 12 months can cut a premium nearly in half.

Match the term to the financial obligations you're protecting. If your mortgage has 18 years left and your youngest child is 4, a 20-year term probably carries you through both. If you're starting a family at 25 with a new 30-year mortgage, the 30-year term makes more sense.

Two more rules of thumb:

• Never buy a term that ends before your youngest is financially independent.
• When in doubt, pick the longer term. The cost difference between 20 and 30 years is usually 20–40%, but the peace of mind is significantly greater if life throws you a curve ball late in the term.

The rule of thumb: never pick a term that ends before your youngest child is financially independent, and when the choice is close, take the longer term — the cost difference between 20 and 30 years is usually 20–40%, but the extra runway can matter a lot late in the term.

A convertible term policy lets you swap your term coverage for permanent (whole life or universal) coverage later without a new medical exam. This matters if your health deteriorates during the term — you lock in insurability at your original health class.

Not every term policy includes conversion, and conversion windows vary (some end at age 65, others extend to 70 or the end of the term). Read the rider terms before you buy if you think you may want permanent coverage later.

The fastest path:

1. Calculate coverage (10–12x income + mortgage + college costs).
2. Pick a term (usually 20 or 30 years).
3. Get quotes from 3–5 A-rated carriers — prices for the exact same coverage can differ by 30–50%.
4. Apply with the carrier offering the best rate. For no-exam products, approval is often instant; fully underwritten policies take 2–6 weeks.
5. Use the policy's free-look period (10–30 days) to review the contract before it becomes final.