10-Year Term Life Insurance Policy Rates in 2026 (From $9/Month)

A 10-year term life insurance policy costs an average of $41 per month for a 40-year-old 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: April 16, 2026

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Key Takeaways
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Age and gender affect 10-year term life insurance costs. An 18-year-old woman pays $22 monthly for $500,000 coverage, while a 70-year-old man pays $600 monthly for the same amount.

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High-risk applicants pay higher premiums. For 10-year term life insurance with $500,000 coverage amount, those in poor health pay an average of $46 per month, and smokers pay around $133 per month.

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Based on MoneyGeek's 2026 survey, Banner Life and Transamerica offer the best average rates for 10-year term life insurance, with their $500,000 policies costing an average of $30 per month, or $362 per year.

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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 $9 per month for an 18-year-old healthy female nonsmoker with $100,000 coverage.

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What Does 10-Year Term Life Insurance Mean?

If you're considering temporary life insurance coverage, you're looking at one of the most cost-effective ways to protect your family. Term life insurance offers affordable financial protection for a set time.

Ten-year term life insurance locks in your premium rate for the entire decade while guaranteeing your death benefit remains unchanged. Your coverage stays active as long as you pay premiums on time, providing predictable costs and reliable financial protection for your family's most critical years.

How Much Is a 10-Year Term Life Insurance Policy?

Insurance companies determine life insurance rates based on individual factors, including age, lifestyle, health, chosen coverage level and company.

Premium rates rise with age due to decreasing life expectancy. Here's how rates change based on your age and coverage amount:

Data filtered by:
40
Male
$100,000$15$185
$250,000$26$313
$500,000$41$495
$750,000$59$703
$1,000,000$74$894
$2,000,000$142$1,701
$3,000,000$207$2,488
$5,000,000$291$3,491
$10,000,000$540$6,481

Rates shown are estimates for nonsmokers with average weight and health ratings. Actual rates vary based on health, lifestyle and insurer underwriting guidelines. Get personalized quotes for accurate pricing.

10-Year Term Life Insurance Cost for High-Risk Applicants

A healthy lifestyle helps lower your premiums. Smokers have higher rates because of the health risks associated with smoking.

Data filtered by:
40
Male
$100,000$38$457
$250,000$76$911
$500,000$133$1,596
$750,000$195$2,344
$1,000,000$250$2,994
$2,000,000$496$5,946
$3,000,000$741$8,896
$5,000,000$1,038$12,462
$10,000,000$2,008$24,100

Rates shown are estimates based on our survey methodology and may not reflect your actual premium.

Insurance companies also have health rating classifications to help determine rates. People with poor health are charged slightly higher premiums.

Data filtered by:
40
Male
$100,000$16$196
$250,000$28$342
$500,000$46$557
$750,000$66$795
$1,000,000$83$1,001
$2,000,000$164$1,966
$3,000,000$245$2,938
$5,000,000$347$4,164
$10,000,000$675$8,097

Rates shown are estimates based on our survey methodology and may not reflect your actual premium.

Average Cost of 10-Year Term Life Insurance by Company

MoneyGeek analyzed average rates from different insurers to help you find the best life insurance companies for a 10-year term policy. Banner Life and Transamerica offer the lowest average price for a policy with $500,000 coverage at $30 per month or $362 per year.

Banner Life$30$362
Transamerica$30$362
Penn Mutual$31$371
Cincinnati Life$33$390
Nationwide$34$410
Protective$35$422
Pacific Life$35$423
Columbus$36$434
Mutual of Omaha$37$446
Lincoln Financial$37$449
Prudential$39$473
John Hancock$41$492
Guardian Life$41$494
New York Life$41$497
Midland National$43$517
North American$43$517
Fidelity$44$527
Gerber Life$45$535
MassMutual$45$543
State Farm$46$549
Ethos$99$1,188

Rates are based on MoneyGeek's 2026 survey of major life insurance carriers for a 40-year-old male nonsmoker with average health. Coverage amount used for comparison of average costs is $500,000. These may not reflect your actual premium.

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GET QUOTES FROM MULTIPLE INSURERS

Rates can vary widely, even for identical coverage. Compare quotes from at least three insurers to find affordable life insurance for the coverage amount you need.

Also look into each company's financial strength and claims-paying track record to ensure long-term reliability. Some insurers offer additional benefits or policy riders that provide more value for your needs.

Factors Affecting 10-Year Term Life Insurance Rates

Several factors affect 10-year term life insurance costs. Actual requirements depend on the insurance company.

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    Age

    Younger people get lower premium prices than older adults.

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    Health History

    People with a history of health problems pay higher rates.

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    Current Health

    Most insurers require a medical exam for term life insurance applicants. The test results affect the cost of your insurance.

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    Body Mass Index (BMI)

    BMI scores categorize people into weight classes. People with obesity pay higher premiums because they're at higher risk for medical conditions.

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    Smoking

    Smokers pay more expensive premiums than nonsmokers because they have a higher risk of developing illnesses.

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Apr 21, 2026

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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.

10-Year Term Life Insurance Rates: Bottom Line

A 10-year term life insurance policy offers affordable, time-limited coverage ideal for short-term financial needs like mortgage protection or income replacement.

Our research shows 10-year term policies cost less than longer-term options while providing the same death benefit protection. Rates vary depending on your age, health, lifestyle and coverage amount.

Compare Life Insurance Rates

Ensure you are getting the best rate for your life insurance. Compare quotes from the top insurance companies.

10-Year Term Life Insurance: FAQ

How does a 10-year term life policy work?

Is a 10-year term life insurance policy right for me?

Do premiums increase during the 10-year term?

What happens if I stop paying premiums?

Can I cancel my policy early?

What happens when my 10-year term life insurance expires?

We analyzed rates from major insurers to help you find affordable options without paying for longer coverage periods you might not need.

We used a baseline profile that reflects someone evaluating term coverage for mortgage protection or family security during a specific financial window.

  • 40-year-old male
  • Non-smoker 
  • 5 feet 9 inches 
  • 160 pounds 
  • Average health rating

We then adjusted age, gender, height, weight and health ratings to understand how premiums shift across different customer profiles.

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About Mark Fitzpatrick

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Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

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