Our Family of Companies
western & southern financial group logo
western & southern life logo
columbus life logo
eagle realty group logo
Fabric by Gerber Life
fort washington logo
gerber life logo
integrity life logo
lafayette life logo
national integrity life logo
touchstone investments logo
w&s financial group distributors logo

10-Year Term Life Insurance

Life Insurance
parents think about 10-year term life insurance as they walk in the woods with their daughter and son

Key Takeaways

  • 10-year term life insurance offers temporary coverage for a specific period, with affordable and fixed premiums.
  • It can be a good option for those nearing the end of their careers, providing additional coverage until retirement at a lower cost.
  • Adding a 10-year term policy can increase coverage if you already have life insurance and need extra protection for a specific period.
  • It may not be suitable for long-term goals or providing coverage for young children, as it expires before they reach adulthood.
  • The cost of a 10-year term policy depends on factors like death benefit, age, health, and lifestyle. Adding conversion or renewability riders can extend coverage beyond the initial term.

Let’s examine how a 10-year term life insurance policy works and some life situations in which it could be a good fit for you and your loved ones.

What Is a 10-Year Term Life Policy?

A 10-year term life policy gives you temporary life insurance coverage for a limited period of time. After the underwriting process is completed, your policy will go into effect for a period of exactly 10 years. As long as you pay your premiums to the insurance company, your policy will remain in force.

A key benefit of a 10-year term life policy is its affordability. It's one of the least expensive policy types on the market, and your premiums will stay the same for the entire length of the term.

How Does a 10-Year Term Life Policy Work?

If you die during the 10-year time period (starting from your policy’s effective date or the day on which your coverage begins), your beneficiary would receive the death benefit in the coverage amount you choose — for example, $250,000. This money could be used for a variety of purposes, including final expenses, mortgage payments, credit card debt, educational costs and outstanding medical bills.

After 10 years, however, the policy will expire. At that point, depending on your health, you could purchase another policy to continue your life insurance coverage. There are other term policies available in 15-, 20- and 30-year lengths, putting 10-year term life on the short end of the term life insurance spectrum.

Why Choose a 10-Year Policy?

There are a number of scenarios where a 10-year term policy length could be a good option. Choosing a 10-year policy depends on your age, what you can afford and your specific needs at different life stages.

Toward the End of Your Career

If you are someone in your 50s or 60s who would like additional insurance coverage until you reach the end of your career, a 10-year term policy could help you meet this goal and may be less expensive than longer-term policies.

Desire to Increase Your Coverage

It could also be a good addition if you already have some life insurance but want to increase the coverage amount. Tanya bought a 30-year term policy when her daughter was born a decade ago, but she has just received a significant pay raise and would like more coverage. She could add a 10-year term policy to her existing insurance portfolio to give her additional coverage until her daughter moves away from home.

Affordability & Changing Needs Down the Road

It could also be a smart choice if your insurance needs might change later on. Converting your policy before it expires can be cheaper than other policy lengths. 

Steve is at the beginning of his career and is interested in buying whole life insurance. Currently, he can't afford the premiums for a permanent life insurance policy. However, he buys a 10-year term policy with a conversion rider. This could let him switch to a permanent policy someday without taking a medical exam. He purchased coverage now and could convert to a whole life policy in a few years when he has a higher income.

When Could a 10-Year Term Life Policy Be Less Suitable?

A 10-year term policy might not work as well for long-term goals like providing financial protection for young children. If you buy a 10-year policy right when you have your first child, that policy will expire well before they grow up.

It might also not be the best choice when you're in your 30s or 40s and are looking for an additional policy to last your entire career. You'll likely work longer than 10 years, and your policy would expire before you head to retirement.

If you apply for a new policy after your 10-year term expires, the premiums might become more expensive — and you might have trouble qualifying if you have developed health issues. If you're looking for coverage that will last your entire career, you might consider locking in longer-term coverage with a 20- or 30-year policy instead.

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

The cost of a 10-year term life insurance policy depends of a number of factors, related to both the specifics of the policy you purchase as well as your personal information, which will affect the underwriting process. The death benefit amount and riders (optional additional features like premium coverage if you become disabled) you select for your term life policy are the first set of factors that will determine its cost. In addition, your age, gender, health, tobacco use, family history and lifestyle and occupation will be taken into consideration during underwriting.

According to Forbes Advisor, here are several average term life insurance rates by age, term length and death benefit payout.1 Keep in mind, however, that actual policy costs will vary depending on individual underwriting results.

  • Average Term Life Insurance Rates by Age: The average cost of a 10-year term life insurance policy with a $250,000 death benefit for a 30-year-old male is $129 and a 30-year-old female is $117 annually. That same policy costs an average of $162 per year for a 40-year-old male and $149 for a 40-year-old female.
  • Average Term Life Insurance Rates by Term Length: The average cost of a 10-year term life insurance policy with a $500,000 death benefit per year is $174 for a 30-year-old male and $149 for a 30-year-old female. By comparison, the average cost of a 30-year term life policy with the same death benefit would be $381 per year for a 30-year-old male and $317 per year for a 30-year-old female.
  • Average Term Life Insurance Rates by Death Benefit Payout:  With a $1,000,000 death benefit, the average cost is $264 per year for a 30-year-old male and $217 per year for a 30-year-old female.

Any Other 10-Year Term Life Considerations?

If you buy a 10-year term life policy and think you might want coverage later on, you could always see if it's possible to add a conversion or guaranteed renewability rider. These extra features could let you extend your coverage in the future without taking a medical exam.

Another option is convertible term life insurance. Convertible term policies begin as standard term insurance, offering a death benefit payout if you pass away within the initial 1coverage period. Rather than terminating when the term expires, you can convert to lifelong protection. Convertible term gives you short-term affordability with long-term security.

It could also be worth reviewing your policy with an insurance professional before making a decision. Such a professional could help you figure out whether a 10-year term policy is right for your needs.


  1. Average Cost Of Life Insurance. https://www.forbes.com/advisor/life-insurance/how-much-is-life-insurance/.

Next Steps

Related Articles


Information provided is general and educational in nature, and all products or services discussed may not be provided by Western & Southern Financial Group or its member companies (“the Company”). The information is not intended to be, and should not be construed as, legal or tax advice. The Company does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.