Term Life Insurance

Shawn Plummer

CEO, The Annuity Expert

What is Term Life Insurance?

Term life insurance is the most popular type of life insurance available, Level Term, offers a set monthly premium and death benefit. It is the simplest type of life insurance for those who need it. It is also typically more affordable than any other option because it does not include a savings component or investment return within the policy.

Coverage ranges between 10 to 30 years.

Most people who are shopping for life insurance need term life insurance. This is a type of life insurance that lasts for a certain number of years. It is affordable and easy to understand. You pay money every month, and if you die during the term, they will give your family money. If you live past the term, then this type of life insurance expires.

Level Term Life Insurance Quotes

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How much does term life insurance cost?

Level-term life insurance is the most common form of life insurance. It offers a low monthly payment starting at $11 per month, which remains stable for the duration of your coverage.

Level Term Life Insurance Rates

These are sample monthly premium rates utilizing the most popular term, 20 years. The rates are based on age, gender, coverage amount, Preferred status, and non-tobacco consumers.

AgeGender$250k$500k$750k$1,000,000
25Female$10.95$16.37$21.79$22.98
Male$12.30$19.08$25.86$30.54
35Female$12.45$18.20$24.54$30.53
Male$13.80$21.64$29.70$33.93
45Female$21.24$36.95$52.67$67.85
Male$26.19$46.67$67.24$87.81
55Female$45.37$84.36$123.78$158.80
Male$61.24$114.71$169.30$221.55

What happens at the end of the term?

What happens when term life insurance expires? You have 3 options:

  • Do nothing, and continue life without coverage.
  • Purchase another insurance policy. Rates will be based on your age and medical condition when the old policy expires, which is often more expensive.
  • Convert the level term policy into a permanent life insurance policy.

Pros and Cons

Pros

  • Most affordable type of life insurance.
  • Simple to understand.
  • Last for a fixed period of time, set by you.
  • The premiums do not change during the term.

Cons

Is Term Life Insurance Tax Deductible?

Can you write off term life insurance? Unfortunately, your life insurance premiums are not tax-deductible because they are considered a “personal expense” by the IRS. You cannot deduct life insurance payments from your taxes if you buy it for yourself. The only times when this is possible are when you pay for someone else’s policy.

Find The Best Life Insurance Coverage At The Cheapest Cost!

Compare life insurance quotes from 25 companies in seconds. Then, apply for coverage in less than 10 minutes.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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