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Best 10 Year Term Life Insurance Rates

best 10 year life insurance rates

What company offers the best 10 year term rates? That will largely depend on your age and health, as various companies compete for different niches in the life insurance world. That is how we created our top ten best life insurance companies list. We looked at the niches filled by each company to determine who offers the lowest 10 year life insurance rates by age. Give us a call today to see how we can help you!

10 Year Term Life Insurance Rates

“Who offers the best 10 year term life insurance rates?”

There is no one size fits all company that offers the best 10 year level term life insurance. However, with just a brief conversation of 5 minutes or less, we can help narrow down the right company for you. We do this by focusing on the unique niches of the various life insurance companies we represent and aligning you with the one that best fits your specific need, health and lifestyle.

The following 10 year level term life insurance rates chart breaks down exam and no exam life insurance by age.

Sample 10 Year Term Life Insurance Rates

Sample quotes based on a male in excellent health as of February 19, 2016

Ages$200,000
no exam
$200,000
exam
$400,000
no exam
$400,000
exam
$1,000,000
no exam
$1,000,000
exam
2010.9410.9415.3113.1324.521.29
3010.9410.9415.3113.8324.521.46
4013.3413.3420.1216.2738.3330.8
5024.3324.3342.0938.3293.7683.3
6059.2259.22111.88106.29257.53232.93
70n/a191.07n/a325.17n/a729.49
80n/a794.68n/a1282.93n/a2980.43

10 year term life insurance quotes from the following companies:

Principal Financial Group, Mutual of Omaha, Protective Life, VOYA, Prudential

If you like what you see, why not give us a call. However, if you need information on how you can actually qualify for these amazing 10 year term life insurance rates, please continue to read.

10 Year Term Life Insurance

What company offers the best 10 year term life insurance rate?

Short answer:   It depends.

Factors that are going to determine who offers the best 10 year term life insurance rate for YOU, will be:

  • Your age.
  • Your height and weight.
  • Have you been diagnosed with any pre-existing conditions?
    • Cancer, heart attack, stroke or diabetes?
    • Or how about high blood pressure, or elevated cholesterol levels?
  • Your family medical history (Has any of your immediately family [mother, father, brother, sister] suffered from a heart attack, stroke, cancer or diabetes?).
  • What medications are you taking?
  • Do you currently use any type of tobacco products?
  • What’s your driving record look like?
  • Do you have any bankruptcies on your record?
  • How about any felonies or misdemeanors?
  • Do you participate in any hazardous activities?
  • Do you travel to any “exotic” locations?

The answers that you provide to these questions will ultimately determine which company is going to offer YOU the best 10 year term life insurance rates out there.

But this is crazy, isn’t there one company that’s known for being the most affordable?

Short answer:  Sure.

Yes, there are certain life insurance carriers known to have some of the most affordable life insurance rates, but you have to think of it this way: if you’re young and healthy, and don’t take any medications, buying affordable life insurance is generally going to be an easy process!  After all, what life insurance company isn’t going to want to insure a young, healthy applicant!

But let’s assume for a minute that you’re not super young or in an “Olympic athlete” condition.  Perhaps you also take a couple of medications or you’ve been diagnosed with some sort of condition that would make you a high risk. Well if this is the case, finding the best 10 year term life insurance rates out there may be a bit more difficult.

Life Insurance Companies “Niche” Markets

Because the life insurance industry is so competitive (just try to watch TV for an hour without seeing 2 or 3 commercials about how you’re paying too much for whatever types of life insurance policies they’re offering!), and because there are only so many super healthy applicants out there, some insurance companies, in an effort to gain more customers, have chosen to step out from the crowd and decide to be the “best” in a particular niche!

For example:

Do you need diabetic life insurance

If so, it’s generally agreed upon that there really are only one or two different insurance companies that you should consider if you have been diagnosed with diabetes.  This is especially true if you are trying to buy life insurance with type 1 diabetes, which is much more difficult to be approved for.

How about a family history of breast cancer?

Family history affects your life insurance. Well if you’re a male, it’s very unlikely for you’ll be diagnosed with breast cancer, so wouldn’t it make sense to apply for life insurance with a company that would not discriminate against you simply because your sister has been diagnosed with breast cancer?

Just knowing that the insurance company that you’re applying with is doing this to you, and switching to a different insurance company, could mean the difference between getting a “preferred” rate and a “standard” life insurance rate!

Or what about something as simple as one’s weight

Not every life insurance company uses the same height and weight build chart when determining who will and won’t qualify for a preferred rate class.  So if there’s just a few pounds separating you from a preferred rate class, wouldn’t it make sense to simply choose a different insurance carrier rather than be stuck with a higher price tag for the next 10 years!

Wait I Think I’m More Confused Now than Ever!

Being confused at this point makes total sense because honestly, how can anyone really know which insurance company to choose from when there are some many variables to consider?

And the truth is you really can’t, unless you have a condition that is going to make one particular insurance carrier the obvious choice. Instead, the best that one can do is simply take an educated guess regarding which insurance carrier will be the best and then see what happens.

Wait a Second, What Does that Mean?

What we mean by this is that because we at TermLife2Go work with dozens of different life insurance companies, we’re able to get the process started with 1 company, and then as the process moves along, and we learn more about your medical condition, we can move your application to another company should it appear that the second company would be a better choice for you!

Let’s explain:

Day 1:  You contact TermLife2Go and decide that you want to apply for a fully underwritten term life insurance policy.  The application for the policy will most likely require a medical exam in order to secure the lowest possible rate.  This exam will usually be scheduled to take place at your home within 7 to 10 days after submitting your application. See life insurance physical exam tips.

This medical exam will be paid for by the insurance company regardless of whether or not you ever decide to purchase a life insurance policy.

Day 7:  You take your life insurance medical exam.  The results for this exam will typically be available to the insurance company within 7 to 10 days after the exam. See What do life insurance companies test blood and urine for?

Day 14:  Exam results are presented to the underwriter with the insurance company.  Underwriters working with TermLife2Go will also have access to these lab results so that they can simultaneously determine if the application still looks like it has been submitted to the best life insurance company for you.

The average underwriting process can take between 2 to 4 weeks once the lab results have reached the insurance underwriter.  These underwriters may also request medical records as well as some additional information prior to making a decision. The good news for the insured is that all of this is all handled by the insurance company directly so all one needs to do is simply have patience and wait for their results.

Day 28-42:  The results are in.  At this point, you application is complete, which has allowed the insurance company to make a final decision.  So what was the decision?

5 Possible Outcomes to Any Life Insurance Application

 “Approved as applied”

Great News!  You we were approved for the life insurance that you applied for and received the life insurance rate that you hoped for, congratulations!

 “Approved better than applied”

This is even better— what this means is that you’re life insurance application has been approved at a rate class that is better than what was applied for.

For example, after your initial application interview, it may have been determined by your agent that you would best qualify for a “Standard rate”, but then after the insurance underwriters had a chance to look at your lab results and/or medical records, have decided that you should receive a better rate than standard.

Yes, this does actually happen, especially if you have a life insurance agent who’s not trying to “over” sell you by teasing you with a super low insurance rate that you literally have no chance of ever qualify for (this happens all the time).

Times when folks will get a better rate than originally applied for:

  • Muscular individuals—height and weight ratios are designed to account for an average build, if you’re very muscular, often times your rate will be adjusted to account for your build type.
  • Patients who use medications to control their blood pressure, their cholesterol, and/or blood sugar levels may also receive better rates than they originally apply for assuming that their medications are controlling these conditions well.

In our opinion, a quality life insurance agent should see about 10-15% of all of his or her life insurance applications come back as “Approved, better than applied” because what this demonstrates is that he or she is not practicing a very common “Bait and Switch” sales technique that is frequently used throughout the industry.

“The Bait and Switch”

First, applicants are quoted a low rate, only later to discover that they don’t qualify for this rate after all.

Only difference is that when it comes to using a “Bait and Switch” technique in life insurance, the applicant has literally had to provide a blood sample and wait nearly 4 weeks till they get the bad news!

 “Approved, other than applied”

This is also good news. However, it means that there must have been something on your lab results that will prevent you from qualifying for the insurance rate class that you originally applied for.  Not all “Approved, other than applied” are the result of a “Bait and Switch” sales technique.

Examples of such situations would be:

  • Blood pressure came in higher than believed.
  • Cholesterol levels came back higher than expected.
  • Blood sugar levels were elevated.
  • Etc.

In general, 10 to 15% of all life insurance applications will come back “Approved, other than applied”. For this reason we at TermLife2Go stress during the initial application interview:

“That a quote is just a quote, and that ultimately the insurance company will determine what the price of your life insurance will be.”

TermLife2Go’s Second Look

At TermLife2Go, all applications that have been “approved, other than applied”, will immediately go into an internal review to determine if it might make more sense to move the client’s application from the original insurance carrier to another one that may be less strict given what was learned to cause a change in pricing.

For example: What is considered an elevated blood pressure level with one life insurance carrier may not be considered elevated to another.

So if it looks like you might be able to get a better policy with a different life insurance company, we can simply “re-package” your application and send it off to a second insurance carrier.

If this were to happen, you would not have to take a new medical exam and the whole approval process would not start all over again, because this time the new insurance underwriter will have everything that they need to make a decision on day one!

Applications that are Postponed or Denied

The last two things that can happen to a life insurance policy is that it could be postponed or it could be denied.  Postponed life insurance applications are ones where the insurance company has decided that they want to hold off on offering coverage for some set period of time.

Possible reasons for a life insurance company to postpone an application could be because the applicant:

  • Has an upcoming surgery or procedure planned.
  • Has had some unusual lab results that may or may not be accurate.
    • Clients will often have an abnormal liver enzyme test result on their medical exam that does not indicate any real potential health issues. This result could be due to a host of factors, but until these results are explained by your primary care physician, or by a new positive and/or normal exam, insurance companies will simply hold off on providing coverage.
  • Expired or postponed drivers license or a current and/or active bankruptcy may also be a reason for a particular insurance company to postpone one’s life insurance application.

The good news is that a postponed insurance application is not a denial.  There just may be a few things that need to be completed prior to the insurance company willing to move forward with an approval.  TermLife2Go will also review these files and see if the cause of the postponement might also be resolved by finding a new life insurance carrier that would be willing to offer coverage right away.

Lastly, let’s review a denied life insurance application

Life insurance applications can be declined for a million different reasons.  Some may be denied due to a serious medical condition, while others may simply be denied because you frequently enter Mexico! (Yes, it’s true, one of the largest insurance companies in the country will deny any insurance application from an applicant who frequently travels into the border areas of Mexico AKA… Tijuana or Juarez, Mexico).

For this reason, we again review every denied life insurance policy at TermLife2Go to determine if there is anything we can do for our clients should their original life insurance application gets denied.

So just imagine…

What does the application process looks like for a life insurance agent that only works for one insurance company?

Are they really looking to find the right coverage for you, or are they simply trying to determine how their “One size fits all” insurance is going to have to work for you!

What if you don’t qualify due to their underwriting guideline?  Are you then told to pursue life insurance coverage elsewhere or are you then “pitched” an alternative insurance product like an:

Or what about those cases that are approved at a higher rate than was originally quoted, if these agents who just work with one company can’t offer anything else, what do you as the customer do?  Are you even told that there might be an alternative elsewhere?  Probably not!

About TermLife2Go

We work with dozens of the top rated life insurance companies in the United States. We focus on the various niches within the life insurance marketplace. This allows us to tailor policies to each client’s individual need so that we place that client with the best company at the best price for that specific client. Our team of seasoned life insurance professionals will take the time necessary to provide you with the right product as well as service second to none.

We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!

Give us a call today or simply enter your information into our quote form.

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TermLife2Go Mission

To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

About TermLife2Go

Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.