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Find the term life insurance coverage that’s right for you.

Looking for term life insurance? We can help you figure out the term length and policy that’s right for you.

Looking for term life insurance? We can help you figure out the term length and policy that’s right for you.

How to Buy Term Life Insurance

Purchasing a term life insurance policy is an important step to take to protect your loved ones’ financial future, but it can often seem like an overwhelming process. At SelectQuote, we’ll walk you through each step, answering any questions you have and help you feel confident that the policy you choose meets your needs and budget. Here’s a guide to buying term life insurance.

1. Calculate How Much Term Life Insurance Coverage You Need

It can be hard to know exactly how much life insurance coverage you need. To get started, you’ll want to consider how much life insurance you can afford, who depends on you financially and your future financial needs. Our life insurance calculator can help give you a headstart on determining the right amount of coverage, and our licensed insurance agents can help confirm that it’s the right amount for you and your situation.

2. Decide Which Term Life Insurance Policy Length is Right For You

Not only do you need to decide how much coverage you need, but you’ll also want to decide how long you’ll need it for. The typical term lengths are 10-year, 15-year, 20-year, 25-year and 30-year. Figuring out which term length is right for you can depend on both the stage of life you’re in and your financial situation.

Average Term Life Insurance Rates by Age & Gender

There are several factors to figure your monthly premium, but age and gender play a significant role in the cost of your coverage.

10 Years15 Years20 Years25 Years30 Years
10 Year Term Life
Age / Sex$250,000 Coverage Amount$500,000 Coverage Amount$1M Coverage Amount
25 Years Old Female$8.60$11.20$15.29
25 Years Old Male$10.04$13.17$20.82
35 Years Old Female$8.98$11.96$20.39
35 Years Old Male$10.04$14.02$20.39
45 Years Old Female$15.28$24.17$37.39
45 Years Old Male$16.81$27.08$44.72
55 Years Old Female$28.20$49.80$90.38
55 Years Old Male$37.47$67.31$122.68
15 Year Term Life
Age / Sex$250,000 Coverage Amount$500,000 Coverage Amount$1M Coverage Amount
25 Years Old Female$9.08$12.54$18.55
25 Years Old Male$10.20$14.42$22.09
35 Years Old Female$10.41$14.43$21.17
35 Years Old Male$10.79$15.72$25.36
45 Years Old Female$17.38$28.37$49.29
45 Years Old Male$21.23$35.69$66.16
55 Years Old Female$32.85$59.09$109.89
55 Years Old Male$46.76$85.09$163.77
20 Year Term Life
Age / Sex$250,000 Coverage Amount$500,000 Coverage Amount$1M Coverage Amount
25 Years Old Female$10.93$15.72$22.94
25 Years Old Male$12.29$19.04$30.49
35 Years Old Female$11.93$17.63$29.21
35 Years Old Male$13.59$20.82$33.48
45 Years Old Female$21.24$36.48$66.54
45 Years Old Male$26.18$46.07$86.29
55 Years Old Female$45.35$84.12$158.29
55 Years Old Male$60.56$114.48$221.04
25 Year Term Life
Age / Sex$250,000 Coverage Amount$500,000 Coverage Amount$1M Coverage Amount
25 Years Old Female$13.36$19.54$31.74
25 Years Old Male$15.59$23.79$40.79
35 Years Old Female$15.90$24.64$42.49
35 Years Old Male$18.05$28.47$50.99
45 Years Old Female$29.50$49.72$92.64
45 Years Old Male$37.59$65.02$121.54
55 Years Old Female$73.40$134.35$253.07
55 Years Old Male$100.28$187.24$356.02
30 Year Term Life
Age / Sex$250,000 Coverage Amount$500,000 Coverage Amount$1M Coverage Amount
25 Years Old Female$14.65$22.87$38.11
25 Years Old Male$17.47$28.04$46.74
35 Years Old Female$18.27$29.20$51.18
35 Years Old Male$21.09$34.75$63.92
45 Years Old Female$33.26$60.11$114.05
45 Years Old Male$42.85$78.61$148.73
55 Years Old Female$91.51$175.99$329.81
55 Years Old Male$119.31$231.97$456.48

Table rates are based on 10-year, 15-year, 20-year, 25-year, and 30-year term policies for men and women in excellent health from one or more of the trusted companies we represent. 10-year term rates were pulled on 8/2021 and other rates were pulled on 5/2021. Your price could vary depending on your health, issuing company and other factors. Not available in all states.

3. Gather All the Information You’ll Need

During the life insurance application process, the life insurance carrier will evaluate your medical history and family background. You’ll want to make sure you have the necessary information on hand when you call SelectQuote for your free life term life insurance quote. In addition to your basic information, you may also be required to share any hospitalizations, medications, procedures, surgeries and more from the last five years.

4. Fill Out the Life Insurance Application

The life insurance application will ask for basic information such as your name, address and employer. It will also ask for personal information such as your height, weight, date of birth, financial information and lifestyle habits. Your SelectQuote licensed insurance agent will help with this process, but to make the process go smoothly, it can be helpful to have this information ready when you call.

5. Schedule Your Medical Exam

The medical exam is a quick and simple process and usually takes less than an hour. Similar to an annual physical, a medical technician will perform routine health checks such as checking your pulse, blood pressure and height and weight to determine your body mass index. You may also have to provide a blood and urine sample during the medical exam.

6. Wait For the Underwriter Results

The underwriting process varies by company, but you can expect to hear back from the life insurance company within four to eight weeks. Once you get your results, you will then know your final monthly premium for your life insurance policy. From here, you can decide if you want to move forward with the policy or look into other options.

7. Finalize Your Term Life Insurance Policy

Once you receive the results of your medical exam, you can then finalize your policy. Every company’s process is different, but in many cases, your life insurance coverage begins as soon as your first premium payment is submitted.

SelectQuote Makes Buying Term Life Insurance Easier

The process of purchasing life insurance doesn’t have to be complicated. SelectQuote is here to help you through the process. We’ll get to know your needs and find you the right coverage with the right carrier at the right price.

We do the shopping. You do the saving.