Is there a cash value on a 10-year term life insurance policy?

There is no cash value with a ten year term life insurance policy. It is pure life insurance protection.

What does a 10-year 'level' term life insurance policy mean?

A 10-year level term life insurance policy simply means the both the rate and premium are fixed for 10 years. If you die during the 10 year period, the policy amount will be paid to your beneficiary.

Can I cancel a 10-year term life insurance policy at anytime?

Yes, there is no penalty to cancel a 10-year term life insurance policy early. You can simply pay month-to-month or year-to-year.

Is a ten year term life insurance the least or most expensive policy?

The 10-year is least expensive term life insurance policy. The shorter the term the lower the premiums since there is a less of a chance you passing away and it's a lower risk for the insurance company.

Is a 10-year term life insurance policy worth it?

If you need financial protection for a ten year period or less, a 10-year level term life insurance policy is worth it. You are purchasing financial protection and peace of mind for pennies on the dollar.

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

The table below is a 10-year term life insurance fixed rates by age chart for $100,000, $250,000, $500,000 and $1,000,000 of coverage.

*Rates for a male in excellent health, non-smoker at the best health class. Date of birth 8/1.

Who Has The Best Rates for A 10-Year Term Policy?

There are more than 700 life insurance companies in the country and most of them are great insurers. To narrow it down, below are the three top life insurance companies we like for a 10-year level term insurance policy at the best health class for $1,000,000, $2,000,000 and $3,000,00 policy amounts. We chose these companies due to the fact they often have the absolute lowest rates in the country, are highly rated and many offer no-exam policies for large coverage amounts.

*Rates are for a 40-year old male in excellent health on a 10-year term. Many polices will not require a medical exam.

There are many other great companies for a 10-year term policy that will have the lowest rates for standard or substandard health classes. Also, other factors such as medical history, tobacco usage, family history and many more will determine which company will have the best rate for you.

Some of these insurers include: Banner Life, Protective Life, Transamerica, Penn Mutual, Prudential and Lincoln National among many others.

Price Difference On A 10-Year Term Life Policy Between Companies

Rates for the same policy, same coverage on a 10-year level term policy can vary as much as 63% or even more if you add in other factors such as height and weight and health history.

Conclusion:

The 10-year term life insurance policy is the ideal life insurance policy for many Americans to meet their short term needs. It's most commonly used to protect a spouse and children, cover a mortgage, meet an SBA loan or divorce decree requirement or cover student loan debt.

Aside from being the least expensive term life policy, the 10- year term provides the perfect financial safety net in the event of a premature death for a ten year period or even sooner as there is no early cancellation penalty. 

Lastly, while the 10-year term policy is the least expensive term life policy, it is recommended to choose the ideal term length for your situation, 10-40 years since life insurance will never be as inexpensive is it as today as we only get older and also health issued could develop.