What Is a Term Life Insurance Policy?
A term life insurance policy pays a tax-free benefit to your loved ones if you pass away during a chosen term—usually 10, 20, or 30 years. After the term, coverage ends or can often be renewed at higher rates. There’s no cash value—just pure protection for the years you need it most. Most term policies are “level term,” meaning your premiums stay the same every month, so budgeting is easy.
Choosing the Right Term: 10, 20, or 30 Years?
Match your term to your longest financial obligation.
20-year term life is popular for parents with teens or a mortgage that will be paid off in 20 years.
30-year term covers young kids until adulthood, or a new 30-year mortgage.
10- or 15-year terms are ideal if you’re nearing retirement or need coverage just until Social Security starts.
What term length is right for me?
Cover until your debts are gone and your dependents are self-sufficient. For example, a 35-year-old with small kids and a new mortgage often chooses a 30-year term, while a 55-year-old looking to bridge income until retirement may opt for a 10- or 15-year term.
How Much Term Life Insurance Should You Buy?
When calculating your term life coverage, consider:
- Income replacement ($X/year for Y years)
- Mortgage balance and other debts
- College or childcare costs for children
- Any special obligations (like care for an aging parent)
Subtract any other coverage (like work life insurance), but remember employer coverage isn’t portable—treat it as a bonus, not your main plan. The goal: enough to pay off debts and let your family keep their lifestyle if you’re not there.
Affordable Life Insurance Rates—Real Examples
Term life is more affordable than you think. Here are some sample monthly rates (for healthy non-smokers, subject to change):
- 30-year-old female, $1,000,000/30-year term: ~$35/month
- 40-year-old male, $500,000/20-year term: ~$30/month
- 50-year-old female, $250,000/20-year term: ~$32/month
- 55-year-old male, $250,000/10-year term: ~$45/month
Rates depend on your age, health, smoking status, coverage amount, and term length. We’ll guide you through a quick health questionnaire to provide accurate, personalized quotes.
Medical Exam vs. No-Exam Term Life Insurance
Many term policies require a simple medical exam (bloodwork and a brief nurse visit), but more companies now offer no-exam options for healthy applicants. For many, approval takes just days. If you qualify, you may skip the needles and get coverage instantly. If you have some health issues, an exam could actually help you get a better rate. We handle whichever path is best for you, including scheduling any needed exam at your home or office—no cost, no hassle.
Flexibility: Conversion & Popular Riders
Convertibility
Most term life policies let you convert to permanent insurance during the term—no medical questions asked. This gives you lifelong protection if your needs change.
Riders
Add features like disability waiver of premium (premiums are waived if you become disabled), or a child rider (small, affordable coverage for your kids). We’ll discuss which, if any, make sense for you.
Why Buy Term Life Through Innovative LTC?
Independent, unbiased advice
We shop rates from dozens of top-rated insurers to find the best fit for your age and health.
Quick & easy process
We do the paperwork and coordinate the details. Many clients are approved in days, sometimes instantly.
Coverage for all ages
Whether you’re 25, 45, or 60+, we’ll find a plan that fits your budget and timeline.
Why Buy Term Life Through Innovative LTC?
Even at 55 or 60, term life can protect your spouse or cover final expenses for the years you need it most. A 55-year-old can often get a 10-year term to cover the transition to retirement at a reasonable cost. Every situation is unique—something is always better than nothing, and we’ll help you maximize your protection within your budget.
Ready to See How Inexpensive Peace of Mind Can Be?
Contact us for a free, no-obligation term life quote. We’ll compare the best rates from top insurers and help you secure coverage quickly—no pressure, just real numbers.
Your Term Life Insurance Questions, Answered
What does term life insurance cover exactly?
It pays your chosen benefit if you die during the policy term—no cash value, just straightforward protection for your family’s needs.
Should I get a 20- or 30-year term life policy?
It depends on your longest financial obligation—mortgage, years until retirement, or kids’ independence. We’ll help you decide the best fit.
What are term life insurance rates for a 50-year-old?
Rates are higher than for younger buyers, but still affordable for many. For example, a healthy 50-year-old could get $250,000 for around $35–$45/month on a 10- or 15-year term.
Can I buy term life online?
Yes—our process is streamlined, so you can get quotes, apply, and often get covered entirely online, with help from our team at every step.