Term Life Insurance Calculator
Term Life Insurance Explained: 10, 20, and 30-Year Policies Compared
Term life insurance is the most straightforward form of life insurance: you pay a monthly premium, and if you die during the policy term, your beneficiaries receive the death benefit. The three most common term lengths — 10, 20, and 30 years — serve different life stages and financial goals.
A 10-year term makes sense if you're close to retirement, your mortgage is nearly paid off, or your children are almost financially independent. Monthly premiums are the lowest, but you may need to requalify for a new policy when the term ends.
A 20-year term is the most popular choice for families in their 30s and early 40s. It typically covers the period when children are still dependents and most of the mortgage remains unpaid. A healthy 35-year-old can get $500,000 in coverage for roughly $25–$35/month.
A 30-year term is ideal for younger buyers — especially those in their 20s — who want to lock in low rates over a long working career. While the monthly premium is higher than a 20-year policy, the per-year cost is often lower when spread across the full term. Use our main life insurance calculator to compare your overall coverage needs.
Term Life Insurance FAQs
What happens when my term life insurance expires?
When a term policy expires, coverage simply ends. Options: let it lapse, renew annually at a much higher premium, convert to a permanent policy (if your policy has a conversion rider), or shop for a new term policy. Buying a new policy after age 50 or after a health event can be significantly more expensive.
Is term life insurance worth it for a single person?
Term life insurance primarily replaces income for dependents. A single person with no one relying on their income has less urgent need, but it can still cover funeral costs ($8,000–$12,000), pay off co-signed debts, and lock in affordable premiums before health issues arise. If you're single now but expect to have a family within 10 years, buying a 30-year term policy today is often the smartest move.
Can I convert my term policy to whole life insurance?
Many term policies include a conversion rider that lets you convert all or part of the coverage to a permanent policy without a new medical exam. Conversion deadlines vary by insurer — typically between age 65 and 70 or before a specified policy anniversary. See our whole life vs. term comparison to understand whether conversion makes sense for your situation.
How does smoking affect term life insurance rates?
Smokers typically pay 2–3 times more for term life insurance than non-smokers of the same age and health profile. Most insurers classify anyone who has used tobacco products in the past 12 months as a smoker. If you quit, most insurers will reclassify you as a non-smoker after 12–24 smoke-free months — dramatically reducing your premiums.
Content is based on publicly documented methodology and US insurance industry data. Sources: LIMRA 2024, Insurance Information Institute, NAIC, CFP Board curriculum. Not a licensed advisory practice. About our methodology →
Last updated: May 2026 · LifeInsuranceCalc.org Editorial Team · Privacy