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Guaranteed Level Term Life Insurance - 10, 20, Or 30 Years

Guaranteed Level Term Life Insurance is one of the most popular and affordable types of coverage. Rates are guaranteed not to increase for a specified number of years and the death benefit remains level for the duration of the policy. If death occurs while the policy is in-force, the insurance company will pay a death benefit (normally tax-free) to the named beneficiary of the policy. You can terminate the policy at any time, and often a conversion option allows you to permanently lock premiums.

Although a lump-sum benefit is the most popular option if a death occurs, several additional options can spread the payout over a  designated amount of time. Our free quote tools allow you to customize your quote so you view the options that will best provide the protection you need for a set period of time.

This type of policy insures that the rate will not increase (price remains fixed) during the coverage period.  Other types of plans feature premiums that are not guaranteed, and thus, can unexpectedly increase. Normally, you can purchase a policy with a fixed price for 5, 10, 15, 20 or 30 years. The longer the premium is guaranteed, the higher the cost becomes. Thus, if you are 40, and anticipate needing coverage for about 10-15 more years, purchasing a 20-year contract may not be cost-effective, especially if you cancel the policy within 15 years.

If financial circumstances change, reducing or increasing the face amount can be considered, depending upon the carrier. However, medical underwriting would be required. If a serious health issue prevents the insurer from increasing coverage, the existing original policy will not be impacted. Although you may be able to reduce the face amount, the cost per $1,000 of coverage may increase. Conversion to a fixed-premium policy may be cost-effective, if the policy is kept for at least 10 years, and often much longer.


Flexibility Of Plans

Term life policies can be cancelled at any time, even if the policy has not reached its maturity. For example, if you purchased a 20-year term policy 10 years ago, it may be cancelled without any additional premium due. Likewise, that same policy could be cancelled the first year, or the 20th year without any penalty. However, when the policy is terminated, you will have to medically re-qualify to purchase any additional coverage. At that time, if your health is still good, it is advisable to consider a term policy with a small number of guaranteed years to keep the premiums low.

Many carriers offer a level premium to age 65. Thus, the length of coverage could be only seven years (age 58 applicant) or 23 years (age 42 applicant). Often, selecting these plans is the most cost-effective option if you will be terminating the policy when you reach age 65. Benefits are not wasted, and you also retain the right to terminate the policy at any time. Small amounts of coverage are also available, although many major carriers do not offer policies with face amounts less than $100,000.

If affordability is a concern, because of a changing financial situation, you may be able to reduce the face amount. However, the cost per each $1,000 of coverage will likely increase, since larger face amounts benefit from economies of scale. For example, if a $500,000 policy costs $40 per month, lowering the face amount to $250,000 may result in a $25 per month premium, instead of $20. Therefore, if cost is not a concern, retaining the existing contract is often the best choice. Note: If replacing existing coverage, never terminate an in-force policy until your new policy has been issued and approved, and you are satisfied with all of the terms, guarantees, and exclusions (if applicable).


Shown below are monthly rates for 50 year-old males and females for different face amounts and guarantee periods. Purchasing coverage at this age is popular, if additional coverage is needed because of children's education expenses, mortgages with at least 10 years until maturity, or large business loans.


Fixed term life insurance rates that don't increase, and the death benefits stays level. Shop and apply online in minutes.


Sample Monthly Rates 50 Year-Old Male (Preferred Health) $250,000 15-Year Rate Guarantee

$31.63 - Massachusetts Mutual

$32.51 - Pacific Life

$32.81 - Banner Life

$32.81 - Pruco Life

$32.85 - John Hancock


Sample Monthly Rates 50 Year-Old Female (Preferred Health) $250,000 15-Year Rate Guarantee

$23.50 - Massachusetts Mutual

$24.06 - Protective Life

$24.65 - Pacific Life

$25.30 - Ohio National

$25.56 - Lincoln National

$32.85 - John Hancock


Sample Monthly Rates 50 Year-Old Male (Preferred Health) $500,000 15-Year Rate Guarantee

$56.00 - Massachusetts Mutual

$58.19 - Banner Life

$58.23 - Pacific Life

$58.27 - John Hancock

$58.73 - American General


Sample Monthly Rates 50 Year-Old Female (Preferred Health) $500,000 15-Year Rate Guarantee

$40.58 - Massachusetts Mutual

$41.92 - Protective Life

$42.39 - Ohio National

$42.93 - Pacific Life

$43.93 - Lincoln National


Sample Monthly Rates 50 Year-Old Male (Preferred Health) $250,000 20-Year Rate Guarantee

$40.42 - Massachusetts Mutual  

$41.26 - Pacific Life

$41.94 - Protective Life

$42.22 -Banner Life

$42.61 - Principal National


Sample Monthly Rates 50 Year-Old Female (Preferred Health) $250,000 20-Year Rate Guarantee

$31.65 - Protective Life

$31.88 - Pacific Life  

$31.94 - Independent Order Of Foresters

$32.21 -Banner Life

$32.67 - Massachusetts Mutual


Sample Monthly Rates 50 Year-Old Male (Preferred Health) $250,000 10-Year Rate Guarantee

$23.65 - Protective Life

$23.79 - Ohio National  

$24.33 - Massachusetts Mutual

$25.07 -Pacific Life

$25.74 - Midland National


Sample Monthly Rates 50 Year-Old Femle (Preferred Health) $250,000 10-Year Rate Guarantee

$19.68 - Ohio National  

$20.38 - Massachusetts Mutual

$20.43 - Protective Life

$21.12 - Midland National

$21.46 - Pacific Life 


Guaranteed Acceptance


NOTE: "Guaranteed Acceptance" policies are also offered without a required physical. However, premiums are always higher, since the average applicant often has multiple medical issues. Therefore, preferred and standard risks, should not consider this type of coverage. Colonial Penn and MassMutual often feature the most competitive rates for this type of policy. Covering final expenses, funerals, healthcare bills, and outstanding bills, are often the primary reasons for purchasing this type of policy. A limited or reduced benefit may apply for the first two years.

Guaranteed Level Term Life plans are often utilized when children are in the household and still dependent. When all children are finished with school and living in their own households, the need for life insurance reduces. At that time, perhaps the most important reason to own term coverage, is to protect against the potential  loss of earned income for each wage-earner in the household. Of course, typically, the wage-earning years end between the ages of 62 and 70, although financial obligations (home mortgage or business loan) can extend beyond age 70.

To instantly view and compare your customized term insurance options, please click on the “Get Free Quotes” button at the top of the page. We shop and review multiple companies so you save money. Prices and plans are updated daily to reflect the most current offers.