10-Year Term Life Insurance: Best No Exam Companies & Rates

Good things come in tens:

  • Bowling pins
  • Decades
  • Phone numbers
  • 10 year term life insurance 

In fact, 10 year term life insurance is purchased all the time.

We’ll discuss everything you need to know about this type of coverage.

Goal – learn the 5 must-know facts about 10 year term life insurance, while analyzing your needs, to decide if it’s a good fit for you.

Table Of Contents

  1. Term
  2. 10 Year
  3. No Exam
  5. Drawbacks
  6. Bottom Line
  7. Apply

Tell Me What Term Life Insurance Is

Simply put, term life insurance is – life insurance that provides a death benefit for a specific amount of time.

Term is recommended frequently because it’s a highly affordable way to secure a large amount of coverage – during a time that your loved ones will need it most.

Term lengths include:

5 Must-Know Facts About 10 Year Term Life Insurance

10 year term

1. Safeguard

A 10 year term policy will financially safeguard those you care about most for just that – 10 years.

10 years is a common term length purchased. Let’s take a look at a few examples:

  • A single person purchases a 10 year term policy in order to secure an SBA loan that lasts for 10 years. His term policy will remain in force for as long as his loan exists.
  • A married couple have two children, ages 13 and 16. They each purchase a term policy lasting 10 years to provide financial protection for their children into early adulthood.
  • A single parent has three children, ages 14, 16, and 17. She purchases a 10 year policy that will last until her youngest child finishes college.

Bottom line – You will want to purchase a policy that will last as long as a financial need exists. (Note – sometimes, applicants opt for a 20 year term policy to ensure coverage doesn’t stop before the financial need does.)

Note – Exercise caution, and seek the help of an independent agent, if you are shopping for coverage under special circumstances. For example, life insurance for foreign nationals is only covered by specific carriers.

2. Affordable

Term life insurance is very economical.

Term is the best way to purchase a large face amount (policy size) with low monthly premiums (the amount you pay in exchange for coverage).

Let’s get a general idea of the cost (for specific examples, see below): [table id=87 /]

Note rates for tobacco users will be different. If you use tobacco products, be sure to select Yes for Smoker/Tobacco on your free quote.

Also, note – quotes include fully-underwritten policies.

3. Options

The top-rated term life insurance companies all offer 10 year term life insurance.

For no physical term life insurance carriers specifically, the following companies issue 10 year policies all the time:

  • Foresters – competitive pricing, fast underwriting, member benefits
  • Phoenix – excellent living benefits (riders), ideal for someone with minor health issues
  • ANICO – superior riders and willing to accept some health risks
  • Sagicor – quick application, competitive pricing
  • Fidelity – superior company, fast underwriting

Bottom line – You are able to shop multiple companies to find the best policy to fit your needs.

4. Popular

10 year term life insurance is popular because it has a number of desirable qualities:

  • The ability to secure a large amount of coverage for a low monthly cost
  • Level term (what we recommend and what is most common) means that your premium payments remain the same for the life of the policy
  • Many policies have the option to convert into a permanent policy, should you decide you want coverage to last your whole life
  • The top-rated carriers include built-in riders that provide additional benefits (i.e. Accelerated Benefit)
  • Often, the physical exam is skipped when buying term life insurance

5. Invaluable

If you have a spouse or young children who would be faced with financial hardship in the event of your death, life insurance proceeds can solve that problem.

If you are a key person or partner in a business, life insurance can help to stabilize the business in the event of your death. – Bob Macdonald, Forbes

Term life insurance isn’t for you. It’s for the ones you care about most. In other words, you purchase term life insurance knowing that you, personally, will never see the death benefit.

The value comes from knowing loved ones and/or business partners will be okay financially, regardless of what life brings.

Bottom line – While it’s certainly not fun to think about, if people depend on you financially, securing life insurance is the right thing to do.

No Exam Life Insurance 101

The physical exam is often skipped during a term life insurance purchase.

Here’s why – Life insurance companies realize many of us have no interest in being poked with a needle, providing liquid samples, or having a nurse (paramedical examiner) visit your house. Instead, carriers are utilizing technology and databases to underwrite applications.

There’s never been a better time to purchase no exam term life insurance (also known as non-med or no exam). Rates are now competitive with comparable fully-underwritten policies.

So, what does the process look like?

10 year term

There are 4 basic steps to purchasing life insurance without a physical exam. While each carrier uses its own process, you can expect an experience similar to this:

  1. Application – your application is typically submitted online or over the phone. We’re talking minutes to complete.
  2. Interview – a representative from the company you applied with will call you for an interview. Be prepared to answer questions about:
    1. Basic information (DOB, address etc.)
    2. Your medical history
    3. The medical history of close blood-related family members (parents, siblings)
    4. Occupation
    5. Lifestyle
    6. Tobacco use
    7. Military service
  3. Review – the underwriter (their job is to assess risk) will evaluate your application, phone interview, and records from the following:
    1. Medical Information Bureau (a database of previous insurance applications)
    2. Pharmacy history (records of prescriptions)
    3. Driving Record/Motor Vehicle Report
  4. Decision – quickly, a decision will be made on your application (depending on the carrier, expect a decision to be made somewhere between minutes and 72 hours). Expect one of three decisions:
    1. Approved: best-case scenario. You are approved for the life insurance policy you applied for.
    2. More information needed: sometimes, further details are required before the underwriter can make a decision. (Note – this can delay the application decision significantly.) Let’s say, for example, you have experienced a medical condition in the past – the carrier may require further documentation from your physician before finalizing your application.
    3. Declined: you are not approved for the life insurance policy you applied for. This happens, from time to time. Take heart though. There a plenty of options available and a decline does not close the door on you securing life insurance coverage.

Bottom line – No physical exam life insurance is purchased all the time. Many top-rated carriers offer no exam 10 year term coverage.

10 Year Term Life Insurance Quotes 

Quotes provided are samples only. Quotes are based on healthy, non-tobacco rates. Your individual quote may vary.

10 Year Term Life Insurance Quotes For Male 30 - 39 Years

30 Year Old$7.14$9.46$13.76$20.64
31 Year Old$7.14$9.46$13.76$21.07
32 Year Old$7.14$9.46$13.76$21.07
33 Year Old$7.14$9.46$13.76$21.07
34 Year Old$7.14$9.46$13.76$21.93
35 Year Old $7.14$9.46$13.76$21.93
36 Year Old$7.31$9.89$14.62$22.79
37 Year Old$7.57$10.32$15.48$24.51
38 Year Old$7.83$10.75$16.34$25.37
39 Year Old$8.08$11.18$17.20$27.43
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Female 30 - 39 Years

30 Year Old$6.88$8.60$12.04$18.06
31 Year Old$6.88$8.82$12.47$18.51
32 Year Old$6.88$8.82$12.47$18.49
33 Year Old$6.88$8.82$12.47$18.49
34 Year Old$6.88$8.82$12.47$19.35
35 Year Old $6.88$8.82$12.47$19.35
36 Year Old$7.05$9.24$13.33$20.21
37 Year Old$7.22$9.46$13.76$22.05
38 Year Old$7.48$9.89$14.62$22.79
39 Year Old$7.65$10.32$15.48$24.51
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Male 40 - 49 Years

40 Year Old$8.34$11.61$18.06$28.81
41 Year Old$8.77$12.47$19.78$32.25
42 Year Old$9.20$13.33$21.50$34.83
43 Year Old$9.72$14.41$23.65$39.13
44 Year Old$10.23$15.70$25.80$43.97
45 Year Old $11.03$16.77$28.38$45.50
46 Year Old$11.44$17.85$30.53$52.24
47 Year Old$12.04$19.14$33.11$56.35
48 Year Old$12.64$20.64$35.69$61.86
49 Year Old$13.33$22.15$38.27$68.69
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Female 40 - 49 Years

40 Year Old$7.91$10.75$16.34$25.37
41 Year Old$8.26$11.40$17.63$28.81
42 Year Old$8.60$12.26$19.35$31.39
43 Year Old$9.03$13.12$21.07$34.83
44 Year Old$9.46$14.19$22.79$38.27
45 Year Old $10.06$15.05$24.94$41.13
46 Year Old$10.41$15.91$26.44$45.15
47 Year Old$10.84$16.99$28.38$48.59
48 Year Old$11.35$17.85$30.53$52.89
49 Year Old$11.95$19.14$32.68$57.19
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Male 50 - 59 Years

50 Year Old$14.10$23.65$41.71$75.51
51 Year Old$15.05$26.02$46.44$84.35
52 Year Old$16.00$28.81$51.83$93.10
53 Year Old$16.98$31.61$57.57$104.91
54 Year Old$17.68$35.00$63.88$115.50
55 Year Old $19.34$38.06$70.48$130.38
56 Year Old$20.98$41.50$76.93$142.33
57 Year Old$22.53$45.36$85.36$156.95
58 Year Old$24.17$49.39$92.02$172.43
59 Year Old$26.23$54.44$101.90$192.21
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Female 50 - 59 Years

50 Year Old$12.86$20.43$35.26$62.35
51 Year Old$13.21$21.72$37.84$66.88
52 Year Old$13.65$23.44$41.21$74.11
53 Year Old$14.00$25.16$44.19$79.63
54 Year Old$14.44$26.91$47.69$84.00
55 Year Old $15.49$29.53$51.63$94.50
56 Year Old$17.33$31.39$55.56$102.64
57 Year Old$19.16$33.63$59.50$109.81
58 Year Old$20.38$36.04$64.75$118.76
59 Year Old$21.76$38.92$69.66$128.57
Samples only. Subject to change.

Note: Quotes include medically underwritten policies.

3 Examples Of When 10 Year Term Is Not A Good Idea

You will want your life insurance to last as long as a financial need exists.

Sometimes, 10 year term life insurance will not last long enough for your needs. Consider 3 examples:

  1. A married couple has four young children, ages 1, 4, 7, and 8. They want to financially protect their children until they reach adulthood. They are better off purchasing a 20 year (or even a 30 year) term life insurance policy. 10 years is not long enough to protect their loved ones.
  2. A father wants to provide a legacy to his two children through life insurance, and hence, wants to purchase a permanent life insurance policy. If you want life insurance to last your whole life, term coverage is not a good option.
  3. A working spouse would like to secure coverage until retirement. At 30, she will be working for approximately 30 more years. 10 year term would not last long enough and she should consider a 30 year term policy.

Bottom line – Purchase a term length that will financially protect those you care about most for as long as there is a monetary need.

Bottom Line

Buying insurance has a lot in common with ripping off a Band-Aid: You just need to do it and then get on with the business of living. – Tara Siegel Bernard, The New York Times

There are two important questions about term life insurance to answer before you buy a policy:

  1. How long do I need my policy to last? In other words, will 10 years sufficiently cover how long you need protection? Calculate how many years your loved ones will depend on you financially. If you are unsure, round up. You don’t want your policy to end before your need ends.
  2. How much (face amount) life insurance do I need? Grab your calculator and analyze the following:
    1. Your annual income
    2. Your debt
    3. Your financial goals (estate, charitable gifts, college tuition, etc.)

Note: Term life insurance with no exam required is available in varying face amounts –

How To Apply

There are 2 important things to do in order to buy 10 year term (or any term length) life insurance:

  1. Partner up – Collaborate with an independent life insurance agent. That way, you have access to the top-rated carriers. Independent agents have your best interest at heart and are not held captive to a particular carrier.
  2. Prepare – Be ready for your application by having your information readily available, including your basic information, medical history, occupation and lifestyle information. A thorough application is processed faster.

To get started, simply fill out our free quote.