Term Life Insurance
Term life insurance covers you for a fixed period, typically 10 to 30 years, and pays a death benefit only if you die during that term, which makes it by far the cheapest way to buy a large amount of cover.
- Brand
- Policy type
- Category
- Life Insurance Types
- Released
- Price
- Not published
- VersusAnything Score
- 100/100
Key features
- Cheapest cover per dollar of benefit
- Simple and predictable
- Ideal for mortgage and child-raising years
Best for families who need a large death benefit during the years others depend on their income.
term life insurance specifications
| Coverage length | Fixed term: 10, 20 or 30 years |
|---|---|
| Builds cash value | No |
| Premium structure | Level (fixed) for the term |
| Typical monthly cost (healthy 35-year-old, approx.) | Roughly $25-$40 for $500,000 of 20-year cover |
| Cost tier (1 = cheapest) | 1 |
| Medical exam | Often required for large amounts; no-exam options exist |
| Flexibility | Can usually be converted to permanent cover before the term ends |
| Main drawback | Pays nothing if you outlive the term; renewing later is expensive |
Score breakdown
- Overall (100%)
Scored against every life insurance policy in our database using the life insurance types weighting.
Pros and cons
Pros
- Cheapest cover per dollar of benefit
- Simple and predictable
- Ideal for mortgage and child-raising years
- Strong overall score (100/100 within life insurance types)
Cons
- No weak scoring group in its category
Compare term life insurance against
Alternatives to term life insurance
- Whole Life Insurance 0/100
- Universal Life Insurance 33/100
- Final Expense Insurance 67/100
Sources
- term life insurance: Policy type official (manufacturer)
Specifications last verified: 2026-10-01. Prices are launch or official list prices in US dollars unless stated. See our sources and data policy.