
How Long Is Term Life Insurance Good For?
Term life insurance policies are available in different lengths of time. The term length you choose will depend on your financial obligations and needs. The most common term lengths are five, 10, 15, 20, 25, or 30 years. Annual renewable term life insurance is another option that guarantees your ability to renew coverage annually for a set period without reapplying, but the premiums typically increase when you renew coverage.
Term Length | Who is it a Good Fit For? |
---|---|
Annual Renewable Term Life Insurance | People with short-term financial obligations or those who want to cover a gap in employment until they get a new group life insurance policy through their next job. |
5-year Term Life Insurance | People with short-term financial obligations, such as a small loan or college fees. |
10-year Term Life Insurance | Parents or guardians with older children who still rely on their income or someone approaching retirement who needs to cover the last leg of their employment. |
20-year Term Life Insurance | New parents or newlyweds as their family grows. |
30-year Term Life Insurance | People with large, long-term financial obligations, such as a mortgage or college debt. It may also be a good fit for young applicants who want to cover the majority of their earning years. |
If your longest-lasting financial obligation falls in between available term periods, round up. For example, if your mortgage will be paid off in 17 years, round up your term choice to 20 years.
When deciding how long your term length should be, consider the following:
- The length of your mortgage
- How long until children are on their own
- The number of years until you retire
Term life insurance is a valuable tool to ensure your loved ones are financially protected in the event of your death. Choose the term length that best meets your financial obligations and needs.

Our carriers beat Colonial Penn, Globe Life, and AARP 96% of the time*
* Based on website quote requests, through 5/31/23.
(Check your rate to see their rates vs. ours)