Term Life Insurance

What is term life insurance?

Term life insurance provides coverage for a set time period: typically 10, 15, 20, or 30 years. It's affordable and simple — it may make sense if you only want protection for the years you plan to support loved ones financially. If you pass away during the term, the death benefit payout, which is typically not taxable, may be used to cover expenses such as medical costs, mortgages, and other daily expenses that will help your loved ones.

Why choose Progressive Life Insurance by eFinancial?

Straightforward

Guaranteed coverage

With a term life policy, your death benefit and premium are fixed and guaranteed.
Low-cost

Affordable premiums

A $250,000 policy costs as little as $16 per month.^*
Fast

No medical exam

RAPIDecision® Life makes it possible to purchase term life insurance quickly with no waiting for a medical exam.

Types of term life insurance

Fixed term life insurance

The most common form of term life, fixed term life insurance policies have a fixed coverage amount and premium payment.

Decreasing term life insurance

A decreasing term life policy features a coverage amount and premium that decreases over time, meant for those who anticipate needing less coverage toward the end of their policy's term.

One-year, short-term life insurance

A one-year, short-term life policy is a highly affordable option for those with temporary coverage needs, such as those between jobs or who aren't ready for a long-term policy.

Simplified issue term life insurance

A simplified issue term life policy doesn't require a medical exam, providing a faster way to get coverage compared to traditional term life insurance.

Comparing term and whole life insurance

Term and whole life insurance are both common life insurance options, but which is right for you? Here's a quick comparison showing how term life differs from whole life insurance:

Term life insurance

Coverage lasts for the length you want
Lower, fixed premiums
No cash value component
No death benefit if you outlive your term

vs.

Whole life insurance

Coverage lasts your entire life
Higher premiums
Cash value component
Guaranteed death benefit

If you're looking for affordable coverage that you only need for a set period of time, then term life insurance may be the right fit for you. Learn more about the differences between term life and whole life insurance.

Pro Tip:

Use our life insurance coverage calculator to easily estimate how much coverage you need.

Compare term life insurance quotes

As you consider term life insurance policies, research insurers and plans to find the right rate and coverage for you. Through eFinancial, you can easily compare term life insurance rates based on the policy type, coverage amount, and insurer.

Common questions about term life insurance

Consider buying term life insurance when you're younger in order to get a lower premium. Since younger people tend to have fewer health conditions, they typically get lower insurance rates.
Apart from age, you should consider buying a term policy if you're looking for affordable coverage that only needs to last a set period. For example, if you have a young family, you may want a 20-year term life policy so you're covered while your children still depend on your income.
Many term life insurance policies require you to re-apply if you want to change your coverage amount during your term. Your age and health can affect your rate, so your rate will likely increase if you re-apply later in life.
But in some states, Progressive Life Insurance Company offers a "flexible term" policy that lets you increase or decrease your coverage amount without reapplying.^** If you qualify for flexible term life insurance, your age and health status will "freeze" at the time you purchase your policy. So if you increase your coverage amount for a covered life event in the first 10 years of your policy, your rate won't increase due to your age or any health issues that developed since you bought the policy.
No, generally you can't "cash out" or sell back a term life policy since these types of policies don't include a cash value component. However, there are return of premium rider options that may refund your paid premiums if you outlive your term life policy. Otherwise, you should look into permanent life insurance options, like whole life, which may allow you to sell the policy back to your insurer for its cash surrender value. Learn more about cash value and life insurance.
To start, you can quote term life insurance online, over the phone, or with an agent or broker. Getting multiple quotes is a good idea to compare rates, just make sure you're quoting the same coverage amounts. Once you've found the policy you want, you must submit an application with the insurer before you can buy your term life insurance policy. Most applications ask about your health, including your medical history, family history of certain conditions, and whether you smoke. Depending on the insurer, you may also need a physical exam.
Here's a more complete guide to buying a life insurance policy.