Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 30, 2021

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The Brief

  • Increasing term life insurance can cost more and be more complex than other types of life insurance.
  • It is a great option for consumers whose need for coverage will increase in the future.
  • You will need to ask your insurer for additional coverage if you want to upgrade your current life insurance.

There are numerous advantages to increasing term life insurance that you may not be aware of.

This type of life insurance could be ideal for protecting yourself from inflation and cover expenses in the future like purchasing a home or starting a family.

Find out about prices and companies that offer affordable increasing term life insurance by reading this guide. Then enter your ZIP code in our tool above to easily find increasing premium term life insurance rates
from companies near you.

What does increasing term life insurance mean?

Increasing term life insurance is a subset of term life insurance, which is insurance for a set period. Usually, that period is between 10 to 30 years. Your beneficiary will get a death benefit if you die during this time period but receives nothing if you die after.

Term life insurance is typically level, with premiums and death benefits remaining steady. In contrast with increasing term life insurance where the death benefits increase over time.

These plans are for people who need insurance now but also want to expand their coverage in the future. The monthly premiums may rise over time as well.

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How much are increasing term life insurance rates?

Because life insurance firms assess applicants differently, you might be able to get a better deal on an increasing term insurance premium with one insurer over another.

Check out this table of term life rates from different companies.

Average Term Life Insurance Rates and A.M. Best Ratings by Company
CompanyAverage Monthly Term Life Insurance RatesA.M. Best Rating
Banner Life$9A+
Guardian Life$10A++
Haven Life$11A++
John Hancock$11A+
Mutual of Omaha$12A+
New York Life$11A++
Northwestern MutualN/AA++
Pacific LifeN/AA+
State Farm$15A++
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When looking to buy increasing term life insurance, comparing quotes from several companies is the best method to ensure you’re getting the best bargain possible.

What companies offer increasing term life insurance?

Companies such as Transamerica, AIG, and Prudential all offer increasing term life insurance quotes. Checking rates is as easy as entering your ZIP code in our free comparison tool below. Start now with free quotes from increasing term life insurance companies in your area.