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: Jul 2, 2021

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The Brief

  • Level term life insurance rates are fixed won’t increase as you get older
  • Level term life insurance options for seniors are available
  • Some of the best level term life insurance companies are John Hancock, Guardian Life, New York Life, and Protective Life Insurance

Level term life insurance is the most common type of term life insurance available.

But what are level term life insurance policies? And are there any level term options with life insurance for seniors? Read through our comprehensive guide to find out everything you need to know buying level term life insurance.

Looking for affordable level term life insurance? Enter your ZIP code for free level term life insurance quotes.

What is level term life insurance?

Level term life insurance is a type of term life insurance that is generally affordable for most people. However, there are many level term life insurance advantages and disadvantages.

Due to how simple and straightforward the policy is, it is the most common type of term life insurance, and many life insurance companies have level term life insurance options available.

Level term life insurance usually covers you anywhere from 10-30 years before it expires.

During your coverage period, your rates are fixed and won’t increase, making level term life insurance one of the most affordable life insurance options.

However, level term life insurance expires after the coverage period ends. After that, you’ll need to buy a new policy, which can often be expensive.

Level term life insurance also does not have a cash value, unlike whole life insurance.

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What are level term life insurance rates?

Life insurance rates vary from company to company, and your rates will also be affected by your age, gender, and death benefit amount.

Let’s take a look at some sample rates for a male in good health purchasing a 20-year level term policy for different death benefit amounts.

Sample Level Term Life Insurance Rates
Age$250,000$500,000$750,000$1,000,000
25$17.12$27.08$37.04$45.14
35$18.68$30.27$40.42$51.73
45$35.28$60.76$85.81$113.60
55$83.64$151.23$222.86 $286.53
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Since your rates won’t increase as you age with level term life insurance, you can continue to have low rates throughout the duration of your policy if you buy life insurance at a younger age.

However, level term life insurance is still available for seniors. Even if you wait to buy insurance, term life insurance for over 50 is still available.

What companies offer level term life insurance?

Most life insurance companies offer term life insurance options, but the best level term life insurance companies include John Hancock, Guardian Life, New York Life, and Protective Life Insurance.

Protective Life Insurance and John Hancock offer the most affordable level term life insurance options.

While the average life insurance rates are $26 a month, you can buy level term life insurance from Protective Life Insurance for as little as $7.82 a month.

John Hancock also offers a 15% discount for individuals who sign up for their Vitality program, making them a good option for those looking for more affordable life insurance options.

New York Life and Guardian Life are both great companies for those who want to customize their level term life insurance coverage.

With New York Life, there are several riders available, including child term, spouse term, and accidental death benefit. Conversion to a permanent life insurance policy is also available.

Guardian Life also offers a wide range of riders, including a long term care rider, which is the perfect option for purchasing level term life insurance for seniors. A.M. Best gives Guardian Life an A++ rating.

Shopping for life insurance? Enter your ZIP code to get free level term life insurance quotes.