Some companies that offer affordable term life insurance include MetLife, Geico and State Farm. Term life insurance is generally inexpensive because it only offers coverage for a set number of years, states MetLife.
MetLife offers several types of term life insurance policies, which include Simplified Issue Term Life Insurance, Level Term Life Insurance and One Year Term Life Insurance, as of 2015. The Simplified Issue Term Life Insurance offers coverage for amounts below $100,000 and does not require a medical exam. Those who are looking for coverage over this amount and a guaranteed premium for the duration of the policy may opt for the Level Term Life Insurance.
Geico offers several types of term life insurance policies and allows customers to compare the rates across various terms. Individuals can buy term life insurance for 5, 10, 15, 20 or 30 years. The 20-year term plan is the most popular option, according to Geico.
The term insurance policies made available by State Farm include 10-year, 20-year and 30-year terms, with a coverage of up to $250,000. StateFarm offers customers the possibility to convert to a permanent policy at any time. The company also offers mortgage term life insurance, which provides coverage for the repayment of a mortgage in the event of death, notes State Farm.