The short answer
True short-term life insurance is a one-year policy you can renew, and very few insurers sell it. As of November 11, 2026, Progressive sells a one-year policy from Fidelity Life with $50,000 to $200,000 of cover and no medical exam. Every other consumer document we checked starts its level term at 10 years, and none offered a 5-year term. For a need of a few years, a 10-year policy you cancel early is often the cheaper route.
- Shortest product found
- 1 year, Fidelity Life via Progressive
- Cover range
- $50,000 to $200,000
- 5-year level term found
- None in the documents we opened
On this page
What short term means in life insurance
The phrase covers three different things, and sellers use it loosely.
- A one-year policy. It covers 12 months. At the end you can buy another year at a higher price, move to a longer policy or let it go. Choice Mutual describes it as often "called a 1-year term policy or annual renewable term."[3]
- Year-to-year term from a big insurer. New York Life lists level cover for 10, 15 or 20 years, "or opt for year-to-year flexibility with rates that adjust over time."[12]
- Any policy you plan to keep briefly. Nothing stops you from buying 10 years and cancelling after three. Most people asking about short-term cover are really in this group.
Ethos adds a useful warning. A true policy of three to six months is hard to find, because "Many short-term options are structured as 1-year renewable coverage or group coverage."[5]
Who sells 1-year, 5-year and 10-year cover
We read the consumer documents for nine term products. Only one sells a stand-alone single year, and New York Life offers a year-to-year option. None lists a 5-year level period. The shortest level period everywhere else is 10 years.
| Insurer and product | Shortest level period | Lengths offered | Source |
|---|---|---|---|
| Fidelity Life, one-year policy sold through Progressive | 1 year | One year, then buy another year or move to a longer policy | Progressive [1] |
| New York Life, term | Year to year | 10, 15 or 20 years, or year to year | Product page [12] |
| State Farm, Instant Answer Term | 10 or more | $50,000 to age 50 or 10 years, whichever is longer | Product page [6] |
| State Farm, Select Term | 10 | 10, 20 or 30 | Product page [6] |
| Banner Life, OPTerm | 10 | 10, 15, 20, 25, 30, 35 or 40 | Spec for individuals [7] |
| Symetra, SwiftTerm | 10 | 10, 15, 20 or 30 | Fact sheet [8] |
| Transamerica, Trendsetter Super | 10 | 10, 15, 20, 25 or 30 | Consumer guide [9] |
| United of Omaha, Term Life Express | 10 | 10, 15, 20 or 30 | Product highlights [10] |
| Pacific Life, PL Promise Term | 10 | 10, 15, 20, 25 or 30 | Client guide [11] |
Checked November 11, 2026. Consumer documents only. Availability varies by state, age and health. The full specs sit in our term policy database, and the length pages are gathered under term lengths.
The five-year math
Say you are 40 and need $100,000 for five years, to cover a business loan. You can buy a one-year policy and renew it four times, or buy a 10-year policy and stop paying after year five. One published price list shows both shapes from the same day.
Sample price, checked November 11, 2026
- Age 40, $100,000, one-year renewable term, standard non-tobacco, female or male
- $121 a year
- Age 45, the same one-year policy
- $133 a year
- Male 40, $100,000, 10-year level term, preferred non-tobacco
- $9 a month
- Female 40, the same 10-year policy
- $8 a month
Choice Mutual sample tables[3] [4], rounded to the nearest dollar, valid as of March 9, 2026. The two tables assume different health classes, standard for the one-year policy and preferred for the 10-year policy, so this is the shape of the trade, not a like-for-like price. Not a quote. Your price depends on your health and the insurer.
Example. Five years of $100,000 cover for a 40-year-old man
- One-year policy, renewed each year, at least
- $605
- 10-year level policy, five years of $108
- $540
- Difference, at least
- $65
One-year cost assumes each renewal is no cheaper than the $121 first year, so five years cost at least $605. The 10-year cost is $9 a month for 60 months, then the policy is cancelled. Prices from the Choice Mutual sample above, with different health classes in each table.
The gap is small in dollars, but the 10-year policy buys something the one-year policy cannot. If your plans run long, the price is already set for five more years, with no new health questions. Policygenius made the same point in 2021, noting that "you can cancel the policy any time when you're sure you no longer need it."[2] A longer policy you drop costs you nothing extra to drop.
The one-year route wins mainly on speed and on approval. Progressive says there is no medical exam and you answer "a few basic health questions."[1] If a full application would take weeks or come back rated, a quick one-year policy can be the better bridge. To see how the length you pick changes a full-length price, try the term length picker.
Cover through work and the gap when you leave
Many people hold their only life insurance through an employer. Choice Mutual cites LIMRA at "roughly 50%" relying on employer group term cover.[3] Fidelity warns that "employer-provided life insurance generally does not continue if you leave your job."[13]
That makes a job change the most common short need. Progressive names it first in its list of reasons, "In between jobs," next to paying off a specific debt and making lifestyle changes.[1] The catch is that group cover often ends on your last day, and a new employer's cover may start weeks later. A one-year policy or a 10-year policy applied for before you resign closes that gap.
When a short policy is the right call
For
- A debt with a fixed end inside a year or two, such as a bridge loan.
- Cover while a full application is still in underwriting.
- You quit smoking recently and want cover now, then a better class later.
- You expect group cover at a new job soon.
Against
- Cover tops out at $200,000 on the one product we found.
- The price rises at every renewal.
- Needs that "end in two years" often last longer.
- A 10-year policy you cancel early may cost less.
The quitting case deserves a number. MoneyGeek reports that "Most insurers reconsider your rate after 12 to 24 tobacco-free months."[14] A short policy can carry you through that wait, and then a long policy at a non-tobacco class takes over. Our guide to rate classes explains the steps between classes.
What happens when the year ends
At the end of a one-year term you have three choices. Progressive lists them as buying "another year of short-term coverage, a longer term life insurance policy (starting at 10 years), or a permanent policy like whole life."[1] Ethos notes that premiums on one-year renewable cover "often increase each renewal period."[5]
Choice Mutual's own table shows how far that climb goes. For $200,000 of one-year cover it lists $155 a year at 40 and $481 at 65, on the same standard non-tobacco basis and the same March 9, 2026 date. That is roughly three times the price for the same cover, which is why a one-year policy is a bridge, not a plan.
If the need you are covering is about a loan, see our page on life insurance for an SBA loan, where the lender often sets the length. If you would rather see a real 10-year price for your age and health, a quote takes a few minutes.
Questions people ask
Can I buy life insurance for just one year?
Yes, but few insurers sell it. The one-year policy we found is from Fidelity Life, sold through Progressive, with $50,000 to $200,000 of cover. Most other insurers start at 10 years, and you can cancel those early.
Is there a 5-year term life policy?
We did not find one in the consumer documents of nine products checked on November 11, 2026. The common answer for a five-year need is a 10-year policy that you stop paying when the need ends.
Is a one-year policy cheaper than a 10-year policy?
Not always. In Choice Mutual's sample tables a 40-year-old man pays $121 for one year of $100,000 one-year cover against $108 a year for a 10-year policy, though the tables use different health classes. Your own prices depend on your health and the insurer.
What do I lose if I cancel a 10-year policy early?
Term policies build no cash value, so you lose only the cover. You simply stop paying and the policy lapses. Read the contract for any notice step the insurer asks for.
Last updated November 11, 2026. Found an error? Call (305) 699-5857 and it goes in the corrections log.
Sources (14)
- Progressive, Short-term life insurance, one-year, no date shown. Opened November 11, 2026. www.progressive.com
- Policygenius, One-year term life insurance, should you buy it, October 29, 2021. Opened November 11, 2026. www.policygenius.com
- Choice Mutual, Short term life insurance, how it works, benefits and cost, updated March 9, 2026. Opened November 11, 2026. www.choicemutual.com
- Choice Mutual, $100,000 life insurance policy rates, valid as of March 9, 2026. Opened November 11, 2026. www.choicemutual.com
- Ethos, Short-term life insurance, how it works, cost and alternatives, modified October 28, 2026. Opened November 11, 2026. www.ethos.com
- State Farm, Term life insurance policy choices and sample rates, page undated. Opened November 11, 2026. www.statefarm.com
- Banner Life, OPTerm specifications written for individual buyers, CN04022026-2. Opened November 11, 2026. www.bannerlife.com
- Symetra, SwiftTerm fact sheet LIM-1600, October 2024, as posted on an agency website. Opened November 11, 2026. www.fmiagent.com
- Transamerica, Trendsetter Super Series consumer field guide 133039R2, dated 04/21. Opened November 11, 2026. www.transamerica.com
- Mutual of Omaha, Term Life Express highlights flyer issued by United of Omaha, 285243 dated 04/26. Opened November 11, 2026. www.mutualofomaha.com
- Pacific Life, client guide to PL Promise Term, 15-45340-07, dated 3/23. Opened November 11, 2026. www.pacificlife.com
- New York Life, Term life insurance product overview, page undated. Opened November 11, 2026. www.newyorklife.com
- Fidelity, How much life insurance do I need, August 7, 2026. Opened November 11, 2026. www.fidelity.com
- MoneyGeek, Cheapest life insurance for smokers, updated November 9, 2026. Opened November 10, 2026. www.moneygeek.com
