Term life insurance calculator
A recent study found that most people believe the price of term life insurance is three times higher than the actual cost.1
Find out how much coverage you may need and what it can cost. Your quote is personalized – and there’s no obligation to buy.
To start, tell us about yourself:
Get your suggested coverage amount, term length, and monthly cost estimate.
The results page will let you adjust the policy amount and term length to see how it affects the cost of your quote.
Fill out and submit our contact form. We’ll reach out to you in the next 1-2 business days to discuss your needs.
How much life insurance do you really need?
Our calculator uses the Human Life Value method to suggest your life insurance needs based on what you're earning now and what you expect to earn for your family in the future.2 If you're between 18 and 40, you multiply your annual income by 30; as you get older and have fewer working years left, that multiple decreases. It's a rough estimation method, but there are other ways of estimating your protection needs, such as the DIME method, which looks at your family's Debts, Income, Mortgage obligations, and Education goals.
How term life insurance works
- You’re covered for a set period of time. Term length typically ranges from 10 to 30 years; our calculator shows you the cost of a 20-year policy but lets you see how rates change for a longer or shorter term.
- Your rate never changes. The quote is for a “level” term policy with rates that won't vary for the entire length of the term; your premium can never go up.
- Your loved ones are protected with an income tax-free death benefit. If you pass away while your policy is in effect, your beneficiary gets a lump-sum payout for the amount of coverage purchased.
- It typically costs less than a permanent policy but doesn’t build cash value. Whole and universal life policies cost more because they protect you for life and include a cash account that builds over time, while a term policy is worth nothing after the term ends.3,4,5
Why to consider buying term life insurance
- It can help replace income for your family if you pass away during your working years
- It can help pay off a mortgage so your family can stay in your home
- It can help repay other debts, such as student and personal loans
- It can help cover higher education costs for your children
- It can help pay for childcare and other expenses while children are growing up
- It can help with living expenses to support your family’s lifestyle
- It can help pay health care and other expenses
- It can help pay funeral expenses and other final costs
- It can help replace Social Security benefits or retirement savings you would have otherwise earned
How different factors affect the cost of a term life policy
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Coverage amount |
The bigger the policy, the higher the cost. |
|
Term length |
The longer the term, the more you'll pay per month. |
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Age |
The older you are, the higher the cost. |
|
Gender |
Women tend to live longer than men, so they pay less. |
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Health status |
People in better health qualify for lower rates. |
|
Lifestyle |
Tobacco use and other hazardous activities raise your cost. |
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