Life Insurance Calculator
Use our free life insurance calculator to estimate the monthly and annual cost of a term life insurance policy. Enter your age, gender, desired coverage amount, policy term, smoking status and overall health — and get an instant estimate based on US market averages.
Frequently Asked Questions
What is term life insurance?
Term life insurance provides coverage for a specific period (10–30 years). If you die during the term, the insurer pays the coverage amount to your beneficiaries. It's the most affordable type of life insurance and has no savings component.
How much life insurance do I need?
A common rule of thumb is 10–12× your annual income. Consider your debts (mortgage, loans), dependents' needs, education costs, and how long your family would need financial support without your income.
Why does age affect premiums so much?
Life insurance premiums are based on mortality risk. As you age, the statistical probability of dying during the policy term increases significantly, especially after 40. Buying life insurance when young and healthy locks in the lowest rates.
Does smoking really double the premium?
Yes — smokers typically pay 2 to 3× more than non-smokers for the same coverage. This reflects the significantly higher mortality risk associated with smoking. Many insurers offer lower rates after 1–2 years of being smoke-free.