Term Life Insurance Calculator
Calculate your term life insurance premiums and compare different term lengths
Calculate Term Life Premium
Personal Information
Most affordable under age 40
Affects premium rates
Based on medical exam results
Major impact on premium (2-3x higher)
Coverage Details
Typical range: $250,000 - $2,000,000
Coverage period (premiums locked in)
Additional Risk Factors
Optional Riders (Add-ons)
Your Estimated Premium
Cost Analysis
Compare Different Term Lengths
| Term | Monthly | Annual | Total Cost | Per $1K |
|---|---|---|---|---|
| 10 Years | $153.00 | $1,836.00 | $18,360.00 | $0.31 |
| 15 Years | $161.50 | $1,938.00 | $29,070.00 | $0.32 |
| 20 Years | $170.00 | $2,040.00 | $40,800.00 | $0.34 |
| 25 Years | $178.50 | $2,142.00 | $53,550.00 | $0.36 |
| 30 Years | $187.00 | $2,244.00 | $67,320.00 | $0.37 |
* Highlighted row shows your selected term. Premiums are locked in for the entire term.
Key Insights
Example Premium Calculation
Sample Profile
Age: 35 years old, Male
Health: Excellent, Non-smoker
Coverage: $500,000 for 20 years
Occupation: Low-risk (office work)
Estimated Premium
Monthly Premium: ~$25-35
Annual Premium: ~$300-420
20-Year Total: ~$6,000-8,400
Less than $1 per day for $500K protection!
Factors Affecting Your Premium
Why Choose Term Life?
Most affordable life insurance option
Simple and easy to understand
Coverage when you need it most (working years)
Level premiums locked in for entire term
Can be converted to permanent insurance later
Money-Saving Tips
Buy when you're young and healthy for best rates
Quit smoking to save 50-60% on premiums
Pay annually instead of monthly to save ~8%
Shop around - rates vary significantly between insurers
Improve your health before applying for a better rating
Understanding Term Life Insurance
What is Term Life Insurance?
Term life insurance provides coverage for a specific period (term) - typically 10, 15, 20, 25, or 30 years. If you pass away during the term, your beneficiaries receive the death benefit. Premiums are fixed for the entire term, making it predictable and affordable.
How Premiums are Calculated
- •Age: Younger applicants pay less (rates increase 8-12% per year of age)
- •Health: Medical exam results determine your health classification
- •Lifestyle: Smoking, dangerous hobbies, and risky occupations increase rates
- •Coverage Amount: More coverage = higher premiums (but better per-dollar value)
Health Classifications
Excellent health, no medications, ideal weight, non-smoker
Very good health, minimal medications, good weight
Average health, some medications, average weight
Health issues requiring higher premiums or exclusions
Choosing the Right Term Length
10-15 Years
- • Short-term debts
- • Specific obligations
- • Lowest premiums
- • Near retirement
20 Years (Most Popular)
- • Covers mortgage
- • Kids through college
- • Best value
- • Working years
25-30 Years
- • Long-term mortgage
- • Young children
- • Maximum protection
- • Slightly higher cost
Common Policy Riders
Essential Riders
- Waiver of Premium: Premiums waived if you become disabled
- Conversion Option: Convert to permanent insurance without medical exam
- Guaranteed Insurability: Buy more coverage later at standard rates
Optional Riders
- Accidental Death: Double/triple payout for accidental death
- Child Rider: Coverage for children under one policy
- Return of Premium: Get premiums back if you outlive the term