Life Insurance Calculator: Estimate Your Costs

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Updated: June 11, 2024

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Personal details like age, height and weight help accurately calculate your life insurance rates. The estimate you'll get from MoneyGeek's life insurance quote calculator can guide you in shopping for life insurance, helping you make informed decisions to find the best life insurance companies for your budget and coverage needs.


Why Trust MoneyGeek? We analyzed 147,156 life insurance quotes to provide the best life insurance calculator for estimating potential costs. We collected quotes for term life insurance policies with varying term lengths and coverage amounts for a variety of customer profiles. We identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was initially collected.

147,156Quotes Analyzed
14Companies Compared
50ZIP Codes

How to Use MoneyGeek’s Life Insurance Rate Calculator

To use MoneyGeek's life insurance calculator, start by entering your data. This includes your gender, age, weight and height. You'll also need to specify if you smoke and select a general health score, ranging from excellent to poor. Then, you'll input your desired coverage amount.

Once you submit this information, the calculator will generate a list of estimated coverage costs from various life insurance companies. This gives you a snapshot of what you might expect to pay for life insurance based on your personal factors.

Each company estimate also includes an option to get a quote. Clicking the quote button will take you to a personalized quote from that company, which will provide a more detailed look at potential costs.

How to Determine Your Life Insurance Coverage Needs

Using a life insurance coverage calculator provides a baseline estimate of the coverage amount you should consider purchasing. However, to specifically tailor a policy to your needs, consider taking these additional steps to determine the appropriate amount of life insurance:

  • Evaluate Future Financial Obligations: Think beyond current expenses and consider future needs, such as mortgage payments or your children's education. This assessment helps you grasp the long-term impact and necessity of adequate coverage.

  • Factor in Income Replacement: Calculate how many years of income you need to replace if you can no longer provide for your family. This step is vital for maintaining your family's lifestyle and financial stability.

  • Consider Debts and Liabilities: Include all outstanding debts, like loans and credit card balances, in your coverage amount. Ensuring these are covered can prevent financial burdens on your family.

  • Plan for End-Of-Life Expenses: Anticipate the costs associated with end-of-life expenses such as funeral costs and medical bills to alleviate financial stress on your family during a difficult time.

  • Review with a Financial Advisor: Consult a financial advisor to review your calculated life insurance needs. An expert can offer insights and adjustments based on your financial health and goals.

Each step leverages the life insurance needs calculator to ensure you purchase sufficient coverage tailored to your unique circumstances.

Factors Impacting Life Insurance Costs

Life insurance premiums vary significantly based on personal factors, emphasizing the individualized nature of each policy. Understanding these can help you use tools like the life insurance cost calculator to predict your expenses accurately.

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    As a rule of thumb, the younger you are, the less you'll pay in premiums. This is because insurance companies view younger individuals as lower risk, translating to lower rates. This is a key factor when you calculate life insurance premium estimates.

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    On average, women have a longer life expectancy than men, which often results in lower premiums for women because of the reduced risk from the insurer's perspective.

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    Health History

    You may face higher premiums if you have pre-existing conditions or a history of serious illness. Insurance companies may see you as a higher risk, which can increase your costs.

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    Certain lifestyle choices like smoking or engaging in high-risk hobbies can increase your premiums. These activities elevate health risks, which insurance companies take into account when calculating costs.

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    Coverage Amount

    The more coverage you seek, the higher your premium will be. When deciding how much life insurance you need, consider your financial obligations, such as mortgages or loans, your dependents' needs and any future expenses like college tuition or retirement funds. It's about balancing your current budget with future financial security. Use a life insurance coverage calculator to analyze your financial obligations and future security needs.

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    Weight and Height

    Your body mass index (BMI) can impact your rates. Insurers associate a higher BMI with potential health issues, leading them to increase premiums.

By considering these factors, you can better anticipate your potential costs and utilize tools like an online life insurance calculator to find a policy that suits your needs and financial situation.

How to Get the Best Life Insurance Rates

Securing the best life insurance rates requires a blend of strategy and awareness. You can optimize your insurance costs by leveraging tools such as a life insurance estimator and following these practical tips.

Compare Policies

Use an online life insurance calculator to compare rates from different insurers. This helps you find the most competitive premiums for the coverage you need.

Maintain a Healthy Lifestyle

Health is a major factor in determining life insurance rates. Lower your premiums by staying healthy, avoiding smoking and managing chronic conditions effectively.

Choose the Right Policy Term

A life insurance needs calculator can help you select the optimal coverage period that balances cost with need.

Adjust the Coverage Amount

Consider your financial obligations carefully. Conduct an insurance needs analysis to determine how much coverage is necessary without overinsuring. For convenience, you can use a life insurance calculator online.

Annual Premium Payments

Opting for annual payments rather than monthly can potentially reduce overall costs. Insurers often offer discounts for upfront payments.

Regularly Review Your Policy

Life changes can affect your insurance needs. Regular reviews using a life insurance policy calculator ensure your coverage matches your current situation, possibly lowering costs.

These steps, aided by technology like a term insurance premium calculator or life insurance needs calculator, streamline the process of obtaining cost-effective life insurance solutions.

Where to Get Life Insurance

Insurance companies offer a range of life insurance policies, including term life insurance, which covers you for a specific period, and whole life, which provides lifelong coverage and a cash value component. Universal life insurance — a type of permanent life insurance coverage that comes with an investment savings element — is another option you may consider.

Insurance brokers can also be a valuable resource. They work with multiple insurance companies, giving you a broader view of the market and helping you find the best policy for your needs. They may also provide a life insurance needs calculator you can use for free.

When comparing life insurance providers, consider the company's financial stability, customer service and policy options. Review ratings from agencies like AM Best or Standard & Poor's to gauge financial strength. Customer reviews can give insight into service quality, while a wide range of policy options ensures you can find a plan that fits your needs.

The right life insurance policy depends on your personal circumstances, including your financial situation, health and long-term goals. It's generally worth taking the time to compare providers and policies to ensure you're making the best choice for your future. Resources like an online life insurance calculator can help you compare different providers and policies, ensuring you make the best decision for your future.

Compare Life Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

FAQ About Life Insurance Costs

Explore the following answers to frequently asked questions about estimating life insurance costs to guide your journey toward getting coverage.

Is the life insurance calculator free?
How can you get a life insurance estimate?
What impacts your life insurance cost estimate?
How much does life insurance cost?
How much life insurance do you need?
Where can you get affordable life insurance?
What is the best life insurance calculator?

Expert Advice About Life Insurance Costs

  1. What’s the best way to estimate your life insurance costs?
  2. How do companies calculate life insurance?
  3. Are online life insurance quotes from insurance companies finalized quotes or estimates?
Drew Blackston
Drew BlackstonCo-Founder, Certified Retirement Counselor® & Financial Advisor at Pearl Wealth Group
Kyle Luetters, CFP®, EA
Kyle Luetters, CFP®, EAAdvisor at Moneta Group Investment Advisors, LLC
Matthew Fortney, MBA, CFP®
Matthew Fortney, MBA, CFP®Partner at Calderon Fortney Financial Group
Dan Kresh, CFP®
Dan Kresh, CFP®Financial Advisor at Creative Wealth Management, LLC
Aaron Rubin, JD, CPA, CFP®️
Aaron Rubin, JD, CPA, CFP®️Partner at WRP Wealth Management
Elaine Luther, D.Sc.
Elaine Luther, D.Sc.Business Management Professor at Point Park University
Stacey S. Hyde, CPA, CFA®, CFP®
Stacey S. Hyde, CPA, CFA®, CFP®President at Envision Financial Planning
Nan Zhu, Ph.D.
Nan Zhu, Ph.D.Associate Professor of Risk Management at the Smeal College of Business, Pennsylvania State University
Marguerita Cheng, CFP®, RICP®
Marguerita Cheng, CFP®, RICP®Certified Financial Planner at Blue Ocean Global Wealth
David Peters, CPA, CFP, ChFC, CLU, CPCU, CGMA
David Peters, CPA, CFP, ChFC, CLU, CPCU, CGMAFounder and Owner at Peters Professional Education
Mark Kenney, CFP®, CTS™
Mark Kenney, CFP®, CTS™Certified Financial Advisor at SHP Financial
Sarah Kang
Sarah KangFinancial Planner at UAK Diversified Wealth Management
Marcus P. Miller, CFP®, MBA
Marcus P. Miller, CFP®, MBACertified Financial Planner and Financial Advisor at Mainstay Capital
Alvin Carlos
Alvin CarlosFinancial Planner and Managing Partner at District Capital Management
Chuck Czajka
Chuck CzajkaCEO of Macro Money Concepts
Mahalene Dulay
Mahalene DulayFounder and Wealth Advisor at Modern Wealth Collective®
Mark Struthers, CFA, CFP
Mark Struthers, CFA, CFPFounder and Lead Advisor at Sona Wealth

About Mandy Sleight

Mandy Sleight headshot

Mandy Sleight is a licensed property, casualty, life and health insurance agent with 20 years of experience in the industry. She has worked for major insurance companies like State Farm and Nationwide, and most recently as the Operations Coordinator for a startup employee benefits company.

Sleight holds a business administration and management degree from the University of Baltimore and a master's in business administration from Southern New Hampshire University. She uses her vast knowledge of insurance and personal finance to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.