Term Life Insurance Calculator: Estimate Your Cost

Our term life insurance calculator draws on more than 100,000 quotes collected across 37 companies for a range of age, term, gender and coverage profiles. We built estimates around a standard profile of a nonsmoker with average health. Your estimate reflects average rates for that profile, adjusted for the age, gender, term and coverage level you select.

Your actual rate will vary based on your health classification, tobacco use, occupation, hobbies and driving record. Use your estimate as a benchmark, then click “Get Quotes” to compare quotes from at least three providers and find your best rate.

Term life insurance premiums vary based on your age, health, the coverage amount you choose and the term length you select.

Insurers ask for the same core information across most applications. Having these details ready speeds up the quote process and helps you get a more accurate rate.

• Date of Birth: Your age is one of the first inputs every insurer uses to calculate your rate. Even a one-year difference can affect your premium, so locking in a quote sooner rather than later works in your favor.
• Height and Weight: Insurers use your body mass index as a baseline health indicator. Readings outside standard ranges can raise your rate or require additional medical review.
• Tobacco and Nicotine Use: Be prepared to disclose whether you smoke, vape or use any nicotine products, and when you last used them. Most insurers apply smoker rates for at least 12 months after you quit.
• Medical History: You'll need to share any diagnosed conditions, medications and past surgeries. Insurers typically ask about conditions like diabetes, heart disease, cancer and high blood pressure.
• Family Medical History: Most applications ask about causes of death or major illnesses in your immediate family, particularly parents and siblings. A history of hereditary conditions can affect your risk classification.
• Occupation and Hobbies: High-risk jobs and activities like skydiving, motorcycle racing or commercial diving affect how insurers price your policy. Some carriers exclude specific activities rather than raise your premium.
• Desired Coverage Amount and Term Length: Know roughly how much coverage you need and for how long before you start comparing quotes. These two inputs directly determine your base premium and the range of policies available to you.
• Beneficiary Information: You won't need full legal documentation at the quote stage, but having your intended beneficiary's name and relationship ready speeds up the application process.

A common starting point to determine how much term life insurance you need is 10 to 12 times your annual income. To get a more precise estimate, add together your outstanding debt, income replacement needs, mortgage balance and projected education costs for each child. Then subtract liquid assets your family could access quickly. The remaining amount is your life insurance coverage target.

For example, a 35-year-old earning $80,000 with two young children and a $250,000 mortgage might start with $800,000 to $960,000 for income replacement, based on 10 to 12 times annual income. Adding the $250,000 mortgage and roughly $100,000 to $300,000 for future education costs brings the total to about $1.15 million to $1.51 million before subtracting savings or other available assets.

Choose a term that lasts through your longest major financial obligation, such as your mortgage or the years until your youngest child becomes financially independent.

Common term lengths are 10, 15, 20 and 30 years. A 30-year-old with a newborn and a 30-year mortgage may need a 30-year policy, while a 45-year-old whose children are nearly independent may need only 10 or 15 years of coverage.

Shorter terms cost less. A 20-year, $500,000 policy for a healthy 35-year-old averages about $37 per month for women and $47 for men, compared with $65 for women and $80 for men with a 30-year term.

Term life insurance costs an average of $47 per month for women and $59 for men at age 40 with a 20-year, $500,000 policy. Rates increase with age, coverage level and term length. 20-year-olds pay $11 to $13 per month for a $100,000 policy, while a $1 million policy averages $51 to $64. At age 60, a $100,000 policy costs $74 to $100 per month, while a $1 million policy costs $545 to $771.

* Rates shown are for nonsmokers in average health with a 20-year term policy.