Life insurance calculator

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Ready to shop for life insurance? You'll want to start by comparing quotes from different life insurance companies. Our life insurance calculator calculates the cost of your policy so that you're never overpaying for coverage.

How to use our life insurance cost calculator

Follow these steps to use our life insurance calculator to predict how much you’ll pay for life insurance premiums:

Step 1: Enter your age

The cost of life insurance increases 4.5% to 9% each year you put off buying coverage. The younger you are, the lower your premiums, which is why it’s best to buy earlier.

Step 2: Enter your gender

Women pay less than men for the same amount of coverage on average.

Step 3: Enter your zip code

Not all policies are available in all states. Where you live determines which policies are available to you based on your state’s rules and regulations.

Step 4: Choose term length

Your policy’s term length is how long your life insurance coverage lasts. Choose a term length that matches or exceeds your longest financial obligation (like your mortgage) so that your family doesn't end up liable for those costs. We also have a term life insurance calculator.

If you need whole life, check out our whole life insurance calculator. Most people, however, are better off with a term policy.

"Due to the complexity and pricing of whole life insurance policies, term coverage is the recommendation for the vast majority of people," says Patrick Hanzel, certified financial planner and Advanced Planning Team Lead at Policygenius. "Permanent coverage is usually only suitable for people who have a significant income or assets, complex estate planning needs, or a dependent with special needs."

Step 5: Choose your coverage amount

Policygenius advisors suggest buying coverage that equals 10 to 15 times your income, if not more. Even if you’re temporarily unemployed, you should get enough coverage to account for your anticipated future income.

Once you’ve completed these steps, you’ll receive a life insurance quote. After reviewing your options, you can click the button to compare policies from top-rated insurers.


Due to the complexity and pricing of whole life insurance policies, term coverage is the recommendation for the vast majority of people.

- Patrick Hanzel, certified financial planner and Advanced Planning Team Lead

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How to calculate how much life insurance to get

To get an accurate quote from our life insurance calculator, you need to enter the right amount of life insurance coverage that you need. Here's how:

1. Add up your assets

Find the sum of your post-tax income and any liquid assets, like life insurance policies you already own, current investments, and future assets like social security benefits.

2. Add up your debts and financial obligations

Account for your yearly living expenses and debt payments and multiply them by the number of years your family would need support. Make sure to include future financial obligations, like college tuition.

3. Subtract your assets from your debts and financial obligations

The resulting number is the coverage gap — the amount of money your family would need to be financially comfortable in your absence, which is the minimum amount your death benefit should be. Your policy’s term (the amount of time your coverage lasts) should last as long as your family’s financial dependence requires.

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How quotes are estimated

Life insurance is often a lot cheaper than people think it will be. Most people overestimate the cost of a term life insurance policy by more than three times the actual cost. [1] Several factors determine the quote you receive from our life insurance calculator:

  • Age: Life insurance is cheaper when you’re younger, and premiums increase 4.5% to 9% every year you don’t buy

  • Health: Any health conditions or unhealthy habits like smoking make life insurance more expensive

  • Coverage amount: The bigger the death benefit you select, the higher your premiums

  • Term: A 30-year policy costs more than a 20-year term policy on average.

How to get the best life insurance rates

It's simple: whichever one gives you the best quotes. Life insurance companies offer the same product, but they have different methods for measuring risk. One company may see you as risky to insure, while another may see you as a relatively safe bet. Therefore you may get a wide range of life insurance quotes from different providers — making our life insurance calculator an important part of the buying process. By having an idea of what life insurance quotes you should be getting, you can find an insurer that isn't overcharging you.

Frequently asked questions

How are life insurance costs calculated?

The cost of your life insurance depends mainly on your age, health, lifestyle, the length of your insurance term, and the amount of coverage you buy.

How long should my life insurance coverage last?

Your coverage should last at least as long as your longest debt, or while you have dependents who rely on you financially.

How does the life insurance company I choose affect my calculated cost?

Every life insurance provider assesses the risk of insuring you differently, so once you’ve confirmed their trustworthiness and financial stability, choose the insurer that offers you the most affordable premiums.