Life insurance calculator

Not sure how much life insurance you need or what a policy will cost you? Crunch the numbers with our free, easy-to-use life insurance calculator.

Rebecca Shoenthal author photoAmanda Shih author photo


Rebecca Shoenthal

Rebecca Shoenthal

Editor & Licensed Life Insurance Expert

Rebecca Shoenthal is a licensed life, disability, and health insurance expert and a former editor at Policygenius. Her insights about life insurance and finance have appeared in The Wall Street Journal, Fox Business, The Balance, HerMoney, SBLI, and John Hancock.

 & Amanda Shih

Amanda Shih

Editor & Licensed Life Insurance Expert

Amanda Shih is an editor and a licensed life, disability, and health insurance expert at Policygenius, where she writes about life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

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Expert reviewed

This article has been reviewed by a licensed Policygenius expert to ensure that sources, statistics, and claims meet our standard for accurate and unbiased advice.

Learn more about our editorial review process.


Patrick Hanzel, CFP®

Patrick Hanzel, CFP®

Certified Financial Planner™ & Advanced Planning Team Lead

Patrick Hanzel, CFP®, is a Certified Financial Planner™ and Advanced Planning Team Lead at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

Updated March 31, 2022 | 1 min read

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Price is one of the most important factors when deciding which life insurance policy is right for you and your family, but it’s also highly individualized. Rates vary widely based on term length and amount of coverage, in addition to your age, gender, and health. With our calculator, you can try out different scenarios for what you’ll need and estimate how much you’ll pay for a term life insurance policy. Your final premiums may differ slightly from your estimated quotes.

How to use our life insurance cost calculator

Our cost calculator shows you term life insurance quotes using a few personal factors and policy features. The final cost of your life insurance will be based on a deeper dive into your health information and background. Learn how each factor can impact the price you pay for life insurance below.

  1. Age The younger you are, the lower your premiums, which is why it’s best to buy earlier. The cost of life insurance increases by 4.5% to 9% each year you put off buying coverage, based on policies offered by Policygenius in 2022.

  2. Gender Based on Policygenius policy offerings in 2022, women pay an average of 24% less for life insurance than men

  3. ZIP code Where you live won’t directly influence your premiums, but some policies may not be available to you because of insurance regulations in your state. If you live outside the U.S., you’re unlikely to qualify for a policy from a U.S. based company. 

  4. Policy term length The 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. The longer your policy lasts, the more you’ll pay. Most companies offer 10- to 30-year term lengths.

  5. RidersThese policy add-ons can increase the cost of your life insurance policy, though some riders are free, like the accelerated death benefit rider

  6. Policy coverage amount The bigger your policy’s death benefit (also referred to as the face value), the higher your premiums will be. Learn more about how to calculate your coverage amount below.

Once you’ve completed these steps, you’ll get a life insurance quote from our calculator. After reviewing your options, compare policies from top-rated insurers. If you're interested in whole life insurance, check out our whole life insurance calculator.

A Policygenius agent can work with the insurance companies on your behalf to find you the best policy at the most competitive price.

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Sample term life insurance rates


Methodology: The chart above reflects rates, as of May 1, 2022, for male and female non-smokers in a Preferred health classification with a 20-year term length. Rates are based on the monthly Policygenius Life Insurance Price Index. Prices in the index are determined by internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace: AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI, and TransAmerica.

How to calculate how much life insurance to get

To get an accurate quote from our life insurance calculator, you need to determine the 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 childcare.

  3. Subtract your assets from your debts and financial obligations The resulting number is your coverage gap — the amount of money your family would need to be financially comfortable without you. This is the minimum amount that your death benefit should be. 

  4. Decide on term length Your policy’s term length is more straightforward: It should last as long as your family will need your financial support — for example, until your children finish college

→ Read more about calculating how much life insurance you need

How to get the best life insurance rates

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]

Life insurance companies all 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 simple life insurance calculator an important part of the buying process.

Frequently asked questions

What is the formula for calculating life insurance?

One simple formula is to multiply your income by 10 to 30, or you can add up your debts and expenses. Life insurance costs depend on your age, health, lifestyle, and policy details.

How long should my life insurance coverage last?

Your coverage should last at least as long as your longest debt, or for as long as your dependents will 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 one company may offer you lower rates than another.