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Term Life Insurance Calculator

Term Life Insurance Calculator

When you sign up for a life insurance policy, you’re taking the first crucial step in safeguarding the financial well-being of your loved ones. A term life insurance calculator can give you an estimate of monthly costs. The term life insurance estimator below is tailored to your specific coverage needs, putting you on the right path to a secure future for your family.

Term Life Insurance Monthly Cost Estimator

This term life insurance calculator gives you instant estimates**. Adjust your inputs (like term length and policy amount ) to explore different scenarios and see how estimated monthly costs can change.

How Does a Term Life Insurance Calculator Work*?

  • Input personal information: Enter information such as your age, gender, and nicotine use
  • Customize your estimate: Choose the desired term length and policy amount.
  • Explore your results: See monthly estimates for different scenarios.
  • Get personalized quote: Answer a few more questions to get a quote just for you.

*All costs are an estimate and actual costs may vary.

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A Few Tips for Getting Started

When using a term life insurance calculator, if you know the amount and length of coverage you would like, you are off to a great start. If you’re still deciding, see some tips below.

Amount of coverage: A typical starting point is to estimate your income multiplied by the number of years until you retire, or your youngest child becomes independent.

  • Add more coverage for large debts like a mortgage or children’s college fund.
  • Or, adjust down if you have significant savings to help with future expenses.

Length of coverage: Start with how long others will be dependent on your support.

  • Aim to have coverage that lasts until your children are financially independent.
  • Consider coverage until your major debts, such as a mortgage, are paid off.

Secure Your Family’s Future Today

Confidently understand the coverage you need by speaking to a licensed agent about the right term life insurance for you and your family.

Have questions?

Available 7 days a week: 8am – 8pm ET

Frequently Asked Questions

Term life insurance provides financial protection for your loved ones for a specific time period. You choose the length of time and payout amount based on your needs, such as replacing income, covering a mortgage, or future education costs. If you pass away during the life insurance policy term, the full coverage amount will be paid to your chosen loved ones.

There are three main types of life insurance to consider: term life insurance, permanent life insurance, and final expense insurance.

Term life insurance
Term life insurance offers protection for a specific time period. If the insured person passes away before the life insurance term ends, the beneficiaries receive an income tax -free lump sum. This money can be used in any way the beneficiary wishes, and it’s commonly used to replace lost income and settle any debts.

Permanent Life Insurance
There are several types of permanent life insurance, which offer lifetime coverage as long as you continue to pay your premiums. Permanent life insurance policies also often include a cash value feature and, depending upon the terms of the contract, customers may access the funds during their lifetime through loans or withdrawals.

Final expense insurance
Final expense insurance is a whole life insurance policy designed to cover your final expenses like funeral or burial costs, celebratory services, or any remaining debts at the end of your life. These plans are intended to ensure your final wishes can be carried out without placing financial burden on your family or friends. As these types of life insurance plans have a specific purpose, they tend to have lower coverage amounts and a simpler application process as compared to traditional permanent or term life insurance policies.

Term life insurance is a good option for those who have a partner or family dependent upon their income or their caretaking to continue the quality of life they enjoy. As term life insurance provides coverage for a limited period such as until your retirement or until your children have become financially independent, the cost is usually less than permanent life insurance. And because of the lower price, it can be a more affordable option for supporting your loved ones in the event of your untimely passing.

Term life insurance offers coverage for a specific period, making it more affordable than whole life insurance. Since the potential length of coverage is shorter with term life insurance, the costs are generally lower. Choosing the most appropriate life insurance policy will depend on both your coverage needs and budget.

The type of life insurance you select, the amount of coverage you need, your age, and your health history will determine if a medical exam is necessary. Life insurance companies use your health status to determine if you are eligible for coverage and at what price.

**The use of this calculator is subject to our Privacy Policy and the results are for educational purposes only. Your actual cost may vary based on the information you share and does not consider other outside factors. Contact our licensed agents to learn more.