Life Insurance Cost Calculator
Turn a life insurance quote into the numbers that matter: the total cost over the term, the cost per day, the cost per $1,000 of coverage, and the share of your income.
How this life insurance cost calculator works
Enter the coverage amount, the term, the monthly premium from your quote and the monthly cost of any riders or fees. The life insurance calculator cost results show what the policy costs in total and in everyday terms, so you can judge whether it fits your budget.
What the results show
- Total cost over the term is the monthly cost times 12 times the number of years.
- Cost per day is the yearly cost divided by 365.
- Cost per $1,000 of coverage lets you compare quotes with different amounts.
- Share of your income checks that the premium is affordable.
What affects life insurance cost
Premiums depend on your age, health, tobacco use, the amount and length of cover, and the type of policy. This tool does not guess a premium, so get real quotes first. Then use our life insurance quote calculator to compare several, and the life insurance calculator to decide how much cover you need. For a longer look at the policy types, see the term life and whole life calculators.
For education only; not insurance or financial advice.
Frequently asked questions
How much does life insurance cost per month?
It depends on your age, health, coverage amount, term and insurer. Get quotes, then enter the monthly premium here to see the total, daily and per $1,000 cost.
How do I work out the total cost of a term life policy?
Multiply the monthly premium, including any riders or fees, by 12 and then by the number of years in the term. The calculator does this for you.
What percent of income should I spend on life insurance?
There is no fixed rule. The calculator shows your premium as a share of income so you can check it fits your budget.
Does this calculator estimate my premium?
No. It works from a quote you already have, because real premiums depend on underwriting.
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