Term Life Insurance Calculator

Compare two term life quotes side by side. See total cost, cost per $1,000 of coverage, and what each extra year of coverage costs you.

How this term life insurance calculator works

Enter your coverage amount and two monthly quotes, for example a 20 year term and a 30 year term. The calculator shows the total you would pay on each, the yearly cost per $1,000 of coverage, and the price of each extra year of protection.

How to read the results

Total premiums is the monthly premium times 12 times the term length.
Cost per $1,000 lets you compare quotes with different coverage amounts fairly.
Extra cost per extra year shows what the longer term really adds.
Share of income checks that the premium stays comfortable in your budget.

Choosing a term length

Many people match the term to their longest obligation, such as a mortgage or the years until children are independent. To size the coverage, start with our life insurance calculator, then compare quotes here.

This tool is for education only and is not insurance or financial advice. Actual premiums depend on your age, health and insurer.

Frequently asked questions

How much does term life insurance cost per $1,000 of coverage?

Divide your yearly premium by your coverage amount in thousands. The calculator does this for both quotes so you can compare them directly.

Is a 20 year or 30 year term better?

It depends on how long you need protection. A longer term costs more each month, and the calculator shows the extra cost per added year so you can judge the trade.

Do term life premiums change during the term?

Level term premiums stay the same for the full term. Confirm this on your quote, and note that renewing after the term ends usually costs much more.

What percent of income should life insurance cost?

There is no fixed rule. The calculator shows each quote as a share of your income so you can check it fits your budget.

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