Term Life Insurance Cost Calculator
Estimate what a term life insurance policy might cost per month based on your age, coverage amount, and health.
This is an educational estimate only — actual quotes vary by insurer, medical exam results, and underwriting class. Get quotes from licensed insurance providers for exact pricing.
How is term life insurance priced?
Term life insurance premiums are priced primarily on mortality risk: the statistical likelihood the insurer will need to pay a claim during the policy term. Age is the single biggest factor since mortality risk rises steadily as you get older, which is why locking in a policy while you're young and healthy locks in a lower rate for the entire term. Coverage amount scales the premium directly — insuring $1,000,000 costs roughly twice as much as insuring $500,000, all else equal.
Why do term length and health rating matter?
Longer terms (20 or 30 years vs. 10 years) cost more per month because the insurer is guaranteeing that rate for a longer window and accepting more long-term mortality risk, even though your rate stays flat once locked in. Health rating — determined by a medical exam, family history, tobacco use, and lab results — is the other major lever: someone in excellent health can pay less than half what someone in a below-average health class pays for identical coverage.
Getting the most accurate price
This calculator uses illustrative industry-typical rate tables to give you a realistic ballpark, but actual premiums vary meaningfully by insurance company, state, tobacco use, occupation, and the specific underwriting class you're placed in after a medical exam. This is an educational estimate only — request quotes from multiple licensed insurers to find your real rate, and use our life insurance needs calculator first to confirm how much coverage you actually need.
Frequently Asked Questions
What is the average cost of term life insurance?
A healthy 35-year-old buying a 20-year, $500,000 term policy typically pays somewhere around $25-$40 per month, though the exact price depends heavily on age, health class, and the specific insurer. Use the calculator above to get a personalized illustrative estimate.
Why does term life insurance get more expensive with age?
Mortality risk rises with age, so insurers charge higher premiums to older applicants to reflect the statistically greater chance of a claim during the policy term. This is why buying a policy in your 20s or 30s locks in a much lower rate for the life of the term than waiting until your 50s.
Does a longer term always cost more per month?
Yes, generally. A 30-year term costs more per month than a 10-year term for the same coverage amount because the insurer is locking in that rate for a much longer period and taking on more long-term risk, even though your rate never increases once the policy is issued.
How much does my health rating affect my premium?
Significantly. Someone rated in an excellent health class can pay less than half of what someone in a below-average health class pays for the exact same coverage and term, which is why maintaining good health metrics (blood pressure, cholesterol, weight, no tobacco use) before applying can meaningfully lower your rate.
Do I need a medical exam to get term life insurance?
Most fully underwritten term policies require a brief medical exam (blood pressure, blood and urine samples, height and weight) to determine your health class and final rate. Some insurers offer no-exam policies, but they typically cost more or cap the available coverage amount.
What happens when my term life insurance policy expires?
When the term ends, coverage stops unless you renew, which is typically far more expensive since it's re-priced based on your current age, or convert to a permanent policy if your policy includes a conversion option. Many people time their term length to end around when major obligations like a mortgage or kids' education are paid off.
Is term life insurance cheaper than whole life insurance?
Yes, substantially. Term life insurance only covers a fixed period and has no cash value component, so premiums are typically 5-15 times cheaper than whole life insurance for the same death benefit, which is why most financial advisors recommend term insurance for pure income-replacement needs.
How much coverage should I buy?
Rather than guessing, use a needs-based method like DIME (Debt, Income, Mortgage, Education) to calculate a coverage target based on your actual financial obligations. Try our life insurance needs calculator to get a personalized number before shopping for quotes.