Term Insurance Tools

Calculate your term insurance coverage needs, estimate premiums, and compare term life insurance plans to protect your family's financial future.

Financial Details

$20K $500K
18 65
0 10
$0 $1M
5 Years 30 Years
$0 $500K

Coverage Recommendation

Recommended Coverage
$950,000
Income Replacement
$750,000
Debt Coverage
$200,000
Final Expenses
$50,000

Coverage Breakdown

Annual Income: $75,000
Dependents: 2
Current Savings: $50,000
Coverage Multiple: 12.7x

Term Insurance Premium Comparison

Coverage Amount Term Length Age 25 Age 35 Age 45 Age 55
$250,000 10 Years $15/month $20/month $45/month $120/month
$250,000 20 Years $20/month $30/month $65/month $180/month
$500,000 10 Years $25/month $35/month $85/month $230/month
$500,000 20 Years $35/month $55/month $125/month $350/month
$1,000,000 10 Years $45/month $65/month $165/month $450/month
$1,000,000 20 Years $65/month $105/month $245/month $690/month

Note: Premiums shown are estimates for healthy, non-smoking individuals. Actual premiums may vary based on health, lifestyle, and insurance company underwriting.

Understanding Term Insurance

What is Term Insurance?

Term insurance is a type of life insurance that provides coverage for a specific period (term). It offers pure life insurance protection without any investment component, making it the most affordable way to get substantial life insurance coverage.

How Much Coverage Do You Need?

A common rule of thumb is 10-12 times your annual income. However, consider your debts, dependents' needs, future expenses like education, and existing savings to determine the right coverage amount.

Factors Affecting Premiums

  • Age: Younger applicants pay lower premiums
  • Health: Medical exams and health history affect rates
  • Lifestyle: Smoking, drinking, and risky activities increase costs
  • Coverage Amount: Higher coverage means higher premiums
  • Term Length: Longer terms typically cost more
  • Gender: Women generally pay slightly lower premiums

When to Buy Term Insurance

The best time to buy term insurance is when you're young and healthy. Consider purchasing when you get married, have children, buy a home, or take on significant debt.