Use this tool to estimate the cost of a term life insurance policy based on your details.
How to Use This Calculator
To use this Sell Term Life Insurance Policy Calculator:
- Enter your age (must be between 18 and 65).
- Select your gender.
- Select whether you are a smoker or not.
- Enter the coverage amount in dollars (minimum $50,000, increases in increments of $10,000).
- Enter the term length in years (between 5 and 30 years, increases in increments of 5 years).
- Click the Calculate button to see the annual premium amount for your selected options.
How the Calculation Works
The calculator determines the annual premium based on the following factors:
- Base Rate: Calculated as $1 per $1,000 of coverage amount.
- Age Factor: If age is greater than 45, the base rate is increased by 50%.
- Gender Factor: If gender is male, the base rate is increased by 10%.
- Smoker Factor: If the applicant is a smoker, the base rate is doubled.
- Term Factor: If term length is greater than 20 years, the base rate is increased by 20%.
Calculator Limitations
This calculator provides an estimate for the term life insurance policy premium. It does not consider every possible underwriting criteria, such as medical conditions, family history, or lifestyle factors, which could affect the actual premium offered by the insurance provider. For a precise quote, please contact a licensed insurance agent.
Use Cases for This Calculator
Calculate Term Life Insurance Premium
Enter your age, desired coverage amount, and term length to determine the monthly premium for a term life insurance policy catered to your needs.
Adjust Coverage Amount
Easily toggle the coverage amount slider to see how it affects the premium, helping you find the right balance between coverage and cost.
Compare Term Lengths
Experiment with different term lengths to see how they impact the premium, enabling you to choose a term that aligns with your financial goals and obligations.
Include Additional Riders
Add optional riders like critical illness or accidental death coverage to see how they impact the overall premium and customize your policy to suit your needs.
View Payment Frequency Options
Explore the various payment frequencies such as monthly, quarterly, or annually to understand how they affect the total premium and choose the most convenient option for you.
Get Instant Quote
Receive an instant quote by providing basic information, empowering you to make informed decisions about your term life insurance policy quickly and effortlessly.
Save and Retrieve Quotes
Save your quote for future reference by creating an account, allowing you to retrieve and review it later or compare multiple quotes before making a final decision.
Consult with an Agent
Request a consultation with a licensed insurance agent directly from the calculator to get personalized advice and guidance on selecting the right term life insurance policy for you.
Understand Policy Details
Access detailed information about the policy terms, exclusions, and benefits to ensure you have a clear understanding of what the policy covers before making a purchase.
Get Customer Support
Reach out to customer support for any questions or assistance while using the calculator or understanding different aspects of the term life insurance policy to receive prompt and helpful service.