Term Life Insurance Calculator

About this calculator

Term life insurance provides coverage for a fixed period — typically 10, 20, or 30 years — and pays a death benefit to beneficiaries only if the insured dies during that term, which is why it's dramatically cheaper than permanent (whole life) coverage that lasts a lifetime and builds cash value. Premiums are driven mainly by the coverage amount, the length of the term, and a rate that reflects the insured's age, health, and risk profile.

Because it's pure protection with no investment component, term life is the default recommendation for covering a specific financial obligation — a mortgage, a child's years until adulthood, or an income-replacement window — at the lowest possible cost. This calculator takes your desired coverage amount, term length, and a rate per thousand dollars of coverage and estimates your premium.