Term Life Insurance: Rates & Coverage Guide
A healthy 35-year-old pays about $27/month for a 20-year, $500,000 term life policy. A 45-year-old pays about $50/month. Term life is the most affordable way to protect your family — rates are locked for the full term and never increase. The general rule is 10-12x your annual income in coverage. Our calculator uses 18 rating factors (CSO 2017 mortality tables) to estimate your rate in seconds.
How much should your life insurance cost?
18-factor estimator using health, lifestyle, occupation, family history, and coverage preferences.
Estimate your rateTerm vs whole life — which is right for you?
Term life costs 5-15x less than whole life and covers you when your family needs it most. Most people should choose term and invest the difference.
Calculate nowPeople Also Ask
How much life insurance do I need?
A common rule of thumb is 10-12 times your annual income. More precisely, add up your debts (mortgage, loans, credit cards), future education costs for children, and 5-10 years of living expenses for your dependents, then subtract your existing savings and current coverage. For most families, $500,000 to $2,000,000 in term coverage is the right range.
What is the average cost of term life insurance?
A healthy 35-year-old pays about $27/month for a 20-year, $500,000 term policy. A 45-year-old pays about $50/month. A 55-year-old pays about $120/month. Rates are locked for the full term — your premium won't increase even as you age, as long as you pay on time.
Term vs whole life insurance — which is better?
Term life is better for 90% of people. It provides pure death benefit protection at the lowest cost for a set period (10-30 years). Whole life costs 5-15x more and includes a savings component (cash value) that underperforms investing the difference yourself. Choose term life and invest the savings in retirement accounts.
Does life insurance cover suicide?
Yes, after the first 2 years. Most term life policies have a suicide clause that voids the policy only within the first 2 years. After that, suicide is covered like any other cause of death. Some states have different rules on contestability periods.
Can I get life insurance with a pre-existing condition?
Yes, but your rate depends on the condition. Well-controlled conditions like high blood pressure, asthma, or mild diabetes often qualify for standard or preferred rates. More serious conditions may result in table-rated (higher) premiums. Some carriers specialize in impaired risk underwriting.