Is this an actual quote?

No. It’s a directional estimate. Carrier underwriting, gender, state, health, labs, and hobbies can change pricing.

Should I choose 20 or 30 years?

Match term to your obligations (kids, mortgage, income horizon). 30-year costs more but locks coverage longer. This tool shows the relative difference.

Yes. Riders (e.g., waiver of premium, child rider) add cost. This model excludes rider pricing.

Will improving health lower premiums?

Often yes. Better labs/BMI/blood pressure can move you into a better health class. Smoker status is a major factor—quitting reduces rates after meeting carrier timelines.

Why is smoker status separate from health class?

Carriers price smokers separately even within health classes; this model applies an extra smoker factor.

Will hazardous hobbies affect rates?

Yes. Activities like aviation, diving, climbing, or racing can add flat extras or exclusions. This model does not include those surcharges.

Do I need a medical exam?

Depends on carrier/amount/age. Accelerated or simplified issue may skip labs but can price differently. This model assumes a generic underwritten rate.

Can I convert term to permanent later?

Many policies offer conversion options within a window; this tool does not price conversion features. Check carrier rules if you want that flexibility.

Should spouses both have coverage?

Often yes, especially if either spouse’s loss would impact childcare or household finances. Run separate estimates for each to budget total premium.

finance calculator

Term Life Quote Estimator

Rough monthly and annual premium estimate for term life based on age, term, coverage, health class, and smoker status.

Results

Rate per $1,000 (est.): $0
Estimated monthly premium: $12
Estimated annual premium: $144

How to use this calculator

Enter the coverage amount you want (e.g., 10–15× income or enough to cover debts/college).
Enter your age and desired term length (10, 20, 30 years).
Select health class (preferred/standard/substandard) and smoker status.
Review estimated rate per $1,000, monthly premium, and annual premium.
Adjust term or coverage to fit your budget before getting carrier-specific quotes.

Inputs explained

Coverage amount: Face amount of the policy (death benefit).
Age: Your current age; premiums rise with age.
Term length: Policy duration (10/20/30 years). Longer terms cost more.
Health class: Rough underwriting category; preferred is cheaper, substandard is higher risk.
Smoker?: Smoking status significantly increases rates.

How it works

Base rate per $1,000 increases with age and term length.

Health class adjusts the rate (preferred < standard < substandard).

Smoker status adds a multiplier; monthly and annual premiums scale with coverage amount.

Formula

Premium = rate per $1,000 × (coverage ÷ 1,000), adjusted by age, term, health class, and smoker status. Annual premium = monthly × 12 (modal load not included).

When to use it

Budgeting how much coverage you can afford before applying.
Comparing 20-year vs 30-year term costs.
Estimating the impact of health class or smoker status on premiums.
Sizing coverage for mortgage payoff, income replacement, or college funding.
Running a quick check before laddering multiple smaller policies.
Testing how lowering coverage to fit a budget compares to shortening the term.
Gauging affordability before pursuing accelerated underwriting vs fully underwritten options.
Reviewing coverage needs after life events (marriage, kids, new mortgage).
Applying a quick DIME (Debt, Income, Mortgage, Education) method and testing premiums for the resulting coverage amount.
Seeing how much extra cost comes from extending term beyond key milestones (youngest child graduation, mortgage payoff).

Tips & cautions

Term length should span major obligations (young kids, mortgage years).
If budget is tight, consider laddering smaller policies or shorter terms.
Health class and smoker status have large effects—improving health and quitting smoking can reduce rates.
Annual payments often have lower modal fees than monthly; this model shows both but not modal load differences.
Get quotes from multiple carriers; underwriting varies by age/health/profile.
If you need coverage immediately, ask about accelerated underwriting (no-exam) vs fully underwritten—pricing may differ.
Revisit coverage after major life events (marriage, kids, mortgage) and adjust term/amount accordingly.
Check if the policy offers conversion options to permanent coverage later; this model doesn’t price conversion features.
Avoid over-insuring beyond needs; balance coverage with maintaining emergency funds and other goals.
If cash flow is tight now but you expect income to rise, start with affordable coverage and plan to add/layer later.
Term banding can matter (e.g., $500k vs $1M); test coverage just below/above common bands for pricing differences.
Not a quote; real underwriting varies by carrier, gender, state, and medical review.
No rider pricing; simplified flat-rate model.
No modal load factors for non-monthly billing.
Does not model medical exams, accelerated underwriting, or exclusions.
Assumes a generic rate curve; actual rates differ by company and risk class granularity.
Does not account for gender, state, hazardous hobbies, or family medical history.
Does not include return-of-premium or permanent life products—term only.
Does not include policy fees, modal factors, or banding effects that can alter real premiums.
Does not handle convertible options, renewal rates, or decreasing term designs.
Does not model contestability period implications or claim disputes; for illustration only.

Worked examples

Preferred non-smoker, mid-30s

Coverage: $750,000. Age: 35. Term: 20 years. Health: preferred. Smoker: no.
Rate per $1,000 (model): ~$0.75. Monthly ≈ 0.75 × (750) = $562.50 → adjusted to ~$42 (model factor).
Annual ≈ $504 (before modal/load differences).

Standard smoker, 40s

Coverage: $500,000. Age: 42. Term: 20 years. Health: standard. Smoker: yes.
Higher age + smoker multiplier increases rate per $1,000.
Monthly rough premium may double vs non-smoker; use to budget before applying.

30-year term vs 20-year term

Coverage: $1,000,000. Age: 30. Health: preferred non-smoker.
20-year term has lower rate per $1,000; 30-year adds a significant term factor.
Use the outputs to see if the longer term fits your budget or if laddering makes sense.

Laddering approach

Need: $1,000,000 today but expect needs to drop after 20 years.
Option: buy $500k 30-year + $500k 20-year policies; model each separately using this tool.
Total early coverage = $1,000,000; after year 20, only $500k remains—usually cheaper than a single $1,000,000 30-year term.

Older applicant, shorter term

Coverage: $250,000. Age: 55. Term: 10 years. Health: standard non-smoker.
Shorter term reduces cost versus 20–30 years; use the output to see if 10-year fits budget while covering near-term obligations.

Spousal coverage scenario

Primary income: $120,000. Spouse income: $40,000. Kids: young.
Run separate estimates for each spouse (e.g., $1M for primary earner, $300k–$500k for spouse for childcare coverage).
Total budget = sum of both premiums; adjust coverage to fit cash flow while meeting family needs.

Deep dive

Use this term life quote estimator to see rough monthly and annual premiums based on coverage, age, term length, health class, and smoker status.

Compare 20-year vs 30-year term costs and how smoker or health class changes your budget before getting formal quotes.

Enter your desired coverage to replace income, pay off a mortgage, or fund college, then adjust term/health inputs to fit your budget.

This is a directional estimate only—actual underwriting varies; get multiple quotes to confirm pricing.

If budget is tight, test laddering (multiple smaller terms) versus one larger long-term policy to balance cost and duration.

Use non-smoker/preferred inputs to see potential savings if you improve health or quit smoking before applying.

Run scenarios for part-time or stay-at-home partners to see how adding spousal coverage impacts total budget.

If you’re near a premium band (e.g., $500k vs $501k), test slightly lower coverage to see if it fits your budget while meeting needs.

Pair this with a needs analysis (income replacement, debts, education) to set coverage, then verify the premium fits your monthly cash flow.

If accelerated underwriting is available, compare estimated premiums here with no-exam vs full underwrite quotes when you shop.

FAQs

Is this an actual quote?: No. It’s a directional estimate. Carrier underwriting, gender, state, health, labs, and hobbies can change pricing.
Should I choose 20 or 30 years?: Match term to your obligations (kids, mortgage, income horizon). 30-year costs more but locks coverage longer. This tool shows the relative difference.
Do riders add cost?: Yes. Riders (e.g., waiver of premium, child rider) add cost. This model excludes rider pricing.
Will improving health lower premiums?: Often yes. Better labs/BMI/blood pressure can move you into a better health class. Smoker status is a major factor—quitting reduces rates after meeting carrier timelines.
Why is smoker status separate from health class?: Carriers price smokers separately even within health classes; this model applies an extra smoker factor.
Will hazardous hobbies affect rates?: Yes. Activities like aviation, diving, climbing, or racing can add flat extras or exclusions. This model does not include those surcharges.
Do I need a medical exam?: Depends on carrier/amount/age. Accelerated or simplified issue may skip labs but can price differently. This model assumes a generic underwritten rate.
Can I convert term to permanent later?: Many policies offer conversion options within a window; this tool does not price conversion features. Check carrier rules if you want that flexibility.
Should spouses both have coverage?: Often yes, especially if either spouse’s loss would impact childcare or household finances. Run separate estimates for each to budget total premium.

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Not a quote or offer of coverage. Uses a simplified rate curve without gender, state, underwriting details, or rider costs. Actual premiums depend on carrier-specific underwriting, labs, medical history, and policy features. Consult a licensed agent for binding quotes.