Life Insurance Calculator
Estimate your life insurance needs and costs.
This calculator helps you determine the right amount of coverage and gives you a ballpark figure for what you might pay in premiums.
Life Insurance Needs Calculator (USA)
Calculate how much life insurance coverage you need.
Tips to Get the Right Life Insurance Coverage and Save Money
Here are some helpful tips for life insurance:
Before you buy:
- Consider your needs: How much coverage do your loved ones need if you’re gone? Factor in things like outstanding debts, mortgages, and future expenses like college for children.
- Term vs. Whole Life: Term life insurance provides coverage for a specific period (term) at a lower cost. Whole life insurance offers lifelong coverage and builds cash value, but has higher premiums.
- Be honest on your application: Lying about your health or lifestyle can lead to denied claims or higher premiums.
- Shop around and compare quotes: Don’t settle for the first offer you get. Get quotes from multiple insurers to find the best coverage at the best price.
- Get healthy! Leading a healthy lifestyle can qualify you for lower premiums.
After you buy:
- Review your policy regularly: Your needs and circumstances may change over time. Make sure your policy still meets your requirements.
- Keep your beneficiaries updated: Ensure the right people receive the payout in case of your death.
- Pay your premiums on time: A late payment could cause your policy to lapse.
- Understand your policy: Know what is and isn’t covered by your plan.
By following these tips, you can ensure you have the right life insurance coverage in place to protect your loved ones financially.
Explore Our Other Useful Tools
Term vs. Whole Life: This is a common decision. Term life offers coverage for a specific period at a lower cost, while whole life provides lifelong coverage and builds cash value but has higher premiums. Consider your needs and budget.
This depends on your dependents’ financial needs. Factor in debts, mortgages, and future expenses like child education.
Healthy habits matter: Leading a healthy lifestyle can significantly lower your premiums.
Be honest on the application: Disclosing pre-existing conditions or risky hobbies upfront helps avoid claim denials or higher costs.
Review your policy regularly: Your circumstances may change. Ensure your coverage keeps pace with your needs.
Keep beneficiaries updated: Make sure the right people receive the death benefit.
Pay premiums on time: Avoid policy lapses by keeping your payments up to date.