Term Life Insurance Calculator
Calculate your estimated term life insurance monthly premium based on your age, gender, health class, and coverage amount — with full term comparison and smoking cost analysis.
Policy Details
Personal Information
How to Use the Term Life Insurance Calculator
- 1
Enter your desired coverage amount and select your policy term. The coverage amount is the death benefit your family receives. The term is how long the policy lasts — 20 years is the most popular choice for families with young children.
- 2
Enter your current age and select your gender. Age is the single biggest factor in determining your premium — the younger you are when you buy the lower your rate will be for the entire term.
- 3
Select your smoking status and health class. Non-smokers pay dramatically less than smokers. Your health class is assigned by the insurer after a medical exam — most healthy people qualify for Good or Excellent rates.
- 4
Click Calculate to see your estimated monthly premium, full term comparison table, and the financial impact of smoking. Download the free PDF to compare quotes when shopping for coverage.
Example Calculation
Scenario: Coverage $500,000 | 20-year term | Age 35 | Male | Non-Smoker | Excellent Health
- Monthly Premium: $25.00
- Annual Premium: $300.00
- Total Premiums (20 years): $6,000.00
- Coverage to Premium Ratio: 83.33x
- Policy End Year: 2046
- Age at Policy End: 55
- Extra Cost if Smoker: $14,400.00
- Savings (Excellent vs Average): $4,080.00
Frequently Asked Questions
What is term life insurance and how does it work?
Term life insurance provides a death benefit to your beneficiaries if you die during a specified term period — typically 10, 15, 20, or 30 years. If you outlive the term the policy expires with no payout and no cash value. Term life is the most affordable type of life insurance and is recommended by most financial advisors for families needing maximum coverage at minimum cost.
How does age affect term life insurance premiums?
Age is the most important factor in term life insurance pricing. Premiums increase significantly with each passing year. A 35-year-old male pays approximately $25 per month for $500,000 of 20-year coverage while a 45-year-old pays approximately $55 per month for the same policy — more than double. Buying term life insurance as young as possible locks in the lowest rate for the entire term duration.
How much more do smokers pay for life insurance?
Smokers typically pay 2 to 4 times more than non-smokers for the same coverage. A 35-year-old male smoker pays approximately $85 per month for $500,000 of 20-year coverage compared to $25 for a non-smoker — $14,400 extra over the 20-year term. Most insurers classify you as a non-smoker only after 12 consecutive months of not smoking.
What is the difference between a 20-year and 30-year term policy?
A 20-year term policy is cheaper per month but expires sooner. A 30-year term locks in your current rate for a longer period at a slightly higher monthly cost. For a 35-year-old a 30-year policy means coverage until age 65 — covering your entire working life. For most people with young children the 20 or 30 year term is recommended.
Disclaimer: This report is generated for informational purposes only. TheCalcTool is not a licensed financial legal or insurance advisor. Premium estimates are based on industry average rates for 2026 and are provided for illustrative purposes only. Actual premiums depend on your complete medical history, lifestyle, occupation, specific insurer underwriting guidelines, and the results of any required medical exam. Rates shown are for level term life insurance policies. Please obtain quotes from multiple licensed insurers before purchasing a policy.