Life Insurance Cost Estimator Calculator

Calculator

Age

Range: 18–75.

Coverage amount

Typical: 25,000 to 5,000,000.

Term length (years)

Used for pricing factor.

Policy type

Permanent types usually cost more.

Gender

Smoker

Smoking can raise estimated costs.

Health class

Payment frequency

Non-annual modes add a small load.

Inflation protection rate (%)

Models increasing coverage over the term.

Optional riders

Accidental death benefit

Critical illness

Waiver of premium

Child rider

Discounts

Electronic payment discount

Multi-policy discount

Tip: Run multiple scenarios and compare the annual range.

Age	Coverage	Term	Type	Smoker	Estimated annual	Estimated monthly
30	200,000.00	20 yrs	Term	no	187.54	16.50
45	500,000.00	25 yrs	Term	no	1,710.19	150.50
55	300,000.00	20 yrs	Universal	yes	5,553.90	488.74

Examples use the same estimation method as the calculator.

This estimator approximates annual premium using a base rate per $1,000 of coverage, then applies factors for risk and plan design.

BaseRate(age) is selected from an age-band table.
FinalRate = BaseRate × GenderFactor × SmokerFactor × HealthFactor × TermFactor × TypeFactor.
EffectiveCoverage = Coverage × AverageInflationMultiplier (if inflation is enabled).
AnnualPremium = (EffectiveCoverage ÷ 1,000) × FinalRate.
Add fixed rider costs and an annual policy fee, then apply rider percentages.
Apply discounts to reach the final annual estimate.
Per-payment estimate uses modal factors for monthly/quarterly/semiannual modes.

AnnualPremiumFinal = ( (Coverage×AvgInflationMultiplier)/1000 × FinalRate + RiderFixed + PolicyFee ) × (1+RiderPct) × (1-DiscountPct)

All numbers are simplified assumptions for planning, not underwriting.