Life Insurance Calculator Details
Find out how much life insurance you need with Polcygenius’ free calculator — and estimate how much that coverage will cost per month.
What factors affect life insurance quotes?
Age
Premiums decrease as you age. Life insurance rates rise by 4.5% to 9% annually due to increased risk with age. Secure coverage early for lower premiums and long-term financial security.
Gender
Women pay 24% less for life insurance on average. With longer life expectancies, they present lower near-term risk to insurance companies, resulting in reduced premiums.
Health
Severe health conditions can result in high rates or coverage denial, while mild conditions may only slightly affect premium costs. The impact on premiums depends on the severity of the health condition.
Lifestyle
Risky hobbies like skydiving or deep-sea scuba diving can raise life insurance premiums due to the associated hazards.
How much life insurance do you need?
Generally speaking, you’ll need enough life insurance to cover your financial obligations. Your coverage amount — also called the death benefit of your policy — should be enough to help your beneficiaries cover any expenses they’d be responsible for in your absence — including costs related to housing, raising children, or paying down debt.
What your life insurance calculator results mean for you
Our coverage calculator offers you an estimation of how much coverage you need, a suggested term length, the duration of your policy, and an estimate of your monthly premiums. You’ll have two options to consider based on your budget and coverage needs.
Working with a licensed agent can help you talk through policy options that are suited to your coverage needs. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice.