Find out exactly how much life insurance coverage you need — and what it should cost. Free, instant estimates.
Most people who buy life insurance don't know if they have enough. They picked a round number — $500,000, $1 million — based on a rule of thumb someone told them years ago, or whatever their employer offered. The problem is that generic rules routinely leave families underinsured when it matters most.
The right amount of life insurance is specific to you: your income, your debts, your dependents' needs, how many years until your kids are independent, whether your spouse earns income, and what you've already saved. A 35-year-old with a $400,000 mortgage, two young children, and a stay-at-home spouse needs dramatically different coverage than a 45-year-old with no mortgage, grown children, and a dual income.
Coverage amount — how much your beneficiaries would receive — is typically calculated by combining income replacement (7–10x your annual salary is the standard range), debt payoff (mortgage, car loans, student debt), and future obligations like college costs or childcare. The calculator below applies this framework to your specific inputs rather than a generic multiplier.
Annual premium is what you'll pay to maintain that coverage. Term life insurance — the most cost-effective option for most families — is priced primarily on your age, health rating, coverage amount, and term length. A healthy 30-year-old can typically buy $500,000 in 20-year term coverage for $25–35/month. The same coverage at 45 costs $70–100/month. Every year you wait makes coverage meaningfully more expensive.
Term life insurance covers you for a specific period — 10, 20, or 30 years — and pays out if you die during that term. It's straightforward, affordable, and the right choice for the vast majority of people who need income replacement coverage during their working years and while dependents rely on them.
Permanent life insurance (whole life, universal life, variable life) doesn't expire, builds cash value over time, and costs 5–15x more than equivalent term coverage. It can make sense in specific estate planning situations, but for most households the math strongly favors buying term and investing the premium difference.
Use the calculator below to see your recommended coverage range and a realistic premium estimate based on your age and health profile. The results give you a grounded starting point for comparing actual quotes from carriers.
Buying term life in your 30s locks in low rates for 20 years. A healthy 32-year-old can get $1M in coverage for under $35/month — rates only increase significantly after 40.
Estimates based on 2026 industry averages. Actual rates depend on medical underwriting. Always get quotes from licensed agents.
| Age | $500K 20-Yr Term (Male) | $500K 20-Yr Term (Female) | $1M 20-Yr Term (Male) |
|---|---|---|---|
| 25 | $18/mo | $15/mo | $30/mo |
| 30 | $21/mo | $18/mo | $36/mo |
| 35 | $26/mo | $22/mo | $46/mo |
| 40 | $39/mo | $33/mo | $72/mo |
| 45 | $64/mo | $52/mo | $122/mo |
| 50 | $104/mo | $82/mo | $198/mo |
| 55 | $178/mo | $134/mo | $342/mo |
Covers you for 10, 20, or 30 years. Pays death benefit only if you die during the term. Cheapest option — a $500K 20-year policy costs $18–26/month for a healthy 30-year-old.
Permanent coverage that never expires. Builds cash value you can borrow against. Costs 5–15x more than term — the same $500K costs $300–500/month. Best for estate planning.
Permanent coverage with flexible premiums and a cash value component tied to investment performance. More complex than whole life, costs vary widely based on market performance.
The most accurate formula: Debt + Income (10 years) + Mortgage + Education costs. Add these up for your recommended coverage amount.
A simple rule: carry 10–12x your annual income. If you earn $75,000/year, carry $750,000–$900,000 in coverage. Add more if you have a mortgage or young children.
Parents should add $100,000–$200,000 per child to cover college costs and lost support. Stay-at-home parents also need coverage — replacing childcare costs $30,000–$50,000/year.