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Life Insurance Premium Estimator

Clifford PendellWritten by Clifford Pendell

Are you in the market for a new life insurance policy?

Our life insurance premium estimator will help you calculate the cost of your life insurance coverage in just a few minutes.

We will also help you determine your rate class so you can instantly compare life insurance quotes from dozens of top-rated providers, before speaking to an insurance agent.  

Most Americans overestimate the cost of life insurance by as much as three times. To show you how affordable a policy can be, we have created this step by step guide to help you quickly calculate your life insurance premiums and compare options from multiple providers. 

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Here’s what we'll cover in this post:

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How to Calculate Your Life Insurance Premium

Life insurance premiums are calculated by four primary factors:

  1. Your health
  2. Your age
  3. Coverage amount
  4. Policy length

To evaluate your health, insurers use rate classes to evaluate the level of "risk" you present. It sounds complicated, but if you have a general idea of your health, you should be able to estimate your rate class. 

Once you have determined the rate class you will qualify for, our free online quote comparison tool will help you instantly compare life insurance premiums and policy options from dozens of providers. 

We've outlined the most common rate classes below. More than half the population will fall into one of these categories:

#1: Preferred Plus 

This is the best rate class available and roughly 8% of applicants will be approved at this classification. To qualify for preferred best rates you should be in great health overall and less than 30 pounds heavier than your ideal weight. To learn more about the weight restrictions for life insurance, visit our post, "Life Insurance Height and Weight Chart." Here are some additional guidelines your insurer will verify:

  • Blood pressure of 136/86 or less, with or without medication
  • Cholesterol above 120 and below 300, with or without medication
  • Cholesterol ratio of 5.0 or less (total cholesterol divided HDL)
  • No hereditary cancer or heart disease for either parent before age 60
  • No cigarette use in the last 3 years (occassional cigar is fine)

#2 Preferred 

Preferred rates are available to individuals that are less than 40 pounds overweight and in generally good health for their age. The requirements are more liberal than preferred best, and most insurers will overlook maintence medications for thyroid issues, asthma,cholesterol, blood pressure, and anxiety at this rate class. 

  • Blood pressure of 146/90 or less, with or without medication
  • Cholesterol above 120 and below 300, with or without medication
  • Cholesterol ratio of 5.5 or less (total cholesterol divided HDL)
  • No no heart disease for either parent before age 60
  • No cigarette use in the last 2 years (occassional cigar is fine)

#3 Standard Plus

Standard plus is usually the least-expensive option if you have a few well-controlled health issues like type-II diabetes, Crohn's disease, or are about 50 pounds over your ideal weight. Some cancer survivors will also qualify for standard plus rates after they complete their treatment. Here are a few additional guidelines:

  • Blood pressure of 152/92 or less, with or without medication
  • Cholesterol above 120 and below 300, with or without medication
  • Cholesterol ratio of 7.0 or less (total cholesterol divided HDL)
  • Family history is usually overlooked at this rate class
  • No cigarette use in the last 1 year (occassional cigar is fine)

# 4 Standard

Standard is the most common life insurance rate class and roughly 30% of applicants will qualify for this risk level. If you are approved at standard rates, you are considered to be in average health for your age group. Some factors that could make you an average risk to insurers include; being up to 75 pounds overweight, a diagnosis of non-aggressive prostate cancer, or a recent diagnosis of diabetes. 

  • Blood pressure of 156/94 or less, with or without medication
  • Cholesterol above 120 and below 300, with or without medication
  • Cholesterol ratio of 8.0 or less (total cholesterol divided HDL)
  • Family history not considered at this rate class
  • No cigarette use in the last 1 year (occassional cigar is fine)

If you have some serious health issues, or have been previously declined for life insurance, please call us at 855-247-9555. One of our experts will review your options and provide you with accurate quotes. 

Term Life Insurance Premium Calculator

Now that you have an idea of your rate class, enter your policy details in the life insurance premium estimator below. In less than a minute you will be able to compare quotes from dozens of providers. If you do not know how much coverage you need, the next section provides some tips to help you decide. 

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How Long Should My Term Be?

Before you can calculate the cost of your life insurance, you will need to have an idea of how much coverage you need and for how long. Term life insurance policies are sold in 5-year increments for 10 to 30 years. To determine the right term length for your situation, consider how long you expect to have your current financial obligations.

Some life events to consider are, the number of years you have left on your mortage, the age of your children and how long you expect them to depend on your income, and the age you intend to retire. For most people, a term that matches or exceeds these life events if best.

For Example: If you have 19 years left on your mortgage and intend to retire when you home is paid off, a 20-year term is ideal

How Much Coverage Should I Buy?

Now that you know how long you need your policy to last. You will need to calculate the amount of coverage you need. There are a few methods for doing this, one is to buy enough coverage to replace your income after taxes until your planned retirement age also known as income replacement. 

1. Life Insurance to Replace Income

To calculate this number, first, subtract your current age from the age you plan to retire.

For Example: If you are 51 and plan to retire at 65, you need to replace 14 years of income

Next you will need to calculate your annual income after taxes and subtract your personal expenses like car payments, gym memberships, and insurance premiums. Now multiply this number by the amount of years until you intend to retire and you will have the amount of coverage you need to replace your income until retirement.

14 (Number of years until retirement) X $61,000 (Current Income - Personal Expense) = $854,000

2. Life Insurance to Settle Debt

Another method to calculating the amount of coverage you need is to add up all your current financial obligations and your outstanding debt. This ensures that your family will be able to keep your current home without the worry of collectors or making the house payment each month. 

  • Mortgage Debt - $410,000
  • Credit Card Debt - $14,000
  • College Tuition Fund - $150,000
  • Car Loans - $19,000

Total Debt = $593,000

Whichever method you decide, remember, some life insurance is always better than none. It is also important to note that your insurance needs should decrease as you get older, and closer to retirement, so make sure you choose a policy that fits into your budget.

Once you determine your rate class and the coverage you need, our term life insurance premium estimator can compare options from dozens of top-rated providers in less than a minute. If you still need help determing the right amount of coverage for your situation, you can also give us a call at 855-247-9555

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Written by:

Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

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Don't worry, we won't sell your information. By submitting an online insurance quote request, you are providing JRC Insurance Group with your prior express and written consent to call you at the cell phone number or residential phone number provided. Final rates are based on eligibility. You can also reach us toll-free at 855-247-9555.