How Much Does Term Life Insurance Cost?

Term life insurance calculator

Tell us about your health, income, and the people who rely on you. The calculator estimates how much coverage you need for your chosen term, then prices that amount based on your age and health. It takes about two minutes, with no contact information required.

This calculator provides estimates only. Get a personalized quote from 40+ A-rated carriers through AccuQuote.

How much does term life insurance cost by age and term length?

Term life rates rise with age and with the length of the term. This table shows illustrative monthly costs for $500,000 of coverage for a man in excellent health who doesn’t use tobacco. Women pay about 18% less in our model.

Most people guess much higher. Only 4% of consumers under 30 correctly estimated a basic term policy’s premium, according to LIMRA research reported by InsuranceNewsNet. LIMRA research director Steve Wood explained why young, healthy adults miss the mark:

“…they would pay pennies on the dollar for life insurance.”

Steve Wood, research director, LIMRA Markets Research, via InsuranceNewsNet (2026)

Premiums are locked for the full term, so the rate you get at 35 stays the same at 54. See more examples in our guide to life insurance rates by age.

What changes your term life insurance rate?

Your term life insurance rate comes from a handful of factors. Here’s how much each one tends to move the price in our model.

Your age

Age is the starting point for every term quote. Because the risk of a claim rises each year, premiums climb with every birthday, and the increases get steeper after 45. Applying a year sooner usually means paying less for the full term.

Health and rate class

Insurers sort applicants into rate classes after reviewing your medical history, prescriptions, and sometimes a short exam. Moving from excellent to average health can raise your premium by about 75%. Read more about life insurance rate classes.

Tobacco and nicotine

Tobacco is the single largest rate factor after age. Smokers often pay about three times as much for the same term policy.

Term length

A 30-year term costs more than a 20-year term because the insurer covers you into older ages. The gap widens after age 40, and many carriers stop offering 30-year terms in your mid-50s.

Coverage amount

Bigger policies cost more in total, but less per $1,000 of coverage. A $500,000 policy often costs far less than twice a $250,000 policy.

What type of term life insurance do you need?

Most term policies share the same core promise: a level death benefit and a level premium for a set term. The differences are in what happens before and after the term ends.

Level term

The most common type. Your premium and death benefit stay the same for 10, 15, 20, 25, or 30 years. This is what our calculator prices.

Return of premium term

If you outlive the term, you get back the premiums you paid. It costs more than level term, but some buyers like the guarantee. Learn about return of premium term life insurance.

Convertible term

Lets you switch to permanent coverage during a set window without proving you’re still healthy. Most level term policies include this feature.

No-exam and instant term

Many carriers now approve healthy applicants for term coverage without a medical exam, sometimes within minutes. See instant term life insurance options.

How to calculate your term life insurance coverage

The goal of term life is to cover the years when your family would struggle financially without you. A simple way to size it is to add up four needs:

1. Income. Replace about 75% of your income for each year of the term, adjusted for what the payout can earn.
2. Debts. Include your mortgage and other loans. U.S. mortgage balances totaled $13.1 trillion in mid-2026, according to the Federal Reserve Bank of New York. For most families, the mortgage is the single largest debt a policy needs to cover.
3. Education. Set aside about $65,000 per child for four years at a public college, based on College Board net cost data.
4. Final expenses. Plan on around $10,000 for a funeral and final bills.

Here’s a worked example. A 35-year-old earning $75,000, with a spouse, two young children, and $280,000 left on a mortgage, would need about $878,742 in income replacement over a 25-year term, plus $280,000 for the mortgage, $130,000 for college, and $10,000 for final expenses. That’s roughly $1,300,000. In our model, a 25-year term for that amount runs about $72–$108 a month for a man in excellent health.

Then match the term to your longest obligation. If your youngest child is 3 and you have 25 years left on your mortgage, a 25-year term covers both. Because term is the lowest-cost coverage, you can usually buy the full amount your family needs.

What you get and what happens when your term ends

During the term, your beneficiaries receive the full death benefit if you pass away, generally free of federal income tax. Your premium can’t increase, and the insurer can’t cancel your policy as long as you pay on time.

When the term ends, you have a few choices:

• Let it expire. If your kids are grown and your mortgage is paid, you may not need coverage anymore.
• Convert it. Switch to permanent coverage before the conversion deadline. Read term life conversion explained.
• Renew it. Many policies renew year to year without a new exam, but at much higher premiums. The NAIC advises asking what those renewal premiums will be before you buy.
• Buy a new policy. If you’re still healthy, a new term policy may cost less than renewing.

For a full breakdown, see what happens if you outlive your term policy.

How AccuQuote helps you find the right term policy

Term life looks simple, but prices for the same coverage can vary widely from one carrier to the next. One insurer might rate a well-managed health condition as standard, while another offers preferred rates. Shopping one company at a time takes days, and you may never see the best offer.

AccuQuote does that comparison for you. Since 1986, we’ve helped 200,000+ families compare term life quotes from 40+ A-rated carriers. Our licensed agents can:

• Show you 10-, 15-, 20-, 25-, and 30-year options side by side, so you can see what each extra year of coverage costs.
• Point you to carriers that offer no-exam or instant decisions when you qualify.
• Help you set up a ladder of two policies if that saves you money.
• Explain conversion options, so you know how you’d switch to permanent coverage later.

Customers save up to 70% by comparing instead of taking the first quote. There’s no pressure and no obligation, just a clear picture of your options.

What if term life insurance is over your budget?

Term life is already the most affordable option, but you can still bring the price down.

• Pick a shorter term. A 15- or 20-year term costs less than a 30-year term and may still cover your highest-need years.
• Ladder two policies. Combine a large 20-year policy with a smaller 30-year policy, so coverage drops as your debts shrink.
• Adjust the amount. Cover the essentials first, such as the mortgage and income for your youngest child’s school years, then add more later if your budget allows.
• Quit tobacco. Once you’re tobacco-free for 12 months, ask for a rate reconsideration.
• Compare carriers. Each insurer prices health conditions differently. AccuQuote customers save up to 70% by comparing 40+ A-rated carriers.

If you’ve been declined or have a serious health condition, no-exam and guaranteed issue options may still be available.