Life Insurance Cost Calculator
- Last Updated on February 24, 2023
A Step-by-Step Guide
Get Your Instant Life Insurance Estimate & Enjoy Peace of Mind
It’s not easy to think about passing away, but it’s even more difficult to think about your loved ones struggling financially should something happen to you. And consider this: only 47% of households without life insurance say they would be financially secure if the primary breadwinner suddenly passed away (compared to 68% of households with life insurance).
Whether you’re the main breadwinner or the main caregiver, life insurance can help ensure your family can focus on grieving you, and not on figuring out how to pay the bills.
But one of the main roadblocks to getting life insurance is figuring out how much coverage you need. After all, trying to figure out how much your family needs to live off of without you can be complicated, and it prevents too many people from getting any life insurance coverage at all.
This is why we’ve built a life insurance calculator, so you can enter your information and get a quick estimate of the coverage you should get.
Ready to start thinking about life insurance? Keep reading.
Life Insurance Estimate: How Much Coverage Do You Need?
Some people choose to figure out their life insurance coverage simply by multiplying their annual income by ten. But this simplified calculation doesn’t factor in end-of-life expenses like a funeral and burial, any debt, future needs like education, and more.
This life insurance calculator looks at the full picture to give you a more accurate idea of the coverage you need, so that you don’t leave your loved ones high and dry. You can find more information on how much life insurance to get here.
Life Insurance Cost Calculator
Now that you know how much coverage you should have in place, it’s time to figure out what that’s going to cost you. This will help you ensure that you can fit life insurance premiums into your budget and explore cost saving measures if needed.
How Long Should Your Life Insurance Coverage Last?
This is a question that isn’t easily answered by a life insurance calculator. After all, it depends on each person’s unique situation and needs. For example, some people only need life insurance to last until a debt is paid, like student loans or a mortgage. Others need life insurance to replace their income until their children are grown.
By deciding what you need your life insurance to do, you can narrow down whether you need permanent life insurance that lasts for the rest of your life, or a term life insurance policy for 10, 20, or 30 years.
How to Save on Life Insurance Costs
Having a life insurance estimate, both on the coverage you need and what it will cost you each month, is a great start. It’s the first step in building a financial plan for you and your loved ones. But life insurance can be costly, especially if you want to give your family as much of a safety net as possible.
Luckily, there are ways to find savings on life insurance costs, so that you don’t have to sacrifice coverage. These include:
- Shop Around: This is arguably the most important step in finding affordable life insurance coverage. Every insurance provider calculates insurance costs differently, so shopping around for multiple quotes helps you find the best deal. ConsumerCoverage makes it easy for you by getting you free quotes fast, so you can find the best rate for your needs.
- Buy Young: You’ll lock in the best rates when you’re young and healthy, so don’t put off life insurance. More information on the right time to buy life insurance here.
- Avoid Unnecessary Coverage: Choose a policy that has what you need and nothing more. Avoid adding additional riders, like waiving premiums if you become disabled, to cut costs.
- Consider Term Life Insurance: Term life insurance is usually the more affordable policy type, but it only covers you for a set term. This can be a great option if you want to cover your family for the years they’re most dependent on you.
- Reconsider Your Habits & Hobbies: Risky habits like smoking and drinking, or hobbies like skydiving, mountaineering, scuba diving and more can cause your life insurance premiums to spike—or disqualify you altogether.
Shaving even a few dollars off your monthly premiums can help you save significantly over time and ensure you don’t have to drop down in coverage to afford life insurance.
The Bottom Line: Life Insurance Estimator Can Help You Plan
Life insurance costs can vary significantly by provider, plan and policy-holder, but these life insurance calculators are designed to help you get a better sense of the coverage you need and what you can expect to pay.
It’s the first step towards getting life insurance, and it’s an important part of planning for your future.
Ready to start exploring life insurance quotes? ConsumerCoverage makes it as simple as possible. Simply enter your information and get access to free quotes fast, so you can set up your life insurance coverage and then get back to enjoying life to the fullest.