Insurance Calculators
Term Life Insurance Calculator
Estimate the premium for a level term policy and the total you would pay across the whole term.
Estimated monthly premium
$74.91
- Annual premium
- $898.87
- Total paid over the term
- $17,977
- Cost per $1,000 of cover
- $0.15
How this calculator works
Premium ≈ cover ÷ 1,000 × base rate × age factor × health and smoker loadings
- base rate
- an indicative rate per thousand of cover
Example calculation
Illustrative example — not advice
Worked example — the term life insurance calculator as it loads, using the default figures below.
- 01Enter cover amount: $500,000.
- 02Enter age: 38.
- 03Enter term length: 20 years.
- 04Enter smoker: No.
- 05Enter general health: Good.
- 06Read the estimated monthly premium from the results panel: $74.91.
Estimated monthly premium: $74.91. Annual premium: $898.87. Total paid over the term: $17,977. Cost per $1,000 of cover: $0.15.
These figures come straight from the calculator above running on the values listed, so you can retype them and confirm every number yourself. Change any input and the results update immediately. Illustrative only — not a quote, offer or recommendation.
Important considerations
- Actual premiums depend on underwriting, medical history and occupation.
- Longer terms and older ages raise the rate sharply.
Related calculators
- Life Insurance Needs CalculatorHow much life cover your household needs.
- Disability Insurance CalculatorIncome protection benefit you would need.
- Human Life Value CalculatorPresent value of your future earnings.
- Health Insurance Cost CalculatorTotal annual cost of a health plan.
- HSA Contribution CalculatorHSA balance and the tax it saves.
- Home Insurance Coverage CalculatorRebuild, contents and liability cover needed.
Terms used here
Frequently asked questions
Why is term cover so much cheaper than whole of life?
Most term policies never pay out, because the cover ends before the risk period begins.
Disclaimer
Legamoney calculators are educational tools. Results are estimates based on the figures you enter and do not constitute financial, tax or legal advice.
Last reviewed 2026-08-01