Since life insurance is an ongoing monthly premium, your estimate weighs the monthly amount you enter against your income and any existing debt, showing how much room it would leave in your budget.
These key factors affect life insurance affordability
Term vs. whole life
Term life insurance covers a set number of years and costs far less per month than whole life insurance, which lasts your entire life and builds cash value alongside the coverage.
Age, health, and coverage amount
Premiums rise with age and with certain health conditions, and a larger coverage amount (death benefit) costs more per month than a smaller one for the same policy type.
Riders and add-ons
Optional riders - like accidental death coverage or a waiver of premium if you become disabled - add to the monthly cost but can be worth it depending on your situation.
How to use your results
- A term policy's typical premium against a whole life policy's higher one for the same coverage amount.
- Factor in any riders you're considering on top of the base premium.
- Include your existing debt for a realistic picture of what's actually left over.
Ways to make life insurance more affordable
- Choose term life insurance instead of whole life if you mainly need coverage for a specific period, like until a mortgage is paid off.
- Buy while you're younger and healthier, since premiums generally rise the longer you wait.
- Shop quotes from multiple insurers, since premiums for similar coverage can vary meaningfully.
- Reassess your coverage amount periodically rather than over-insuring for a need that may shrink over time.
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