Buying life insurance for the first time? SelectQuote can help.
SelectQuote Life Insurance Cost Calculator
Figuring out how much life insurance you need can be confusing, especially when our lives are constantly changing. By utilizing our term life insurance calculator, we’ll help you get an idea of how much life insurance you need and for how long.
How much life insurance do I need?
Most people have no idea how much life insurance they need. Our handy life insurance calculator will help you determine what your family’s ongoing and one-time expenses are.
How to Use Our Life Insurance Cost Calculator
In order to calculate how much life insurance you need, you’ll need to answer a few questions for our life insurance calculator, like:
- Does anyone depend on you financially?
- What is your annual income?
- Do you have children or plan on having children?
- How much do you have in savings or liquid assets?
- Do you have a mortgage?
- How much of a financial cushion would you like to leave your family?
Answering these questions will help you get a headstart on determining the right policy amount for you.
You Need Life Insurance If:
There are various life situations and circumstances in which you need life insurance, including:
- You’re married or getting married
- You have children
- You have a mortgage
- You have any outstanding debts
Even if none of the above apply directly to you, there are benefits in obtaining life insurance coverage as early as possible. The primary benefit being more favorable rates. The younger and healthier you are when you purchase life insurance, the easier it is to lock in a lower rate.
How much does life insurance cost?It’s easy to assume that life insurance coverage costs a fortune, but it’s possible to get substantial coverage at an affordable rate. There are a variety of factors used during the underwriting process to determine your life insurance rates, including:
- The type of policy you choose
- The length of your term life policy
- Your age at the time of purchase
- Your gender
- The amount of benefit you choose
- Your health at the time of purchase
- Your hobbies at the time of purchase
How-To Calculate Your Life Insurance Coverage
Using our life insurance calculator can help you get an idea of how much life insurance coverage you need. Our licensed agents at SelectQuote will help make sure you have the right amount of coverage at the right price.
To understand your life insurance coverage needs, you’ll want to:
- Add up all of your assets
- Add up all of your debts and financial obligations
- Subtract your debts from your assets
- This number will help you determine the amount of money your family would need to live comfortably if they were to lose your income.
Ready to buy life insurance? Let’s get started.
The easiest way to learn about your life insurance options is by working with SelectQuote. We’ll learn more about what you need coverage for, answer any questions you have, match you to the best life insurance company for your situation and find opportunities to try and save you money.