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Term life insurance calculator

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Use this term life insurance calculator to compare two policy lengths with your mortgage and family support dates. If you have written quotes, see what each costs while both premiums are guaranteed.

When a 20-year term ends first
20-year term
Ends 8 years before the last modeled need
30-year term
Lasts 2 years beyond that need

Example with 28 years of income support. Follow the timeline

Build a term comparison

Replace the illustrative term lengths and horizons with your figures. The two policies are alternatives.

Two terms with the same start

Use the quoted coverage term, from 1 to 60 years.

Count from the same start as Policy A.

Use one level death benefit for each alternative. To estimate an amount, use the household life insurance calculator.

When responsibilities end

Count from the proposed policy start. An obligation ending in year 18 includes years 1 through 18. Enter 0 for a responsibility that does not apply.

Whole years remaining on payments you want the plan to cover.

Last policy year through which a child or student would need support.

Whole years the household would rely on replacement income or services.

Check a specific policy year

Optional. The last year of a term is inside it. The next policy year starts outside the initial term.

Compare written level premiums

Use the amount per payment and the number of full years the insurer guarantees that amount. A coverage term and a guaranteed price period can have different end dates.

Written quote A

Copy the written amount with fees and discounts treated consistently.

Count guaranteed whole years from the start. Use 0 for no full guaranteed year, and leave an unknown period blank.

Written quote B

Copy the written amount with fees and discounts treated consistently.

Count guaranteed whole years from the start. Use 0 for no full guaranteed year, and leave an unknown period blank.

Renewal premiums and coverage after either initial term must be checked separately with the insurer.

Illustrative comparison

Where each initial term ends

Edit worksheet inputs

The last entered responsibility runs through policy year 28. Each policy is measured from the same start.

Policy A

8 yearsof obligations beyond its initial term

From year 21 through year 28, at least one entered responsibility continues.

Policy B

0 yearsof obligations beyond its initial term

The term continues 2 years beyond the last entered obligation.

Responsibility by responsibility

Years each responsibility continues beyond Term A or Term B
ResponsibilityLast yearBeyond ABeyond B
Mortgage payments25 years5 years0 years
Child or education support18 years0 years0 years
Household income support28 years8 years0 years

The summary counts distinct years once. Mortgage and household support can fall in the same year, so adding the rows could double count that time.

Duration from the shared start date
Policy A20 years
Policy B30 years
Mortgage payments25 years
Child or education support18 years
Household income support28 years

Check the year of a hypothetical death

For a death during policy year 21, assuming each alternative stays in force throughout its initial term:

Policy A timing
Outside initial term
Policy A modeled face amount
Outside initial term
Policy B timing
Inside initial term
Policy B modeled face amount
$500,000

Year N is the last year of an N-year initial term. Year N+1 begins at the next anniversary. Check the exact effective and expiration times, claim terms and any renewal or conversion rights in the contract.

Compare initial terms · Method 1.0 · Method and examples

Which years do you want the policy to cover?

A family may need help with a loan for 25 years, education for 18 and income until retirement. A term life policy can pay its death benefit if the insured dies while the policy is in force. Start with the end dates of the responsibilities you want that protection to cover. Texas Department of Insurance guide to term life

Find three dates before comparing terms

  1. When the loan ends

    Use the remaining time on your current repayment schedule. If you took out a 30-year mortgage five years ago and still follow the original schedule, the relevant duration is 25 years.

  2. When dependents need less support

    Use the time until the last year of childcare, education or other support you want covered. For example, from age 4 through a planned milestone at age 22 is 18 years. Adjust the milestone to your household.

  3. When household income would be replaced

    Decide how many more years a survivor would rely on this person’s income. That could end when a pension starts or when the remaining household can meet expenses independently.

Use today as the starting point for both proposed terms. For the dollar amount your household might need, use the life insurance coverage needs calculator.

How do 20-year and 30-year term life policies differ in year 21?

Suppose a household compares $500,000 of level death benefit for 20 or 30 years. Its mortgage has 25 years to run, support for a child lasts 18 years and earned income will matter for 28 years. Assume both initial terms start today and stay in force for their full stated lengths.

Years of each obligation extending beyond the initial term
Obligation20-year term30-year term
Mortgage · 25 years5 years0 years
Child support · 18 years0 years0 years
Income · 28 years8 years0 years

If income support ends after year 18 instead, the mortgage becomes the longest obligation. The 20-year term then ends five years early. Change the household timeline

When would a 10-year term cover the same obligations?

A different household has eight years left on its mortgage and six years of education costs. Income support lasts until a pension starts. Change only that pension date and the term comparison changes.

Pension in year 10
The 10-year term reaches the last obligation. A 20-year term extends ten years beyond it.
Pension in year 14
The 10-year term ends four years before income support is due to finish. The 20-year term still reaches that milestone.

Compare term life insurance costs from two written quotes

The term life insurance premium calculator uses the prices on your written quotes. Match the insured person, face amount, underwriting basis, riders and fees. Check the number of years each premium is guaranteed. A level death benefit can have a premium that changes. New York DFS on level benefits and premium guarantees

Quote A · 20-year term
$30 monthlyPrice guaranteed for 10 years
Quote B · 30-year term
$420 annuallyPrice guaranteed for 30 years

These amounts are fictional. During their first 10 years, A would cost $30 × 12 × 10 = $3,600. B would cost $420 × 10 = $4,200. B costs $600 more over the common guaranteed period. Ask for A’s premium schedule after year 10 before comparing later costs. The two policies also end in different years.

Enter the amounts on your own quotes

When one insurer offers monthly and annual billing for the same policy, use the life insurance cost calculator to compare the two billing options. That comparison keeps the policy length fixed and shows how much cash you would need upfront.

How the timeline and quote totals work

Years beyond the term
For each obligation, subtract the term length from its remaining years and count only a positive difference. Apply the same calculation to the longest obligation for the number of distinct years beyond the term. If a term ends later, subtract the longest obligation from the term to find the extra years.
Policy anniversaries
Policy year 1 runs from the start to the first anniversary. The final modeled year counts inside the initial term. Any year after it falls outside. For a particular day, use the policy’s actual effective and expiration dates. Renewal, conversion and a future change in coverage each require a separate decision.
Premium comparison period
The quote comparison converts each periodic payment to an annual total. It compares both totals for the same number of years, up to the earliest end of either initial term or either price guarantee. Use the full recurring payment on each quote, including fees on the same basis. The result assumes payments continue through that period. An insurer supplies the actual price and coverage terms.

Questions to ask before the term ends

Can I renew at the premium I pay today?

Check the renewal provision, maximum renewal age and premium schedule. Renewable term coverage may allow an extension without new evidence of health, but the premium can rise. Request the renewal price in writing before treating extra years as affordable. New York DFS on renewable term coverage

Does a 20-year term give me 20 years to convert?

Ask the insurer for the exact conversion deadline, eligible permanent policies and price. A conversion feature may let you switch to permanent coverage without a new health assessment, and its window may close before the term expires. New York DFS on conversion provisions

What if a dependent will need support for life?

Use the timeline to see where a fixed term would end. A lifelong obligation calls for planning beyond that endpoint. Ask what coverage would be available afterward and compare the household budget with any continuing premiums. California’s guide to choosing life insurance