Life Insurance Calculator
Finding the right coverage and price shouldn’t be guesswork. Our Life Insurance Calculator makes it simple to compare options in minutes. At Diversified Insurance Brokers, we’ve helped thousands of families and business owners secure protection that fits their needs and budget. With access to 100+ top-rated carriers and decades of underwriting experience (including hard-to-place cases), we can guide you from quick quotes to confident decisions.
Get Your Instant Life Insurance Quote
What The Life Insurance Calculator Shows
- Real quotes in minutes: Compare rates across multiple top carriers without sales pressure.
- Coverage choices: Term (10/15/20/30 years), Whole Life, and Guaranteed Universal Life (GUL).
- Face amounts & riders: Customize coverage amounts and explore riders like waiver of premium or child term.
- Health class estimates: See how health factors can affect pricing and eligibility.
Who This Is A Good Fit For
- Families replacing income, paying off a mortgage, or funding college plans.
- Business owners needing key person, buy-sell, or collateral assignment coverage.
- Individuals 50+ seeking permanent protection or final-expense plans.
- People with medical histories (diabetes, cardiac events, etc.) who need expert underwriting guidance.
Why Use An Independent Broker
- 100+ carriers, one place: We shop the market so you don’t have to.
- Underwriting advocacy: We position your application with carriers most likely to approve at the best class.
- No pressure: Clear comparisons, plain-English explanations, and policies that match your goals.
- Start fast, finish right: From instant quote to application and policy delivery—streamlined and supported.
Example Scenarios (Illustrative)
- Age 35, non-smoker: $500,000 20-year term can be surprisingly affordable when health is good.
- Age 52, Type 2 diabetes (well-managed): $250,000 15-year term often approved with competitive rates when A1C is controlled.
- Age 60: $50,000 whole life can lock in lifetime coverage with level premiums and cash value.
Tips For Using The Calculator
- Match the term length to your biggest obligations (mortgage/years to retirement).
- Choose a coverage amount that replaces income (e.g., 10–15× annual income) and pays off key debts.
- Run a second quote with a slightly different health class to see pricing sensitivity.
- Add riders only if they provide value for your situation—keep premiums focused on core protection.
- If you feel your health may prevent you from qualifying for life insurance, you can consider using our Income Annuity Calculator to determine if an annuity as a life insurance alternative fits your situation.
Next Step
Use the calculator above to see your numbers instantly. When you’re ready, we’ll confirm underwriting details, compare top carriers side-by-side, and help you finalize the policy that gives you the right protection at the right price.
FAQs: Using the Life Insurance Calculator
How much life insurance do I really need?
Your calculator result should cover the difference between your debts, future expenses, and what your loved ones will need financially, minus what you already have saved or insured. Key components often include income replacement, mortgage or rent, college or other obligations, final expenses, and a financial cushion.
What inputs does the calculator usually require?
Common inputs include: annual income, outstanding debts (mortgage, loans, credit cards), number of dependents/children, living expenses, education expenses, savings and existing insurance coverage, and your desired period of coverage. The more accurate your inputs, the more useful the estimate.
Should I use term life or whole/permanent life?
Term life insurance covers you for a set period (e.g. 10-30 years), usually at a lower cost. Permanent life (whole life, universal life, etc.) provides coverage for your entire life, often builds cash value, but tends to cost more. Choose based on your goals—temporary protection vs lifelong protection plus savings component.
How does age, health, and lifestyle affect the calculation?
Your age, health (including medical history), smoking status, lifestyle (e.g. dangerous hobbies), and gender often affect your premium. The calculator can estimate coverage needs but actual rates depend heavily on these underwriting factors.
When should I recalculate my life insurance needs?
You should revisit your calculation whenever you have major life changes: marriage, divorce, a new child, buying a home, paying off a large debt, significant changes in income, or when existing policies come close to expiring. Regular check-ups help ensure your coverage stays aligned with your needs.
Is the calculator result guaranteed or official?
No, these calculators provide estimates based on your inputs and assumptions. They’re a helpful planning tool, but final policy costs depend on underwriting, actual medical history, age, state, insurer rates, and policy type. Always request real quotes.
