Life Insurance Calculator
Calculate death benefits, premiums, and retirement income projections for term life, whole life, and indexed universal life (IUL) policies — personalized to your age, health, and coverage goal.
Select the policy type you want to model. The calculator adapts to show the fields most relevant to your situation.
Term Life Insurance
Affordable protection for a specific period. Pure death benefit — no cash value component.
Best for: Income replacementWhole Life Insurance
Lifetime coverage with guaranteed cash value growth and potential dividend accumulation.
Best for: Long-term financial planningIndexed Universal Life (IUL)
Tax-advantaged growth linked to market indexes with downside protection. Includes IUL account calculator, max funded IUL, and retirement income modeling.
Best for: Max funded retirement strategiesYour results will appear here. Fill in your age, coverage amount, and health status — then click Calculate to see personalized estimates.
Most users complete the form in under 3 minutes.
| Age | Annual Premium | Cash Value | Death Benefit |
|---|
Estimates based on actuarial rate data current as of Q1 2026. Not a guaranteed quote. Actual premiums and values vary by carrier, underwriting, and state. Consult a licensed advisor before purchasing coverage.
All Policy Types, One Page
15 calculator types covering term, whole life, IUL, LIRP, TFRA, life settlement, FEGLI, and key person — eliminating the need to visit 8 separate carrier websites.
Actuarially Calibrated Estimates
Estimates are calibrated to LIMRA's aggregated carrier rate data and reflect current underwriting standards across major U.S. insurer portfolios as of Q1 2026.
IUL Illustrations to NAIC Standards
IUL projections are modeled in accordance with NAIC Model Regulation #582, which requires carriers to show both illustrated and guaranteed scenarios for indexed products.
Life Settlement Values Benchmarked to LISA Data
Life settlement estimates are benchmarked to the Life Insurance Settlement Association's 2023 Market Report, where policy sales averaged 4x the cash surrender value.
Balanced, Honest Coverage
This tool addresses "why IUL is a bad investment" alongside legitimate use cases — we cite NAIC consumer alerts on illustration abuses alongside proper IUL structuring guidance.
Quarterly Rate Updates
Calculator rate tables are reviewed and updated quarterly to reflect current carrier pricing, IRS contribution limits, and regulatory changes from NAIC and state DOIs.
According to the Federal Reserve's 2023 Survey of Consumer Finances, median retirement savings for Americans aged 55–64 is $134,900. High-earners above the 2024 Roth IRA income limit ($161,000 single / $240,000 married) increasingly explore max funded IUL as an alternative.
| Feature | 401(k) | Roth IRA | Max Funded IUL | LIRP |
|---|---|---|---|---|
| 2024 Contribution Limit | $23,000 | $7,000 | No IRS cap* | No IRS cap* |
| Tax Treatment (In) | Pre-tax | After-tax | After-tax | After-tax |
| Tax Treatment (Out) | Taxable | Tax-Free | Tax-Free (loans) | Tax-Free (loans) |
| Required Minimum Distributions | Yes (age 73) | No | No | No |
| Death Benefit | No | No | Yes | Yes |
| Creditor Protection | Varies by state | Varies by state | Strong (most states) | Strong (most states) |
| Downside Protection | No floor | No floor | 0%–1% floor | 0%–1% floor |
| Income Limit to Contribute | None | $161k / $240k | None | None |
*IUL/LIRP premiums are limited by IRC 7702 MEC rules (7-pay test), not an annual IRS contribution cap. Sources: IRS 2024 Contribution Limits; IRC §7702; IRC §72(e).
Most users complete all four steps in under 3 minutes.
Choose Calculator Type
Select term life, whole life, or IUL based on your coverage goal.
Enter Your Details
Input your age, coverage amount, and health classification.
Review Instant Estimates
See monthly premiums, cash value projections, and year-by-year snapshots.
Get a Personalized Quote
Email your results or connect with a licensed advisor within 1 business day.
Life Settlement Calculator — How Much Is My Policy Worth?
A life settlement pays the original policyholder a lump sum — typically 10% to 50% of the death benefit — in exchange for ownership of the policy. According to the Life Insurance Settlement Association's 2023 Market Report, life settlements paid policyholders an average of 4x more than the cash surrender value.
This makes a life settlement worth substantially more than lapsing or surrendering a policy for seniors who no longer need coverage. A viatical settlement applies specifically to terminally ill policyholders and typically generates a higher payout percentage due to shortened life expectancy.
A 78-year-old policyholder with a $500,000 whole life policy in poor health may receive a cash surrender value of $42,000 from the insurer — or a life settlement offer of $105,000–$175,000 from a licensed settlement provider. Per IRS Revenue Ruling 2009-13, the gain above basis is taxable, but the proceeds significantly exceed the surrender value.
FEGLI Life Insurance Calculator — Federal Employee Coverage Estimates
The FEGLI (Federal Employees' Group Life Insurance) program covers approximately 4 million federal employees, according to OPM.gov. The FEGLI life insurance calculator estimates your total death benefit and annual premium based on salary, option elections (Basic, Option A, Option B, Option C), and age-based rate multiples.
A critical comparison: FEGLI Basic coverage costs federal employees a flat biweekly premium in younger years, but Option B premiums increase substantially after age 45. A comparable private 20-year term policy often becomes more cost-effective for employees under 55 — use the term life insurance calculator above to run the side-by-side comparison. Federal employees frequently compare carriers including State Farm life insurance and American Amicable life insurance when benchmarking FEGLI against private alternatives. An American Amicable life insurance review is worth running at ages 45–55 specifically, when FEGLI Option B age-band premium increases often exceed comparable private term rates by a meaningful margin.
Nationwide IUL & Mutual of Omaha IUL — Carrier Comparison Context
When running an IUL account calculator, carrier selection significantly affects results. Two of the most commonly compared IUL products are the Nationwide IUL (Nationwide New Heights series) and the Mutual of Omaha IUL (Life Protection Advantage). The Nationwide IUL calculator and Mutual of Omaha IUL calculator are carrier-specific tools — this suite models the mechanics that apply across both, including cap rates, participation rates, and cost of insurance charges.
Nationwide's IUL products have historically offered higher cap rates on S&P 500 strategies, while Mutual of Omaha's IUL products are often cited for competitive cost of insurance charges at older issue ages. Neither carrier pays to be featured here — these are mentioned because they are the two most commonly compared brands by consumers researching max funded IUL strategies, according to search and advisor survey data.
Pro Rata Insurance Settlement & Annualized Premium Calculator
Two additional calculator use cases covered in this suite: the pro rata insurance settlement calculator and the annualized premium calculator. The pro rata insurance settlement calculator estimates the unearned premium refund owed when a policyholder cancels a policy mid-term. Insurers calculate this by dividing the unused coverage period by the total policy period and multiplying by the annual premium paid.
The annualized premium calculator converts monthly, quarterly, or semi-annual premium payments into an annualized figure — useful for comparing policies priced on different payment schedules, or for calculating the true annual cost of insurance for tax and business deduction purposes. An insurance buy back calculator serves a related function: it estimates the amount an insurer would pay to repurchase a policy it issued, typically in the context of group life or institutional block transactions.
Pro Rata Refund Formula
Refund = (Unused Days ÷ Total Policy Days) × Annual Premium. Used when canceling mid-term or switching carriers.
Annualized Premium Formula
Monthly premium × 12 = annualized figure. Quarterly × 4. Semi-annual × 2. Standardizes cost comparison across payment modes.
Insurance Buy Back
Insurer-initiated repurchase of a policy block — typically at a negotiated amount above cash surrender value but below face value.
How Much Does a $250k, $300k, or $10 Million Life Insurance Policy Cost?
Coverage needs vary widely by income, obligations, and estate planning goals. Here's how monthly term life insurance premiums compare across common face amounts for a healthy 35-year-old male on a 20-year term, based on aggregated carrier rate data current as of Q1 2026:
| Coverage Amount | Age 30 (Male, Excellent) | Age 40 (Male, Good) | Age 50 (Male, Good) | Common Use Case |
|---|---|---|---|---|
| $250k life insurance | ~$13–$16/mo | ~$25–$32/mo | ~$62–$78/mo | Mortgage payoff, single income family |
| $300k life insurance | ~$15–$19/mo | ~$30–$38/mo | ~$74–$93/mo | Income replacement + debt coverage |
| $500k life insurance | ~$25–$31/mo | ~$49–$63/mo | ~$123–$155/mo | Family income replacement (10-yr rule) |
| $1M life insurance | ~$48–$60/mo | ~$95–$122/mo | ~$240–$305/mo | High-earner income replacement |
| $10M life insurance policy | ~$290–$370/mo | ~$580–$740/mo | ~$1,500–$1,950/mo | Estate planning, HNW, key person |
Estimates based on aggregated rate data. A 10 million dollar life insurance policy requires full financial underwriting — jumbo coverage above $5M involves table ratings and multiple carrier placement. Use the calculator above with your specific age and health class for a personalized estimate.
Key Person Insurance Calculator — Business Owner Coverage Estimator
A key person insurance calculator estimates the life insurance coverage a business needs to survive the loss of a critical employee. Three common methods: the income multiple method (2x–5x annual revenue contribution), the replacement cost method (cost to recruit, hire, and train a replacement), and the business valuation percentage method.
Under IRC Section 101(j), employer-owned life insurance death benefits are income-tax-free to the business — but only if the insured employee was notified and gave written consent before the policy was issued. Premiums are generally not deductible as a business expense.
What Users Discovered
Realized I was overpaying $312/year on my term policy after running the calculator in under 2 minutes. Switched carriers and saved money I didn't know I was leaving on the table.
Found out my old whole life policy was worth $138,000 through a life settlement — versus the $31,000 cash surrender value the insurer quoted me. The difference was life-changing.
The FEGLI vs. private term comparison showed me I was paying 2.4x more than necessary for Option B at age 52. Switched to a private 20-year term and cut my premium nearly in half.
The situation: A 71-year-old retired educator held a $400,000 whole life policy she had purchased at age 45. Her children were financially independent, and the annual premium burden of $8,400/year had become difficult to maintain. Her insurer quoted a cash surrender value of $31,000.
The discovery: Using the life settlement calculator, she identified that her policy — based on face amount, type, and life expectancy — qualified for a life settlement offer. Multiple licensed settlement providers ultimately bid on the policy.
The outcome: She received $138,000 — 4.5x the insurer's cash surrender value — within 90 days of engaging a licensed settlement broker. The transaction was completed in compliance with state life settlement regulations. Per IRS Revenue Ruling 2009-13, the gain above her premium basis was taxable, but the net after-tax proceeds still exceeded the surrender value by more than $80,000.
More Insurance Cost Calculators
Estimate premiums for home, real estate, rent, travel, and more — all free, no signup required
Home Insurance Calculator
Estimate your homeowners insurance premium based on location, home value, and coverage level. Get a quick ballpark figure before shopping for quotes.
Best for: Homeowners, first-time buyers, mortgage applicants →Real Estate Insurance Calculator
Calculate insurance costs for investment and rental properties. Covers landlord policies, dwelling fire coverage, and liability protection for real estate investors.
Best for: Real estate investors, landlords, property managers →Renters Insurance Calculator
Find out how much renters insurance costs based on your personal property value and liability needs. Most policies run $15–$30/month.
Best for: Apartment renters, students, condo tenants →Travel Insurance Calculator
Estimate travel insurance premiums for domestic and international trips. Covers trip cancellation, medical evacuation, baggage loss, and travel delay protection.
Best for: Vacationers, frequent flyers, international travelers →Personal Insurance Calculator
Estimate costs for personal umbrella, jewelry, valuables, and other individual coverage lines. Ideal for high-net-worth individuals seeking broader protection.
Best for: Individuals, families, high-net-worth households →Car Insurance Calculator
Estimate auto insurance premiums based on your vehicle, driving history, and coverage preferences. Compare liability, comprehensive, and collision options.
Best for: Drivers, vehicle owners, new car buyers →Not sure which calculator to use?
Speak with a licensed independent insurance agent or broker — they can run an online quote across multiple carriers at no cost to you.
Ready to Run Your Calculator?
According to LIMRA's 2024 Insurance Barometer Study, 42% of Americans are underinsured — often because they overestimate the cost. Run the term life insurance calculator now and have a monthly rate estimate in under 60 seconds.
Get My Free Estimate →All calculations based on actuarial rate data current as of Q1 2026 · Reviewed quarterly · Free to use · No obligation
Disclaimer: The life insurance calculations provided on this page are estimates based on actuarial rate data and carrier illustrations current as of Q1 2026. They do not constitute an insurance quote, financial advice, or an offer to purchase or sell any insurance product. Life insurance premiums, cash values, and life settlement offers vary significantly based on individual underwriting, carrier selection, state regulations, and policy terms. Tax treatment of life insurance products and settlements depends on individual circumstances — consult a licensed tax advisor. Always consult a licensed insurance advisor in your state before making coverage decisions. Sources: LIMRA 2024 Insurance Barometer Study; ACLI 2024 Life Insurers Fact Book; Life Insurance Settlement Association 2023 Market Report; IRS Publications 525, 554; IRS Revenue Ruling 2009-13; NAIC Model Regulation #582; Federal Reserve 2023 Survey of Consumer Finances; OPM.gov; IRC §§72(e), 101(a), 101(j), 7702.