Where do these numbers come from?
- Instant answersResults update as you type.
- Private by designRuns in your browser. Nothing is sent.
- Share, print or citeCopy a link with your numbers.
Examples
| Situation | Years needed | Term |
|---|---|---|
| Age 30, newborn, 30-year mortgage, retire at 65 | 35 | over 30 |
| Age 35, child 3, 27 years left, retire at 65 | 30 | 30 years |
| Age 45, child 10, 12 years left, retire at 60 | 15 | 15 years |
| Age 50, no kids, 8 years left, retire at 62 | 12 | 15 years |
| Age 55, child 16, no mortgage, skip retirement | 6 | 10 years |
Why not just buy the longest term?
Longer terms cost more each year. If your biggest needs end sooner, a shorter term, or two smaller policies with different lengths (a “ladder”), can cover the same risk for less.
How much coverage?
Length is half the decision. Use the life insurance calculator to size the amount from income, debts, mortgage and education costs.
These are coverage-amount estimates, not quotes or advice. Premiums depend on age, health and insurer; a licensed agent or fee-only planner can review your situation.
Sources and assumptions
- Age 22 is used as a planning point for a child finishing college; change it to suit you.
- NAIC: life insurance consumer guide
Related
Frequently asked questions
Is 20 or 30-year term life better?
Choose the term that outlasts your longest obligation. If your youngest is 8 and the mortgage has 15 years left, 15 years may be enough; a newborn and a new 30-year mortgage point to 25–30 years.
What happens when term life ends?
Coverage stops and premiums end. Many policies let you renew yearly at much higher rates or convert to permanent insurance by a set age.