Life insurance

See what life insurance costs for your age and coverage

Term or whole, $100k or $1M — the price difference is enormous depending on what you pick. See realistic ranges for your situation and go directly to the insurer. No email. No phone. No one calls you.

Term vs whole life — the honest explanation

Term life insurance covers you for a fixed period — 10, 20, or 30 years — and pays out if you die during that term. If you outlive the term, the policy expires and you get nothing back. That sounds like a downside but it is actually the point: you are buying pure income replacement for the years when your family depends on your earnings. It is straightforward, affordable, and for most people it is exactly what they need.

Whole life insurance covers you permanently and builds a cash value component over time that you can borrow against. It costs 5 to 10 times more than term for the same death benefit. The cash value growth is real but slow, and the returns are generally lower than what you would get investing the premium difference in an index fund. Whole life makes sense in specific estate planning situations — primarily for high net worth individuals managing estate taxes. For most people shopping for income replacement it is the wrong product.

How much coverage do you actually need

→The standard rule of thumb is 10–12 times your annual income — enough to replace your earnings for a decade

→Add your total outstanding debts — mortgage, car loans, student loans — to that number

→Add estimated future costs like college education for children if applicable

→Subtract any existing savings, investments, or existing life insurance your employer provides

→The result is your coverage target — most financial planners consider anything below 5x income dangerously underinsured

What moves your rate up

↑Smoking or tobacco use — typically doubles your premium compared to a non-smoker

↑Poor health history — diabetes, heart disease, cancer history all raise rates significantly

↑Older age — life insurance gets meaningfully more expensive every year you wait, especially after 50

↑Dangerous occupation or hobbies — pilots, commercial fishermen, skydivers face surcharges or exclusions

↑High BMI — most insurers use height and weight tables and charge more above certain thresholds

↑Family history of serious illness — heart disease or cancer in parents or siblings affects your rate

What moves your rate down

↓Buying young — a 30 year old pays roughly half what a 45 year old pays for the same coverage

↓Non-smoker status — the single biggest individual factor in life insurance pricing

↓Excellent health — regular exercise, healthy BMI, and clean bloodwork get you preferred rates

↓Shorter term — a 10 year term costs significantly less than a 30 year term for the same death benefit

↓Annual payment — most insurers offer a small discount for paying annually instead of monthly

↓No dangerous hobbies — disclosing and then eliminating high-risk activities can improve your rate at renewal

The medical exam — what to expect

Most life insurance policies above $500,000 require a medical exam — a paramedical professional comes to your home or office, takes blood and urine samples, measures your blood pressure and BMI, and asks about your health history. The results go directly to the insurer and take 2–4 weeks to process. The exam itself is free.

Several insurers now offer no-exam policies up to $1,000,000 using algorithmic underwriting based on your health records and prescription history. Bestow and Haven Life are the main players here. No-exam policies are slightly more expensive than fully underwritten policies but the convenience is significant and approval is usually instant.

What to watch for when you click through

Life insurance applications ask detailed health questions and the answers matter legally. Misrepresenting your health history — even unintentionally — can result in a claim being denied after you die. Answer every question honestly. If you have a complex health history, working with an independent broker who can shop multiple carriers simultaneously is worth considering — Policygenius is a good starting point for that.