Term Life Insurance Calculator
Calculate how much term life insurance you need using the DIME method, HLV, and 10× income rule. See 2026 monthly premiums by age for a healthy non-smoker.
Your Profile
Recommended Coverage
Recommended Cover
$2.67M
Shortfall vs existing: $2.57M
DIME Method
$2.67M
10× Income
$1.00M
HLV
$1.36M
Monthly Premium
$59
Monthly Premium by Age (locked in if bought today)
Age 25
$40/mo
Age 30
$45/mo
Age 35
$59/mo
Age 40
$85/mo
Age 45
$139/mo
Age 50
$227/mo
Age 55
$401/mo
Age 60
$654/mo
How much term life insurance do you actually need?
A term life policy pays your family a tax-free lump sum if you die during the term — no cash value, no investment frills, just pure protection at the lowest possible premium. The right face amount replaces your economic contribution so dependents can carry on without financial shock.
The DIME method
DIME = Debt + Income (years × annual) + Mortgage + Education. It's the most widely-taught US needs analysis because it maps directly to spending obligations your survivors will face. A 35-year-old with $100k income, $350k mortgage, $20k other debt, 2 kids at $150k each education: DIME = $20k + $2M + $350k + $300k = $2.67M.
The 10× rule
Quick sanity check: 10× annual income. Works well for young families with young kids; undershoots for older workers with big mortgages. Always calculate both DIME and 10× and take the higher.
2026 premium benchmarks
$1M 20-year level term on a healthy non-smoker male: age 25 ~$15/mo, age 30 ~$17/mo, age 35 ~$22/mo, age 40 ~$32/mo, age 45 ~$52/mo, age 50 ~$85/mo, age 55 ~$150/mo, age 60 ~$245/mo. Women get ~18% discount; smokers pay 2.5×. Lock in young — health only gets worse, and the premium is level for 20 years.
Common questions about Term Life
How much term life insurance do I need?+
Use the DIME method: Debt + Income (10× annual) + Mortgage + Education costs. For a 35-year-old earning $100k with a $350k mortgage, $20k in other debts, and two kids at $150k college each: DIME ≈ $1.67M. The 10× rule gives $1M as a floor. Take the higher of the two. Shortfall = recommended minus your existing group term through work.
What does a 20-year term policy actually cost in 2026?+
For a $1M 20-year level term on a healthy non-smoker male: age 30 ~$17/mo, age 40 ~$32/mo, age 50 ~$85/mo, age 60 ~$245/mo. Women pay ~18% less. Smokers pay 2.5× these rates. Locking in young keeps the premium level for 20 years even as your health changes — the single biggest lever in life insurance is age at purchase.
Term vs whole life — which should I buy?+
For 95% of households, term wins. Whole life costs 10-15× more for the same death benefit, with mediocre cash-value returns (3-5% net of fees). Buy term, invest the difference in a 401(k) + Roth IRA. Whole life makes sense only for specific cases: estate-tax exposure above $13.99M federal exemption, business succession funding, or a special-needs child requiring guaranteed lifetime protection.
Should I get group life through my employer only?+
No — but use it. Group term via work is typically 1-2× salary, free or subsidized. It ends when you leave the job and isn't portable at the same price. Layer an individually-owned 20- or 30-year term policy on top for coverage you control. Individual policies are underwritten once and stay with you even after job changes, health events, or retirement.
Do I need medical exam underwriting?+
Fully-underwritten policies (paramedical exam with blood/urine) get the best rates. "Accelerated" no-exam underwriting from Ethos, Haven Life, Fabric issues in 10 minutes but often prices 20-40% higher and caps face amounts at $2-3M. If you're healthy, get the exam. If borderline or short on time, accelerated works — just compare both.
What happens if I outlive my term policy?+
The policy simply ends with no refund (ROP riders exist but cost 2-3× more — not worth it). By then you should be "self-insured" — kids launched, mortgage paid off, retirement assets built. If you still need coverage at term-end, most policies allow conversion to permanent insurance without new underwriting, typically until age 65-70. Useful safety valve if your health deteriorated during the term.
How does smoking affect my premium?+
Smokers pay about 2.5× non-smoker rates. Cigar, pipe, chew, vape, and even nicotine gum use usually count. Most carriers require 12 consecutive smoke-free months (some want 24-60) to requalify as non-smoker. If you quit after buying the policy, apply for a rate re-class after the waiting period — easy underwriting, can cut premium in half.