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About life insurance coverage costs
The life insurance coverage prices below reflect typical ranges across the US. What you actually pay depends on the options you choose, where you live, and the provider you select. Adjust the calculator above with your details and ZIP code for a closer figure, then compare written quotes before you decide.
Average life insurance coverage cost
| Scenario | Typical range (US) |
| Rule of thumb | 10-12x annual income |
| DIME method | Debt + Income + Mortgage + Education |
| $500k term, age 35, healthy | $25 - $40 / mo |
| $1M term, age 35, healthy | $45 - $70 / mo |
| $1M term, age 45, healthy | $90 - $150 / mo |
What affects life insurance coverage cost
- Income to replace. The biggest input; more years of income means more coverage.
- Debts and mortgage. Coverage should clear what you owe.
- Dependents and education. Add future costs like college.
- Existing savings. Subtract assets your family could use.
- Term length. Match the term to when dependents become independent.
- Age and health. These set the premium for the coverage you choose.
Frequently asked questions
How much life insurance do I need?
A common guide is 10 to 12 times your income, or use the DIME method: cover your Debts, Income replacement, Mortgage, and Education costs.
What is the DIME method?
It sizes coverage by adding Debt, Income (years to replace), Mortgage balance, and Education costs for dependents.
How much does $1 million of life insurance cost?
For a healthy 35-year-old, a 20-year $1M term policy often runs $45 to $70 a month.
Term vs whole life: which do I need?
Term is affordable and covers a set period (most people's choice); whole life is permanent and builds cash value but costs much more.
Does my employer policy count?
Group coverage helps but is usually only 1 to 2 times salary and ends if you leave, so most people need additional individual coverage.
Compare quotes
Once you know your number, comparing term quotes from a few carriers finds the lowest premium for that coverage.
Get real life insurance coverage quotes
Compare free, no-obligation quotes from licensed insurance carriers near you.Get my free quotes
Advertising disclosure: we may earn a commission from quote requests, at no cost to you.