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You may receive a range of estimates when using an online life insurance premium calculator. That’s because there are many factors that influence how much you’ll pay for a life insurance policy. You can discover what those factors are right here. Let’s start with a basic understanding of life insurance.

Purchasing a life insurance policy is a contract between you and your insurance provider. You pay a monthly premium to guarantee the provider pays an agreed upon amount to your beneficiaries.

Factors When Using a Life Insurance Premium Calculator

The premium you pay per month for life insurance depends on many factors, including whether you’ve selected a whole or term life insurance policy. Here are the six major factors that influence the cost of your premium:

  • Age
  • Ages of your spouse and children
  • Income
  • Mortgage and other debts
  • College expenses for your children and/or spouse
  • Funeral expenses

Your answers to the items listed above will influence how much you pay in monthly premiums. On average, you will typically pay more in premiums as you age, if you smoke, if you engage in dangerous activities (e.g. skydiving), or if you have health problems. By considering these factors, insurance providers can give you a premium rate that can help ensure your beneficiaries’ financial future.

To find an estimate of what your monthly premium might be, you can check out a life insurance premium calculator. This calculator will ask you specific questions that can help estimate your premium.

However, if you’re looking for a more personalized and accurate estimation, contact a licensed agent at HealthMarkets Insurance Agency. Our representatives can provide insight about premiums and how they are calculated. We can help you prepare for what to expect when buying a life insurance policy.

We’re here to give you the facts about life insurance. Give us a call at (800) 360-1402 to see how we can help find financial security for your loved ones together.




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