In reality, your rate depends on several personal factors—like the amount of coverage you need, the length of your policy, your age, health, and whether you use tobacco. The earlier you apply, the better your chances of locking in a lower premium—and saving more over time.

Employer-provided life insurance usually offers just 1–2X your salary—far less than the recommended 10X needed to protect your family. Plus, that coverage often ends when you leave your job. That’s why many people choose individual term policies to fill the gap.

A simple rule of thumb is to multiply your annual income by 10. For a more personalized estimate, add up your long-term financial obligations—like a mortgage, debts, and future expenses—and subtract your current assets. The difference is the amount life insurance should cover.

Click Here for Life Insurance Calculator

If you pass away while your policy is active, life insurance provides a lump-sum payout to your beneficiaries—usually tax-free. That money can be used for major expenses like mortgage payments, outstanding debts, college tuition, or everyday living costs. Your loved ones decide how the funds are used, giving them flexibility and financial security.