CacyGuide
Life insurance cost calculator.
Work out roughly what life insurance could cost you before you talk to anyone. This page explains how premiums are set and how to size your cover, and the free Cacy app shows published cost benchmarks for the US and Canada.
Step 1: Work out how much cover you need
A common starting point is 10 to 15 times your annual income. Then adjust for your situation: add your mortgage and other debts, the years of income your family would need, and future costs like childcare or education. Subtract savings and any cover you already have through work.
Example: if you earn 80,000 a year, a starting range is 800,000 to 1,200,000 of cover. If you have a 300,000 mortgage and two young children, you would aim toward the top of that range or above it.
Step 2: Understand what sets the price
- AgeThe single biggest driver. Premiums rise sharply as you get older, so buying earlier usually locks in a lower rate for the whole term.
- Coverage amountThe death benefit you choose. Doubling the cover does not usually double the price, but it moves it up.
- Term lengthA 10 year term costs less per month than a 30 year term, because the insurer covers you for fewer of your higher risk years.
- Health and lifestyleMedical history, build, blood pressure, smoking and nicotine use all feed into the rate class an insurer offers you.
- Policy typeTerm life is the cheapest way to buy a large amount of cover. Whole life and other permanent policies cost far more because they last for life and build cash value.
- Where you liveRates and regulation differ by state and province, so the same person can see different prices in different places.
Step 3: Check your estimate against real data
The Cacy app shows what life insurance actually costs, built from published data for the US and Canada. Compare your situation against a fair price range instead of a sales pitch, and browse insurers state by state and province by province.
Cacy is free, needs no account, and does not track you. It is an educational tool, not an insurer, broker or advisor, and its figures are estimates and published averages, not quotes. Confirm any price directly with a licensed insurer before you buy.