The short answer
Life insurance calculator isn't a separate product. It's a term life policy, and for calculator the difference is mainly how carriers review the application and set the rate. Rules vary by carrier, so comparing several through an independent agent is the simplest way to find a good fit.
This guide answers the most common questions about no exam life insurance calculator.
Term life insurance for young families does one job well: it replaces your income during the years your children depend on you. Those years are also when coverage is most affordable.
This guide covers how much to buy, how long it should last, and how to set it up for minor children.
Part of our complete guide: Term Life Insurance: The Complete Guide.
Quick answer
Cover both parents, including a stay-at-home parent. Choose a term that lasts until the youngest is on their own. Use a trust or custodian for minor beneficiaries.
MarketView Agency is an independent insurance agency (National Producer Number 18345705).
On this page
- No exam life insurance calculator: no-exam and simplified options for calculator
- Choosing the type
- How to apply as calculator
- Life insurance for a growing family: how much term life parents need
- Why both parents need coverage
- How much coverage do you need?
- How long should your term be?
- Why compare with an independent agent
- Who term life insurance is for
- Frequently asked questions
No exam life insurance calculator: no-exam and simplified options for calculator
Underwriting is how a carrier decides whether to offer coverage and at what rate. Some policies skip the medical exam and rely on application answers and records checks instead.
No-exam and simplified options can be faster, but they may cost more or offer lower amounts than fully underwritten coverage.
- Fully underwritten: the most questions, sometimes an exam, often the widest choice of amounts.
- Simplified issue: health questions and records checks, no exam.
- Smaller permanent policies: fewer questions, lower amounts.
Choosing the type
Term coverage costs less for a set number of years; permanent coverage lasts for life and builds cash value. Many people combine them.
Compare rates from several carriers in about two minutes. Free, no obligation.
How to apply as calculator
- Decide how much coverage you want and for how long.
- Compare several carriers with an independent agent; underwriting rules differ more than most people expect.
- Answer every application question honestly and completely.
- Review the policy when it arrives. Every state gives you a free-look period to cancel for a refund.
Life insurance for a growing family: how much term life parents need
Children are the most common reason people buy term life. The years when they depend on you are also the years when coverage is most affordable.
A stay-at-home parent needs coverage too. If that parent were gone, the family would pay for child care and help at home. Many couples buy a policy on each parent with the same term.
Why both parents need coverage
A stay-at-home parent may not earn a paycheck, but replacing what they do costs real money: child care, school runs, meals, and the time the working parent would need to take off.
Many couples buy a policy on each parent with the same term. The amount for a stay-at-home parent is often smaller, sized to years of child care and household help until the children are older.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares term life insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
How much coverage do you need?
There is no single right number. Start with the job you want the policy to do. If the goal is to pay off the mortgage, the loan balance is the floor. If you also want to replace income for a few years, add that on top.
Then subtract what you already have. Savings, investments and life insurance through work all count, though group coverage often ends if you change jobs. Many families end up with one policy for the mortgage and another for income, each with its own term.
How long should your term be?
Choose a term that lasts as long as the need it protects. A few common matches:
| Need | Typical term |
|---|---|
| Young children at home | 20 to 30 years, until they're on their own |
| 30-year mortgage | 30 years |
| Mortgage with fewer years left | A term that covers the remaining years |
| Business loan or short-term debt | 10 to 15 years |
| Income until retirement | The years until you plan to retire |
Longer terms cost more per year because the insurer covers you into older ages. Even so, many people prefer one longer term to buying again later at an older age.
Why compare with an independent agent
A captive agent works for one insurance company and can only offer its policies. An independent agent is appointed with several carriers and can compare them side by side.
That matters because carriers price the same person differently. One may be friendlier to a past health condition, another to tobacco users, another to larger coverage amounts. Comparing several gives you a better chance at a fair price.
You do not pay extra to use an independent agent. Agents are paid by the carrier you choose, and the premium is the same as buying from that carrier directly.
Who term life insurance is for
Often a good fit
- you have a need with an end date and want the most coverage for the money.
- you want to cover a mortgage, income or debts.
Maybe not the right fit
- you want coverage that never expires.
- you want a policy that builds cash value.