Life Insurance Quote Comparison

Quotes for life insurance are hard to compare because the death benefit, the term length and the policy type all differ. This tool puts them on one scale by asking a simple question: if the insured person died, how much of your family's financial need would each quote leave uncovered, and what would you have paid in premium for that outcome in one year?

How to use it. Enter the scenario amount, which is the total your family would need (debts, income replacement, education and final expenses). Then enter up to three quotes with annual premium and death benefit. The middle field can be left at 0 for standard level-benefit policies. Use it only if a policy pays a reduced amount in some situations, such as a graded benefit that pays less during the first two or three years.

The arithmetic. Shortfall = scenario amount minus death benefit (never below zero), plus any amount not paid out. Premium plus shortfall = annual premium + shortfall. The lowest combined number is flagged.

Worked example (illustrative numbers). With a $750,000 need, a $500,000 quote at $420 per year leaves a $250,000 shortfall, for a combined figure of $250,420. A $750,000 quote at $600 leaves no shortfall, so the combined figure is $600. The tool will flag the larger policy even though its premium is higher, because it actually meets the need.

Limits. This is a one-year snapshot. It does not model term length, conversion rights, cash value, riders, insurer financial strength or rate changes. Confirm those separately, and read how to compare quotes fairly.