Work out life insurance premium instantly with clear inputs, formula shown and shareable results.
Term life premiums are quoted per thousand of sum assured, with the rate driven by age at entry, term and gender, then loaded for smoking, occupation or medical history. Because the rate is per mille, doubling the sum assured roughly doubles the premium — cover is close to linear in price.
Base premium
Base = Sum assured x Rate per 1,000 / 1,000
Annual premium
Premium = Base x (1 + Health and lifestyle loading %)
Indicative premium illustration only. Actual pricing depends on underwriting, age, medical evidence, term, jurisdiction and product features. Not insurance advice — obtain a quotation from an authorised insurer.
Because smoker mortality is materially higher at every age. Loadings of 40-80% are typical and often more at older ages.
Level premiums cost more early and less later, and are the norm for term cover because they remove reprice risk.