Insurance Premium Calculator
Estimate the yearly and total premium for a life cover and how many times the cover your total payments equal.
Recent
Formula
How the calculation works
The annual premium is the sum assured divided by a thousand, times the rate per thousand, plus any loading.
Multiplying by the term gives every premium you pay, and the coverage multiple is the cover divided by that total.
A multiple near one means the premiums come close to the cover itself, which is worth noticing before you buy.
Common mistakes
- Buying cover as an investment: if the coverage multiple is near one, you pay almost as much as the cover pays out.
- Forgetting that a term plan gives a far higher cover for the same premium, if the savings part is not the goal.
When to use it
- Use it to check whether a policy's cover is worth its total premium before signing.
- It is not a full policy comparison; exclusions and surrender value matter too.
Worked example
A 1,000,000 cover at 40 per thousand with 5% loading costs 42,000 a year, 840,000 over 20 years, and the cover is 1.19 times the total premium.
Common questions
What is the loading percentage?
It is an extra charge insurers add for age, health or habits, so your rate is higher than the base table.
Is a low coverage multiple bad?
A multiple near 1 means you pay almost as much as the cover, so compare pure term cover for cheaper protection.
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