How to compare term life quotes without over-insuring

Term life pays a lump sum if you die during a fixed term. The right amount is the gap your household cannot cover: remaining mortgage, childcare, and a few years of income — not a round number from an online calculator.

Ask for the same term and the same face amount from at least three insurers. A 20-year, $500,000 quote is not comparable to a 30-year, $750,000 quote. Convert riders into dollars. A waiver-of-premium rider that adds $12 a month is $2,880 over 20 years.

Skip return-of-premium and whole-life add-ons until the base term is in place. Those products cost more and solve a different problem. If the budget is tight, a shorter term that matches the mortgage is better than a policy you later lapse.

Disclose health history honestly. A cheaper quote that fails underwriting wastes weeks. If you use nicotine, have a recent diagnosis, or work a high-risk job, tell the agent before the medical exam so the first offer is the one you can actually buy.