Let’s quickly calculate your premium with our online term insurance calculator.” If you open any insurance website, this line will appear on most of the websites and is indeed true and important in selecting the best term insurance plan. One has to understand that even though term insurance is one of the simplest types of insurance policies available, selecting the right one might be confusing. With so many insurance companies offering almost similar plans, which one should you choose and at the same time how much should you pay for the best term insurance plan? While age, gender, and coverage amount generally affect the premium one pays, there are other factors that equally influences the amount of premium one pays.