To get a more accurate picture of the overall cost, ask for an illustration. This will show you how the cost of your policy over time compares to other policies in your market. It's also important to understand how premiums are calculated. Whether you're comparing term life or permanent life, there are various fees that can impact the overall cost of your policy. For example, a permanent policy might include a fee for fund management or an additional charge based on your age, health and underwriting classification.