This is based on a 30 year mortgage and the average age of a first-time buyer at 33 years old.
The insurer said the calculator was designed to help consumers understand the true risk of death during their mortgage term in order to highlight the importance of mortgage life insurance for family protection.
In 2011 there were 888,100 new mortgages and re-mortgages but only 571,000 mortgage related life insurance policies taken out.
Tom Conner, head of protection at Drewberry Insurance, said: "As disposable income falls due to high inflation and low wage growth there is a risk that borrowers may see life insurance as a luxury and decide that the risk of passing away isn't high enough to warrant taking out cover in this economic environment.
"The trouble is that people often perceive the risk of passing away as being a lot lower than it actually is.
“If this calculator helps to clear up this misconception then consumers can actually make up their own minds as to whether cover is worthwhile based on the facts, which is vital when family security is at stake."
The calculator serves as an average based on Office for National Statistics mortality estimates and does not account for lifestyle choices.
