According to some embodiments, a current net amount at risk associated with a life insurance policy is determined. The life insurance policy may, for example, have been previously issued to a consumer for a given face death benefit amount. At least one applicable cost of insurance rate may then be automatically selected based at least in part on the determined net amount at risk. The applicable cost of insurance rate can then be applied to the current net amount at risk for the policy. For example, a first cost of insurance rate may be applied to a first portion of the current net amount at risk, and the applicable cost of insurance rate may be applied to a second portion of the current net amount at risk.