Use this calculator to get an estimated monthly premium for a term life insurance policy. Please note that this is an estimate and actual rates will vary based on a full underwriting process.
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function calculatePremium() {
var age = parseFloat(document.getElementById('age').value);
var genderMale = document.getElementById('genderMale').checked;
var smokerYes = document.getElementById('smokerYes').checked;
var coverageAmount = parseFloat(document.getElementById('coverageAmount').value);
var termLength = parseFloat(document.getElementById('termLength').value);
var resultDiv = document.getElementById('premiumResult');
resultDiv.className = 'calculator-result'; // Reset class
if (isNaN(age) || age 70) {
resultDiv.innerHTML = 'Please enter a valid age between 18 and 70.';
resultDiv.classList.add('error');
return;
}
if (isNaN(coverageAmount) || coverageAmount 5000000) {
resultDiv.innerHTML = 'Please enter a coverage amount between $50,000 and $5,000,000.';
resultDiv.classList.add('error');
return;
}
if (isNaN(termLength)) {
resultDiv.innerHTML = 'Please select a valid term length.';
resultDiv.classList.add('error');
return;
}
var baseAnnualPremium = 50; // Base for a 30-year-old, non-smoker, male, $100,000 coverage, 10-year term
var ageFactor;
if (age = 30 && age = 40 && age = 50 && age = 60
ageFactor = 5.0;
}
var genderFactor = genderMale ? 1.0 : 0.9; // Male is 1.0, Female is 0.9
var smokerFactor = smokerYes ? 2.5 : 1.0; // Smoker is 2.5x, Non-Smoker is 1.0x
var coverageFactor = coverageAmount / 100000; // How many $100k units
var termFactor;
if (termLength == 10) {
termFactor = 1.0;
} else if (termLength == 15) {
termFactor = 1.2;
} else if (termLength == 20) {
termFactor = 1.4;
} else { // 30 years
termFactor = 1.8;
}
var estimatedAnnualPremium = baseAnnualPremium * ageFactor * coverageFactor * termFactor * smokerFactor * genderFactor;
var estimatedMonthlyPremium = estimatedAnnualPremium / 12;
resultDiv.innerHTML = '
Understanding Term Life Insurance
Term life insurance is a type of life insurance policy that provides coverage for a specific period, or "term," of time. If the insured person passes away during the policy term, the insurance company pays a death benefit to the beneficiaries. This type of insurance is often chosen for its affordability and simplicity compared to permanent life insurance options.
Why Consider Term Life Insurance?
Term life insurance is ideal for individuals who want to ensure financial protection for their loved ones during specific periods of high financial responsibility. Common reasons include:
- Income Replacement: To replace lost income if the primary earner passes away, allowing the family to maintain their standard of living.
- Debt Coverage: To cover significant debts like a mortgage, car loans, or personal loans, preventing beneficiaries from inheriting financial burdens.
- Childcare and Education: To provide funds for children's upbringing, education, and other future expenses.
- Business Protection: To protect a business from the financial impact of losing a key partner or employee.
How Does Term Life Insurance Work?
When you purchase a term life insurance policy, you choose a coverage amount (the death benefit) and a term length (e.g., 10, 15, 20, or 30 years). You pay regular premiums (usually monthly or annually) for the duration of the term. If you die within the term, your beneficiaries receive the death benefit, which is typically tax-free. If you outlive the term, the policy simply expires, and there is no payout or cash value accumulation.
Factors Affecting Your Premiums
The cost of your term life insurance premium is determined by several factors, including:
- Age: Younger individuals generally pay lower premiums because they are considered less risky.
- Gender: Statistically, women tend to live longer than men, which can sometimes result in lower premiums for females.
- Health and Lifestyle: Your current health status, medical history, and lifestyle choices (like smoking, alcohol consumption, and dangerous hobbies) significantly impact your rates. Smokers, for instance, typically pay much higher premiums.
- Coverage Amount: The larger the death benefit you choose, the higher your premiums will be.
- Term Length: Longer terms (e.g., 30 years) usually have higher premiums than shorter terms (e.g., 10 years) because the insurance company is taking on a longer period of risk.
Example Calculation:
Let's say a 35-year-old non-smoking female wants $500,000 coverage for a 20-year term. Based on our simplified model, her estimated monthly premium might be around $26.25. If a 45-year-old male smoker wanted the same coverage and term, his premium would be significantly higher due to age, gender, and smoking status.
Disclaimer: This calculator provides a simplified estimate based on general actuarial trends. It is not a substitute for a personalized quote from a licensed insurance agent. Actual premiums are determined after a comprehensive underwriting process, which may include a medical exam and review of your full medical history.