Use this tool to get a preliminary estimate of potential annual premiums and cash value growth for a State Farm whole life insurance policy. Please note that this calculator provides general estimates and is not an official quote from State Farm. Actual premiums and policy details depend on a comprehensive underwriting process.
Male
Female
Preferred
Standard
Smoker
Understanding State Farm Whole Life Insurance
Whole life insurance from State Farm offers lifelong coverage, ensuring your loved ones receive a death benefit regardless of when you pass away, as long as premiums are paid. Unlike term life insurance, whole life policies also build cash value over time, which can be accessed during your lifetime.
Key Features of Whole Life Insurance:
Guaranteed Death Benefit: Provides a fixed payout to your beneficiaries.
Cash Value Accumulation: A portion of your premium contributes to a cash value component that grows on a tax-deferred basis. This cash value can be borrowed against or withdrawn.
Level Premiums: Your premiums typically remain the same throughout the life of the policy.
Guaranteed Interest Rate: The cash value often grows at a guaranteed minimum interest rate.
Factors Influencing Your Premium:
Several factors determine the cost of your whole life insurance policy:
Age: Younger applicants generally pay lower premiums as they are considered lower risk.
Gender: Due to differences in life expectancy, premiums can vary between genders.
Desired Death Benefit: The higher the payout you want for your beneficiaries, the higher your premium will be.
Health and Lifestyle: Your overall health, medical history, and lifestyle choices (e.g., smoking) significantly impact your health rating and, consequently, your premium.
Cash Value Explained:
The cash value component of a whole life policy is a unique feature. It grows over time and can be a valuable financial asset. You can typically:
Take out a loan: Borrow against your policy's cash value. The loan interest rates are usually competitive, and the loan does not need to be repaid on a strict schedule, though unpaid loans reduce the death benefit.
Withdraw funds: You can withdraw a portion of your cash value. Withdrawals can reduce the death benefit and may be subject to taxes if they exceed the premiums paid.
Surrender the policy: If you no longer need the coverage, you can surrender the policy and receive the cash surrender value, minus any fees or outstanding loans.
Important Disclaimer: This calculator provides simplified estimates for illustrative purposes only. State Farm's actual whole life insurance premiums are determined by a detailed underwriting process that considers many individual factors, including your specific health history, medical exams, and other personal information. For an accurate quote and personalized advice, please contact a licensed State Farm agent.
function calculateWholeLife() {
var age = parseFloat(document.getElementById("age").value);
var gender = document.getElementById("gender").value;
var deathBenefit = parseFloat(document.getElementById("deathBenefit").value);
var healthRating = document.getElementById("healthRating").value;
var resultDiv = document.getElementById("result");
// Input validation
if (isNaN(age) || age 80) {
resultDiv.innerHTML = "Please enter a valid age between 18 and 80.";
return;
}
if (isNaN(deathBenefit) || deathBenefit < 25000) {
resultDiv.innerHTML = "Please enter a valid desired death benefit (minimum $25,000).";
return;
}
var baseRatePer1000; // Hypothetical base rate per $1,000 of death benefit for a standard male
// Simplified age-based rate table (hypothetical and illustrative)
if (age < 25) {
baseRatePer1000 = 8.00;
} else if (age < 30) {
baseRatePer1000 = 10.00;
} else if (age < 35) {
baseRatePer1000 = 12.50;
} else if (age < 40) {
baseRatePer1000 = 15.00;
} else if (age < 45) {
baseRatePer1000 = 20.00;
} else if (age < 50) {
baseRatePer1000 = 27.00;
} else if (age < 55) {
baseRatePer1000 = 35.00;
} else if (age < 60) {
baseRatePer1000 = 45.00;
} else if (age < 65) {
baseRatePer1000 = 58.00;
} else if (age < 70) {
baseRatePer1000 = 75.00;
} else { // age 70-80
baseRatePer1000 = 95.00;
}
// Gender adjustment
var genderFactor = 1.0;
if (gender === "female") {
genderFactor = 0.88; // Females often have lower rates (e.g., 12% less)
}
// Health rating adjustment
var healthFactor = 1.0;
if (healthRating === "preferred") {
healthFactor = 0.85; // Preferred rates (e.g., 15% less)
} else if (healthRating === "smoker") {
healthFactor = 1.50; // Smoker rates (e.g., 50% more)
}
// Calculate estimated premium per $1,000
var estimatedPremiumPer1000 = baseRatePer1000 * genderFactor * healthFactor;
// Calculate total annual premium
var annualPremium = (deathBenefit / 1000) * estimatedPremiumPer1000;
// Simplified Cash Value Projection (highly illustrative and not based on actual actuarial data)
// Whole life cash value grows slowly, especially in early years.
// These percentages are purely for demonstration and do not reflect actual State Farm policy performance.
var estimatedCashValueAfter10Years = annualPremium * 10 * 0.15; // Illustrative: 15% of 10 years of premiums
var estimatedCashValueAfter20Years = annualPremium * 20 * 0.30; // Illustrative: 30% of 20 years of premiums
// Display results
resultDiv.innerHTML =
"
Estimated Whole Life Insurance Details:
" +
"Estimated Annual Premium: $" + annualPremium.toFixed(2) + "" +
"Estimated Cash Value after 10 Years: $" + estimatedCashValueAfter10Years.toFixed(2) + " (Illustrative)" +
"Estimated Cash Value after 20 Years: $" + estimatedCashValueAfter20Years.toFixed(2) + " (Illustrative)" +
"This is a simplified estimate for illustrative purposes only and is not an official quote from State Farm. Actual premiums and cash value growth will vary based on a detailed underwriting process and specific policy terms.";
}
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