Use this calculator to get an estimated annual premium and projected cash value for a whole life insurance policy. Please note that this is an estimation and actual rates will vary based on specific underwriting and insurance providers.
Male
Female
Preferred
Standard
Smoker
Your Estimated Whole Life Policy Details:
Estimated Annual Premium:
Total Premiums Paid (over duration):
Projected Cash Value (at end of duration):
function calculateWholeLife() {
var faceAmount = parseFloat(document.getElementById("faceAmount").value);
var insuredAge = parseInt(document.getElementById("insuredAge").value);
var gender = document.getElementById("gender").value;
var healthRating = document.getElementById("healthRating").value;
var policyDuration = parseInt(document.getElementById("policyDuration").value);
var errorMessage = document.getElementById("errorMessage");
errorMessage.textContent = ""; // Clear previous errors
if (isNaN(faceAmount) || faceAmount <= 0) {
errorMessage.textContent = "Please enter a valid Desired Death Benefit (e.g., 250000).";
return;
}
if (isNaN(insuredAge) || insuredAge 80) {
errorMessage.textContent = "Please enter a valid age between 18 and 80.";
return;
}
if (isNaN(policyDuration) || policyDuration 60) {
errorMessage.textContent = "Please enter a valid projection duration between 5 and 60 years.";
return;
}
// — Premium Calculation Logic (Simplified & Hypothetical) —
// Base rate per $1,000 of coverage (hypothetical starting point)
var baseRatePer1000 = 2.5;
// Age Factor (increases with age)
var ageFactor = 1.0;
if (insuredAge >= 18 && insuredAge 30 && insuredAge 40 && insuredAge 50 && insuredAge 60 && insuredAge <= 70) {
ageFactor = 3.5;
} else { // 70-80
ageFactor = 5.0;
}
// Gender Factor (hypothetical, women often have lower rates)
var genderFactor = 1.0;
if (gender === "female") {
genderFactor = 0.9; // 10% lower for females
}
// Health Rating Factor
var healthFactor = 1.0;
if (healthRating === "preferred") {
healthFactor = 0.8; // 20% lower for preferred
} else if (healthRating === "smoker") {
healthFactor = 1.5; // 50% higher for smokers
}
var estimatedAnnualPremium = (faceAmount / 1000) * baseRatePer1000 * ageFactor * genderFactor * healthFactor;
estimatedAnnualPremium = Math.round(estimatedAnnualPremium * 100) / 100; // Round to 2 decimal places
// — Cash Value Projection Logic (Highly Simplified) —
// This is a highly simplified model. Actual cash value growth is complex and varies by policy.
// Assume a portion of the premium contributes to cash value, and it grows at a fixed rate.
var cashValueContributionPercentage = 0.60; // Hypothetical: 60% of premium goes towards cash value after expenses
var cashValueGrowthRate = 0.035; // Hypothetical: 3.5% annual growth rate for cash value (guaranteed + non-guaranteed estimate)
var currentCashValue = 0;
var totalPremiumsPaid = 0;
for (var i = 1; i <= policyDuration; i++) {
totalPremiumsPaid += estimatedAnnualPremium;
var annualContributionToCV = estimatedAnnualPremium * cashValueContributionPercentage;
// For simplicity, we assume cash value starts building immediately.
// In reality, early years might have very low or no cash value due to initial policy costs.
currentCashValue += annualContributionToCV;
currentCashValue *= (1 + cashValueGrowthRate);
}
currentCashValue = Math.round(currentCashValue * 100) / 100;
totalPremiumsPaid = Math.round(totalPremiumsPaid * 100) / 100;
// Display Results
document.getElementById("estimatedAnnualPremium").textContent = "$" + estimatedAnnualPremium.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
document.getElementById("totalPremiumsPaid").textContent = "$" + totalPremiumsPaid.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
document.getElementById("projectedCashValue").textContent = "$" + currentCashValue.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}
Understanding Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the entire lifetime of the insured, as long as premiums are paid. Unlike term life insurance, which covers a specific period, whole life policies offer lifelong protection and a guaranteed death benefit to your beneficiaries.
Key Features:
Guaranteed Death Benefit: A fixed payout to your beneficiaries upon your passing, regardless of when it occurs.
Guaranteed Premiums: Your premium payments remain level throughout the life of the policy, providing predictability in your financial planning.
Cash Value Accumulation: A portion of your premium payments goes into a cash value component that grows on a tax-deferred basis. This cash value can be accessed later through policy loans or withdrawals.
Dividends (Optional): Some whole life policies, particularly those from mutual insurance companies, may pay dividends. These are not guaranteed but can enhance the policy's value, reduce premiums, or be taken as cash.
How the Calculator Works (Simplified Model):
This calculator provides an estimate based on several simplified assumptions. Actual whole life insurance premiums are determined by complex actuarial tables and individual underwriting processes. The cash value projection is also a highly simplified model, assuming a consistent portion of premiums contributes to cash value and a fixed growth rate. In reality, cash value growth can be influenced by policy fees, surrender charges, and actual dividend performance, and may be very low or non-existent in the early years of a policy.
Factors Affecting Your Whole Life Premium:
Face Amount: The higher the death benefit you desire, the higher your premium will be.
Age: Generally, the younger you are when you purchase a policy, the lower your premiums will be, as you are considered less of a risk.
Gender: Statistically, women tend to live longer than men, which often results in lower life insurance premiums for females.
Health Rating: Your overall health, medical history, and lifestyle choices (e.g., smoking) significantly impact your premium. "Preferred" ratings indicate excellent health and lower rates, while "Smoker" ratings lead to higher premiums.
Disclaimer: This Whole Life Insurance Estimator is for informational purposes only and provides a hypothetical illustration. It does not constitute a quote or an offer of insurance. Actual premiums, cash values, and policy terms will vary based on the specific insurance company, your individual health assessment, and the policy features chosen. Always consult with a licensed insurance professional to get personalized quotes and advice tailored to your specific needs.