This calculator provides an estimated monthly premium for term life insurance based on your age and desired coverage amount. Please note that these are general estimates, and actual rates may vary based on individual health, lifestyle, medical history, and the specific insurance provider.
function calculateTermLifeRates() {
var age = parseFloat(document.getElementById("age").value);
var coverageAmount = parseFloat(document.getElementById("coverageAmount").value);
var termLength = parseFloat(document.getElementById("termLength").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
// Input validation
if (isNaN(age) || age 80) {
resultDiv.innerHTML = "Please enter a valid age between 18 and 80.";
return;
}
if (isNaN(coverageAmount) || coverageAmount <= 0) {
resultDiv.innerHTML = "Please enter a valid coverage amount greater than 0.";
return;
}
if (isNaN(termLength) || termLength = 25) rateFactorAge = 1.2;
if (age >= 35) rateFactorAge = 1.5;
if (age >= 45) rateFactorAge = 2.0;
if (age >= 55) rateFactorAge = 3.0;
if (age >= 65) rateFactorAge = 5.0;
var rateFactorTerm = 1;
if (termLength >= 30) rateFactorTerm = 1.5;
if (termLength >= 40) rateFactorTerm = 2.0;
var estimatedMonthlyPremium = (coverageAmount / 1000) * baseRatePerThousand * rateFactorAge * rateFactorTerm;
// Add some variation based on age to mimic increasing risk
if (age > 40) {
estimatedMonthlyPremium *= (1 + (age – 40) * 0.02);
}
// Ensure minimum premium to avoid unrealistically low quotes
if (estimatedMonthlyPremium < 15) {
estimatedMonthlyPremium = 15;
}
resultDiv.innerHTML = "Estimated Monthly Premium: $" + estimatedMonthlyPremium.toFixed(2);
}