This calculator helps you estimate your potential monthly premiums for term life insurance based on key factors. Term life insurance is a type of life insurance that provides coverage for a specific period (term). If the insured person dies within that term, a death benefit is paid to the beneficiary. It's generally more affordable than permanent life insurance.
Preferred Plus (Best)
Preferred
Standard Plus
Standard
Substandard (Higher Risk)
Male
Female
function calculateTermLifeRate() {
var age = parseFloat(document.getElementById("age").value);
var coverageAmount = parseFloat(document.getElementById("coverageAmount").value);
var termLength = parseFloat(document.getElementById("termLength").value);
var healthRating = parseFloat(document.getElementById("healthRating").value);
var gender = document.getElementById("gender").value;
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = "; // Clear previous results
// Basic validation
if (isNaN(age) || isNaN(coverageAmount) || isNaN(termLength) || age <= 0 || coverageAmount <= 0 || termLength <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for age, coverage amount, and term length.";
return;
}
// — Simplified Rate Calculation Logic —
// This is a highly simplified model for demonstration. Actual rates depend on many factors.
// Base rate per $1,000 of coverage per year (highly variable)
var baseRatePerThousand = 0.50; // This is a hypothetical base rate
// Adjustments based on factors
var ageAdjustment = 0;
if (age = 30 && age = 40 && age = 50 && age = 60) ageAdjustment = 1.00; // Significantly higher for older individuals
var termAdjustment = 0;
if (termLength = 10 && termLength = 20 && termLength = 30) termAdjustment = 0.30;
var healthAdjustment = (healthRating – 3) * 0.15; // Preferred Plus (5) is lowest impact, Substandard (1) is highest
var genderAdjustment = (gender === "male") ? 0.10 : -0.05; // Males typically have slightly higher rates
// Calculate total rate factor per $1,000
var totalRateFactor = baseRatePerThousand + ageAdjustment + termAdjustment + healthAdjustment + genderAdjustment;
// Ensure rate factor doesn't go below a minimum reasonable value
if (totalRateFactor < 0.10) totalRateFactor = 0.10;
// Calculate annual premium
var annualPremium = (coverageAmount / 1000) * totalRateFactor;
// Calculate monthly premium
var monthlyPremium = annualPremium / 12;
// Display the result
resultDiv.innerHTML = `
Based on your inputs: