Estimate your potential life insurance premiums based on key factors.
10 Years
20 Years
30 Years
40 Years
Male
Female
Other
Excellent
Good
Average
Poor
Yes
No
Your Estimated Monthly Premium
$0.00
Understanding Your Life Insurance Quote
Life insurance provides a financial safety net for your loved ones in the event of your passing. The cost, or premium, of a life insurance policy is determined by several factors that help insurers assess the risk associated with providing coverage for you. This calculator offers an estimated monthly premium based on common underwriting factors.
How Premiums Are Calculated
Life insurance premiums are not based on complex loan formulas but rather on actuarial tables and risk assessment. Insurers calculate your premium by considering:
Desired Coverage Amount: The total death benefit your beneficiaries will receive. Higher coverage amounts naturally lead to higher premiums.
Policy Term: The duration for which your policy is active (e.g., 10, 20, 30 years). Longer terms generally have higher premiums, especially if you are older when you purchase the policy.
Age: Younger individuals typically pay less for life insurance because they have a lower statistical probability of dying within the policy term.
Gender: Statistically, women tend to live longer than men, which can sometimes result in slightly lower premiums for female policyholders.
Health Rating: Your overall health status is a significant factor. Insurers categorize applicants into different health classes (e.g., Preferred Plus, Preferred, Standard, Substandard) based on medical history, current conditions, and lifestyle. Excellent health leads to the lowest rates.
Tobacco Use: Smokers and tobacco users face significantly higher premiums due to the increased health risks associated with nicotine and other chemicals.
The Calculator's Logic (Simplified)
This calculator uses a simplified model to generate an estimated quote. It assigns base rates and applies multipliers based on the inputs:
The core formula can be represented as:
Estimated Premium = (Base Rate * Coverage Factor * Term Factor * Age Factor * Gender Factor * Health Factor * Tobacco Factor) / 12
Where:
Base Rate is a general starting point.
Coverage Factor increases with desired coverage amount.
Term Factor increases with the policy term length.
Age Factor increases significantly with age.
Gender Factor applies a slight adjustment based on gender.
Health Factor is a multiplier that is lowest for 'Excellent' health and highest for 'Poor' health.
Tobacco Factor significantly increases the premium if the user selects 'Yes' for tobacco use.
Dividing by 12 converts the annual estimate to a monthly one.
Disclaimer: This calculator provides a rough estimate only. Actual quotes from insurance providers may vary significantly based on their specific underwriting guidelines, your detailed medical exam, lifestyle habits, and other proprietary factors. For an accurate quote, please consult with a licensed insurance agent.
function calculateQuote() {
var coverageAmount = parseFloat(document.getElementById("coverageAmount").value);
var policyTerm = parseInt(document.getElementById("policyTerm").value);
var age = parseInt(document.getElementById("age").value);
var gender = document.getElementById("gender").value;
var healthRating = document.getElementById("healthRating").value;
var tobaccoUse = document.getElementById("tobaccoUse").value;
var quoteDisplay = document.getElementById("quoteDisplay");
// — Input Validation —
if (isNaN(coverageAmount) || coverageAmount < 10000) {
alert("Please enter a valid desired coverage amount (minimum $10,000).");
quoteDisplay.textContent = "$0.00";
return;
}
if (isNaN(age) || age 85) {
alert("Please enter a valid age between 18 and 85.");
quoteDisplay.textContent = "$0.00";
return;
}
// — Base Rate and Factors —
// These are hypothetical multipliers for demonstration purposes.
var baseRate = 0.5; // Base cost factor per $1000 coverage annually
// Coverage Amount Factor
var coverageFactor = coverageAmount / 1000;
// Policy Term Factor (Increases with term length)
var termFactor = 1.0;
if (policyTerm === 20) termFactor = 1.2;
else if (policyTerm === 30) termFactor = 1.5;
else if (policyTerm === 40) termFactor = 1.8;
// Age Factor (Increases significantly with age)
var ageFactor = 1.0;
if (age >= 30) ageFactor = 1.1;
if (age >= 40) ageFactor = 1.3;
if (age >= 50) ageFactor = 1.6;
if (age >= 60) ageFactor = 2.2;
if (age >= 70) ageFactor = 3.0;
// Gender Factor (Slight adjustment)
var genderFactor = 1.0;
if (gender === "male") genderFactor = 1.15; // Males statistically pay slightly more
else if (gender === "female") genderFactor = 0.95; // Females statistically pay slightly less
// Health Rating Factor (Major impact)
var healthFactor = 1.0;
if (healthRating === "good") healthFactor = 1.3;
else if (healthRating === "average") healthFactor = 1.7;
else if (healthRating === "poor") healthFactor = 2.5;
// Tobacco Use Factor (Major impact)
var tobaccoFactor = 1.0;
if (tobaccoUse === "yes") tobaccoFactor = 2.0; // Smokers pay double
// — Calculation —
var annualPremiumEstimate = baseRate * coverageFactor * termFactor * ageFactor * genderFactor * healthFactor * tobaccoFactor;
var monthlyPremiumEstimate = annualPremiumEstimate / 12;
// — Format and Display Result —
var formattedMonthlyPremium = "$" + monthlyPremiumEstimate.toFixed(2);
quoteDisplay.textContent = formattedMonthlyPremium;
// Optional: Add color coding to the result based on magnitude
quoteDisplay.classList.remove("low", "medium");
if (monthlyPremiumEstimate = 20 && monthlyPremiumEstimate < 75) {
quoteDisplay.classList.add("medium");
}
}