Gold (Excellent Health)
Silver (Minor Health Issues)
Bronze (Significant Health Issues)
Gold offers the lowest rates; Bronze is for high-risk applicants.
Please enter a valid coverage amount between $2,500 and $50,000.
Monthly Premium:$0.00
Annual Premium:$0.00
*Estimates only. Actual rates depend on detailed underwriting.
function calculateSettlersRate() {
// 1. Get Inputs
var ageInput = document.getElementById('sl_age');
var genderInput = document.getElementById('sl_gender');
var tobaccoInput = document.getElementById('sl_tobacco');
var healthInput = document.getElementById('sl_health_tier');
var coverageInput = document.getElementById('sl_coverage');
var errorMsg = document.getElementById('sl_coverage_error');
var resultsBox = document.getElementById('sl_results');
// 2. Parse Values
var age = parseInt(ageInput.value);
var gender = genderInput.value;
var tobacco = tobaccoInput.value;
var plan = healthInput.value;
var coverage = parseFloat(coverageInput.value);
// 3. Validation
var isValid = true;
if (isNaN(age) || age 95) {
alert("Please enter a valid age between 18 and 95.");
return;
}
if (isNaN(coverage) || coverage < 1000) {
errorMsg.style.display = "block";
resultsBox.style.display = "none";
return;
} else {
errorMsg.style.display = "none";
}
// 4. Calculation Logic (Actuarial Simulation)
// Note: These are simulated formulas based on industry standard mortality tables
// for Final Expense insurance, designed to approximate Settlers Life tiers.
// Base annual rate per $1000 coverage start point (approximate)
var baseRatePerThousand = 0;
// Base Curve Logic: Rate increases exponentially with age
// Formula approx: Base + (Age^2 * multiplier)
if (gender === 'female') {
baseRatePerThousand = 12 + (Math.pow(age, 2) * 0.008);
} else {
// Males are generally 20-30% more expensive in mortality tables
baseRatePerThousand = 15 + (Math.pow(age, 2) * 0.010);
}
// Tobacco Adjustment
if (tobacco === 'yes') {
baseRatePerThousand = baseRatePerThousand * 1.4;
}
// Plan Tier Adjustment
// Gold = Standard/Preferred (Baseline)
// Silver = Standard (Slightly higher risk)
// Bronze = Modified/Graded (High risk)
if (plan === 'silver') {
baseRatePerThousand = baseRatePerThousand * 1.35;
} else if (plan === 'bronze') {
baseRatePerThousand = baseRatePerThousand * 1.85;
}
// Calculate Annual Premium
// Formula: (Coverage / 1000) * RatePerThousand
var annualPremium = (coverage / 1000) * baseRatePerThousand;
// Policy Fee (Standard industry fee is often around $30-$60 annually)
var policyFee = 40;
annualPremium = annualPremium + policyFee;
// Calculate Monthly Premium
// Monthly usually has a slight loading factor (e.g., Annual * 0.088 or Annual / 12 + fees)
// We will use a standard direct bill divisor approach
var monthlyPremium = annualPremium / 12;
// 5. Update UI
document.getElementById('sl_monthly_result').innerText = '$' + monthlyPremium.toFixed(2);
document.getElementById('sl_annual_result').innerText = '$' + annualPremium.toFixed(2);
resultsBox.style.display = "block";
}
Understanding Settlers Life Insurance Rates
Settlers Life Insurance Company typically specializes in final expense and whole life insurance products designed to cover burial costs, funeral expenses, and small debts. Understanding how rates are calculated can help you budget effectively for this crucial financial safety net.
Key Factors Influencing Your Rate
The premium you pay is determined by several specific risk factors used by underwriters:
Age: Rates are locked in based on your age at the time of application. The older you are when you apply, the higher the rate per $1,000 of coverage.
Health Tier (Gold/Silver/Bronze):
Gold: For individuals in excellent health with no significant medical history.
Silver: For those with minor health issues (e.g., controlled diabetes, high blood pressure).
Bronze: Typically a modified plan for those with more serious health conditions. These plans often have higher premiums and a graded death benefit period.
Coverage Amount: Settlers Life plans generally range from $2,500 to $50,000 in face value.
Tobacco Use: Tobacco users generally pay 30% to 50% more than non-tobacco users due to increased health risks.
How the Calculation Works
Final expense insurance uses a "Rate per $1,000" model. To calculate your premium manually, you would take your desired face value (e.g., $10,000), divide it by 1,000 (which equals 10), and multiply that by the rate assigned to your age and health class. A policy fee is usually added to the final annual total.
Why Use a Rate Calculator?
While this tool provides an estimate based on standard industry actuarial tables, it helps prospective policyholders understand the affordability of different coverage levels. By adjusting the coverage amount or health tier in the inputs above, you can find a monthly premium that fits your fixed income or retirement budget.