Whole life insurance is a type of permanent life insurance policy that offers lifelong coverage. Unlike term life insurance, which covers a specific period, whole life insurance remains in force for the insured's entire lifetime, as long as premiums are paid. A key feature of whole life insurance is its cash value component, which grows on a tax-deferred basis over time. A portion of your premium payment goes towards the death benefit, while another portion contributes to the cash value. This cash value can be borrowed against or withdrawn, although doing so may reduce the death benefit and could have tax implications.
The rate, or premium, for a whole life insurance policy is influenced by several factors. These typically include your age, gender, health status (including medical history and lifestyle choices like smoking), the death benefit amount you wish to secure, and the underwriting class assigned by the insurance company. Because it provides lifelong protection and builds cash value, whole life insurance premiums are generally higher than those for term life insurance. This calculator provides an estimated annual premium based on the information you provide.
Male
Female
Preferred Plus
Preferred
Standard Plus
Standard
Substandard
Estimated Annual Premium:
#wholeLifeInsuranceRateCalculator {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 500px;
margin: 20px auto;
background-color: #f9f9f9;
}
#wholeLifeInsuranceRateCalculator h2, #wholeLifeInsuranceRateCalculator h3 {
text-align: center;
color: #333;
}
.calculator-inputs {
margin-top: 20px;
display: grid;
grid-template-columns: 1fr 1fr;
gap: 15px;
align-items: center;
}
.calculator-inputs label {
font-weight: bold;
color: #555;
}
.calculator-inputs input[type="number"],
.calculator-inputs select {
width: 100%;
padding: 8px;
border: 1px solid #ddd;
border-radius: 4px;
box-sizing: border-box; /* Important */
}
.calculator-inputs button {
grid-column: 1 / -1; /* Span across all columns */
padding: 10px 15px;
background-color: #4CAF50;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
}
.calculator-inputs button:hover {
background-color: #45a049;
}
#result {
margin-top: 25px;
text-align: center;
border-top: 1px solid #eee;
padding-top: 20px;
}
#estimatedPremium {
font-size: 24px;
font-weight: bold;
color: #d9534f;
}
function calculateRate() {
var age = parseInt(document.getElementById("age").value);
var gender = document.getElementById("gender").value;
var deathBenefit = parseInt(document.getElementById("deathBenefit").value);
var healthClass = document.getElementById("healthClass").value;
var estimatedPremium = document.getElementById("estimatedPremium");
if (isNaN(age) || isNaN(deathBenefit) || age 90 || deathBenefit < 50000) {
estimatedPremium.textContent = "Please enter valid inputs.";
return;
}
var baseRatePerThousand = 0;
// Base rate influences by age and gender (simplified model)
if (gender === "male") {
if (age < 30) baseRatePerThousand = 1.2;
else if (age < 40) baseRatePerThousand = 1.5;
else if (age < 50) baseRatePerThousand = 2.0;
else if (age < 60) baseRatePerThousand = 3.0;
else baseRatePerThousand = 4.5;
} else { // Female
if (age < 30) baseRatePerThousand = 1.0;
else if (age < 40) baseRatePerThousand = 1.3;
else if (age < 50) baseRatePerThousand = 1.7;
else if (age < 60) baseRatePerThousand = 2.6;
else baseRatePerThousand = 4.0;
}
// Health class multiplier
var healthMultiplier = 1.0;
if (healthClass === "preferredPlus") healthMultiplier = 0.85;
else if (healthClass === "preferred") healthMultiplier = 0.95;
else if (healthClass === "standardPlus") healthMultiplier = 1.10;
else if (healthClass === "standard") healthMultiplier = 1.25;
else if (healthClass === "substandard") healthMultiplier = 1.50;
// Calculate premium
var premium = (deathBenefit / 1000) * baseRatePerThousand * healthMultiplier;
// Display the result, formatted as currency
estimatedPremium.textContent = "$" + premium.toFixed(2) + " annually";
}