Whole life insurance is one type of permanent life insurance – you’ll never have to worry about outliving this coverage. The trade-off? It costs more than term life insurance, which will eventually expire. Is it worth the money? That’s something only you can answer, but we’ll give you the information you need to make an informed decision for your family.
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Request a Free QuoteHow Much Is Whole Life Insurance?
In general, whole life will cost 5 – 7 times as much as term life coverage. If that seems like a lot, consider these benefits of whole life:
- Coverage never expires
- Guaranteed death benefit for your loved ones
- Cash value accumulation (savings component to your policy)
- Tax-deferred cash value growth
- Access your cash value later in life through policy loans or withdrawals
If those are the kind of benefits you’re looking for, whole life is a great choice.
Here are some average monthly prices for whole life insurance. Keep in mind that these are not final rates – just estimates based on age, gender, coverage amount, non-smoking status, and preferred health status (in good health). Further down, we’ll explain why a quoted rate isn’t necessarily the actual rate you’ll pay, and what insurers need to know to make you an insurance offer.
Sample Whole Life Insurance Rates
Rates differ by gender, so if you’re a woman, pay attention to the lower part of the range. If you’re a man, expect to pay a little bit more and check out the higher end of these estimates.
- 30 years old, preferred health class, no tobacco: $100,000 coverage for $80-$90 per month
- 35 years old, preferred health class, no tobacco: $250,000 coverage for $163 - $288 per month
- 40 years old, preferred health class, no tobacco: $500,000 coverage for $522 - $651 per month
- 50 years old, preferred health class, no tobacco: $500,000 coverage for $738 - $1057 per month
➡️ Ready to protect your loved ones with whole life insurance? Click the button below to request a free quote!
Request a Free QuoteSpotlight on: Final Expense – A Type of Whole Life Insurance
Final expense is a type of whole life insurance intended to cover your final medical and burial expenses. The policy face amounts are smaller (about $2,000 – about $100,000) and many insurers have age limits, usually between ages 50 and 70.
As its name implies, this isn’t the type of policy you’d choose if you’re looking to leave your kids an inheritance. It’s designed to give your loved ones the money to pay for any expenses you leave behind, and cover funeral and burial costs. If you don’t want to burden your loved ones with these costs, a final expense policy will do the trick.
Here are a few sample rates for final expense life insurance:*
- Man, Ohio, age 50, $50,000 coverage: $115 - $159/month
- Woman, Georgia, age 55, $20,000 coverage: $54 - $86/month
- Woman, Maine, age 60, $40,000 coverage: $120 - $147/month
- Man, Oregon, age 63, $45,000 coverage: $179/month
- Woman, Virginia, age 65, $10,000 coverage: $33 - $60/month
- Man, Nevada, 68, $12,000 coverage: $65 - $127/month
➡️ Ready to protect your loved ones with whole life insurance? Click the button below to request a free quote!
Request a Free QuoteQuotes vs. Rates
When it comes to life insurance, a quote is not necessarily the same price you’ll pay when you buy the policy. That’s because the insurer needs to know more about you to determine that final price. There is no one-size-fits-all price for life insurance. It’s tailored to your unique history.
Here are a few factors that affect the price of whole life insurance:
- Age. The younger you are, the cheaper your policy will be. The insurance company is more likely to have to pay out on behalf of a policyholder who is 60 than a policyholder who is 30, for example. So they price policies accordingly based on how soon they’re likely to have to pay out to your beneficiary(ies).
- Gender. The statistical tables that insurers use to calculate your rate usually assign different prices to men and women. In general, women tend to pay less than men. That’s because their life expectancy is a little longer, meaning the insurer likely won’t have to pay out as soon on their behalf.
- Health. Are you healthy? Or do you have medical conditions that affect how long you’re likely to live? If you have a medical condition, you can expect to pay more for your coverage. Insurers will ask to see your medical records and have their underwriters take a look. Based on your specific situation, they’ll either offer you coverage at a rate that reflects your health status, or in serious conditions, they may decline to offer you coverage. If this happens, we have multiple ways to get you covered – either by pushing back with our own expert underwriter’s advice, or by turning to a different carrier with a more positive history of underwriting for your particular health issue. That’s why it pays to work with our agents! We’ve seen it all, and helped clients with heart problems, diabetes, and more get covered.
- Family health history. Your family’s health history matters, too. The insurer will want to know if your parents and siblings are still living, and if not, whether they passed away due to a medical condition (stroke, heart disease, cancer, etc.). If the answer is yes, you can expect to pay more for your life insurance, even if you’re currently healthy.
- Job. Does your job entail dangerous activities? If you’re more likely to be killed because you do dangerous work, you can expect to pay more for coverage. This includes jobs like pilot, logger, commercial fishing (it’s not called Deadliest Catch for nothing), roofers, and some construction workers (especially if you’re out there building skyscrapers).
- Hobbies. If you have dangerous hobbies, an insurer will charge you more for coverage. They consider dangerous hobbies to be things like car racing, mountain climbing, base jumping, and scuba diving.
For all the reasons listed above, every quote you get online is an estimate rather than a rate. Until you apply and give the insurer all the information they need to get a more complete picture of your health and financial situation, they can’t offer you a guaranteed price. If you’re interested in a whole life policy, the best way to proceed is to give us a call at 800-823-4852! Tell us what you’re looking for and we’ll help you get quotes and submit an application to get the process started.
➡️ Ready to protect your loved ones with whole life insurance? Click the button below to request a free quote!
Request a Free Quote*Final expense rates current as of 6/21/23. Carriers include Transamerica, Mutual of Omaha, Encova, AIG, United Heritage, Foresters, Great Western, Fidelity Life, United American, Baltimore Life, Sons of Norway, and more.