Updated September 17th, 2018

In our last post, we discussed the best methods for comparing whole life insurance policies, now we will address whole life insurance cost. If all you want is a quote you can get one here: Whole Life Quick Quote

As a consumer, you know that there is a lot that goes into comparing policies and companies. You also know that one detail is more important than most: The Cost

Regardless of your personal situation and future needs, you’re likely to be faced with these two questions:

In many ways, these two questions go together hand in hand. In other words, your cost is dictated largely by how much coverage you require. But of course, there is more to it than that. 

Price Is Not Everything 

We do have a chart of prices per age, but again… Price is not everything in a whole life insurance.

Imaging only buying a house based on price. It wouldn’t make much sense. You would need to consider things like: location, age, maybe school district and many more variables. The same is true in a whole life insurance.

There are manly variables to consider:

Whole Life Insurance Rates By Age Chart 

However, we do want you to get an understanding of pricing. We used a Top Rated company with great cash value accumulation.

Here is our chart of prices for a Male in Excellent Health:

Whole Life Insurance Rates By Age Chart (Monthly Rates For MALE)
Age/Benefit$25,000$50,000$100,000$250,000$500,000$1,000,000
20$23.51$40.24$65.86$153.56$302.76$591.60
25$26.43$44.85$75.52$177.70$351.05$688.17
30$30.15$51.68$89.44$212.50$420.65$827.37
35$34.69$60.07$108.66$260.57$516.78$1,019.64
40$41.26$72.95$135.63$327.99$651.63$1,289.34
45$51.18$90.74$170.78$415.86$827.37$1,640.82
50$64.92$115.71$216.80$530.92$1,057.49$2,101.05
55$80.32$143.94$275.53$677.73$1,351.11$2,688.30
60$101.51$181.92$350.35$864.78$1,725.21$3,436.50
65$129.89$234.03$453.53$1,122.74$2,241.12$4,468.32
70$174.13$314.37$611.44$1,517.50$3,030.65$6,047.37
75$236.77$429.30$840.42$2,089.96$4,175.57$8,337.21

Unlike term insurance, whole life insurance is an asset. So getting the cheapest, may not be the best for you long term. Sometimes paying a bit more will get you significant cash value growth over the long run.

To compare cash value check out our article: Best Whole Life For Cash Value

Just like price increases, the longer you wait the slower your cash value will grow.

Factors That Impact Your Cost

Before we go any further, remember this: no two companies take the same approach when providing whole life insurance quotes. For this reason, the price offered by one company may not be identical to the next.

In a perfect world, you’ll be young and healthy when purchasing life insurance. This gives you the best opportunity to secure a policy at an affordable price. Maybe this is why many people purchase whole life insurance on their kids, knowing that in the future this will be a great gift to them.

While some people are both young and healthy, others don’t fall into this category. 

Whole Life Insurance Rates and Prices

Age & Health Are Important Factors On Prices

Age & Health 

Generally speaking, here are the factors that affect your whole life insurance premium:

  • Generally speaking, life insurance rates are cheaper when you are young. The older you get the more you will pay
  • Are you 100 percent healthy? Or have you run into some health concerns in the past?
  • On average, women live longer. Subsequently, they pay less for life insurance coverage.
  • Drinker or smoker? If you drink alcohol or use tobacco, you should expect your life insurance rate to be higher.
  • Many consumers overlook this detail, but it definitely comes into play. There’s a big difference between someone who works as a secretary and someone who works as a sky diving instructor.
  • There are companies that offer no exam whole life insurance, but you will pay more for coverage if you go down this path.
  • The riders you chose to add to the policy. Riders are features you can add to any policy.

Since there are so many factors that impact your cost, including the company and your overall personal and health profile, you won’t know how much you’ll be asked to pay until you receive quotes from multiple providers. 

Average Whole Life Insurance Cost With Cash Value

We are going to give you some average whole life insurance costs for different ages next. However, the purpose of the charts is to give you an idea of the price ranges, and also include Cash Value Accumulation. This chart is not intended to be a quote. 

Pro Tip: Do Not Trust Whole Life Insurance Rates Without Cash Value Growth… You Could Get A Bad Whole Life

Please remember all of the prices can change based on health, and company.

We used one of the most solid companies for the following chart. 

Whole Life $250,000, Good Health & Non-smoker

Female Quote

AgeMonthly PriceCash Value @ 65Death Benefit @ 65
25$155.73$197,962$448,229
30$189.01$174,093$408,742
35$218.59$160,158$392,254
40$263.61$129,863$345,516
45$328.86$103,677$311,939
50$420.86$81,418$292,492
55$543.97$58,136$283,201
60$705.35$24,230$262,321

Male Quote

AgeMonthly PriceCash Value @ 65Death Benefit @ 65
25$177.70$225,927$452,517
30$212.50$224,859$459,121
35$260.57$191,210$408,734
40$327.99$162,496$370,916
45$415.86$132,839$335,865
50$530.92$104,912$310,216
55$677.73$70,849$287,318
60$864.78$29,754$264,222

In conclusion, you can see there is a significant difference as you age in price, cash value, and death benefit growth. So if you are considering a whole life, now is the time to take action.

If you would like to get a whole life insurance quote, just use our whole life insurance quoter:

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Best Whole Life & Cheapest

It’s common to ask “how much does whole life insurance cost,” but there’s no simple answer. Instead, you have to dig up the answer by requesting quotes from multiple companies. However, now you have a better idea of prices.

Check out this article for whole life insurance cost for $1,000,000

Cost Of Whole Life No Medical

Whole Life Insurance Non Medical Cost

Many people do not like to go through the hassle of doing a medical exam. We get many clients that are scared of needles. This is when opting for a non-medical whole life insurance may be a good option for you. 

Pros

It’s a much simpler process, and you will not have to do the blood and urine test. So you will not uncover any new health conditions as the health rating will be based on your current health.

Cons

Your health rating will be close to a standard rating. This mean you may have to pay a little more than your average (medical) full underwriting whole life. 

Who Should Do It?

If your health is average, and you are not in excellent shape, it may be a good option for you. In addition, if you haven’t been to the doctor in a while, it may be better just to go the non-medical route.

Cost Of Non Medical Whole Life

Here is a table from a participating whole life insurance company that offers a great non-medical whole life:

Male $250,000 Non Medical Whole Life Cost

AgeMonthly Premium:Cash Value @ 65:Death Benefit @ 65:
25$222.86$205,965.19$427,059.02
30$253.05$187,496.37$401,162.50
35$295.49$166,111.52$371,911.09
40$344.05$143,980.43$344,438.65
45$424.77$121,078.61$321,472.21
50$526.93$96,216.66$299,930.59
55$666.71$66,599.53$278,409.70

Female $250,000 Non-Medical Whole Life Cost

AgeMonthly Premium:Cash Value @ 65:Death Benefit @ 65:
25$215.64$184,128.40$432,056.29
30$247.80$166,916.34$405,145.92
35$287.61$148,837.26$379,003.01
40$331.36$129,578.01$353,662.83
45$389.33$108,497.04$328,882.22
50$468.30$85,014.47$304,082.69
55$604.80$58,033.15$280,612.76

If you would like a quote for a non-medical whole life reach out to us and our experts are ready to help.

I Would Like To Get A Quote Now

Non Medical Whole Life Cost

Burial Insurance 

Small whole life policies $2,000 to $10,000 can also be known as burial insurance. These are simple, very affordable whole life policies that are easy to purchase. You will not have to go through a complicated underwriting process.

All you will need is to answer a few questions, and either you are accepted or rejected.

Most rejections are based on severe health conditions, so don’t be afraid to apply. Check out this article for more info on burial insurance: 12 Questions About Final Expense Policies

Final Note

Now you have a great idea of pricing and rates. Remember that whole life insurance costs can change drastically with age and health, so start as soon as possible, and lock in your insurance for life.

Other reads:

Whole Life Insurance Dividend Rate History

Indexed Universal Life Insurance Costs

Best Whole Life For Cash Value

How to Review your Whole Life Coverage in 2018

Check Out Whole Life Insurance Rates For You

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