How Much Does Whole Life Insurance Cost? Rates & Charts (2024)

Factors That Impact Your Cost

In reality, whole life insurance can be pricey. So we want to give you some ideas on managing the cost. But 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. Being young and healthy gives you the best opportunity to secure a policy at an affordable price. Maybe this is why many people buy whole life insurance for their kids, knowing that this will be a great gift to them in the future.

The main factors that determine whole life insurance costs are:

• Age
• Health
• The Company

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

Age, Health and Company

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

• 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?
• Medical conditions can increment your rates.
• 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 comes into play. For example, there’s a big difference between someone who works as a secretary and someone who works as a sky diving instructor.
• Some companies offer no exam whole life insurance, but you will pay more for coverage if you go down this path.
• Different companies have different products, some offer better rates than others, so you always have to compare.
• The riders you chose to add to the policy. Riders are features you can add to any plan.

Since so many factors 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.

Health & Age Impact On Cost

The following chart can give you an idea of how much health and age impacts whole life insurance costs.

We used three different ratings (Standard, Preferred, Ultra) from a large life insurance company. Of course, these rates vary company by company, but at least you can get an idea of how much it changes.

The following is a quote for $250,000 whole life paid till age 100, with monthly rates:

Next are the rates for a MALE SMOKER $250,000 whole life paid till age 100, with monthly rates:

Here are the rates for a FEMALE $250,000 whole life paid till age 100, with monthly rates:

As you can see, costs by rating change, but incredibly they do not vary that much. The whole life insurance price is not significantly impacted by health.

As we already said, prices will change from company to company, but now you have a better understanding.

The main factor that changes price is age, not health. So if you are considering a whole life, then get it as soon as possible.

Besides, even though the price doesn’t change much with age, what does change is cash value accumulation. So the longer you wait, the less time you have for the cash value to grow inside of your policy.

So again, don’t wait if you are looking for a whole life.

Average Whole Life Insurance Rates With Cash Value

Many companies out there say they provide whole life insurance, and they only show you the prices. But, as we said in the beginning, price is not everything in whole life. You want to get good assets, not cheap assets.

We will give you some average whole life insurance rates for different ages next. The charts’ purpose is to give you an idea of the price ranges and 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.

That being said, on the following char we used one of the most solid companies.

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

Female Quote

Male Quote

As 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.

Whole Life Insurance Rates Payable For 10 Years

There are many variations to whole life life insurance, but few are as interesting as a 10 pay.

When you are looking for a whole life that builds cash value, one of the best products to consider is a whole life 10 pay.

A 10 pay is a type of limited-pay whole life insurance where you only need to pay premiums for ten years. Then, after ten years, you keep your policy and all the cash in it, but you don’t have to keep paying.

10 Pay whole life is excellent to maximize cash value growth, but you should consider other products if you want a substantial death benefit.

Here are the whole life insurance rates for a 10 pay:

Male $250,000 Excellent Health

As you can see, this product builds significant cash value if you start early. However, when you are older, it becomes much more expensive. Therefore, this is the type of product someone looking for whole life in their 30’s or 20’s should consider.