Whole life insurance calculator

Whole life insurance is the most common type of permanent life insurance, but calculating your exact cost is best done with a licensed life insurance agent. Use our cost calculator to estimate how much you'll pay for a policy.

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Whole life insurance is one of the most popular types of permanent life insurance because it offers a guaranteed minimum cash value and level premiums. If you’ve determined you need whole life insurance, the next step is to calculate how much you’ll pay. 

The cost of life insurance varies greatly from person to person and depends on several different factors. Whole life insurance costs about 5 to 15 times more than a comparable term life insurance policy because it lasts longer and comes with a cash value investment component.  

Ourlife insurance calculator below can give you an estimate of how much you’ll pay for term life insurance based on a few pieces of information and from there you can calculate your expected range of cost for whole life insurance. For example, if your term life estimate is $35/month here’s how to calculate your cost range for whole life insurance: 

Low range: 35 x  5 = $175

High range: 35 x 15 = $525 

Estimated cost of whole life insurance: $175 - $525/month

For the most precise estimate, reach out to a Policygenius agent for free who can compare rates from different companies. 

How to use the whole life insurance cost calculator

Life insurance companies set your premiums based on the risk of insuring you, how long your coverage will last, and the amount of coverage you buy. Here’s how the information you enter into our term life calculator affects your estimate: 


The younger you are, the lower your premiums, which is why it’s best to buy earlier. The cost of life insurance increases 4.5-9% each year you put off buying coverage, based on policies offered by Policygenius in 2021. 

→ Check out current whole life insurance rates by age. 


Based on Policygenius policy offerings in 2021, women can pay up to 30% less for life insurance than men

Zip code

Where you live won’t directly influence your premiums, but some policies may not be available to you because of insurance regulations in your state. If you live outside the U.S., you’re unlikely to qualify for a policy. 

Policy term length

The longer your policy lasts, the more you’ll pay. Since a whole life insurance policy lasts for life, that automatically leads to a higher premium.


Riders, or policy add-ons, can increase the cost of your whole life insurance policy, though some riders are free. 

Policy coverage amount

The bigger your policy’s death benefit (also referred to as the face value), the higher your premiums will be. We can help you calculate how much life insurance you need.

Multiply by 5 to 15 for whole life insurance range

Whole life insurance costs between 5 to 15 times more than term life insurance. Here’s an example of how that works:

Sample calculator input:

  • Age: 35 

  • Gender: Female

  • Zip code: 43004

  • Term length: 30 years

  • Coverage amount: $1 million

Sample calculator output:

  • Best health: $44/month

  • Good health: $54/month

  • Average health: $75/month

If you have average health (for example, if you have a family history of type 2 diabetes) you’d take the $75/month calculator estimate and multiply that by 5 to 15:

Sample estimate range for whole life insurance:

  • $375/month - $1125/month

Other factors that influence life insurance premiums 

Our whole life insurance calculator doesn’t account for your personal health history. That means two people with the same age, gender, and zip code would get the same estimates from our cost calculator, but receive different final premiums after going through the life insurance application process. Your medical history and other risk factors, like smoking, have a major impact on how much you pay for a policy and each insurance company weighs health factors differently. 

Shopping around and comparing rates from different insurance companies is the best way to ensure you’re not overpaying for a policy. 

→ Learn more about how your health affects your life insurance rates

How to find the most affordable whole life insurance policy

Every life insurance application is evaluated on an individual basis, but there are some universal tips to findaffordable coverage:

  • Buy early: Buying a policy when you’re younger and at lower risk for illness can lock you into more affordable premiums for decades.

  • Comparison shop: Because every provider assesses your risk differently, comparing quotes can help you find the lowest rates.

  • Work with an independent broker: Independent brokers like Policygenius work with multiple insurance companies so they can give you unbiased advice about the best provider for your unique circumstances.

If anyone relies on you financially, you should have life insurance coverage to protect them when you’re gone. Whole life insurance is lifelong protection with a cash value that can earn interest and contribute to your family’s financial future. 

Frequently asked questions

What is the average cost of whole life insurance?

Whole life insurance policies are highly customized and there isn’t a set price for coverage. The premiums for a whole life insurance policy are based on each individual’s life insurance needs, but they tend to be costly (about five to 15 times more than term policies).

How long do you pay for whole life insurance?

There are several different payment options for whole life insurance, including: up to age 65, up to age 99, up to age 121, 10-, or 20-year payment plans.

What is the best age to buy life insurance?

You will pay less for life insurance in your 20s or 30s. The younger you buy coverage, the more affordable it will be.