The price of life insurance varies from person to person and depends on multiple factors, including your age, gender, overall health, and lifestyle habits, as well as the amount of coverage you want. You can use our life insurance calculator below to approximate how much a whole life policy would cost.
Whole life insurance rates are significantly higher than those from a comparable term life insurance policy because whole life doesn’t expire and comes with a cash value investment component you can borrow from while you’re still alive.
Calculate the cost of whole life insurance
To calculate the cost of your whole life policy, start by using our calculator below to find out how much you’d pay for 30-year term life insurance. You’ll also need to enter information like your age, gender, and coverage amount.
Information you need to calculate the cost of whole life insurance
Age
The younger you are, the lower your rates will be, which is why it’s best to buy earlier. The cost of life insurance increases by 4.5% to 9% each year you put off buying coverage because we all become more expensive to insure as we age.
Gender
According to Policygenius life insurance rates, women pay an average of 24% less for life insurance than men because women statistically live longer — so their insurance risk is lower.
ZIP code
Where you live won’t directly influence your payments, but some policies may not be available to you because of insurance regulations in your state.
Term length
For the sake of this exercise, please choose a 30-year term length for the closest approximations. If you ultimately buy whole life, you won’t have to worry about the term length on your policy — whole life insurance doesn’t expire.
Coverage amount
The more coverage you buy, the more you’ll pay for your policy. An easy rule of thumb suggests to buy coverage equal to 10 to 15 times your annual salary. We can also help you calculate how much coverage you need based on financial responsibilities, such as your mortgage.
Once you have your estimate for term life coverage, you can multiply it by 15 to approximate how much a comparable whole life policy could cost. For example, if your term life quote is $35/month, here’s how to calculate an estimate for whole life insurance:
Estimated cost of whole life insurance: 35 x 15 = $525/month
Whole life policies — and permanent life insurance policies in general — can vary dramatically in price depending on what type of policy you’re seeking and how your payments are structured.
For a precise quote, reach out to a Policygenius agent for free. They can give you quotes based on your specific health profile and the best type of policy for your situation.
How our whole life calculator works
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 are some examples of how the information you enter into our term life calculator affects your estimated cost for whole life insurance:
Sample calculator input:
Age: 35
Gender: Female
ZIP code: 43004
Term length: 30 years
Coverage amount: $1 million
Sample calculator price output:
Best health: $51/month
Good health: $61/month
Average health: $85/month
Sample estimated cost for whole life insurance:
To get the estimated cost of whole life insurance, you multiply the calculator’s price output by 15.
Best health: $765/month
Good health: $915/month
Average health: $1,275/month
Learn more about how your health affects your insurance rates
More sample whole life insurance rates
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $145 | $287 | $545 |
Male | $169 | $334 | $639 | |
30 | Female | $206 | $408 | $801 |
Male | $238 | $472 | $920 | |
40 | Female | $296 | $588 | $1,161 |
Male | $355 | $706 | $1,372 | |
50 | Female | $462 | $920 | $1,826 |
Male | $543 | $1,081 | $2,117 |
Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250,000, $500,000, or $1,000,000 whole life insurance policy fully paid up at age 100 offered through MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 03/01/2024.
What factors influence the cost of whole life insurance?
Your policy choices. The specific details of your policy will determine how much you pay. For example, if you choose to include any remaining cash value in the death benefit when you die, your premiums will be much higher.
Your payment schedule. If you choose to pay your premiums over a shorter period — over 65 years instead of over your lifetime, for example — your premiums will be higher but you’ll be done paying for your policy earlier. These options are called limited pay life insurance.
Riders, or policy add-ons that can supplement your coverage under special circumstances, can also increase the cost of your whole life insurance policy, though some riders are free.
Other factors that can affect life insurance rates
Our calculator doesn’t account for your personal health history, hobbies, or other lifestyle factors. Each insurance company weighs risk factors differently in order to set your rates. Some examples include:
Your health and family medical history
High-risk hobbies or occupations, like piloting planes or fighting wildfires
Smoking tobacco or using other nicotine products, or marijuana
That means two people with the same age, gender, and ZIP code would get the same estimates from our cost calculator, but could receive different final premiums after going through the life insurance application process.
Learn more about how your health affects your life insurance rates
A Policygenius expert can help you get personalized quotes tailored to your health history and overall risk profile. Call us at 1-800-608-2192 to connect with one of our agent and get started on your application, or follow the link below.
Find the most affordable whole life insurance policy
Although whole life insurance is much more expensive than other types of coverage, there are still ways to ensure you can find the best price for your needs.
Buy early: Buying a policy when you’re younger and at lower risk for illness can lock you into lower premiums for decades.
Comparison shop: Because every insurer assesses your risk differently, comparing life insurance quotes can help you find the lowest price.
Work with an independent broker: Brokers like Policygenius work with multiple insurance companies, so they can give you expert advice about the best insurer 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 offers lifelong protection with a cash value that can earn interest and contribute to your family’s financial future. Use our calculator or reach out to an agent to receive a free quote and get started.
Frequently asked questions
What is the average price of whole life insurance?
A 30-year-old male who doesn’t smoke and is in good health could pay $472 per month for a whole life insurance policy with a $500,000 payout. A 30-year-old female with a similar profile could pay $408 per month for the same coverage. Whole life insurance policies are highly customized and there isn’t a set price for coverage. Whole life rates tend to be much more expensive than term life insurance rates.
How long do you pay for whole life insurance?
What is the average payout for whole life insurance?
According to the American Council of Life Insurers, the average life insurance coverage amount is $176,000, though it varies by state. The payout from your whole life insurance policy will depend on the amount of coverage you purchase and whether or not you’ve taken any loans out against your cash value.
How can you calculate the cash value of whole life insurance?
You’ll have to work with an insurance agent if you’d like to calculate the projected cash value of a whole life insurance policy. Your cash value will start at zero and accumulate over time as you make payments. Every policy’s cash value has different interest rates that are specific to the insurance company servicing your policy.
