Free life insurance quotes in minutes

Your information is kept secure.

Whole life insurance calculator

The best way to determine the cost of whole life insurance is to work with a licensed life insurance agent, but our calculator can help you estimate how much you’ll pay for a whole life policy.

Headshot of Katherine Murbach
Headshot of Amanda Shih

By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Amanda ShihEditor & Licensed Life Insurance ExpertAmanda Shih is a licensed life, disability, and health insurance expert and a former editor at Policygenius, where she covered life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
|

Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|2 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

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.

Is whole life insurance right for you?

Whole life can be a good option for high-net-worth individuals who are already maximizing contributions to tax-advantaged accounts like a 401(k) or IRA, or people with long-term financial obligations or coverage needs, like dependents who require lifelong care.

If you’re interested in whole life insurance, you can also use our whole life insurance rates page to estimate your coverage costs.

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.

Ready to shop for life insurance?

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

Collapse table

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.

Ready to shop for life insurance?

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.

‘Infinite banking’ life insurance is the latest TikTok trend — but is it a scam?

The truth about infinite banking whole life insurance is more complicated — and costly — than what you may have heard on social media.

Read more about infinite banking

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:

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.

Ready to shop for life insurance?

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.

Authors

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Amanda Shih is a licensed life, disability, and health insurance expert and a former editor at Policygenius, where she covered life insurance and disability insurance. Her expertise has appeared in Slate, Lifehacker, Little Spoon, and J.D. Power.

Editor

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Questions about this page? Email us at .