If you’re shopping for whole life insurance, you need to calculate how much you’ll pay. 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.
Calculate the cost of whole life insurance
You can use our term life insurance calculator below to approximate how much a whole life policy would cost.
Start by calculating 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.
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.
Use your calculator to know the cost of your whole life policy
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:
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
More sample whole life insurance rates
$250,000 coverage amount
$500,000 coverage amount
$1 million coverage amount
Policy factors that influence the cost of whole life insurance
Your policy options. 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
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.
A Policygenius expert can help you get personalized quotes tailored to your health history and overall risk profile.
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.