Whole life insurance rates are calculated based on your age, health, gender, and lifestyle factors. On average, a 30-year-old adult who doesn’t smoke and is in good health could pay between $205 and $238 per month for a whole life insurance policy with a $250,000 coverage amount, while that same person might pay between $408 and $472 per month for a whole life policy with a $500,000 coverage amount.
Average whole life insurance rates
Since whole life insurance doesn't expire until your death, you'll pay premiums for the rest of your life. However, the most common whole life policies are considered paid-in-full when you reach age 100. For illustration purposes, the rates below are for policies fully paid up at age 100.
Methodology
Why you can trust our rates
At Policygenius, our educational guides are written and fact-checked by licensed life insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy. Our rates are based on internal actuarial rate tables for ten life insurance carriers that offer policies through the Policygenius marketplace (Banner Life, Brighthouse, Corebridge Financial, Lincoln Financial, MassMutual, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica), and the Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term or whole, and coverage amount) as of the date reflected on each table's methodology. Rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $146 | $287 | $545 |
Male | $169 | $334 | $639 | |
30 | Female | $205 | $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 07/01/2023.
Average whole life insurance rates payable at age 65
Some whole life insurance policies have a limited payment schedule that renders them fully paid for once you reach age 65. Of course, their premiums will be more expensive than a policy paid up at age 100.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $206 | $407 | $785 |
Male | $230 | $456 | $885 | |
30 | Female | $309 | $614 | $1,194 |
Male | $339 | $673 | $1,315 | |
40 | Female | $491 | $977 | $1,917 |
Male | $539 | $1,074 | $2,107 | |
50 | Female | $931 | $1,858 | $3,671 |
Male | $1,005 | $2,005 | $3,961 |
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 65 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 07/01/2023.
Average whole life insurance rates payable over 20 years
Other less common whole life limited payment options include 10 pay and 20 pay plans, which arrange payments so your policy will be fully paid over the course of 10 or 20 years.
After the payment period, you’ll no longer have to pay premiums, and you’ll still have lifetime coverage. However, the premiums on these policies are more expensive than traditional whole life policies, which makes this option less practical for many people.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $324 | $649 | $1,270 |
Male | $360 | $720 | $1,414 | |
30 | Female | $431 | $862 | $1,698 |
Male | $473 | $946 | $1,861 | |
40 | Female | $568 | $1,137 | $2,239 |
Male | $623 | $1,247 | $2,455 | |
50 | Female | $758 | $1,516 | $2,995 |
Male | $821 | $1,642 | $3,241 |
Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250,000, $500,000, or $1 million whole life policy paid up in 20 years, 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 07/01/2023.
Average whole life insurance rates payable over 10 years
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $896 | $1,793 | $3,585 |
Male | $960 | $1,920 | $3,840 | |
30 | Female | $1,096 | $2,192 | $4,383 |
Male | $1,163 | $2,327 | $4,654 | |
40 | Female | $1,329 | $2,659 | $5,317 |
Male | $1,414 | $2,829 | $5,658 | |
50 | Female | $1,623 | $3,245 | $6,490 |
Male | $1,711 | $3,422 | $6,844 |
Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250,000, $500,000, or $1 million whole life policy paid up in 10 years, 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 07/01/2023.
→ Read more about life insurance rates
Is whole life insurance more expensive than term life insurance?
Yes, whole life insurance is significantly more expensive than term life insurance. A 20-year term life policy with a $500,000 death benefit costs, on average, just $26 per month ($312 per year). Meanwhile, a whole life insurance with the same coverage amount costs, on average, $400 per month ($5,280 per year).
Here are other key differences between whole life and term life:
The length of your coverage: Whole life is permanent coverage, which means it doesn’t expire. Term life lasts for a set number of years and then expires.
The cash value: Whole life has a separate cash value account, while term life does not. Term life policies only pay out a tax-free lump sum, called the death benefit, to the beneficiary when the policyholder dies.
Comparing whole life vs. term life
Features | Term life insurance | Whole life insurance |
Permanent coverage | No — maximum of 30 to 40 years | Yes |
Cost* ($500,000 coverage amount) | $26/month for a 20-year term | $440/month |
Guaranteed death benefit payout | Yes | Yes |
Guaranteed cash value | No | Yes |
Premium cost stays fixed | Yes, in most cases | Yes, in most cases |
Pays annual dividends | No | Yes, in some cases |
*Methodology: Average monthly term life insurance rate is for male and female non-smokers with a Preferred health rating obtaining a 20-year, $500,000 policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Average monthly whole life insurance rate is calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy paid up at age 100 from 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 09/01/2023.
Whole life insurance rates vs. term life insurance rates
Age | Gender | $500,000 whole life policy | $500,000 20-year term policy | $500,000 30-year term policy |
30 | Female | $408.00 | $22.99 | $34.53 |
Male | $572.00 | $29.33 | $42.45 |
Methodology: Rates are calculated for male and female non-smokers obtaining a $500,000 whole life insurance policy, a $500,000, 20-year term policy, and a $500,000 30-year term policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. 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 07/01/2023.
Who is whole life insurance good for?
Whole life insurance can be a good fit for high-net-worth individuals and people who have long-term financial obligations.
People who are maximizing contributions to tax-advantaged accounts like a Roth IRA or 401(k) and have the budget for an additional investment option
People with lifelong dependents who want a permanent financial safety net
People with unique estate planning needs
If you’re not sure if whole life insurance is worth it for you, working with a financial planner or insurance professional can help you compare prices and policies.
→ Read all about the best whole life insurance companies
How to buy whole life insurance
Buying whole life insurance is similar to buying other types of life insurance.
First, you’ll fill out an application and have a phone call with an agent.
Then, in most cases, you’ll take a medical exam. This is a common part of the life insurance application process. The medical exam is similar to an annual physical and is conducted by an examiner in your home or office.
After that, the insurance company will review your application and offer you your final rate, which can take four to six weeks.
Once you sign your policy paperwork and pay your first premium, you’re covered.
Working with an independent broker can help you find the best insurance policy for you and walk you through the application process. At Policygenius, our experts are licensed in all 50 states and can provide you with unbiased advice on where to start.
→ Learn more about the life insurance underwriting process
What factors affect the cost of whole life insurance?
Your age, health, and gender will affect your whole life insurance rates. Your premiums will increase every year you put off buying a policy, because we all become riskier to insure as we age.
The type of whole life insurance you purchase will also impact the cost of your policy.
Other factors that will influence your rates include:
Family medical history
Smoking status
Driving record
Lifestyle and hobbies
Criminal history
Credit history
What factors don’t affect the cost of whole life insurance?
Here are some other factors that won’t affect how much you pay for life insurance
Marital status. Life insurance companies don’t consider your marital status when determining your rates, and you won’t get a discount for buying a policy at the same time as your spouse.
Credit score. Your credit history can impact your premiums, but your credit score won’t.
Where you live. The state where you live won’t affect the cost of your police, but your state does affect the active rules and regulations around insurance policies. Also, not every type of policy is available in every state.
How many beneficiaries you have. You can have multiple beneficiaries, and this won’t impact your rates.
How many policies you have. It’s possible to have multiple life insurance policies. The only time you can’t buy another life insurance policy is when you already have the maximum amount of coverage that you qualify for based on your income and assets.
Frequently asked questions
How much does whole life insurance cost?
A 30-year-old in good health could pay about $472 per month for a whole life insurance policy with a $500,000 coverage amount. Generally speaking, whole life is significantly more expensive than term life insurance. The exact cost depends on your age, health, gender, and the type of policy you’re purchasing, but a licensed agent can give you specific quotes.
Is whole life insurance a good investment?
Traditional investment accounts typically offer higher returns than whole life insurance policies. If you’re already maximizing your contributions to tax-advantaged accounts like a Roth IRA or a 401(k) and are seeking another investment option, whole life insurance can provide an additional tax-deferred account.
Does whole life insurance pay out the full amount when you die?
In most cases, your beneficiary will receive the full death benefit when they file a claim. However, if you have an outstanding loan that you took out against your cash value, the remaining amount will be subtracted from the death benefit if you die before paying it back.
What is the average interest rate on whole life insurance?
Whole life insurance policies typically have an interest rate set by your insurer, so you can ask your agent for the specifics if you’re deciding to purchase a policy. The average annual interest rate of a whole life insurance policy is 1.5% according to Consumer Reports.
How much is a $50,000 whole life insurance policy?
A 30-year-old in good health can pay around $57 per month for a $50,000 whole life policy, but it depends on your age and health.
How much is a $100,000 whole life insurance policy?
A 30-year-old in good health can pay around $100 per month for a $100,000 whole life policy, but it depends on your age and health.
