Whole Life Insurance Rates by Age Chart Comparison

Whole life insurance rates vary significantly with age, with younger policyholders typically paying much lower premiums.

For a 20-year-old male, whole life insurance rates can start as low as $12 per month for a $100,000 policy.

As we get older, our premiums increase, with a 30-year-old male paying around $24 per month for the same policy.

By age 40, the premium has risen to around $48 per month, and by age 50, it's around $96 per month.

Whole life insurance is a type of permanent life insurance that lasts for your whole life.

You'll see whole life insurance referred to by other names such as "straight life insurance" or "ordinary life insurance".

Unlike term life insurance, whole life insurance doesn't expire after a set period of time.

Several types of whole life insurance policies are available.

One of the benefits of whole life insurance is that you'll have fixed periodic premiums, making it easier to budget.

However, this inflexibility can be a drawback if your financial situation changes.

You'll typically have a death benefit and a cash value component with a whole life insurance policy.

The payout upon the insured's death, commonly called the death benefit, is usually a constant figure.

A portion of your premium payments is saved or invested, allowing your insurance policy to accrue cash value.

You can borrow from this cash value tax-free while you're still alive.

The cash value element makes whole life insurance a combo insurance and investment vehicle.

Some people prefer the fixed nature of whole life insurance, which means you won't have to think about changing the death benefit amount or premiums.

You also won't need to select your own investments or renew your policy, like you would with other types of insurance.

You can quickly get a solid estimate of what a whole life insurance policy would cost you per month by getting a quote online. Many insurance companies offer whole life insurance quotes online.

To receive an insurance quote, you'll need to provide certain details about yourself, including your zip code, address, date of birth, gender, height, weight, and possibly your email address. You'll likely need to answer questions about your health status and personal habits, including whether you're a smoker or not.

Other factors that could affect your whole life insurance quote include your driving record and occupation. Some whole life insurance policies require a medical exam for in-depth underwriting.

Most people fall into the standard health rate category, hence the word "standard" or average.

There are several categories of health class ratings, including Preferred Plus or Preferred Best, Preferred, Standard Plus, Standard, Substandard or Table Rated, Preferred Tobacco, and Standard Tobacco.

The most common category is Standard, which accounts for a large portion of the population.

Here are the different health class ratings categories listed out for easy reference:

Limited Pay whole life insurance allows you to pay annual level premium payments over a specified period of time, typically 10 to 20 years or to age 65, after which no future premiums are due.

For non-smokers, the monthly premiums for a $50,000 whole life insurance policy are $78 for females and $90 for males at age 35.

The monthly premiums for a $75,000 whole life insurance policy are $117 for females and $135 for males at age 35.

Here's a breakdown of the monthly premiums for a $50,000 whole life insurance policy by age:

Similarly, here's a breakdown of the monthly premiums for a $75,000 whole life insurance policy by age:

Payment options for whole life insurance can be a bit confusing, but I'm here to break it down for you. There are several limited-pay options available, which allow you to make payments for a set number of years before your policy becomes paid-up.

Some common limited-pay options include 7 Pay, 10 Pay, and 20 Pay, which mean you'll make payments for 7, 10, or 20 years respectively before your policy is paid-up. Paid up at age 65 and Paid up at age 80 are also options.

The cost of a whole life insurance policy with a limited-pay feature is typically 2-3 times higher than a life-pay policy option. This means you'll pay more upfront for the convenience of not having to make payments forever.

Here are some common limited-pay options:

The main benefit of limited-pay options is that your payments eventually stop, and your policy will last indefinitely without requiring further contributions.

Your life insurance premium status changes significantly as you age. Your age is a major factor in determining your premium, and it's not just about how much coverage you need.

As you get older, the probability of death increases, which means your premium will likely go up. This is because insurers assess premiums based on mortality risk, and older age groups have a higher risk of death.

A young person living with their partner and no plans for children may qualify for cheaper life insurance rates. This is because they likely need less coverage.

On the other hand, an older person supporting a family or running a business will likely require a larger policy that lasts longer. This policy will be more expensive due to the larger overall coverage and older age of the applicant.

Here's a quick summary of how age affects your life insurance premium status:

Whole life insurance rates are influenced by several factors, including your age, health, and coverage amount.

Your exact age is a major factor in determining whole life insurance rates, with premiums increasing as you get older.

Limited Pay whole life insurance policies often have a specified payment period, typically 10 to 20 years or to age 65, after which no future premiums are due.

As you get older, your life insurance rates may change, but not necessarily in the way you think. Whole life insurance has a fixed premium that doesn't increase over time.

Many term life policies, on the other hand, have a rate increase every five years. This means that your premium will go up as you age, but it's not a surprise. If you check an AARP term life rates chart, you'll see how the policy has a cost increase every five years.

The good news is that whole life insurance premiums are fixed, so you'll know exactly how much you'll pay over time.

Rate charts are a crucial tool for businesses to determine their rates based on the amount of coverage they need.

The most common type of rate chart is the tiered rate chart, which has multiple tiers based on the amount of coverage.

Each tier has a specific rate, and the rate increases as you go up the tiers.

For example, if you need 1-5 units of coverage, the rate is $10 per unit.

But if you need 6-10 units, the rate jumps to $15 per unit.

This type of chart is commonly used for services like insurance and utility bills.

The flat rate chart is another type, where the rate is the same regardless of the amount of coverage.

This is often used for simple services like a one-time consultation.

The rate for a flat rate chart is usually lower than a tiered rate chart.

However, a flat rate chart may not be the best option for businesses that need varying amounts of coverage.

In contrast, a tiered rate chart provides more flexibility and can be more cost-effective in the long run.

A $50,000 whole life rate chart is a useful tool for understanding the costs associated with this type of insurance.

The rates for a $50,000 whole life policy vary significantly with age.

For a female non-smoker, the monthly premium at age 35 is $78.

At age 40, the monthly premium for a female non-smoker jumps to $90.

The rates for a male non-smoker are even higher, with a monthly premium of $108 at age 40.

Here's a breakdown of the monthly premiums for a $50,000 whole life policy for both female and male non-smokers at different ages:

The rates are valid as of 05/21/2024, according to the source.

The $75,000 whole life rate chart is a valuable tool for understanding the costs associated with this type of insurance.

For a female non-smoker, the monthly premium at age 35 is $117. This premium increases with age, reaching $717 by age 80.

Male non-smokers also see their premiums increase with age, from $135 at age 35 to $990 at age 80.

Looking at the chart, we can see that the premium for females is generally lower than that of males, with some exceptions.

Here's a breakdown of the monthly premiums for females and males at different ages:

Insurance companies vary in their pricing, but some of the largest and most well-known companies, such as Northwestern Mutual and Prudential, offer competitive rates.

For example, Northwestern Mutual's whole life insurance rates for a 30-year-old non-smoker can be up to 50% lower than those of some other companies.

Some insurance companies also offer discounts for certain occupations, such as teachers and firefighters, which can result in even lower rates.

When choosing a life insurance company, consider the type of policy you need. Some of the biggest providers of whole life insurance are Guardian Life Insurance Company of America, MassMutual, MetLife, and Mutual of Omaha.

If you're looking for a policy with the potential to earn dividends, consider Guardian Life Insurance Company of America, MassMutual, or MetLife. These companies offer policies with dividend potential.

Mutual of Omaha, on the other hand, offers three varieties of whole life insurance and a children's whole life insurance option. This might be a good choice if you need a policy that caters to specific needs.

If you're looking for an investment option with your insurance policy, New York Life Insurance Company has a custom whole life policy that builds cash value faster. This could be a good option if you want to invest in your policy.

If you need flexibility with payment lengths, check out Northwestern Mutual. They offer policies with multiple payment length options.

Here are some top providers offering inexpensive whole life insurance quotes combined with underwriting that accepts applicants with pre-existing conditions:

Mutual of Omaha is a well-established insurance company that offers a range of policies, including whole life insurance. This type of insurance is designed to provide a death benefit to your loved ones while also building cash value over time.

Mutual of Omaha's whole life insurance policy is available to seniors aged 45-85, and no medical exam is required. You can buy coverage ranging from $2,000 to $50,000.

One of the benefits of Mutual of Omaha's policy is that premiums stay the same forever, so you'll never have to worry about your rates increasing. This can be a huge relief for many people.

The policy also includes an accelerated death benefit, which allows you to access the full death benefit while alive if you have a terminal illness or are under nursing home confinement. This can be a huge help in times of need.

Mutual of Omaha's whole life insurance policy is available in all states except New York. You can apply for the policy through a licensed agency, and the application approval time is typically within 10 minutes to 2 business days.

Here are some common health conditions that may still be eligible for no waiting period coverage with Mutual of Omaha's policy:

Aetna's final expense insurance is a no medical exam whole life policy available everywhere except New York.

This policy is designed for applicants 40-89 years old and offers a coverage amount range of $2,000-$50,000, which varies by age.

The policy has a 2-year waiting period, but Aetna offers a free rider called the Accelerated Death Benefit, which allows you to access the full death benefit while alive if the insured has a terminal illness.

Aetna's policy benefits include premiums that stay the same forever and builds cash value. The policy duration is lifetime, and it's available in all states except New York.

To apply for this policy, you'll need to contact an agency licensed to sell Aetna products, as you can't buy it directly from them. You can reach them at 1-800-644-2926.

Here's a quick summary of the application process:

The policy has several optional riders, including Accidental Death, which provides a 2X payout for accidental death.

Aflac offers whole life insurance policies with a death benefit of up to $50,000. This coverage is available nationwide, except in New York.

The policy type is whole life insurance, and the age range for new applicants is 45-80 years old.

Aflac's whole life insurance policy has a 2-year waiting period, but this can be waived with underwriting approval.

The coverage amount range is $2,000-$50,000, which varies by age.

If you're looking for a policy with stable premiums, Aflac's whole life insurance has premiums that stay the same forever.

You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. This is a free rider included in the policy.

Optional riders include accidental death, which provides a 2X payout for accidental death.

To apply for an Aflac whole life insurance policy, you can contact an agency licensed to sell Aflac products. You can also call 1-800-644-2926 for more information.

A medical exam is not required to apply for this policy. However, guaranteed acceptance is not available.

The application approval time is typically 15 minutes to 3 business days.

Transamerica offers a range of whole life insurance options, including a policy that covers applicants between the ages of 45-85 with no 2-year waiting period, subject to underwriting approval.

Their policy details are as follows:

This policy comes with several benefits, including premiums that stay the same forever and the option to build cash value.

Universal vs Whole Life Insurance: What's the Difference?

Universal life insurance is a permanent policy that can last forever and has adjustable premiums, which means you can change how much you pay.

It's a hybrid of term and whole life policies, building cash value that you can withdraw and use however you want. However, if you withdraw the cash, there's a good chance your policy will collapse later in life, leaving you with no coverage.

Universal life policies come in three types: guaranteed universal life, variable premium universal life, and indexed universal life. Each type has its pros and cons.

A universal life policy will always cost about 15-30% less than whole life, but is a moderately lower rate worth it if the policy can potentially end later in life?

Whole life insurance guarantees that your premium, death benefit, and policy will never change, even if you withdraw the cash value. This predictability is a draw for some people, as you don't need to think about changing the death benefit amount or premiums.

The main difference between whole and universal life is the guarantees. Whole life insurance has them, while universal life does not.

Here are the key differences between universal and whole life insurance:

If you value predictability and don't mind paying a bit more, whole life insurance might be the better choice. But if you're looking for a more affordable option and don't mind the potential risks, universal life insurance could be the way to go.

As you explore whole life insurance rates by age chart, it's essential to understand the different policy types available.

There are generally three main types of whole life insurance policies: traditional whole life, universal life, and variable universal life.

Traditional whole life insurance provides a guaranteed death benefit and a guaranteed cash value component.

Whole life policies offer a range of payment options, but not all companies provide them.

Limited-pay options are available, allowing you to pay into the policy for a shorter period of time, such as 7, 10, or 20 years.

These options are great because your payments eventually stop, but the cost of the average life insurance policy with a limited-pay feature is typically 2-3 times higher than life-pay policy options.

10 Pay Whole Life requires the policyholder to make premium payments for 10 years, while 20 Pay Whole Life requires payments for 20 years.

The cost of these policies varies by age and coverage amount, as seen in the sample quotes provided.

Here are some sample annual rates for 10 Pay and 20 Pay Whole Life insurance policies:

Limited Pay Whole Life policies pay into the policy for a shortened period of time, resulting in a higher premium based on the shorter time frame.

Term life insurance is a type of policy that lasts for a specified contractual period of time.

You can choose from various term lengths, including annual renewable term insurance (1 year), 5 year term, 10, 20, 25, and 30 year terms.

Once the term insurance policy ends, the premium on the term policy will either increase or the death benefit will decrease.

Term life insurance rates are lower initially than whole life insurance rates.

However, keep in mind that term life insurance doesn't offer cash value growth like whole life insurance does.

Universal life insurance is a type of permanent life insurance that can last forever and has adjustable premiums.

It's a hybrid of term and whole life policies, building cash value that you can withdraw and use as you want.

The rate of cash value growth in a UL plan heavily influences how long it will last.

If you withdraw the cash, there's a good chance your policy will collapse later in life, leaving you with no coverage.

Universal life policies offer payment flexibility, where you can adjust how much you pay.

There are several types of universal life policies, including:

Each type has its pros and cons, with guaranteed universal life offering a guarantee that the policy cannot prematurely expire or increase in cost, but not allowing payment adjustments.

Term vs Whole Life Insurance: What's the Difference?

Term life insurance can last for a certain number of years, such as 10, 20, or 30 years, or until a certain age, like 65 or 80. Once you reach the term length, the policy terminates.

If you're looking to cover temporary financial obligations, term life insurance might be the way to go. This type of insurance is best for income replacement for your dependents or paying off a debt like a mortgage.

Here's a simple rule to follow: buy term for a temporary need and buy whole life for a permanent condition.

Whole life insurance, on the other hand, is designed to solve permanent issues, such as estate planning or funeral expenses.

Don't be fooled by cheaper 20-year term life insurance rates. Consider all the variables, not just price, when deciding which type of policy is best for you.

The first three guarantees are exclusive to whole life insurance policies. These guarantees are what set whole life insurance apart from other types of life insurance.

A guaranteed death benefit provides a payout to your beneficiary no matter when you die, as long as you make your required premium payments. The life insurance payout is not taxable to your beneficiary.

Guaranteed tax deferred cash value growth ensures that your policy's cash value account will continue to grow year after year. This means your savings will increase over time, providing a financial safety net for your loved ones.

Guaranteed level premium means that your premium payment will remain level, or fixed, for the duration of the whole life policy. Unlike many other types of life insurance, your premium will not change.

Here are the first three exclusive guarantees of whole life insurance in a nutshell: