Whole Life Insurance Rate Charts
Best Whole Life Insurance Companies
Virtually every life insurance company offers whole life insurance for seniors and young adults. Below are three top providers offering inexpensive whole life insurance quotes combined with underwriting that accept applicants with pre-existing conditions.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $41.01/month*
- New Applicant Ages 45-85
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $40.77/month*
- New Applicant Ages 0-85
- Death Benefit Options $1,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $51.10/month*
- New Applicant Ages 18-85
- Death Benefit Options $5,000-$100,000
- 2-Year Waiting Period No
How Does Whole Life Insurance Work?
A whole life insurance policy is a type of permanent coverage with iron-clad guarantees that nothing about the policy will change. The premiums never increase, the death benefit will never decrease, and the policy will last your entire life. It will also build cash value, which policyholders can withdraw and spend in any way they desire.
Ultimately, the policy will pay the death benefit amount to your beneficiaries as a tax-free check. Remember, life insurance proceeds can be spent on anything to realize your financial goals.
That means your loved ones can use the money to pay for your funeral, medical bills, outstanding debts, or anything else.
How Do Limited Pay Whole Life Policies Work?
A limited pay whole life policy stipulates that you only pay for a specific period. After you’ve made all the required payments, the policy becomes “paid-up,” and no further premiums are required.
Once paid up, your policy will last indefinitely without having to pay more money. Not every company offers limited-pay options, but many do. Here are the typical limited-pay options:
- 7 Pay
- 10 Pay
- 20 Pay
- Paid up at age 65
- Paid up at age 80
Any whole life policy that is not limited-pay is considered “life-pay,” which means you pay forever.
Keep in mind that the cost of a life insurance policy with a limited-pay feature is typically 2-3 times higher because the insurer can only collect premium payments for a limited period of time.
Term Life Insurance Vs. Whole Life Insurance
A term life insurance policy is a temporary plan that lasts for a specific period of time. The policy can last for a certain number of years, such as:
- 10-year term policy
- 20-year term policy
- 30-year term policy
It can also last until a certain age, such as 65 or 80. Once you reach the end of the term, the policy terminates, and you no longer have coverage.
Many term policies have a fixed monthly premium, but with some companies (such as Globe Life), the price will rise as you get older.
It’s important to remember that one type of policy is not better than the other.
Some insurance agents like Dave Ramsey will disagree and take a stand that one is always better than the other.
The key is to select the correct type of policy that is best suited to accomplish your goal.
Here’s a simple rule to follow to decide which policy type is best for you:
- Term: The best life insurance to cover temporary financial obligations such as income replacement for your dependents or paying off a debt such as a mortgage.
- Whole: Best to solve permanent issues such as estate planning or paying for final expenses.
In short, buy term for a temporary need and buy whole life for a permanent condition.
When deciding, consider all the variables (not just the cost).
The Various Ways To Qualify For A Whole Life Policy
The type of underwriting will determine the application process, the cost, and if there is a waiting period or immediate coverage.
Simplified issue
A simplified issue plan is also commonly called a “No-Exam” policy. Eligibility is based on your answers to questions about your lifestyle and medical history. You don’t have to provide a blood or urine sample. The insurer will also analyze your driving record and prescription history.
Simplified whole life insurance plans typically render underwriting decisions within 15 minutes to a few business days. Simplified issue options offer lower coverage amounts. The minimums are usually $5,000 or $10,000; the maximum is about $100,0000.
Guaranteed acceptance
Guaranteed issue options don’t require a medical exam, and there are no health questions to answer. Simply put, your acceptance is guaranteed.
It’s important to note that these policies all come with a mandatory two-year waiting period. If, unfortunately, you pass away during this period, the insurer will only refund your premiums plus interest (typically 10%).
You’d have to live for more than two years before your family can receive the full death benefit payout.
In addition, these plans have much higher rates. The insurer is taking a considerable risk insuring your life while not knowing anything about your health. With all forms of insurance, a higher risk will result in higher premiums.
Guaranteed issue whole life insurance is typically only ideal for people with dire medical conditions with a low life expectancy, such as dementia, congestive heart failure, or end-stage renal failure.
Also, remember that most final expense insurance companies offering these questionless insurance products cap the coverage at $25,000, which may not be enough to satisfy your life insurance needs.
Fully underwritten
A fully underwritten policy requires you to complete a medical exam. Additionally, the insurer will order copies of all your medical records.
At the exam appointment, a nurse will gather the following:
- Answers to health questions
- Urine and blood samples
- Blood pressure reading
- Height and weight measurement
With all this data, they will determine if you’re approved and the exact price you’ll pay.
The most significant upside to fully underwritten policies is the price. Compared to the other underwriting options, it can lead to the lowest life insurance premiums. Another big advantage is that people with certain high-risk habits, such as skydiving or mountain climbing, can obtain coverage that otherwise wouldn’t be possible with simplified underwriting.
The downside is the application time. It typically takes one to three months to get an approval. Also, the minimum coverage amount is much higher. A fully underwritten type of life insurance policy usually requires you to buy at least $100,000 in coverage. If you’re in good health and a non-smoker, it’s worth the extra effort because of the lower monthly rates.
Frequently Asked Questions
The average cost of life insurance varies based on your age, gender, health, and the amount of coverage. For example, a $20,000 whole life policy for a 30-year-old female will cost about $27 monthly or $31 for a male. At age 40, a female will pay about $37 and $44 for a male. At age 40, a female will pay about $44 and $57 for a male.
Premiums are based on your exact age, health issues, state of residence, tobacco use (if any), gender, coverage amount, and if you apply for a simplified issue, guaranteed issue, or fully underwritten policy.
Whole life insurance coverage (with all insurance providers) has a fixed premium that cannot increase over time. On the other hand, many term life policies have a rate increase as you get older. For example, if you look at an AARP term life rates chart, you’ll see how the policy has a cost increase every five years.
Generally speaking, final expense, simplified issue, and guaranteed acceptance whole life policies don’t require a medical exam. However, fully underwritten plans surely will. If you are willing to complete and exam, it will likely result in a lower rate.
Universal life is permanent life insurance with a cash value component, just like a whole life policy. The primary difference is that universal life does not have the guarantees that whole life does. Also, a UL policy will typically build less cash value. Objectively, a UL policy will cost less (because it lacks the guarantees), and it can terminate or have a premium increase if you withdraw too much of the cash value.
Yes. Most children’s life insurance policies are whole life. However, the how much life insurance you can purchase for a child is typically much less than what you can buy for an adult. Children have much lower premiums simply due to their young age.
Insurance is regulated by each state rather than by the federal government. Therefore, insurance companies must choose which states they want to offer their policies. For example, most life insurance companies avoid New York due to the overly burdensome regulations. Ultimately, the life insurance premium rates will be identical in all states except Montana. Montana has a law forbidding insurers from charging different rates based on gender.
To get a life insurance plan with no waiting period, you must apply with an insurance provider that requires you to answer health questions. You don’t have to take a medical exam. However, you must complete a health questionnaire and subsequently be approved. People with health conditions like heart disease can still qualify for an immediate coverage policy. Remember that any policy that does not require you to answer health questions (commonly referred to as “guaranteed acceptance”) will always have a 24-month waiting period.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- whole life insurance. https://www.investopedia.com/terms/w/wholelife.asp
- term life insurance policy. https://www.usnews.com/insurance/life-insurance/term-life-insurance
- Dave Ramsey. https://www.ramseysolutions.com/dave-ramsey?snid=personalities.ramsey-personalities.dave-ramsey
- Universal life. https://www.nerdwallet.com/article/insurance/universal-life-insurance
