Whole Life Insurance Rate Charts By Age, Gender & Coverage Amount

$5,000 whole life rate chart

AgeFemaleMale
35$11$12
40$12$14
45$13$15
50$14$17
55$15$20
60$18$23
65$22$29
70$28$37
75$37$50
80$51$69
85$68$95
89$139$181
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$10,000 whole life rate chart

AgeFemaleMale
35$18$21
40$21$24
45$23$26
50$24$31
55$28$36
60$33$43
65$41$54
70$53$70
75$71$97
80$98$134
85$132$187
89$275$357
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$15,000 whole life rate chart

AgeFemaleMale
35$25$29
40$29$34
45$32$37
50$35$44
55$40$52
60$47$63
65$59$79
70$78$103
75$105$144
80$145$200
85$195$279
89$411$535
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$20,000 whole life rate chart

AgeFemaleMale
35$31$37
40$37$44
45$42$48
50$44$57
55$51$67
60$61$83
65$77$104
70$102$135
75$138$190
80$191$264
85$259$352
89$521$678
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$25,000 whole life rate chart

AgeFemaleMale
35$39$45
40$45$54
45$52$60
50$55$71
55$64$84
60$76$103
65$97$130
70$127$169
75$172$238
80$239$330
85$324$464
89$683$889
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$50,000 whole life rate chart

AgeFemaleMale
35$78$90
40$90$108
45$104$120
50$110$142
55$128$168
60$152$206
65$194$260
70$254$338
75$344$476
80$478$660
85$648$928
89$1,366$1,778
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$75,000 whole life rate chart

AgeFemaleMale
35$117$135
40$135$162
45$156$180
50$165$213
55$192$252
60$228$309
65$291$390
70$381$507
75$516$714
80$717$990
85$972$1,392
89N/AN/A
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

$100,000 whole life rate chart

AgeFemaleMale
35$156$180
40$180$216
45$208$240
50$220$284
55$256$336
60$304$412
65$388$520
70$508$676
75$688$952
80$956$1,320
85$1,296$1,856
89N/AN/A
Source for non-smoker monthly premiums: Choice Mutual quote calculator. Rates are valid as of 05/21/2024.

 

Best Whole Life Insurance Companies

Virtually every life insurance company offers whole life insurance for seniors and young adults. Below are four top providers offering inexpensive whole life insurance quotes combined with underwriting that accept applicants with pre-existing conditions.

 

Best for lowest cost

Mutual of Omaha

Founding Year: 1909
Choice Mutual Rating
5.0
A+
Superior

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes to 2 Business Days
Common health conditions still eligible for no waiting period coverage:


Aneurysm
Arthritis
Asthma
Blindness
Blood clots > 2 years ago
Blood thinners
Cancer > 4 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis A or B
High blood pressure
High cholesterol
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 2 years ago
Tumors (non-cancerous)

Mutual of Omaha Living Promise whole life insurance is available in all states except New York, and seniors 45-85 are eligible to apply. You can buy $2,000-$50,000 in coverage, and no medical exam is required.

Generally, Mutual of Omaha has the best whole life burial insurance rates compared to other providers. Check out a Mutual of Omaha life insurance rate chart to verify.

 

 

Best for the elderly

Aetna

Founding Year: 1853
Choice Mutual Rating
4.5
A
Excellent
A+
Not Accredited

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 40-89
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. 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.
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Aetna products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Graves’ disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Obesity
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sarcoidosis
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (noncancerous)

Aetna final expense insurance is a no medical exam whole life policy available everywhere except New York. They accept applicants 40-89 and offer $2,000-$50,000 in coverage (varies by age).

The monthly cost of Aetna life insurance is competitive compared to other providers, especially for seniors in their 80s.

 

 

Best for young adults

Aflac

Founding Year: 1955
Choice Mutual Rating
4.5
A+
Superior

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-80
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. 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.
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Aflac products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Graves’ disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Obesity
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sarcoidosis
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (noncancerous)

Aflac burial whole life insurance is available from 40-80 and has a death benefit of up to $50,000. It’s available nationwide except in New York, and you don’t have to take a medical exam.

 

 

Best for limited pay options

Transamerica

Founding Year: 1904
Choice Mutual Rating
4.0
A
Excellent
A
Not Accredited

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $1,000-$50,000 (varies by age)
States Available: All States
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. 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.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Transamerica products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes- 5 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Angina (chest pains)
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
COPD
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Kidney disease
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors

Transamerica offers $1,000-$50,000 in no exam whole life coverage from ages 18-85 in all 50 states. They offer a well-priced 10-pay option where the policy becomes paid up after ten years.

 

How Does Whole Life Insurance Work?

A whole life insurance policy is a type of permanent coverage with iron-clad guarantees that nothing with the policy will change. The premiums never increase, the death benefit will never decrease, and the policy will never terminate due to age. There is also a cash value component that accrues equity over time.

Ultimately, the policy will pay the face 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 any other matter.

 

How To Avoid A Two-Year Waiting Period

Some life insurance coverage has an exclusionary period of two years for natural causes of death. It’s commonly referred to as a “waiting period.”

A policy with a waiting period will only refund your premiums plus a small amount of interest for any non-accidental death.

Only after the waiting period expires will the life insurance company pay the full death benefit.

Remember, not all life insurance policies have a waiting period, but some do.

Tip:
Any policy that does not require you to answer health questions (commonly referred to as “guaranteed acceptance”) will always have a waiting period. If there are no health questions, there will be a waiting period 100% of the time.

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.

It’s also worth noting that you don’t have to be in good health with an immaculate medical history.

People with health conditions like heart disease can still qualify for an immediate coverage policy.

Also, seniors over 80 or 85 can get life insurance with no waiting period, even with pre-existing conditions.

 

Term Life Insurance Vs. Whole Life

A term life insurance policy is a temporary plan that lasts a specific period. Compared to other types, it is the most affordable type.

Whole life insurance is the opposite because it lasts your entire life.

Term coverage 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 term length, the policy terminates, and you no longer have coverage.

Tip:
Whole life will always have higher rates than term coverage (for the same amount of coverage). Term insurance expires, so it’s always cheaper than whole or universal life.

Now, 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 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 funeral expenses.

In short, buy term for a temporary need and buy whole life for a permanent condition.

Don’t be lured solely by the cheaper 20-year term life insurance rates. When deciding, consider all the variables (not just price).

 

Universal Life Insurance Vs Whole Life

Truthfully, universal life insurance is complicated. Even veteran life insurance agents need help understanding (let alone explaining) these insurance products.

It’s a permanent life insurance policy because it can last forever and has adjustable premiums.

Universal life policies are a hybrid of term and whole life policies. Like whole life, they build cash value that the policyholder can withdraw and use however they want.

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

It’s helpful to remember that if you withdraw the cash, there’s a good chance your policy will collapse later in life, leaving you with no coverage.

Some universal life policies offer payment flexibility where you can adjust how much you pay.

There are a few different types of universal life, such as:

  • Guaranteed universal life
  • Variable premium universal life
  • Indexed universal life

Each type has its pros and cons.

For example, guaranteed universal life guarantees that the policy cannot prematurely expire or increase in cost. However, you cannot adjust your payments the way you can with a flexible premium UL policy.

The main difference between whole and universal life is the guarantees.

Whole life insurance guarantees that your premium, death benefit, and policy will never change (even if you withdraw the cash value).

Universal life does not come with these guarantees.

A UL plan (regardless of which one) will always cost about 15-30% less than whole life.

However, is a moderately lower rate worth it if the policy can potentially end later in life?

If yes, then consider a UL. If not, then opt for whole life.

 

How To Qualify For A Whole Life Policy

The type of underwriting will determine the application process and how good of a price you receive.

 

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 health 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 offer underwriting decisions within 15 minutes to a few business days.

The coverage options are very small. These can go as low as $5,000 or $10,000.

 

Guaranteed acceptance

Most funeral insurance companies offer guaranteed acceptance coverage with no health underwriting.

There are medical exams or health questions to answer. Your acceptance is guaranteed.

Tip:
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 refund your premiums plus interest (typically 10%).

You’d have to live for more than two years before your family can receive a death benefit payout.

In addition, these plans are also much more expensive. The insurer is taking a considerable risk insuring your life while not knowing anything about your health. That higher risk translates to higher premiums.

Guaranteed issue whole life insurance is typically only ideal for people with dire medical conditions with a low life expectancy, such as congestive heart failure or end-stage renal failure.

Also, remember that most companies offering these questionless policies cap the coverage at $25,000, which may not be enough to satisfy your life insurance needs.

 

Fully underwritten

A fully underwritten policy requires that you undergo 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 and your family history, they will determine if you’re approved, what rate class you qualify for, 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 on fully underwritten plans. A fully underwritten type of life insurance policy usually requires you to buy at least $100,000 in coverage.

 

How Do Limited Pay Whole Life Policies Work?

A limited pay whole life policy stipulates that you only pay for a specific period of time.

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 contributing more money.

Not every company offers limited-pay options, but many of them 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.

On the one hand, limited-pay options are great because your payments eventually stop.

However, the cost of the average life insurance policy with a limited-pay feature is typically 2-3 times higher than life-pay policy options.

 

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 whether or not you take a medical exam.

Whole life insurance (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.

Yes. Most children’s life insurance policies are whole life. However, how much life insurance you can purchase for a child is typically much less than what you can buy for an adult.

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 are known to provide accurate information. You can learn more about our editorial standards, which guides our mission of delivering factual and impartial content.

  1. whole life insurance. https://www.investopedia.com/terms/w/wholelife.asp
  2. term life insurance policy. https://www.usnews.com/insurance/life-insurance/term-life-insurance
  3. Dave Ramsey. https://www.ramseysolutions.com/dave-ramsey?snid=personalities.ramsey-personalities.dave-ramsey
  4. Universal life policies. https://www.forbes.com/advisor/life-insurance/universal-life-insurance/