Cheap whole life insurance

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How Much Does Whole Life Insurance Cost? Whole Life Insurance FAQs

Updated April 4th, 2019

If you want to get the best whole life insurance rates, you are going to have to do the research.

As a consumer, you know that there is a lot that goes into comparing policies and companies. You also know that one detail is more important than most: The Cost

If all you want is a quote you can get one here: Whole Life Quick Quote

Regardless of your personal situation and future needs, you’re likely to be faced with these two questions:

How much does whole life insurance cost?
How much coverage do I need?

In many ways, these two questions go together hand in hand. In other words, your cost is dictated largely by how much coverage you require. But of course, there is more to it than that. Cost depends on many different factors which we will address in this article.

The following are some of the topics you can expect to find in the article, and quick links to you can jump to what’s important to you:

This should give you a complete understanding of how much a whole life insurance will cost you.

Check your Whole Life Rates

Price Is Not Everything

We do have a chart of prices per age, but please understand before you only look at price…

Price is not everything in a whole life insurance.

Imagine only buying a house based on price. It wouldn’t make much sense, would it?

When buying a house you would need to consider things like:

Location (location, location)
Age of the home
School district
Repairs needed

And many more variables… The same is true in a whole life insurance.

There are manly variables to consider when buying a whole life:

But in this article we will mainly focus on the cost while not forgetting about the other variables.

Whole Life Insurance Rates By Age Chart

However, we do want you to get an understanding of pricing. We used a Top Rated life insurance company with great cash value accumulation, this way you can get an idea of whole life insurance rates.

The next charts are for whole life paid until age 100.

Here is our chart of prices for a Male in Excellent Health :

(Monthly Rates For MALE)

Next is the same data in a chart format.

As you can see rates increase as you age. However, it gets to a point where if you want a large enough whole life, the cost might be prohibitive. That’s why most people later in life decide to purchase smaller whole life policies.

(Monthly Rates For FEMALE)

Same data in a chart format.

As you can see, whole life insurance increases in price as you age for females as well. This isn’t new, all life insurance works the same way. But females in general have much lower whole life premium rates than males.

For both males and females, locking in your whole life insurance rates when you are young can be a great strategy.

However, unlike term insurance, whole life insurance is an asset. So getting the cheapest, may not be the best for you long term. Sometimes paying a bit more will get you significant cash value growth over the long run.

To compare cash value check out our article: Best Whole Life For Cash Value

Just like price increases, the longer you wait the slower your cash value will grow.

Factors That Impact Your Cost

Before we go any further, remember this: no two companies take the same approach when providing whole life insurance quotes. For this reason, the price offered by one company may not be identical to the next.

In a perfect world, you’ll be young and healthy when purchasing life insurance. This gives you the best opportunity to secure a policy at an affordable price. Maybe this is why many people purchase whole life insurance on their kids, knowing that in the future this will be a great gift to them.

While some people are both young and healthy, others don’t fall into this category.

Age & Health Are Important Factors On Prices

Age & Health

Generally speaking, here are the factors that affect your whole life insurance premium:

Life insurance rates are cheaper when you are young. The older you get the more you will pay
Are you 100 percent healthy? Or have you run into some health concerns in the past?
On average, women live longer. Subsequently, they pay less for life insurance coverage.
Drinker or smoker? If you drink alcohol or use tobacco, you should expect your life insurance rate to be higher.
Many consumers overlook this detail, but it definitely comes into play. There’s a big difference between someone who works as a secretary and someone who works as a sky diving instructor.
There are companies that offer no exam whole life insurance, but you will pay more for coverage if you go down this path.
The riders you chose to add to the policy. Riders are features you can add to any policy.

Since there are so many factors that impact your cost, including the company and your overall personal and health profile, you won’t know how much you’ll be asked to pay until you receive quotes from multiple providers.

Health & Age Impact On Cost

The following chart can give you an idea how health impacts whole life insurance costs. We used 3 different ratings (Standard, Preferred, Ultra) from a large life insurance company, so you have an idea.

It is a quote for $250,000 whole life paid till age 100, with monthly rates:

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SOURCE: http://topwholelife.com/whole-life-insurance-faqs-much-whole-life-insurance-cost/

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