Chart of Whole Life Insurance Rates by Age

The future is uncertain and can't be predicted, but you can make backup plans, especially when it comes to life insurance. With whole life insurance, you and your family are protected for the rest of your life and beyond.

You have many choices when you go for this type of insurance. Companies providing whole life have plans tailored to each client’s needs. Depending on age, gender and medical history, you’ll find options for everybody. 

Quick Look: Best Whole Life Insurance Rates:

Benzinga tested and reviewed whole life insurance companies for you to compare and find what works best for you. 

• Best Overall: New York Life
• Best Whole Life for Seniors: Colonial Penn
• Best Whole Life for Young People: Bestow
• Most Trusted Whole Life Provider: State Farm

Whole Life Insurance Rates by Age Chart

The following table shows monthly payments for insured individuals of different ages. The exact price depends on the provider you choose, but this chart helps you get an idea about rates.

In this example, the policy offers $50,000 of coverage.

Whole Life Insurance Cash Value Chart

Cash value accumulates over time. Here’s a look at an example of cash value accumulation for a $100,000 policy.

Getting the Best Whole Life Insurance Quote

The best life insurance companies are listed and reviewed below. Take a look at them, and choose the one that is right for you. Each provider has its own unique features and price plans, and each meets Benzinga’s standards for high-quality service.

New York Life

If you pay attention to a company's history and credibility, you'll be pleased to know that New York Life is one of the oldest life insurance companies. In addition to its offering whole life insurance, it also writes term life insurance.

You can choose a yearly renewable term that renews each year with the opportunity to opt for a level premium term policy that can be purchased in a 15-year term or more.

New York Life’s whole life insurance is available nationwide. Its low level of complaints and strong financial rating earn it a high level of trust in this industry.

Pros

• High customer satisfaction
• Few complaints to state regulators
• Lots of policy options to choose from
• Customizable policies

Cons

• No online application
• Fee to switch from yearly to permanent
• No mobile app 

Bestow

Bestow has less than 10 years of operation but is already one of the most popular life insurance providers. Its strongest point is its application progress, which is quick and easy. Bestow's insurance policy is available for people between 18 to 60 years old.

If you are worried about the cost of permanent life insurance, you might want to check this company out. Its website gives you an instant rate quote when you answer a couple of personal questions. 

This provider works well for people who are looking for a $500,000 life insurance policy. Bestow offers coverage amounts from $50,000 to $1.5 million. 

Pros

• Cheap and affordable plans
• No medical exam
• One of the quickest approval times

Cons

• Limited to customers aged 60 years and under
• Limited range of policies
• No additional riders 

Policygenius Life Insurance

Policygenius makes the insurance application process easy and straightforward. It lets you compare plans and rates to get a better idea about the value you get for the money.

Time is a valuable resource, and nobody wants to spend long hours going through the difficult process of getting life insurance, but Policygenius makes it easy with its excellent customer support.

Whether you want a 20-year term or a whole life plan, this company gets you exactly what you need. Premiums are higher on whole life insurance, but coverage is permanent.

Pros

• Easy to compare
• Lots of positive reviews from customers
• Handy cost calculator available on their site

Cons

• Two types of policies
• Major brands only

Colonial Penn

Operating for decades, this provider is specialized in offering life insurance for seniors. Its services are available for people aged between 40 to 75, with coverage amounts ranging from $10,000 to $50,000. 

If you need a $75,000 life insurance policy, you might have to look for another recommendation from this article. While health questions are necessary during the application process for Colonial Penn life insurance, it requires no medical exam. 

Accelerated death benefits give you access to a part of the payout if you are diagnosed with a terminal illness. Keep in mind that a chronic illness does not grant you access to this benefit. 

Pros

• One of the best providers for seniors
• Term and whole life insurance 
• Accelerated death benefit in case of terminal illness

Cons

• Low coverage amounts
• Lots of complaints to regulators

State Farm

With more than 100 years of operation, State Farm is one of the oldest insurance providers. It is known for insuring millions of vehicles across the states and also issues life insurance policies. 

Whole life, term life and universal life policies are available for those aged 50 to 80 years old. If you want a $250,000 whole life insurance policy on a 25-year term, State Farm can provide it for you. Final expense coverage can also be added to your plan at any time.

In the past years, this company registered fewer complaints than its competitors, showing a high level of customer satisfaction. Its service provides lots of value for many seniors.

Pros

• Few complaints
• Lots of options to choose from
• Informative, easy-to-navigate website

Cons

• Low flexibility in term lengths
• Policies not available in Massachusetts
• High premiums compared to other providers

Ladder Term Life Insurance

This digitalized provider has one of the best websites in the industry. Ladder’s transparency ensures that you don’t get hit with hidden fees. Its policies are based on age and gender, with no exam being required during the application process.

You have the freedom to change the coverage amount over time. However, Ladder’s rates are higher than its competitors. Ladder offers coverage between $100,000 to $8 million.

If you change your mind, you can cancel the insurance at any time without suffering hidden fees. Ladder could be right for you if you don't want life insurance to be a headache. While not whole-life insurance, we thought their reputation warrants them being on the list.

Pros

• High coverage limit
• No hidden fees
• Adjustable coverage
• Policies sold by multiple insurers

Cons

• No riders
• No whole life insurance policy
• Limited customer service

What is Whole Life Insurance?

Whole life insurance is a type of permanent insurance that covers an individual for an entire lifetime, with a death benefit included at the end. It provides a guaranteed payment to your loved ones at the end of your life. That's why this insurance gets more expensive as you age.

How Much Does Whole Life Insurance Cost per Month?

The exact cost depends on several factors, such as the ones shown in the next section. For example, a 30-year-old man who doesn't smoke or consume alcohol will pay between $240 and $280 per month for a $250,000 policy. 

Keep in mind that the cost increases with age, medical conditions and coverage amount. Some companies let you change this amount in the future. 

The same person will pay between $480 and $570 for a $500,000 policy. A 50-year-old woman who smokes regularly and desires $100,000 of coverage will pay between $153 and $221 per month. 

Factors to Consider

You’ll want to consider several factors before you choose a provider. While the policies are clear and the information is straightforward, the specifics differ from person to person.

Take a look at the following factors that influence the cost of whole life insurance premiums:

• Age
• Occupation
• Lifestyle
• Health
• Gender

Age is the most important factor. Younger people pay lower rates because they are considered to have a lower risk of dying. But risk can increase regardless of age if the insured individual is leading a dangerous lifestyle or has a medical condition.

Why You Can Trust Benzinga

Life insurance is important for everyone, but it doesn't mean it has to be stressful to choose a provider. Researching and analyzing all the offers can be difficult, and it's not easy to compare providers when they're bombarding you with too much information.

Benzinga does the hard work for you, finding the best whole life insurance providers. 

Benzinga recommends the best six providers here. These companies meet Benzinga’s strict standards for excellent product offerings and strong customer service.

Frequently Asked Questions