Use this life insurance calculator to compare rates and find the right policy.
What is term life insurance?
Term life insurance provides financial protection for your family over a set time — typically 10, 20, or 30 years. It’s best for people who want coverage while paying off a mortgage, raising children, or building savings. If you pass away during the term, your beneficiaries receive an income tax-free death benefit.
Some people use both types — starting with term coverage and converting to permanent life as finances evolve.
What is a whole life insurance policy?
Whole life insurance definition: A type of permanent coverage that never expires and is guaranteed to endow or mature. Like all life insurance, it pays out a death benefit when you pass away — but it also builds cash value over time. As an endowment contract, the cash value earns interest at a fixed rate and is scheduled to equal the death benefit at a predetermined, guaranteed age. This cash value can be used while you're alive. You can borrow against it or, in some cases, use it to manage pay premiums.
There are two distinct types of whole life contracts. Participating and non participating. Nonparticipating whole life meets all of the aforementioned attributes. Participating whole life products are typically provided by mutual companies and each year they will declare a dividend. This is a return of excess premium to a policyholder. There are several options available to consumers as far as how to use the dividend but it is most commonly used to buy additional insurance annually. This drives the death benefit, and consequently, the cash value to grow over time.
It can also play a role in multigenerational wealth transfer, legacy planning, or building predictable financial tools alongside other long-term assets.
Learn more about the benefits of whole life insurance.
Sample monthly premiums for a $500,000 policy on a 40 Year Old Male and Female
Male - $8,835 Annually - Non Guaranteed CV Age 65 - $342,143 - Non Guaranteed DB Age 85 - $1,502,166
Female - $7,160 Annually - Non Guaranteed CV Age 65 - $280,292 - Non Guaranteed DB Age 85 - $1,310,885
Rates are for non-smokers with a Standard NS health rating, based on MassMutual data as of 5/8/26. Your cost may vary.
How to choose the right type of life insurance
If your main concern is affordability, term life insurance is likely the better fit. If you want guaranteed coverage and cash value for the rest of your life, whole life insurance for adults may be worth the investment — especially if you have long-term dependents or estate planning needs.
Get life insurance quotes tailored to your goals and budget.
Whole life insurance policies differ mostly in how you pay your premiums and whether it’s a participating or nonparticipating policy
Level pay: You pay the same premium for life.
Limited pay: Pay higher premiums over a shorter time — e.g., 10-pay or 20-pay — or finish payments by a target age like 65.
Single premium: Pay the full cost up front.
What factors influence the cost of whole life insurance?
Your payment schedule. Paying off your policy in fewer years — such as by age 65 — increases premiums but shortens your payment timeline. This is called limited pay life insurance.
Riders. Add-ons like chronic illness coverage can increase your cost — though some are free.
Other factors that affect life insurance rates
While our calculator is a great starting point, insurers will also consider:
Your health and family medical history
High-risk jobs or hobbies
Smoking, nicotine, or marijuana use
Learn how health impacts your life insurance rate.
Find affordable whole life insurance that fits your needs
Whole life insurance is more expensive than term coverage, but you can still save money by shopping smart.
Buy early. The younger and healthier you are, the lower your rates — and they’ll stay locked in for life.
Compare quotes. Every insurer evaluates risk differently.
Use an independent broker. A marketplace like Policygenius offers expert advice and access to multiple insurers.
If you have loved ones who depend on you financially, whole life insurance can provide lifelong coverage and build cash value to support your long-term goals. Use our calculator or connect with an agent to get your free quote.
