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Average whole life insurance rates (October 2024)

The average cost of a $500,000 whole life insurance policy for a healthy 30-year-old is $440 per month as of October 2024. Your personal rates depend on your age, gender, health, and hobbies, as well as how much coverage you need.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Edited by

Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Reviewed by

Patrick Hanzel, CFP®Patrick Hanzel, CFP®Certified Financial Planner™ & Advanced Planning ManagerPatrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

Updated|3 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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How much is whole life insurance?

The average cost of whole life insurance is $440 per month. That’s the amount a 30-year-old who doesn’t smoke and is generally in good health will pay for a $500,000 whole life insurance policy.

Whole life insurance is a type of permanent life insurance that doesn’t expire. It comes with a savings feature called cash value — which you can borrow from while you’re still alive — in addition to the death benefit, which is the money your loved ones can claim when you die.

Average whole life insurance rates

Since whole life insurance doesn’t expire until your death, you’ll pay premiums for the rest of your life, or until you reach age 100. For illustration purposes, the rates below are for policies fully paid up at age 100.

Methodology

Why you can trust our rates

At Policygenius, our educational guides are written and fact-checked by licensed life insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy. Our rates are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, MassMutual, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica), and the Policygenius Life Insurance Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term or whole, and coverage amount) as of the date reflected on each tables methodology. Rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria.

Average whole life insurance rates for non-smokers by age

A 30-year-old female who doesn’t smoke and is in good health can expect to pay $408 per month for a whole life insurance policy with a $500,000 payout. A 30-year-old male with a similar profile can expect to pay $472 per month for the same coverage.

Age

Gender

$500,000 coverage amount

20

Female

$287

Male

$334

30

Female

$408

Male

$472

40

Female

$588

Male

$706

50

Female

$920

Male

$1,081

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Methodology: Monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $500,000 whole life insurance policy fully paid up at age 100 offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.

Average whole life insurance rates for smokers by age

A 30-year-old female smoker who’s in otherwise good health can expect to pay $505.20 per month for a whole life insurance policy with a $500,000 payout. A 30-year-old male smoker with a similar health profile can expect to pay $602.40 per month for the same coverage. People who smoke pay more for life insurance than non-smokers because the use of tobacco has known negative health effects.

Age

Gender

$500,000 coverage amount

20

Female

$352

Male

$432

30

Female

$505

Male

$602

40

Female

$748

Male

$922

50

Female

$1,193

Male

$1,426

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Methodology: Approximate monthly rates are calculated for smokers in a Standard Smoker health classification based on a $500,000 whole life insurance policy fully paid up at age 100 offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.

Average whole life insurance rates by coverage amount

Like with other kinds of life insurance, if you purchase a higher coverage amount, you’ll pay more in premiums. Below you’ll see $1 million whole life insurance policy rates are more expensive than $500,000 whole life insurance policy rates, and so on.

Age

Gender

$250,000 coverage amount

$500,000 coverage amount

$1 million coverage amount

20

Female

$146

$287

$545

Male

$169

$334

$639

30

Female

$206

$408

$801

Male

$238

$472

$920

40

Female

$296

$588

$1,161

Male

$355

$706

$1,372

50

Female

$462

$920

$1,826

Male

$543

$1,081

$2,117

60

Female

$772

$1,540

$3,065

Male

$903

$1,802

$3,556

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Methodology: Whole life insurance rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250,000, $500,000, or $1,000,000 whole life insurance policy fully paid up at age 100 offered by Policygenius through MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 10/01/24.

Average whole life insurance rates for young adults

Age

Gender

$500,000 coverage amount, non-smoker

$500,000 coverage amount, smoker

20

Female

$287

$352

Male

$334

$432

25

Female

$346

$427

Male

$393

$496

30

Female

$408

$505

Male

$472

$602

35

Female

$481

$598

Male

$571

$734

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Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $500,000 whole life insurance policy fully paid up at age 100 offered by Policygenius from MassMutual. Approximate smoker rates are calculated based on a Standard Smoker health classification for a whole life insurance policy fully paid up at age 100 from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.

Learn more about life insurance for young adults

Average whole life insurance rates for seniors

Seniors, including people in their 60s, 70s, and 80s with health conditions, are still eligible for whole life insurance. A licensed agent can compare options personalized for you based on your age and health — there may be some age restrictions depending on the specific type of policy you want to buy, but rest assured you’ll have coverage options.

Age

Gender

$500,000 coverage amount, non-smoker

$500,000 coverage amount, smoker

60

Female

$1,540

$1,985

Male

$1,802

$2,420

65

Female

$1,996

$2,564

Male

$2,394

$3,144

70

Female

$2,797

$3,536

Male

$3,114

$4,012

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Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $500,000 whole life insurance policy fully paid up at age 100 offered by Policygenius from MassMutual. Approximate smoker rates are calculated based on a Standard Smoker health classification for a whole life insurance policy fully paid up at age 100 offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.

Read more about life insurance rates

Life insurance rates remain steady in October 2024

Life insurance rates remained steady in October according to the Policygenius Life Insurance Price Index (PLIPI). Rates haven’t changed since May 2023, when they went up by 1.4%.

The PLIPI uses real-time rate data from leading life insurance companies to reveal pricing trends and industry changes.

Read more about the Policygenius Life Insurance Price Index

How are whole life insurance rates determined?

The cost of whole life insurance depends on four main factors: your age, your health profile, your gender, and the type of policy you want to buy.

  1. Age: Each year you delay buying a life insurance policy, your premiums increase by 4.5% to 9% on average.

  2. Health: Combined with your age, your health profile has the most significant impact on your rates — in general, the younger and healthier you are, the lower the cost of your life insurance policy will be because we all become riskier to insure as we age. Certain pre-existing conditions, like heart disease, diabetes, or cancer, usually have a higher impact on your premiums. Other conditions, like asthma, sleep apnea, or high blood pressure, usually have a lower impact. Habits that affect your health, like smoking, also impact your rates, along with your family medical history

  3. Gender: Women pay on average 24% less for life insurance than men because they have a longer life expectancy. [1]

  4. Policy type: Permanent coverage options like whole life are significantly more expensive than term life insurance, because term life offers basic coverage in the form of a death benefit, and it expires after a set period of time — usually, between 10 and 30 years. Additionally, the type of whole life insurance you purchase will also impact the cost of your policy.  

Other factors that will influence your rates — because they have the potential to increase your insurance risk — include:

Learn more about the life insurance underwriting process

Who is whole life insurance good for?

Is whole life insurance more expensive than term life insurance?

Yes, whole life insurance is significantly more expensive than term life insurance. The average cost of term life insurance is just $26 per month ($312 per year) for a $500,000 20-year term life policy. Meanwhile, the average cost of whole life insurance with the same coverage amount is $451 per month ($5,412 per year). 

Here are other key differences between whole life and term life.

  • The length of your coverage: Whole life is permanent coverage, which means it doesn’t expire. Term life lasts for a set number of years and then expires.

  • The cash value: Whole life has a separate cash value account, while term life does not. Term life policies don’t have a cash value — they only pay out a tax-free lump sum to the beneficiary when the policyholder dies.

Comparing whole life insurance vs. term life insurance

Features

Term life insurance

Whole life insurance

Permanent coverage

No — maximum of 40 years

Yes

Cost* ($500,000 coverage amount)

$26/month for a 20-year term

$451/month

Guaranteed death benefit payout

Yes

Yes

Guaranteed cash value

No

Yes

Premium cost stays fixed

Yes, in most cases

Yes, in most cases

Pays annual dividends

No

Yes, in some cases

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*Methodology: Average monthly term life insurance rate is for male and female non-smokers with a Preferred health classification obtaining a 20-year, $500,000 policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Average monthly whole life insurance rate is calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy paid up at age 100 offered by Policygenius from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 10/01/2024.

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Who is whole life insurance good for?

Whole life insurance can be a good fit for high-net-worth individuals who want to diversify their investments or estate planning portfolio. It can also be a good option for people who have long-term financial obligations. This includes:

  • People who are maximizing their contributions to tax-advantaged accounts like a Roth IRA or 401(k) and have the budget for an additional investment option

  • People with lifelong dependents who want a permanent financial safety net

  • People with unique estate planning needs

A financial planner or insurance professional can help you decide whether whole life insurance is worth it for you.

Learn more about life insurance and estate planning

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How to buy whole life insurance

Buying whole life insurance is similar to buying other types of life insurance.

  • First, you’ll fill out an application and have a phone call with an agent.

  • In most cases, the next step will be to take a medical exam. This is a common part of the life insurance application process. The medical exam is similar to an annual physical, covered by the insurer, and conducted by an examiner in your home or office.

  • After that, the insurance company will review your application and offer you your final rate, which can take four to six weeks.

  • Once you sign your policy paperwork and pay your first premium, your coverage will go into effect.

An independent broker like Policygenius can help you find the best insurance policy for you and walk you through the application process. At Policygenius, our experts are licensed in all 50 states and can provide you with unbiased advice to pick the right coverage for you.

Call us at 1-800-608-2192 to connect with a Policygenius agent and get started on your application, or follow the link below.

Read all about the best whole life insurance companies

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References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. Kaiser Family Foundation (KFF)

    . "

    Total Deaths by Gender

    ." Accessed April 15, 2024.

Author

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Editor

Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Patrick Hanzel, CFP®, is a certified financial planner and advanced planning manager at Policygenius. His expertise has been featured at Lifehacker, Consumer Affairs, Authority Magazine, Thrive Global, and Fatherly.

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