Protective is the cheapest whole life insurance company overall. Women pay an average of $116 per month for $100,000 coverage, while men pay $127. Pacific Life follows closely at $126 for women and $140 for men per month.
Cheapest Whole Life Insurance (2026)
Protective offers the cheapest whole life insurance, with rates starting at $116 per month for women and $127 for men for $100,000 coverage at age 40.
Find cheap whole life insurance below.
Select age group
Updated: February 2, 2026
Advertising & Editorial Disclosure
Key Takeaways
Pacific Life ranks second at $126 per month for 40-year-old women and $140 for men, making it another budget-friendly option for permanent coverage.
Protective and Pacific Life consistently rank as the cheapest whole life insurance companies across demographics (age, tobacco use, poor health and coverage level).
Whole life insurance costs more than term life but provides lifelong coverage and cash value growth.
Who Has the Cheapest Whole Life Insurance?
Data filtered by:
Female
| Protective Insurance | $116 | $1,391 |
| Pacific Life | $126 | $1,512 |
Rates are for the standard profile we used: a 40-year-old nonsmoker with average health seeking $100,000 in coverage. Your actual premium depends on your age, health status, tobacco use and desired coverage amount.
Cheapest for Young Adults
Young adults pay less for whole life insurance because insurers view them as lower risk. A 30-year-old has decades before most age-related health issues appear, which means lower odds of claims and lower premiums.
Buying coverage in your 20s or 30s locks in lower rates for life since whole life premiums never increase.
Data filtered by:
Female
| Pacific Life | $79 | $951 |
| Protective Insurance | $81 | $966 |
These rates are based on quotes for a 30-year-old nonsmoker with average health seeking $100,000 in coverage. Your actual premium depends on your age, health status, tobacco use and desired coverage amount.
Cheapest for Seniors
Senior rates climb because insurers face higher payout risk. A 70-year-old applicant might file a claim within 10 to 15 years, compared to 40 or 50 years for a younger buyer. This compressed timeline raises monthly costs.
Data filtered by:
Female
| Protective Insurance | $630 | $7,557 |
| Pacific Life | $693 | $8,313 |
These rates are based on quotes for a 70-year-old nonsmoker with average health seeking $100,000 in coverage. Your rate will vary based on your age, health, smoking status, and coverage needs.
Cheapest for Smokers
Tobacco use affects life expectancy and causes illnesses. Smokers pay about three times more than nonsmokers.
Data filtered by:
Female
| Pacific Life | $203 | $2,439 |
| Protective Insurance | $238 | $2,854 |
Rates are on quotes for a 40-year-old smoker with average health seeking $100,000 in coverage. Individual rates depend on personal factors like health and desired coverage amount.
Cheapest for People with Poor Health
Health conditions like diabetes, high blood pressure or past heart problems increase premiums because these issues raise mortality risk. Insurers adjust rates based on how well conditions are managed and your overall medical history.
Data filtered by:
Female
| Protective Insurance | $131 | $1,572 |
| North American | $136 | $1,635 |
| Midland National | $136 | $1,635 |
| Pacific Life | $138 | $1,651 |
| Columbus Life | $147 | $1,768 |
These quotes are for a 40-year-old nonsmoker with poor health seeking $100,000 in coverage. Actual premiums vary by individual circumstances and coverage selection.
Some insurers specialize in high-risk applicants and may offer better rates if you have serious health concerns.
Cheapest by Coverage Level
Premiums scale directly with coverage amounts. Doubling your coverage roughly doubles your monthly cost because the insurer's payout risk doubles too.
Data filtered by:
Female
$500,000
| Protective Insurance | $580 | $6,954 |
| Pacific Life | $630 | $7,559 |
Quotes for a 40-year-old nonsmoker with average health. Your rate will vary based on your age, health, smoking status, and coverage needs.
How to Get Cheap Whole Life Insurance
Shopping for affordable whole life coverage requires comparing multiple insurers and understanding what drives your rate. Insurers weigh dozens of factors differently, so one company's best rate might be another's average quote.
Compare at least three insurers.
Rates vary by hundreds of dollars annually between companies for identical coverage. Getting quotes from several companies shows you the full price range.
Buy coverage early.
Whole life premiums lock in at application and never increase. A 30-year-old paying $79 per month keeps that rate at 50, 60 and 70. Someone who waits until 40 pays $116 per month forever.
Choose the right coverage amount.
Overbuying coverage wastes money, while underbuying leaves your family short. Calculate your debts, income replacement needs and final expenses to determine how much coverage is right for you. Use our life insurance calculator to get a quick estimate of your coverage needs.
Maintain good health.
Medical exams check blood pressure, cholesterol, glucose and other markers that affect your rate class. Managing conditions like diabetes or high blood pressure before applying can move you from standard to preferred rates, cutting premiums.
Quit tobacco.
Most insurers consider you a nonsmoker after 12 months without any tobacco products, including cigarettes, cigars, chewing tobacco and vaping. The rate drop from smoker to nonsmoker cuts premiums in half or more.
Ask about discounts.
Some insurers offer lower rates for paying annually instead of monthly, setting up automatic payments or buying multiple policies.
Consider guaranteed issue cautiously.
Guaranteed acceptance life insurance policies accept anyone without medical questions but charge two to three times standard rates and include waiting periods before full coverage kicks in. These work for high-risk applicants who can't qualify elsewhere but cost substantially more.
Average Whole Life Insurance Rates
Monthly whole life insurance premiums increase with age because older applicants represent a higher payout risk. Women pay less than men at every age because they live longer on average, which delays claims. Some states prohibit gender-based insurance rates.
Data filtered by:
20
Female
No
| $100,000 | $14 | $164 |
| $250,000 | $34 | $410 |
| $500,000 | $69 | $820 |
| $750,000 | $103 | $1,230 |
| $1,000,000 | $137 | $1,640 |
| $1,500,000 | $205 | $2,461 |
| $2,500,000 | $342 | $4,101 |
These averages show quotes based on MoneyGeek's analysis of 16 major insurers for people with average health. Your actual premium depends on your health profile, lifestyle, age, gender and chosen insurance company.
Cheap Whole Life Insurance: Bottom Line
Protective and Pacific Life rank as the cheapest whole life insurance companies across age groups and health profiles. Buying coverage early locks in lower rates permanently since whole life premiums never increase. Compare quotes from multiple insurers, buy only the coverage you need and maintain good health to get the best rates.
Whole life costs more than term life but provides lifelong financial protection and cash value growth for families who want permanent coverage.
Cheap Whole Life Insurance Policy: FAQ
Is whole life insurance worth the cost?
Whole life insurance costs more than term life but provides lifelong coverage and builds cash value you can borrow against. It works well for estate planning, final expenses and lifelong financial protection. Term life fits better if you need temporary coverage at lower cost.
Can I get whole life insurance without a medical exam?
Yes, simplified issue and guaranteed issue whole life policies skip medical exams but charge higher premiums and may include waiting periods. Guaranteed issue policies cost two to three times standard rates and often pay limited benefits during the first two years.
How does age affect whole life insurance rates?
Whole life premiums increase sharply with age because the payout risk is higher for older applicants. Buying coverage early locks in lower rates permanently.
Our Methodology
We analyzed 248,399 life insurance quotes from 16 major insurers based on MoneyGeek's 2025 survey methodology to identify which companies consistently offer cheap whole life insurance. We gathered quotes using a standard profile:
- 40-year-old male
- Nonsmoker
- 5 feet 9 inches tall, 160 pounds
- Average health rating
All premiums are for this profile unless we specify otherwise. We modified age, gender, height, weight, tobacco use and health status. This approach reveals which insurers maintain consistent pricing across different customer profiles.
We also collected whole life insurance quotes for different coverage amounts.
Coverage costs and company information were updated in 2025, so you're seeing current market conditions, not outdated rate data that might mislead your decision.
Related Pages
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.