How Much Does Whole Life Insurance Cost? (2026 Rates)

When shopping for whole life insurance, you'll find that rates vary based on your personal factors. A 40-year-old woman with average health pays $605 monthly for $500,000 in whole life coverage, while a man the same age pays $667.

Whole life insurance costs more than term life because it provides lifetime coverage with a cash value component. Your premiums build cash value you can borrow against or withdraw while living. The policy stays in force as long as you pay premiums, and your beneficiaries receive a guaranteed death benefit whenever you pass away.

Age has the biggest impact on whole life insurance premiums. A 40-year-old woman pays $605 monthly for $500,000 coverage, but a 70-year-old woman pays $1,738 for the same coverage amount. Men see similar increases, paying $667 at age 40 and $2,052 at age 70.

These rates are for nonsmokers with average health and $500,000 coverage. Rates shown are estimates based on our survey methodology and may vary based on your situation and insurer underwriting guidelines.

Buying coverage earlier locks in lower premiums for life, since whole life rates never increase once your policy begins.

Smoking nearly doubles whole life insurance costs. A 40-year-old nonsmoking woman pays $605 monthly, but a smoking woman the same age pays $1,103. Men face similar increases, with costs jumping from $667 for nonsmokers to $1,216 for smokers at age 40.

Rates for smokers with average health and $500,000 coverage.

Quitting smoking can lower your rates if you apply after being smoke-free for 12 to 36 months, depending on the insurer. Most require at least two years.

Poor health increases whole life insurance premiums. A 40-year-old woman with poor health pays $688 monthly for $500,000 coverage instead of $605. Men with poor health pay $769 versus $667 for those with average health.

These rates apply to people with poor health and $500,000 coverage.

Conditions like diabetes, heart disease or high blood pressure usually result in higher premiums. Some insurance companies specialize in life insurance for people with health conditions, so they may offer better rates.

Coverage amount affects your monthly premium. A 40-year-old nonsmoking woman pays $121 monthly for $100,000 coverage but $1,209 for $1,000,000. Men pay $133 for $100,000 coverage and $1,335 for $1,000,000.

These rates are based on 40-year-olds with average health.

Buying more coverage increases your premium proportionally, though some insurers offer slight discounts for larger policies.

Whole life insurance premiums cost more than term life insurance because you're paying for permanent coverage instead of temporary protection. A 40-year-old man might pay $55 monthly for $500,000 in 20-year term coverage but $667 for whole life with the same death benefit.

Here's why whole life costs more:

• Whole life coverage never expires as long as you pay premiums, while term policies end after 10, 20 or 30 years.
• Your whole life premiums build cash value that grows tax-deferred and can be accessed through policy loans (which accrue interest) or partial withdrawals (which may reduce your death benefit). Cash value growth isn't guaranteed and depends on the insurance company's performance and policy terms.
• The death benefit is guaranteed regardless of when you pass away, not just during a specific term period.

Term life fits you if you need coverage for a specific timeframe, like until your mortgage is paid off or your kids finish college. Whole life works better when you want permanent coverage for final expenses, estate planning or leaving an inheritance. The higher cost buys lifelong financial protection and a savings component that term policies don't offer.

Whole life insurance costs $605 to $667 monthly for a 40-year-old with $500,000 coverage, but premiums vary widely based on age, health and smoking status. Older applicants and smokers pay more. Compare quotes from at least 3 insurers to find the best rates for your situation.

Whole life insurance pricing varies based on personal health factors, making it essential to analyze rates across real-world scenarios. We gathered thousands of quotes across multiple demographics to show you how insurers price policies for different people.

Baseline Profile and Testing Parameters

We used a standard 40-year-old applicant to establish baseline rates:

• Age: 40 years old
• Smoking Status: Nonsmoker
• Male: 5'9" tall, 160 pounds
• Female: 5'4" tall, 120 pounds
• Health Rating: Average

All premiums reflect this standard profile unless noted otherwise.

Variable Testing

To capture pricing patterns across demographics, we adjusted key underwriting factors:

• Smoking status (smoker vs. nonsmoker)
• Health levels (from average to poor ratings)
• Coverage amounts (varying death benefit levels)

Data Analysis Process

We collected individual quotes and identified pricing patterns across our dataset. These patterns enabled us to calculate projections and extend our analysis beyond the original quotes, showing how rates shift based on:

• Age variations (younger vs. older applicants)
• Coverage amount changes (lower vs. higher death benefits)
• Health classification shifts (excellent vs. standard vs. substandard ratings)
• Gender differences (male vs. female pricing)

The result: comprehensive rate data that helps you understand what whole life insurance actually costs for someone with your characteristics.