Whole life insurance is a type of permanent life insurance designed to provide coverage for your entire life as long as required premiums are paid.
Unlike term life insurance, whole life policies can build cash value over time. This cash value generally grows on a tax-deferred basis and may be accessed through policy loans or withdrawals, subject to policy terms.
Whole life insurance is often considered by people who want lifelong protection, predictable premiums and a permanent death benefit.
Why Choose Whole Life Insurance?
Lifetime Protection
Coverage is designed to remain in force for life as long as required premiums are paid.
Cash Value Growth
A portion of your premium can help build cash value that grows over time.
Predictable Premiums
Many whole life policies have level premiums that remain consistent throughout the life of the policy.
Explore Whole Life Insurance Options
Traditional Whole Life
Permanent coverage with level premiums, a guaranteed death benefit and guaranteed cash value growth.
The table below shows sample monthly whole life insurance premiums by age, sex and coverage amount for preferred nonsmokers.
Sample monthly premiums are for preferred nonsmokers and are rounded to the nearest dollar. Rates vary by health, state, insurer, underwriting and policy design. Figures are for comparison purposes only and are not personalized quotes.
Rates updated: March 9, 2026
Age
Sex
Coverage
Sample Monthly Whole Life
40
Male
$100,000
$220
40
Female
$100,000
$182
40
Male
$250,000
$297
40
Female
$250,000
$253
50
Male
$100,000
$276
50
Female
$100,000
$214
50
Male
$250,000
$455
50
Female
$250,000
$391
60
Male
$100,000
$412
60
Female
$100,000
$304
60
Male
$250,000
$761
60
Female
$250,000
$664
Source: Choice Mutual Whole Life Insurance Rate Charts. Rates valid as of March 9, 2026.
Disclaimer: Rates shown are sample monthly premiums for general comparison purposes only. Actual premiums vary by age, sex where permitted, health, smoking status, coverage amount, payment structure, state, insurer and underwriting classification.
What Affects the Cost of Whole Life Insurance?
Age
Whole life insurance generally costs less when purchased at a younger age.
Health
Health history and current medical conditions can affect eligibility and premiums.
Smoking
Tobacco use can significantly increase the cost of permanent life insurance.
coverage Amount
A larger death benefit will generally result in a higher premium.
Payment Structure
Paying premiums over a shorter period can increase the amount paid each year.
Policy Design
Cash value guarantees, dividends and other policy features can influence cost.
Who May Consider Whole Life Insurance?
Whole life insurance may be worth considering if you want permanent protection and long-term policy guarantees.
Common Reasons
Providing lifelong financial protection
Covering final expenses
Leaving money to beneficiaries
Building cash value
Estate planning
Business succession planning
Creating a permanent death benefit
Supplementing other life insurance coverage
Benefits and Things to Consider
Benefits
Lifetime coverage
Level premiums on many policies
Guaranteed death benefit
Cash value accumulation
Potential dividend payments on participating policies
Things to Consider
Higher premiums than term insurance
Cash value typically grows gradually
Policy loans reduce available cash value and death benefit if unpaid
Surrendering a policy may result in charges
Dividend payments are not guaranteed
Whole Life vs. Other Life Insurance
Term Life
Provides lower-cost coverage for a selected number of years without traditional cash value accumulation.
