When choosing a life insurance provider, understanding the factors that determine whole life insurance rates is key to finding the best deal on the market. Determining which insurance policy is right for you and your loved ones starts by understanding the premium payments before investing in a lifelong insurance plan.
Fortunately, Final Expense Benefits is here to walk you through the ins and outs of whole life insurance rates, applications, and more. Gain a better understanding of specialty policies such as final expense insurance and guaranteed life coverage, and learn more about what you can do with such long-term investment options.
Get familiar with the insurance market and get coverage that meets your needs. Check our free online quoting tool, call one of our agents at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, and learn more about whole life insurance options today.
Key takeaways
- Whole life insurance rates are based on your age, gender, health, tobacco usage, state of residence, and the plan you apply for..
- Whole life insurance is more expensive than term life—but it lasts for life and builds cash value.
- Final expense insurance is a great option for getting whole life coverage without needing medical exams to qualify.
- There’s a major insurance provider for everyone, regardless of condition and budget.
What is Whole Life Insurance?
Whole life insurance is a type of policy that permanently covers you for life as long as your monthly premiums are paid. It’s a popular option among seniors seeking insurance coverage, as most whole life plans are designed with them in mind. Whole life insurance typically provides a guaranteed death benefit payout and allows policyholders to build cash value over time, protecting the insured while acting as a financial asset.
Whole Life Insurance Rates by Age Chart
| Company | Male 50 y/o | Male 60 y/o | Male 70 y/o | Female 50 y/o | Female 60 y/o | Female 70 y/o |
|---|---|---|---|---|---|---|
|
$34 |
$51 |
$73 |
$26 |
$35 |
$53 |
|
|
$31 |
$43 |
$71 |
$27 |
$41 |
$58 |
|
|
$33 |
$48 |
$82 |
$26 |
$36 |
$58 |
|
|
$32 |
$47 |
$75 |
$26 |
$37 |
$55 |
|
|
$41 |
$59 |
$86 |
$34 |
$45 |
$75 |
|
|
$31 |
$44 |
$75 |
$24 |
$33 |
$53 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
|
|
$31 |
$43 |
$70 |
$24 |
$33 |
$53 |
|
|
$34 |
$50 |
$82 |
$29 |
$40 |
$57 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
Final Expense Insurance
Also known as burial insurance or funeral insurance, final expense insurance is a specific type of whole life insurance policy designed to cover costs such as funerals and other end-of-life expenses. Most final expense plans do not require medical exams and typically accept most applicants without extensive medical underwriting. The relaxed application requirements make final expense insurance a great option for seniors looking for affordable coverage.
Guaranteed Issue Life Insurance
Much like final expense insurance, guaranteed life insurance, sometimes referred to as guaranteed issue or guaranteed acceptance life insurance, is another type of whole life coverage. This type of policy does not consider pre-existing medical conditions when determining applicant eligibility, making it ideal for seniors in poor health. Though guaranteed plans often cost more than other whole life plans because of their forgiving underwriting.
However, guaranteed policies always have a waiting period of two years or more. If the policyholder passes away before the period ends, beneficiaries will be paid their benefits at a reduced rate.
Universal Life Insurance
Universal life insurance is another permanent life insurance policy with cash value. However, universal life policies allow the insured to adjust their premiums within certain limits, making them more affordable than whole life coverage. The only negative is that if the policyholder’s investments underperform or if they underpay for an extended period, it could affect death benefits or cause the policy to lapse altogether.
Term Life Vs. Whole Life Insurance
You may have heard that term life insurance can offer lower premiums. However, compared to whole life insurance, it’s not the most cost-effective coverage you can get. Ultimately, what separates term life and whole life coverage comes down to cost, coverage length, and cash value.
In short, term life insurance provides coverage for a set period of either 10, 15, 20, 25, or 30 years. If the insured dies during the term period, beneficiaries will receive the plan’s payout. However, if the insured outlives the term, beneficiaries receive no payout.
Term life can offer cheaper premiums, but that’s because of the set period of coverage built into the policy. Meanwhile, whole life is more expensive, but the policy lasts for the rest of the policyholder’s life. Whole life steadily builds cash value over time which can then be cashed out. With term life policies, you can’t borrow against or cash out anything from the plan while insured.
How to Qualify for Whole Life Insurance
To qualify for traditional whole life insurance, extensive medical underwriting is usually involved and may require applicants to submit their medical records or complete a health questionnaire. Because of the health requirements, traditional whole life insurance may be difficult for seniors to get. However, there are other whole life options that seniors can go for, which work around the need for medical exams—options like burial insurance.
Whole Life Insurance: Why You Need Burial Insurance
Almost every major life insurance provider on the market offers a whole life policy for applicants of all ages. So, whether you’re a senior in need of immediate coverage or looking to prepare early, getting burial insurance is beneficial. And with Final Expense Benefits, you’ll have no trouble navigating through the process of finding and qualifying for a policy that meets your needs and doesn’t break the bank.
Don’t forget to use our free online quoting tool for personalized estimates or call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Speak with a representative and find the right burial insurance plan with Final Expense Benefits today.
Conclusion
Many factors go into deciding your monthly whole life insurance rates. While premiums may be significantly more expensive compared to term life plans, whole life plans last for a lifetime, can build cash value over time, and policyholders can access those funds should they need them while insured. And while traditional whole life insurance policies may be hard to qualify for, alternative insurance options such as final expense and guaranteed life insurance are available with most carriers.
Get clarity, compare providers’ whole life insurance rates in real time, and call Final Expense Benefits at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET.
FAQ
What determines whole insurance rates?
Whole insurance rates for an applicant are determined depending on their age, health issues, state of residence, tobacco usage, gender, and coverage amount. Applying for a simplified issue, guaranteed issue, or choosing a fully underwritten policy will also influence the cost of premiums.
What is the average cost of whole life insurance per month?
The average cost of whole life insurance varies based on age, gender, health, the amount of coverage, and the selected provider.
What is whole life insurance?
Whole life insurance is a type of plan that covers a policyholder for life as long as monthly premiums are paid.
What’s the best way to compare whole life insurance rates?
The best way to compare whole life insurance rates is to get personalized quotes through a brokerage like Final Expense Benefits. An expert can help you identify the factors might influence the cost of your monthly premiums.
Do whole life insurance plans require medical exams?
Some types of whole life insurance do not require medical exams. Final expense, simplified issue, and guaranteed issue whole life insurance plans do not require medical exams.
Are there whole life insurance policies with no waiting period?
To get a whole life insurance policy with no waiting period, you’ll need to complete a medical questionnaire or an in-person health exam and be approved to qualify.