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The future is uncertain and can't be predicted, but you can make backup plans, especially when it comes to life insurance. With whole life insurance, you and your family are protected for the rest of your life and beyond.
You have many choices when you go for this type of insurance. Companies providing whole life have plans tailored to each client’s needs. Depending on age, gender and medical history, you’ll find options for everybody.
Quick Look: Best Whole Life Insurance Rates:
Benzinga tested and reviewed whole life insurance companies for you to compare and find what works best for you.
- Best Overall: New York Life
- Best Whole Life for Seniors: Colonial Penn
- Best Whole Life for Young People: Bestow
- Most Trusted Whole Life Provider: State Farm
Whole Life Insurance Rates by Age Chart
The following table shows monthly payments for insured individuals of different ages. The exact price depends on the provider you choose, but this chart helps you get an idea about rates.
In this example, the policy offers $50,000 of coverage.
| Age | Male | Female |
| 30 | $71 | $65 |
| 40 | $82 | $75 |
| 50 | $114 | $105 |
| 60 | $172 | $152 |
| 70 | $278 | $240 |
Whole Life Insurance Cash Value Chart
Cash value accumulates over time. Here’s a look at an example of cash value accumulation for a $100,000 policy.
| Policy year | Age | Annual Premiums | Cash Value |
| 10 | 40 | $1,178 | $11,569 |
| 20 | 50 | $1,178 | $33,838 |
| 30 | 60 | $1,178 | $72,398 |
| 50 | 80 | $1,178 | $228,317 |
Getting the Best Whole Life Insurance Quote
The best life insurance companies are listed and reviewed below. Take a look at them, and choose the one that is right for you. Each provider has its own unique features and price plans, and each meets Benzinga’s standards for high-quality service.
New York Life
If you pay attention to a company's history and credibility, you'll be pleased to know that New York Life is one of the oldest life insurance companies. In addition to its offering whole life insurance, it also writes term life insurance.
You can choose a yearly renewable term that renews each year with the opportunity to opt for a level premium term policy that can be purchased in a 15-year term or more.
New York Life’s whole life insurance is available nationwide. Its low level of complaints and strong financial rating earn it a high level of trust in this industry.
Pros
- High customer satisfaction
- Few complaints to state regulators
- Lots of policy options to choose from
- Customizable policies
Cons
- No online application
- Fee to switch from yearly to permanent
- No mobile app
Bestow
*excludes New York
Bestow has less than 10 years of operation but is already one of the most popular life insurance providers. Its strongest point is its application progress, which is quick and easy. Bestow's insurance policy is available for people between 18 to 60 years old.
If you are worried about the cost of permanent life insurance, you might want to check this company out. Its website gives you an instant rate quote when you answer a couple of personal questions.
This provider works well for people who are looking for a $500,000 life insurance policy. Bestow offers coverage amounts from $50,000 to $1.5 million.
Pros
- Cheap and affordable plans
- No medical exam
- One of the quickest approval times
Cons
- Limited to customers aged 60 years and under
- Limited range of policies
- No additional riders
Policygenius Life Insurance
Policygenius makes the insurance application process easy and straightforward. It lets you compare plans and rates to get a better idea about the value you get for the money.
Time is a valuable resource, and nobody wants to spend long hours going through the difficult process of getting life insurance, but Policygenius makes it easy with its excellent customer support.
Whether you want a 20-year term or a whole life plan, this company gets you exactly what you need. Premiums are higher on whole life insurance, but coverage is permanent.
Pros
- Easy to compare
- Lots of positive reviews from customers
- Handy cost calculator available on their site
Cons
- Two types of policies
- Major brands only
Colonial Penn
Operating for decades, this provider is specialized in offering life insurance for seniors. Its services are available for people aged between 40 to 75, with coverage amounts ranging from $10,000 to $50,000.
If you need a $75,000 life insurance policy, you might have to look for another recommendation from this article. While health questions are necessary during the application process for Colonial Penn life insurance, it requires no medical exam.
Accelerated death benefits give you access to a part of the payout if you are diagnosed with a terminal illness. Keep in mind that a chronic illness does not grant you access to this benefit.
Pros
- One of the best providers for seniors
- Term and whole life insurance
- Accelerated death benefit in case of terminal illness
Cons
- Low coverage amounts
- Lots of complaints to regulators
State Farm
With more than 100 years of operation, State Farm is one of the oldest insurance providers. It is known for insuring millions of vehicles across the states and also issues life insurance policies.
Whole life, term life and universal life policies are available for those aged 50 to 80 years old. If you want a $250,000 whole life insurance policy on a 25-year term, State Farm can provide it for you. Final expense coverage can also be added to your plan at any time.
In the past years, this company registered fewer complaints than its competitors, showing a high level of customer satisfaction. Its service provides lots of value for many seniors.
Pros
- Few complaints
- Lots of options to choose from
- Informative, easy-to-navigate website
Cons
- Low flexibility in term lengths
- Policies not available in Massachusetts
- High premiums compared to other providers
Ladder Term Life Insurance
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.
This digitalized provider has one of the best websites in the industry. Ladder’s transparency ensures that you don’t get hit with hidden fees. Its policies are based on age and gender, with no exam being required during the application process.
You have the freedom to change the coverage amount over time. However, Ladder’s rates are higher than its competitors. Ladder offers coverage between $100,000 to $8 million.
If you change your mind, you can cancel the insurance at any time without suffering hidden fees. Ladder could be right for you if you don't want life insurance to be a headache. While not whole-life insurance, we thought their reputation warrants them being on the list.
Pros
- High coverage limit
- No hidden fees
- Adjustable coverage
- Policies sold by multiple insurers
Cons
- No riders
- No whole life insurance policy
- Limited customer service
What is Whole Life Insurance?
Whole life insurance is a type of permanent insurance that covers an individual for an entire lifetime, with a death benefit included at the end. It provides a guaranteed payment to your loved ones at the end of your life. That's why this insurance gets more expensive as you age.
How Much Does Whole Life Insurance Cost per Month?
The exact cost depends on several factors, such as the ones shown in the next section. For example, a 30-year-old man who doesn't smoke or consume alcohol will pay between $240 and $280 per month for a $250,000 policy.
Keep in mind that the cost increases with age, medical conditions and coverage amount. Some companies let you change this amount in the future.
The same person will pay between $480 and $570 for a $500,000 policy. A 50-year-old woman who smokes regularly and desires $100,000 of coverage will pay between $153 and $221 per month.
Factors to Consider
You’ll want to consider several factors before you choose a provider. While the policies are clear and the information is straightforward, the specifics differ from person to person.
Take a look at the following factors that influence the cost of whole life insurance premiums:
- Age
- Occupation
- Lifestyle
- Health
- Gender
Age is the most important factor. Younger people pay lower rates because they are considered to have a lower risk of dying. But risk can increase regardless of age if the insured individual is leading a dangerous lifestyle or has a medical condition.
Why You Can Trust Benzinga
Life insurance is important for everyone, but it doesn't mean it has to be stressful to choose a provider. Researching and analyzing all the offers can be difficult, and it's not easy to compare providers when they're bombarding you with too much information.
Benzinga does the hard work for you, finding the best whole life insurance providers.
Benzinga recommends the best six providers here. These companies meet Benzinga’s strict standards for excellent product offerings and strong customer service.
Frequently Asked Questions
How much is a million-dollar life insurance policy?
On average, a $1 million life insurance policy costs about $32 per month. The exact price depends on the provider and the term. Some companies offer additional benefits that might increase the price.
At what point does a whole life insurance policy endow?
A whole life insurance policy endows when the cash value reaches a fixed amount specified in the contract. This point is usually reached when the insured individual reaches 100 years of age. After this point, the company pays out the face value of the policy.
Why would term life insurance costs be different for two people who are the same age?
Several factors differentiate the cost, including health and medical history, gender, occupation, lifestyle and habits. Smoking or high alcohol consumption increases the risk associated with insuring an individual. If one person is in better health and has a clean medical history, they are considered to have a lower risk.
What age should you get life insurance?
It is recommended to get life insurance when you are young and healthy. Doing so helps you save money in the future because you face the risk of developing health conditions with age. Insured individuals with higher risk pay higher life insurance rates.
How much is the life insurance for a 55-year-old?
A 55-year-old person will pay about $950 per year or $80 per month for a whole life policy with an insurance cash value of $500,000.
How much is the life insurance for a 70-year-old?
A 70-year-old person will pay about $1,800 per year or $150 per month for a whole life policy with an insurance cash of $25,000.
What is the average life insurance payout?
Many factors affect payouts, including the age and health of the insured individual and the insurer’s policies. On average, the payout is between $10,000 and $50,000.
Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.