Whole Life Insurance Policy Cost Per Month

Key Takeaway

The cost of whole life insurance protection will vary based on your circumstances and required coverage value. 

Coin price of whole life insurance cost

Understanding premiums, features, and costs is a key aspect of life insurance solutions education, ensuring you make informed decisions about the right policies and coverage for you and your family.

Whether you are purchasing whole life insurance for parents to ensure your children receive a financial payout when you pass away or would like to find life insurance for self-employed professionals, premium costs are undoubtedly an important factor.

Today, we will run through some of the elements that influence the cost of whole life premiums and clarify what you might expect your coverage to cost each month.

Aspects That Will Affect Your Whole Life Insurance Premiums

Insurance companies will normally assess an initial application, which typically include health questions, to verify that you are eligible for the policy and meet any conditions or terms of coverage that may apply. During this process, the insurance company will review your circumstances, looking at aspects like the value of coverage you require, your age, and your health status.

 While some guaranteed life insurance policies involve fewer questionnaires and assessments, an insurer must carry out these checks to ensure they can offer the coverage you would like and to enable them to calculate the premiums payable accurately.

How Your Age is a Factor with Whole Life Insurance Premiums

The insurance industry uses a standardized resource called the CSO Table, which assists with predicting the life expectancy of an insurance applicant. Generally, life coverage costs less the younger you are because the insurance carrier will acknowledge that you have sufficient time to make premium payments and contributions to achieve the coverage desired.

Health Conditions and Whole Life Insurance Costs

Any underlying medical issues or health conditions could mean your premiums are higher than for a person of the same age with no medical conditions. Our Customer Experience Center specialists might recommend an alternative policy or insurance type if your health means you are not eligible for the whole life policy you are considering.

The Link Between Higher Insurance Coverage and Premiums

Alongside your circumstances, your required coverage will contribute to the calculation of the premium payable. Some insurance policies will offer maximum coverage values, whereas others might allow you to purchase a policy with a customized death benefit, with the premiums increasing the higher the coverage needed. Other insurance policies may be permanent, as with whole life, but will accrue value based on your contributions–allowing you greater flexibility but without the assurance of a confirmed death benefit.

The Average Monthly Cost of Whole Life Insurance

These variables (and others, such as whether you work in a high-risk occupation), mean that the cost of whole life insurance may differ considerably for two people. The cost of your whole life insurance premiums will likely vary from someone else’s cost, so it is always advisable to ask for a confirmed estimate before proceeding.

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The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.

Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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