In our last post, we discussed the best methods for comparing whole life insurance policies, now we will address whole life insurance cost. Whole life insurance rates.
As a consumer, you know that there is a lot that goes into comparing policies and companies. You also know that one detail is more important than most: the cost.
Regardless of your personal situation and future needs, you’re likely to be faced with these two questions:
How much does whole life insurance cost?
In many ways, these two questions go together hand in hand. In other words, your cost is dictated largely by how much coverage you require. But of course, there is more to it than that.
Factors that Impact Your Cost
Before we go any further, remember this: no two companies take the same approach when providing whole life insurance quotes. For this reason, the price offered by one company may not be identical to the next.
In a perfect world, you’ll be young and healthy when purchasing life insurance. This gives you the best opportunity to secure a policy at an affordable price. Many people purchase whole life insurance on their kids, knowing that in the future this will be a great gift to them.
While some people are both young and healthy, others don’t fall into this category.
Generally speaking, here are the factors that affect your whole life insurance premium:
Generally speaking, life insurance rates are cheaper when you are young. The older you get the more you will pay
Are you 100 percent healthy? Or have you run into some health concerns in the past?
On average, women live longer. Subsequently, they pay less for life insurance coverage.
Drinker or smoker? If you drink alcohol or use tobacco, you should expect your life insurance rate to be higher.
Many consumers overlook this detail, but it definitely comes into play. There’s a big difference between someone who works as a secretary and someone who works as a sky diving instructor.
There are companies that offer no exam whole life insurance, but you will pay more for coverage if you go down this path.
The riders you chose to add to the policy. Riders are features you can add to any policy.
Since there are so many factors that impact your cost, including the company and your overall personal and health profile, you won’t know how much you’ll be asked to pay until you receive quotes from multiple providers.
Average Whole Life Insurance Cost
We are going to give you some average whole life insurance cost for different ages next. However, the purpose of the charts is to give you an idea of the price ranges, not to be a quote.
Please remember all of the prices can change based on health, and company. We used one of the most solid companies for the following chart.
Fixed premium term life insurance
Whole Life $250,000, good health & non-smoker
In conclusion, you can see there is a significant difference as you age in price, cash value, and death benefit growth. So if you are considering a whole life, now is the time to take action.
It’s common to ask “how much does whole life insurance cost,” but there’s no simple answer. Instead, you have to dig up the answer by requesting quotes from multiple companies. However, now you have a better idea of prices. Check out this article for whole life insurance cost for $1,000,000.
If you would like to get a whole life insurance quote, just use our whole life insurance quoter:
Whole Life Insurance Non Medical Cost
Many people do not like to go through the hassle of doing a medical exam. We get many clients that are scare of needles. This is when opting for a non-medical whole life insurance may be a good option for you.
It’s a much simpler process, and you will not have to do the blood and urine test. So you will not uncover any new health conditions as the health rating will be based on your current health.
Your health rating will be close to a standard rating. This mean you may have to pay a little more than your average (medical) full underwriting whole life.
Who Should Do It?
If your health is average, and you are not in excellent shape, it may be a good option for you. In addition, if you haven’t been to the doctor in a while, it may be better just to go the non-medical route.
Cost Of Non Medical Whole Life
Here is a table from a participating whole life insurance company that offers a great non-medical whole life:
Male $250,000 Non Medical Whole Life Cost
Female $250,000 Non-Medical Whole Life Cost
If you would like a quote for a non-medical whole life reach out to us and our experts are ready to help.
Protective life insurance
Price Is Not Everything
Unlike term insurance, whole life insurance is an asset. So getting the cheapest, may not be the best for you long term. Sometimes paying a bit more will get you significant cash value growth over the long run.
Just like price increases, the longer you wait the slower your cash value will grow.
Small whole life policies $2,000 to $10,000 can also be known as burial insurance. These are simple, very affordable whole life policies that are easy to purchase. You will not have to go through a complicated underwriting process. All you will need is to answer a few questions, and either you are accepted or rejected.
Most rejections are based on severe health conditions, so don’t be afraid to apply.
Whole life insurance costs can change drastically with age and health, so start as soon as possible, and lock in your insurance for life.
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