A whole life insurance rates chart is a simple way to understand the cost of different policies over time, based on variables like your age and coverage amount.
The price of a whole life insurance policy can vary widely, so whole life rates charts can help you make smart decisions when you shop for coverage. A premium rates chart typically shows whole life insurance rates by age, gender, and the size of the policy. These charts can give you a good starting point for your budget, but keep in mind that actual costs will vary for each person.
Here, we break down how to understand whole life insurance rates so you can find the policy that best meets your needs.
What is a whole life insurance cash value chart?
Whole life policies build cash value you can access during your lifetime, so a whole life insurance cash value chart is another helpful tool to see what you’ll earn over the years. By using both rate and cash value charts to understand the cost and benefits of a policy, you can find a plan that meets your budget and your family’s goals.
As a type of cash value life insurance, whole life comes with a death benefit as well as a cash value component. That cash value feature is part of the reason why whole life insurance costs more than term (the other big reason is that whole life policies don’t expire). If you want a policy that provides a source of cash before you die, the extra cost of a whole life policy can be worth it.
Want to know how quickly a whole life insurance policy will accrue cash value? A general whole life cash value chart shows the estimated amounts available over the policy’s estimated lifespan, depending on factors like the coverage amount and average premiums. With Fidelity Life, as part of your policy, you’ll receive a policy schedule that shows your cash value accumulation throughout the life of the policy.
Are whole life insurance rates charts accurate?
The short answer is “partly.” The whole life insurance rates by age chart you’ll typically find when comparing plans or options online is based on aggregated data. These charts don’t take into account how your individual factors will affect your whole life insurance policy rates.
A customized rates chart will account for those factors and clearly display your individual cost of whole life insurance by age, gender, and more. The good news? Since your premium stays the same for the entire policy, you can use those numbers to budget with confidence for years or even decades.
Whole life insurance rates*
| Age | Male | Female | ||
| Fidelity Life | Competitor Average | Fidelity Life | Competitor Average | |
| 70 | $154 | $196 | $123 | $134 |
| 75 | $209 | $265 | $160 | $192 |
| 80 | $293 | $369 | $225 | $271 |
| 85 | $419 | $470 | $325 | $335 |
*Rates are for a customer in the standard rate class for a $20,000 simplified issue policy with an immediate death benefit. Rates current as of November 2021.
Factors that determine whole life insurance premium rates
Life insurance companies consider several factors when estimating your monthly premiums. Some are based on your personal background, like your overall health, and others have to do with the policy you choose.
What factors besides age actually impact your rate? These are the most common factors affecting whole life insurance rates to keep in mind:
- Age
- Gender
- Height and weight
- Your medical history, including major illnesses or chronic conditions
- Your family health history
- Whether you use tobacco
- Your lifestyle, including whether you have a high-risk job or hobbies, and your driving record
- Specific policy features, including the coverage amount and any riders
How whole life insurance premiums build cash value
With whole life insurance, you make fixed regular payments that are split between your death benefit and your cash value. Over time, your cash value grows at a steady rate. Some policies also pay dividends, which you can reinvest into your cash value account to help it grow faster.
Most insurers will let you borrow from the cash value after a few years of owning the policy, once the cash value account grows to a certain level. Keep in mind that you’ll need to pay the money back; otherwise, your insurer will subtract that amount from your total death benefit.
Your whole life insurance cash value chart will track the anticipated cash value of your policy over the years. The rate at which cash accrues depends primarily on your age and the type of policy you purchase, since some prioritize higher cash growth than others.
Comparing term life premium rates to whole life premium rates
In general, term life insurance policy premiums are much lower than whole life insurance premiums. As mentioned above, whole life policies never expire and also offer cash value while you’re living – two features that term life policies don’t have.
If you’re comparing term vs. whole life insurance plans, consider your budget along with your financial goals. Term life insurance is typically best if you need affordable coverage for a specific period of time, like while you’re raising a family or supporting a partner during your working years. Once that period ends, your coverage does too.
On the other hand, whole life can provide a guaranteed source of cash no matter how long you live, helping you to cover end-of-life costs or leave a legacy for a child or grandchild. While it’s more expensive than term, that guaranteed payout can make it worth the investment for some people. Once your cash value grows to a certain level, you may also be able to use the excess cash to help cover monthly premiums.
What’s the best way to find a whole life insurance rate?
Wondering how much you might pay in whole life premiums? The best place to start is with a personalized quote.
To start your whole life insurance rates comparison, compare quotes online with Fidelity Life or give our team a call to explore your options.
At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.
