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Whole life insurance is a permanent life policy that provides coverage during your entire lifetime, meaning it will never expire. As long as you pay your premiums, the policy will pay out a death benefit to your beneficiaries after you pass away. Let’s dive deeper into how whole life insurance works, its benefits, how much it costs, and typical rates by age.
Whole life insurance is a permanent policy that offers lifelong coverage. Typically, you’ll pay the same premium for the duration of your policy.1 The death benefit that your beneficiaries or loved ones receive upon your death will also stay the same, no matter how long you live. In addition, your policy may build cash value, which typically increases over time as you pay your premiums and may be available for you to use while you’re still living.
Whole life insurance is designed to last for your entire life, regardless of how old you are when you pass away. Upon your death, it will pay a death benefit to your beneficiaries. The cash value growth component of the policy accumulates tax-free. You can tap into this money through a loan or partial withdrawal.
A $500,000 whole life insurance policy costs an average of $451 per month for a 30-year-old non-smoker in good health.2 If you get whole life insurance, the premiums you’ll pay may vary based on factors like your age, health, gender, and the type of policy you get.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Here are some examples of monthly whole life insurance rates by age for men and women for $250,000 worth of coverage.2
| Men | Women | |
|---|---|---|
| Age 20 | $169 per month | $146 per month |
| Age 30 | $238 per month | $205 per month |
| Age 40 | $355 per month | $296 per month |
| Age 50 | $543 per month | $462 per month |
There are many other factors that impact premiums for whole life insurance, including:
Studies have shown that men have a lower life expectancy than women.3 Therefore, you may pay more for a whole life insurance policy if you’re a man.
Many life insurance companies will look at your medical history. You can expect higher rates if you have a chronic or serious illness than someone who is in reasonably good health.
Not all whole life insurance policies are created equal. The insurance company you choose, as well as the coverage amount, will help dictate your rates.
If you’re a smoker, you’ll likely pay more for a whole life insurance policy than a non-smoker. This is because of the various medical conditions smoking can cause.
You might have to settle for higher whole life insurance rates if you have a risky job or hobby. For instance, firefighters, police officers, construction workers, and skydivers pose a higher risk for life insurance companies.
Whole life insurance policies usually come with higher premiums than term life policies. This is because the coverage lasts your entire lifetime, and the policy typically comes with a cash value component.
Whether whole life insurance is worth the investment depends on your unique goals and preferences. If you prefer coverage that lasts your entire life and don’t mind paying higher rates for it, this policy may make sense. Whole life insurance can also be a good option if you have long-term financial needs because you own a business, have a defined benefit pension plan, or are concerned about the sustainability of your retirement income.
If you want to get whole life insurance, here are the steps you should take:
While whole life insurance often costs more than term life insurance, it may be worthwhile, depending on your situation. If you’re looking for a policy, Aflac offers whole life insurance coverage at competitive rates. This policy can help you meet your financial goals and receive coverage for life. Request a quote today!
1 Investopedia - Whole Life Insurance Definition: How It Works, with Examples. Updated September 21, 2023. Accessed June 20, 2024. https://www.investopedia.com/terms/w/wholelife.asp.
2 Policygenius - Average whole life insurance rates (June 2024). Updated April 16, 2024. Accessed June 20, 2024. https://www.policygenius.com/life-insurance/whole-life-insurance-rates/.
3 Scientific American - Why the Life Expectancy Gap between Men and Women Is Growing. Updated November 14, 2023. Accessed June 21, 2024. https://www.scientificamerican.com/article/why-the-life-expectancy-gap-between-men-and-women-is-growing/.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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