1. 3570 POINTS
    J Scott BurkePRO
    President, Newbury Inc., Evansville, Indiana
    The cost of a whole Life policy depends on the amount of coverage you want plus how quickly you want the cash account to grow and factored in with how long the insurance company determines that you will live and pay the premiums. Usually $15 is about the lowest premium and the sky is the limit on the upper end.

    Asking such a general question like that is the same as asking how much does a car cost? Lot's of variables.
    Answered on April 9, 2013
  2. 11773 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    The easiest way to think of Whole life is it is the most expensive short term policy you can buy, but at the same time it is the cheapest long term policy you can purchase. Whole life will be the most costly initially per face amount than either term or universal life. Over time, whole life becomes the cheapest policy to own and the safest to own over a long period of time. With Whole life costs tend to be set contractually, while term and ul policies tend to have rising costs over time that can make them unmanageable if held for a long period of time. So the way to look at whole life is it starts high in cost but becomes low in cost over time.

    This is why most advisors suggest term insurance for short term needs (less than 20-30 years) and whole life for longer periods (20 years to life) as they are most cost effective used for those needs.
    Answered on April 9, 2013
  3. 110 POINTS
    Bryan McCloskey, CASL®
    Old Security Trust, West Chester, PA
    The simple answer to this question is: It Depends.  :)

    It depends on a variety of factors, including:
        How much death benefit you would like.
        Your health status.
        Your age.
        The company you would buy it from.
        The features you would elect inside the policy.

    There are several types of Life Insurance coverage for a person to choose from, each with its own features and own purpose.  In general, for a stated amount of death benefit coverage, monthly or annual premiums for a Whole Life policy are higher than a Term Life policy, but it would be faulty to compare those types of policies just based on monthly premium.  

    Don't make the mistake of comparing those types of policies just based on monthly premium.  Speak with a knowledgeable professional about your goals and how life insurance may fit in so that you can make the best decision for your situation.
    Answered on May 18, 2013
  4. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    With any life insurance policy, the costs will vary from company to company by the type of life insurance policy, duration of coverage, what state it is issued in and personal information about the insured like gender, age, smoking status, health condition, recreational activities, vocation, motor vehicle report, credit report, etc.  The policy premium may vary by the use of a term rider and other ancillary riders like waver of premium.
    Answered on May 18, 2013
  5. 37396 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Over the lifetime of the policy a whole life policy will usually cost much less than the death benefit.  As a matter of fact, many whole life policies cost almost nothing by the time they reach their 20th year or so.  Whole life insurance is the most reliable and cost effective life insurance policy that you can buy.  There are a great number of term policies that lapse every year and they are all cost and no benefit.
    Answered on July 11, 2014
  6. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question, and one we are commonly asked! The answer isn't an easy one to give though. Life insurance is like tailored clothes - what fits you may not fit me, so your clothes will cost more or less than mine. Life insurance bases the cost on a lot of things that are uniquely yours. Your age, gender, smoking preference, amount desired, current health situation, family health history, prescriptions taken, and your job are all factors in the cost. I could give you a ballpark, if you want to contact me with specifics. Thanks for asking!
    Answered on July 12, 2014
  7. 63254 POINTS
    Peggy MacePRO
    CEO and Senior Agent, Outlook Life, Inc, Most of the U.S.
    The cost of a Whole Life Insurance policy will depend your age, gender, health, whether you smoke, and other factors. It also depends on the features of the policy that you choose.

    The way to get the best, most accurate quote is to contact a Life Insurance professional. If you get a quote any other way, you will most likely be seeing the most expensive premium (because it has to cover the health conditions of everyone) or an impossibly low premium (because they are shooting something out there just to get your attention).
    Answered on August 10, 2014
  8. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! Whole life insurance policies are like tailored clothes. Ever have a tux or a bridesmaid gown for a wedding? Remember how you were measured for it so that it fit you specifically for your shape? That's how whole life insurance policies are. What fits you would most likely not fit me, and neither would our costs be the same. There are a whole lot of factors that determine the price,  though they will generally fall into ranges. Without knowing more about you, I can't really give you an average that would fit you. If you'd like to inbox me with specifics, I could give you a better answer. Or you can contact a local independent agent and have them help you. Thank you for asking!
    Answered on August 11, 2014
  9. 37396 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There is another way to look at the issue of cost.  The cost for not having a whole life policy is that there will not be a death benefit paid by the company to your loved ones.  That cost might be significant if it results in displacing your family, forcing them to forgo their plans for education and advancement.  The cost could be tremendous.  On the flip side, most life insurance policies that end in a death claim pay out much more than they ever collected.  Additionally, during the life of the insured, there was a certain amount of peace of mind, knowing that those who are loved are protected by the policy.
    Answered on August 11, 2014
  10. Did you find these answers helpful?

Add Your Answer To This Question

You must be logged in to add your answer.

<< Previous Question
Questions Home
Next Question >>