Choosing between term and whole life insurance often comes down to two questions: what each one does, and what each one costs. Our term vs. whole life guide explains how the products work. This page puts five common types side by side and shows published sample premiums by age, gender, tobacco use, and health class, so you can see the patterns before you get a quote. Data sources were checked on October 27, 2026.
Quick takeaway
- Term life covers a set number of years and usually costs the least for a large death benefit. Whole life lasts for life, builds guaranteed cash value, and costs much more.
- Published sample rates rise with age, are higher for men than women at the same age, and are much higher for smokers.
- Health class can change the price of the same policy significantly.
- Every table below is an industry sample from a named source and date, not a quote. Rates vary by carrier.
Five types of life insurance, side by side
On a phone, swipe a table sideways to see every column.
| Term life | Whole life | Indexed universal life | Final expense | Mortgage protection | |
|---|---|---|---|---|---|
| How long it lasts | A set term, like 10 to 30 years | Lifetime, if premiums are paid | Lifetime, if adequately funded | Lifetime, if premiums are paid | Usually a term matched to the loan |
| Relative cost | Lowest for a large benefit | High | High; varies with funding | Moderate for small amounts | Similar to term; varies |
| Cash value | Usually none | Yes, guaranteed schedule | Yes, index-linked credits, not guaranteed | Yes, usually small | Usually none |
| Premium flexibility | Fixed for the term | Fixed | Flexible within limits | Fixed | Fixed |
| Underwriting | Full or accelerated | Full or accelerated | Full or accelerated | Simplified or guaranteed issue | Often simplified |
| Common fit | Income replacement while kids are young or a mortgage is owed | Lifelong needs and guarantees | Lifelong coverage with flexibility, for disciplined funders | Funeral and final bills | Keeping the house |
Sample term life premiums by age
| Age | Female, nonsmoker | Male, nonsmoker | Female, smoker | Male, smoker |
|---|---|---|---|---|
| 25 | $21.62 | $28.21 | $62.52 | $78.04 |
| 30 | $23.10 | $29.56 | $67.64 | $82.78 |
| 35 | $26.45 | $32.21 | $81.61 | $97.57 |
| 40 | $35.58 | $43.52 | $115.85 | $147.27 |
| 45 | $50.38 | $64.51 | $171.98 | $233.01 |
| 50 | $78.94 | $103.55 | $263.24 | $358.53 |
| 55 | $110.88 | $152.75 | $386.43 | $546.40 |
| 60 | $190.13 | $264.84 | $633.61 | $892.37 |
How health class changes the price
| Age and gender | Preferred plus | Preferred | Standard |
|---|---|---|---|
| Woman, 30 | $182 | $211 | $328 |
| Man, 30 | $213 | $271 | $396 |
| Woman, 50 | $636 | $749 | $1,129 |
| Man, 50 | $810 | $966 | $1,481 |
| Woman, 70 | $7,934 | $8,882 | $11,034 |
| Man, 70 | $9,702 | $10,988 | $14,514 |
Sample whole life premiums by age
| Age | Female, $250,000 | Male, $250,000 | Female, $500,000 | Male, $500,000 |
|---|---|---|---|---|
| 20 | $146 | $169 | $287 | $334 |
| 30 | $206 | $238 | $408 | $472 |
| 40 | $296 | $355 | $588 | $706 |
| 50 | $462 | $543 | $920 | $1,081 |
| 60 | $772 | $903 | $1,540 | $1,802 |
Compare a 30-year-old woman in these two sources: about $23 a month for $500,000 of 20-year term in the October 2025 index, versus $408 a month for $500,000 of whole life in the October 2024 illustration. The sources and dates differ, so treat that as a rough sense of scale, not a precise ratio. Whole life lasts for life and builds cash value; term covers a set period.
Sample final expense premiums
| Age | Simplified issue, female | Simplified issue, male | Guaranteed issue, female | Guaranteed issue, male |
|---|---|---|---|---|
| 55 | $27.71 | $35.95 | $37.49 | $45.38 |
| 65 | $41.01 | $56.48 | $49.98 | $68.47 |
| 75 | $72.41 | $99.97 | $88.46 | $113.25 |
What about IUL and mortgage protection?
We haven’t shown sample IUL premiums because IUL pricing depends heavily on how the policy is designed and funded, and a single number can be misleading. See What Is Indexed Universal Life Insurance? Mortgage protection is often priced like term coverage for your loan amount; see decreasing vs. level term for your mortgage.
Patterns to notice
- Age: premiums rise with every age band, and faster after 50.
- Gender: women’s sample rates are lower than men’s at the same age.
- Tobacco: smokers’ sample term rates were about three to three and a half times nonsmokers’.
- Health class: Standard rates were noticeably higher than Preferred Plus at every age shown.
Estimate your coverage need
DIME coverage and term length estimator
Enter rough numbers. This tool estimates a coverage amount and term length to discuss. It does not show prices.
Educational estimate only. This is a rough starting point, not a quote, a recommendation, or an offer of insurance. It doesn’t account for inflation, taxes, Social Security survivor benefits, or your full financial picture. Coverage amounts, term lengths, and approval are subject to underwriting and vary by carrier. Nothing you enter is saved or sent anywhere.
Frequently asked questions
How much does term life insurance cost by age?
In the October 2025 Policygenius index, a $500,000, 20-year term policy averaged $23.10 a month for a 30-year-old woman and $264.84 for a 60-year-old man in the Preferred class. Your rate depends on underwriting.
Why is whole life so much more expensive than term?
Whole life is designed to last for life and builds guaranteed cash value, so the insurer prices in a lifetime of coverage. Term covers only a set period.
Are these sample rates quotes?
No. They’re published industry samples from the named sources and dates. Your premium depends on your age, health, tobacco use, coverage amount, term length, and underwriting.
Which is better, term or whole life?
It depends on your goals. Many families use term for large, temporary needs and add a smaller permanent policy for lifelong needs.
Next step
Want your actual numbers? Gather your details with our life insurance quote checklist, then ask Eric to compare term and permanent options across carriers. Learn more about life insurance with Eric Henry, Insurance Agent.
Coverage descriptions are general information only; your policy documents determine actual coverage. Availability varies by carrier.
