You are currently viewing Term vs. Whole Life Insurance: Side-by-Side Comparison and Sample Premiums by Age

Term vs. Whole Life Insurance: Side-by-Side Comparison and Sample Premiums by Age

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 lifeWhole lifeIndexed universal lifeFinal expenseMortgage protection
How long it lastsA set term, like 10 to 30 yearsLifetime, if premiums are paidLifetime, if adequately fundedLifetime, if premiums are paidUsually a term matched to the loan
Relative costLowest for a large benefitHighHigh; varies with fundingModerate for small amountsSimilar to term; varies
Cash valueUsually noneYes, guaranteed scheduleYes, index-linked credits, not guaranteedYes, usually smallUsually none
Premium flexibilityFixed for the termFixedFlexible within limitsFixedFixed
UnderwritingFull or acceleratedFull or acceleratedFull or acceleratedSimplified or guaranteed issueOften simplified
Common fitIncome replacement while kids are young or a mortgage is owedLifelong needs and guaranteesLifelong coverage with flexibility, for disciplined fundersFuneral and final billsKeeping the house
General comparison only. Features vary by policy and carrier; check your contract.

Sample term life premiums by age

AgeFemale, nonsmokerMale, nonsmokerFemale, smokerMale, 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
Sample monthly premiums published by the Policygenius Life Insurance Price Index, October 2025: average for a $500,000, 20-year term policy, Preferred class, U.S. monthly averages as of Oct. 1, 2025. Industry sample rates, not a quote. Your premium depends on age, health, tobacco use, coverage amount, term length, and underwriting. Rates vary by carrier.

How health class changes the price

Age and genderPreferred plusPreferredStandard
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 annual premiums for a $500,000, 20-year term policy, nonsmokers, published by NerdWallet (page updated Oct. 1, 2026; data from LifeStein.com, valid as of Oct. 1, 2026). Note these are annual, not monthly. Industry sample rates, not a quote. Rates vary by carrier.

Sample whole life premiums by age

AgeFemale, $250,000Male, $250,000Female, $500,000Male, $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
Sample monthly premiums published by Policygenius (rate illustration valid as of Oct. 1, 2024) for one carrier’s whole life policy paid up at age 100, nonsmokers, Preferred Plus class. Industry sample rates, not a quote. Rates vary by carrier and policy design.

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

AgeSimplified issue, femaleSimplified issue, maleGuaranteed issue, femaleGuaranteed 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
Sample monthly premiums for $10,000 of coverage, nonsmokers, published by Policygenius (rate illustration valid as of Jan. 1, 2024), based on one carrier’s policies. Industry sample rates, not a quote. Rates vary by carrier.

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.

Your estimate will appear here.

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.