Whole Life Insurance Quotes: Quoted Life Rates for Males and Females Ages 20 to 70

Unlike term life coverage, whole life insurance stays in force for an insured individual’s lifetime provided that premium payments are kept up to date.

This article presents average annual rates for $100,000 worth of whole life insurance. Rates are for non-smoking males and females in average health; premium amounts shown remain fixed for life.

Term4Sale’s free online calculator was used to gather whole life insurance rates, which were then averaged for each age group. The Term4Sale website belongs to Compulife, an independent software designer that specializes in US and Canadian insurance applications.

For this study, applicants live in the Toronto postal code district starting with the characters M5E. A $100,000 whole life policy was used to benchmark rate quotes than can be easily compared with premiums sold in other jurisdictions.

Average Whole Life Rates at Age 20

The summary below is based on the whole life insurance rates from the Compulife online system. Quoted premiums were for a 20-year-old man in average health who is a non-smoker.

 

  1. Average annual premium … C$451 per $100,000
  2. Minimum annual premium … $361 (underwritten by Empire Life)
  3. Maximum annual premium … $808 (underwritten by Industrial – Alliance Life)

As the following rate summary shows, 20-year-old women enjoy an average whole life insurance rate that is 18.5% lower than the average premium for males of the same age.

  1. Average annual premium … $381 per $100,000
  2. Minimum annual premium … $280 (underwritten by Empire Life)
  3. Maximum annual premium … $659 (underwritten by Industrial – Alliance Life).

Average Whole Life Rates at Age 30

The average whole life rate for a non-smoking man who buys a policy at age 30 has a level premium 34.5% more expensive than the average yearly rate for whole life coverage purchased at age 20.

  1. Average annual premium … C$607 per $100,000
  2. Minimum annual premium … $449 (underwritten by Le Capitale)
  3. Maximum annual premium … $1,004 (underwritten by Industrial – Alliance Life)

At age 30, the average whole life insurance rate for non-smoking women is 16.9% lower than the average premium for males of the same age.

  1. Average annual premium … $519 per $100,000
  2. Minimum annual premium … $379 (underwritten by Le Capitale)
  3. Maximum annual premium … $848 (underwritten by Industrial – Alliance Life).

Average Whole Life Rates at Age 40

The average whole life rate for a non-smoking man who buys a policy at age 40 has a level premium 2.1 times more expensive than the average yearly rate for whole life coverage purchased at age 20.

  1. Average annual premium … C$956 per $100,000
  2. Minimum annual premium … $696 (underwritten by Le Capitale)
  3. Maximum annual premium … $1,525 (underwritten by Industrial – Alliance Life)

At age 40, the average whole life insurance rate for non-smoking women is 20.3% lower than the average premium for males of the same age.

  1. Average annual premium … $794 per $100,000
  2. Minimum annual premium … $560 (underwritten by L’Excellence Life)
  3. Maximum annual premium … $1,231 (underwritten by Industrial – Alliance Life).

Average Whole Life Rates at Age 50

The average whole life rate for a non-smoking man who buys a policy at age 50 has a level premium 3.6 times more expensive than the average yearly rate for whole life coverage purchased at age 20.

  1. Average annual premium … C$1,630 per $100,000
  2. Minimum annual premium … $1,315 (underwritten by L’Excellence Life)
  3. Maximum annual premium … $2,517 (underwritten by Industrial – Alliance Life)

At age 50, the average whole life insurance rate for non-smoking women is 23% lower than the average premium for males of the same age.

  1. Average annual premium … $1,326 per $100,000
  2. Minimum annual premium … $1,044 (underwritten by L’Excellence Life)
  3. Maximum annual premium … $1,906 (underwritten by Industrial – Alliance Life).

Average Whole Life Rates at Age 60

The average whole life rate for a non-smoking man who buys a policy at age 60 has a level premium 6.4 times more expensive than the average yearly rate for whole life coverage purchased at age 20.

  1. Average annual premium … C$2,883 per $100,000
  2. Minimum annual premium … $2,323 (underwritten by L’Excellence Life)
  3. Maximum annual premium … $4,330 (underwritten by Industrial – Alliance Life)

At age 60, the average whole life insurance rate for non-smoking women is 23.1% lower than the average premium for males of the same age.

  1. Average annual premium … C$2,342 per $100,000
  2. Minimum annual premium … $1,908 (underwritten by L’Excellence Life)
  3. Maximum annual premium … $3,248 (underwritten by Blue Cross Life).

Average Whole Life Rates at Age 70

The average whole life rate for a non-smoking man who buys a policy at age 70 has a level premium 11.9 times more expensive than the average yearly rate for whole life coverage purchased at age 20.

  1. Average annual premium … C$5,360 per $100,000
  2. Minimum annual premium … $4,308 (underwritten by Empire Life)
  3. Maximum annual premium … $7,256 (underwritten by Industrial – Alliance Life)

At age 70, the average whole life insurance rate for non-smoking women is 21.7% lower than the average premium for males of the same age.

  1. Average annual premium … $4,405 per $100,000
  2. Minimum annual premium … $3,507 (underwritten by Empire Life)
  3. Maximum annual premium … $6,088 (underwritten by Assumption Mutual Life).

Findings from Review of Whole Life Insurance Quotes

Consumers are wise to buy whole life coverage early in life. This is because fixed annual premiums for a whole life policy rise dramatically as an applicant’s initial age increases. Average whole life insurance premiums for a male non-smoker at age 70 are almost 12 times higher than for a 20 year old.

Whole life insurance rates for women are lower than premiums for men of the same age. In this study, quoted female rates ranged from 16.9% to 23.1% cheaper than for males of the same age.

Annual premiums that some companies require for whole life coverage can exceed rates that other life insurers sell by 50% or more. However, some of these more expensive whole life policies may have additional features such as higher cash values and superior policy loan capabilities.