Whole Life Insurance Rates in 2021 | Guardian

The amount of coverage affects life insurance rates in obvious ways: the higher the death benefit, the higher the premium. but many other factors also come into play, including:


Reading: How much are whole life insurance premiums

Regardless of your current age, your monthly premium will likely never be lower than it is today. Good health and life expectancy lower the cost of insurance, so the younger you are, the less you’ll typically pay for a policy. Buying a whole life policy when you’re young also makes it easier to qualify for coverage and gives you more time to build your cash value.


When it comes to life insurance, men and women are not the same. According to the Centers for Disease Control, in 2018, the average life expectancy of men in the US. uu. was 76.2 years, while women averaged 81.2 years. longer life equals more monthly premiums paid, which leads to lower monthly rates.

tobacco use.

Whether you smoke, vape or dab, tobacco use increases your medical risks and life insurance costs. Tobacco users typically pay two to three times more for life insurance than non-users. Even if you’ve quit using tobacco, you’ll usually need to be tobacco-free for at least a year to qualify for non-smoking rates. When you apply for coverage, insurance companies typically require a physical exam, including a test for nicotine use. blood and urine tests may show other signs of nicotine use over a longer period of time. it is essential that you provide complete information about your tobacco use when applying. providing false information could mean losing a payment to your payees if something were to happen to you.

risky occupations and hobbies.

Certain work environments, such as oil rigs, have hazards that increase the risk of death or injury, which affects rates. Similarly, certain hobbies, such as scuba diving, can also result in higher rates.

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When you apply for a policy, there is an “underwriting” process in which life insurance companies assess your mortality risk, based on the factors listed above, as well as your medical condition. As we mentioned, you will likely need to answer health questions and have a medical exam before a policy is approved. after evaluating the results, the insurance company will assign a classification, such as:

preferred plus

this is the best rating with the lowest possible premiums. These individuals are in excellent condition, fall within healthy BMI classifications, have no significant family history issues, and live a clean and healthy lifestyle.


These people often have minor medical problems, such as high blood pressure or cholesterol. people in this class won’t get the best rates, but they will still be relatively low.


People in this category are in relatively good health, but may have some medical problems, such as being overweight. however, there are no major health concerns.


people at higher risk. they may have the same medical problems as standard plus, but have serious family history issues. (guardian ns is standard from other carriers with tobacco and nt- I would recommend removing this and leaving the non-smoker and standard as the same)

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It is also possible that people with serious medical problems fall into a “poor” category, which may not be insurable. these ratings vary somewhat by insurer, and it’s important to remember that no life insurance company expects all prospective customers to be in optimal medical condition.

Life insurance riders can also affect cost

Whole life insurance policies often come with add-ons, or “riders,” included automatically or available as an option for an additional cost5. riders generally fit into one of two categories.

  1. living benefit ridersallow you to use some of the benefit money while you are still alive.

  2. Death benefit riders are only used to help your beneficiaries after your death.

    Additional riders may affect premiums, but the cost may be worth the additional protection provided. Here are some of the more common riders a company may offer with their whole life policies:

    Accelerated Life or Terminal Illness Benefit Rider allows you to access a portion of the death benefit if you have a terminal or serious medical condition. this can help with medical bills and hospice care and is deducted from the total amount of the insurance policy.

    Accidental death rider pays an additional death benefit if you die in an accident.


    critical illness rider provides a lump sum that can be used to cover medical treatment if you are diagnosed with a life-threatening illness or disease. the amount used will be deducted from the total death benefit.

    guaranteed insurability allows you to increase your coverage by points in the future without the need for additional medical examinations.

    rider waiver allows you to stop paying your premiums for a specified period of time if you become unemployed or disabled6.

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