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If you are interested in calculating your own personal whole life insurance quotes from one of our selected top dividend paying whole life insurance companies we would be happy to provide you with an illustration. Our team of experts will help design a policy based on your specific goals and objectives. As you can see by our Trustpilot reviews, we specialize in high cash value whole life insurance.

Whole Life Insurance Calculator

The following whole life insurance needs calculator will help you determine how much life insurance coverage you need. The general rule of thumb for term life insurance is to get a multiple of your income or to get enough coverage to pay off your mortgage. However, with a whole life policy your goal may be a different.

Human Life Value

One method to use in determining how much whole life insurance to get is to figure out your human life value. Your Human Life Value (HLV) is a holistic approach to assessing how much life insurance an individual needs based on several factors, such as income, age, dependents, while also taking into account inflation and its effect on the future purchasing power of money.


Adjust the sliders to fit your criteria. View your results below.

What’s your current age:
Expected college expenses for kids:
Burial costs:
Annual net income during retirement:
Number of years in retirement:
Money in investment accounts:
Annual investment contribution:


Based on your inputs, we recommend a life insurance policy with an approximate value of:

Your total cost for
years of retirement at
per year is:

Assuming you retire at age
, you have
investing years left. Using a
annual rate of return for your investments, you're expected to earn a total of

Whole life insurance rate quotes can be specified as to exam and no exam required carriers. Please check out our article on accelerated underwriting if you prefer whole life insurance with no exam.

Alternatively, if you are simply looking for some ballpark whole life insurance quotes, you can enter your information into our whole life insurance calculator below and compare exam and no exam whole life insurance quotes.

Whole Life Insurance Calculator

No Medical Exam Quotes

You can also stop by our whole life insurance rates by age chart page to get a better idea of what whole life insurance costs based n specific ages and face amounts.

Understand that quotes are only a starting point of reference and final premium rates are subject to additional factors to determine final eligibility such as overall health, family history and lifestyle.

For a personalized whole life insurance quote, please fill out the form below.

Additionally, for personalized whole life insurance quotes, please give us a call at 877-787-7558 or fill out the form below and we will reach out to you as soon as possible.

What is Whole Life Insurance?

Whole life insurance is a type of coverage that offers you death benefit protection, as well as a cash value, or savings, component. Once you are approved for whole life insurance, your policy will remain in force as long as you pay the premiums.

If you die while your whole life policy is in force, the death benefit will be paid out to one or more named beneficiaries chosen by you. Death benefit proceeds are usually free of income taxation for the recipient(s).

The funds in the cash value of your whole life insurance policy grow tax deferred. This means that no tax is due on the gain unless or until it is withdrawn by you, and then, you are only taxed on the amount your withdraw over your basis, that is, how much you paid into the policy.

This continuous growth makes whole life a great option for those looking for a true compound interest account, because interest can grow on the premium contributions you make, as well as on prior interest, and on the funds that would have otherwise been lost to taxation each year.

And whole life insurance policyholders may either withdraw or borrow cash from the policy. If you borrow money from the cash value there is no taxable event because loans are not considered income.

Different Ways to Structure a Whole Life Insurance Policy

There are two primary ways to structure a whole life policy. One way is to focus on the death benefit. The other way is to focus on the cash value. Determining if an early high death benefit or early cash value is most important will determine how you want to structure your policy.

Focusing on death benefit is great for people who want permanent life insurance for estate planning or survivorship life insurance. The goal of this type of structure is to have the majority of your premium payment go to the base of your policy to maximize the death benefit.

Another way to structure your whole life policy is to focus on cash value growth. This type of structure uses paid-up additions, which allow you to use your premium payment to buy as much paid up life insurance as possible within IRS guidelines. With this type of policy design, the death benefit will be lower at first, and grow over time as your cash value grows.

Term Life Insurance

Otherwise known as ‘pure’ life insurance, it might more aptly be called “death” insurance, since its primary benefit is to provide for your beneficiaries when you die, should death occur while your policy is active.

Term life is often chosen by younger generations as a safeguard in the event of an untimely death. It provides excellent peace of mind as income replacement or to pay off a mortgage.

Just as with whole life insurance, the death benefit for term life operates in the same manner; it will be paid to your beneficiaries as long as the insured’s death occurs within the policy’s term, that is, within the contract period.

Term life insurance typically has no cash value, though some ROP (return of premium) term policies might offer a slight cash value accumulation.

The duration, or the term of the policy can vary, with some insurers offering terms as short as one year (known as annual renewable term) and extending up to 30 years with a few offering up to 40 year term life insurance.

Usually, you’ll find options available at five-year intervals, ranging from 5 to 30 years, with at least one company allowing you to customize your policy in yearly increments from 15 to 30 years, for example, 16, 17, 18, 19 years, and so forth.

For the most part, most people tend to choose a 20-year term. This preference is largely because those who opt for term life are typically younger, and there’s not a significant price difference between the 15-year and 20-year term policies, leading them to select the longer duration.

Convertible Term Life Insurance

A great term life insurance policy is one that comes with a conversion option, which allows you to convert all or a portion of the death benefit to a permanent life insurance policy before the term ends. A convertible term life policy is great for anyone who eventually wants permanent coverage or who wants the option available in case they decide they want permanent coverage down the road.

Term Life Insurance Quotes

Next Steps

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