Whole life insurance calculation.

Estimate whole life insurance costs and coverage and discover an insurance policy that fits your needs.

A woman sitting at a table reviewing paperwork while her daughter draws on a tablet.

Whole life insurance is a powerful financial tool for you and your family. A whole life insurance cost calculator can help you figure out how much insurance you’ll need. A New York Life financial professional can also assist you in finding the right whole life insurance policy for you. Here are a few things to discuss with your financial professional when choosing your whole life policy:

Premiums
Regular whole life premiums are set for the duration of your coverage. Your premiums are guaranteed to never increase, regardless of your health, the economy, or your age. 

Mix of death benefit and cash value
While all whole life policies offer a guaranteed death benefit and cash value growth, the amount of cash value you accumulate can vary depending on the policy you choose. The guarantees of the policy are based on the claims-paying ability of the issuer

Cash value growth
Cash value can be as important as the death benefit. With whole life you can choose the Option to Purchase Paid-Up Additions Rider which allows you to purchase additional coverage. This will increase the cash value more quickly depending on how much extra you contribute. This rider includes an up-front expense charge on additional purchases. 

How much does whole life insurance cost?

The cost of life insurance is based on several factors: your age, gender, health, lifestyle, and occupation. Regardless of your budget, a financial professional should be able to find a solution that covers your needs at a price that suits your wallet. The following are just some of the factors that determine the cost of your policy:

  • Age 
    Life insurance is less expensive when you’re younger. The younger you are, the lower your premiums, which is why it’s best to buy earlier. You can lock in low rates to protect your family later.
  • Health
    Pre-existing health conditions or habits like smoking can have an impact on the cost of insurance. 
  • Coverage amount
    The bigger the death benefit you select, the higher your premiums. Many financial professionals suggest buying coverage 10-15 times your income, if not more. 1
  • Term
    Your policy’s term length is how long your life insurance coverage lasts. Choose a term length that matches or exceeds your longest financial obligation (like your mortgage or seeing your children through college) so that your loved ones don’t end up liable for those costs. 2
  • Policy Type 
    Whole life insurance is a type of permanent life insurance, and it accumulates a cash value over time, but it’s usually more expensive than a term life insurance policy.
A family sitting on the couch happily looking at something on a tablet together.

Types of whole life insurance

Whole life insurance is for those looking for lifetime protection with added benefits. In addition to providing a guaranteed life insurance benefit, it also offers an important way to save for the future, helping you to be prepared for whatever lies ahead. When it comes to whole life there are basically two options: 

  • Whole life insurance
    With whole life insurance you get permanent coverage and cash value.  For those looking to balance cash value accumulation and guaranteed life insurance coverage, this is a popular option. In your later years, you may find that your cash value offers a convenient way to supplement retirement income.*
  • Custom whole life insurance
    If you want to pay premiums only for a specific period, which can be as little as five years, or if you want to maximize the cash value growth in your policy, this may be the best choice for you. If you choose to pay premiums over a shorter amount of time, they will be higher. You can schedule your payments to fit your budget while building cash value that can be used for retirement income, college tuition, or whatever else comes your way. *

Customize your whole life insurance policy with the following riders:

  • Disability Waiver of Premium
    If you become disabled, New York Life will cover your premiums with this option.** Your coverage continues as long as you’re disabled. The rider benefit may depend on when the disability occurs in relation to age 60. Ask your Agent for the details about any rider. 
  • Option to Purchase Paid-Up Additions
    Allows you to contribute more to your plan when it’s convenient for you. It’s an economical way to increase your death benefit protection and build more cash value. Additional purchases under this rider involve an up-front expense charge. 
  • Chronic Care Option**
    Offers tax-free acceleration of your policy’s death benefit to protect against financial hardship should you become chronically ill.
  • Living Benefits Option
    If you are terminally ill, you could use a portion of your death benefit to pay for treatment or care with this option. An administrative fee will be charged if the rider is exercised. 
  • Accidental Death Benefit**
    Offers an additional death benefit for your loved ones in case you pass as a result of an accident. 

Related Articles 

Want to learn more about whole life insurance premiums?

A New York Life financial professional can help determine what’s right for you.

Life insurance can make a huge difference for you and your family, not just financially but emotionally, too. Using a whole life insurance calculator to help examine your coverage needs will give you more options and flexibility, as well as the financial security you'll need in the future.


1,2Nupur Gambhir and Amanda Shih, “Life Insurance Calculator,” Policy Genius, March 18, 2021. PolicyGenius.com

Guarantees of the policy are based on the claims-paying ability of the issuer

*Accessing the cash value of the policy will reduce the available cash surrender value and total death benefit

**Optional rider available at an additional charge. 

The policy form number for the New York Life Whole Life Series of products is ICC18217-50P (4/18). SMRU: 1798027