Compare life insurance plans — term, whole life & final expense
"Life insurance plans" isn't one product — it's a menu. Term covers a set number of years; whole life lasts your whole life and builds cash value; final expense and guaranteed-issue plans are small whole-life policies with no medical exam. Here's how they compare, and what each actually costs in our own book of placed policies.
For the small whole-life plans most of our clients buy, premiums run about $58/mo for $5,000, $77/mo for $10,000, $96/mo for $25,000, and $136/mo for $50,000 on average. Term can be cheaper per dollar of coverage for younger, healthier applicants but expires; whole life costs more but never does.
The 4 main types of life insurance plans
Term life
Coverage for a set period (10–30 yrs). Lowest cost per dollar for healthy applicants, but it expires and pays nothing if you outlive it. Best for temporary needs.
Whole life
Permanent coverage that never expires, with a level premium and cash value. The core of most senior plans in our book.
Final expense
Small whole-life ($5k–$25k) sized to cover a funeral and final bills. Simplified issue — a few health questions, no exam.
Guaranteed issue
No health questions at all — anyone qualifies. Slightly higher cost and a 2-year waiting period for natural causes.
Average cost by coverage amount (2026)
Real average monthly premiums for whole-life-style plans, from our own book of 1,595 placed policies.
| Coverage amount | Avg monthly premium | Avg annual | Share of our book |
|---|---|---|---|
| $5,000 | $58 /mo | $698 | 5% |
| $10,000 | $77 /mo | $918 | 21% |
| $25,000 | $96 /mo | $1,157 | 41% |
| $50,000 | $136 /mo | $1,635 | 28% |
Averages across all ages in our book (skewed toward ages 60–79). Younger applicants pay less; see the by-age table on our seniors page. Estimates based on our own placed-policy data, not carrier-published rates.
Term vs whole life vs final expense — side by side
| Feature | Term | Whole life | Final expense / GI |
|---|---|---|---|
| Lasts | 10–30 years | Your whole life | Your whole life |
| Medical exam | Sometimes | Sometimes | Never |
| Builds cash value | No | Yes | Yes (small) |
| Typical coverage | $50k–$500k+ | $10k–$100k | $5k–$25k |
| Premium can rise | At renewal | Never (level) | Never (level) |
| Best for | Income replacement, mortgage | Lifelong coverage, legacy | Funeral + final bills, any health |
Comparing life insurance plans — FAQ
What's the difference between term and whole life?
Which life insurance plan is cheapest?
Do I need a medical exam?
How much coverage should I compare?
How do I compare plans without getting spammed?
Compare your plans in 60 seconds
One free form compares term, whole life and final-expense plans from top A-rated carriers. No obligation, no medical exam on most plans.
About these figures: the premiums and averages shown are estimates based on our own placed-policy data (our internal systems), not carrier-published quotes. Your actual rate depends on age, gender, tobacco use, health, coverage amount and state, and is confirmed by the carrier at application.