See How Much More Whole Life Insurance Costs Than Term Life

Spoiler: it’s 10 times more expensive. Thanks to the Internet, we can easily compare the costs…

A deacon should be armed with this kind of data to help them persuade their congregation members on the merits of term life insurance over whole life insurance–especially when competing with the insurance salesman, who are very slick talkers.

That’s because they have to convince their marks to pay over 10 times more money for an equivalent term life insurance policy.


A working husband who makes $50,000 per year needs to carry a life insurance policy that will pay 10 times his salary to his wife upon his death. In this case, the husband needs a $500,000 policy.

A wife needs at least $250,000 of life insurance if she doesn’t work just so that her widower can afford to hire helpers to replace her household service.

In 2020, a 30-year term life policy with $500,000 of coverage cost $368 for a 30-year-old man.

In 2020, a 30-year term life policy with $250,000 of coverage cost $191 for a 30-year-old woman.

The equivalent whole life policy for a man cost between $4,235 and $5,049.

The equivalent whole life policy for a woman cost between $1,904 and $2,268.

Between the husband and wife pair, they could save at least $5,500 a year.

This data is compiled in these articles: Average Life Insurance Rates for 2020 and How Much Does Whole Life Insurance Cost? Rates & Charts


Term life insurance policies grant much more coverage to a family for the money. Deacons should be encouraging their members to be as wise as possible with their money.

Why should a family pay 10 times more for the same level of coverage? What better uses could they find for that money?

Building an emergency fund, is one.

Buying high-quality, productive tools for their job and calling with cash for discounts in the second-hand market on Craigslist is another.

Giving an offering to a local charity is a third use.

There are even more ways families could spend this money wisely. Lesson: don’t ever recommend that a family buy whole life insurance or any other “permanent” insurance product.