Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jun 30, 2021

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The Brief

  • Estate planning life insurance can be beneficial to diversify your portfolio with a stable investment
  • Life insurance skips probate if you have your beneficiaries listed correctly, and it can offer tax benefits
  • The cost of life insurance will depend on many factors, including the type of life insurance you choose

Estate planning life insurance policies can be term life insurance, whole life insurance, or another type of policy that helps support your heirs after you pass away.

While estate planning involves other components, life insurance has its benefits. What role does life insurance play in estate planning? Basically, it provides a stable death benefit that isn’t subject to market fluctuations that can be quickly given to your heirs to pay off estate debts.

Read now to learn more about estate planning life insurance and use our free insurance quote comparison tool to compare life insurance rates from companies in your area. Enter your ZIP code above to get started.

Is life insurance good for estate planning?

While estate planning includes a lot of different components, life insurance can provide some benefits to the process and help diversify your portfolio. Life insurance is a fairly stable investment depending on the type of life insurance you purchase, and it will provide a set death benefit that doesn’t change as long as you pay your premiums.

If you have your beneficiaries listed properly on your life insurance, it can skip probate, which means your family can receive the benefits quickly.

Life insurance policies can also offer tax benefits. Some have tax-deferred growth opportunities. If they’re structured the right way upon your death, your beneficiaries can receive the benefits without having to pay taxes.

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How much does estate planning life insurance cost?

The best type of life insurance for estate planning depends on your specific situation, budget, and your desire for growth potential. Let’s look at some average rates for the main types of life insurance to get an idea of what you might pay for estate planning life insurance.

First is term life insurance:

Average Monthly 20-Year Term Life Insurance Rates by Age & Gender for Non-Smokers
Policyholder AgeRates for Male with $100,000 CoverageRates for Female with $100,000 CoverageRates for Male with $250,000 CoverageRates for Female with $250,000 CoverageRates for Male with $500,000 CoverageRates for Female with $500,000 Coverage
25$14.53$12.70$23.27$18.72$34.79$27.39
30$14.96$13.22$24.59$20.44$37.39$29.59
35$17.57$15.40$26.09$22.19$40.04$32.19
40$21.40$18.62$33.72$28.49$54.79$45.69
45$26.54$22.97$45.47$37.42$79.19$66.14
50$36.02$29.32$69.59$54.59$126.14$96.99
55$50.98$38.11$105.72$78.97$203.14$143.99
60$84.91$60.20$183.79$131.17$355.39$248.84
65$144.51$97.44$323.42$220.99$625.09$432.84
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Next is whole life insurance:

Average Annual Rates for Whole Life Insurance Policies by Coverage Level: Male vs. Female
Coverage Amount30-Year-Old Male Average Annual Rates30-Year-Old Female Average Annual Rates
$100,000 Policy$98.47$87.78
$250,000 Policy$223.76$197.78
$500,000 Policy$438.82$387.30
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If you are relying on solely a life insurance policy for your heirs, then your costs will stop there. However, if you use a trust or choose to create a will (which is recommended), then you will also have to consider the cost of hiring an attorney.

Where can I find affordable estate planning life insurance?

Your estate planning life insurance company will depend on which type of life insurance you’re considering, your location, and how much you want to spend. Each company has different product offerings.

Read our Northwestern Mutual, Guardian, and MassMutual life insurance reviews to learn more about what life insurance companies are offering in terms of estate planning life insurance policies.

If you’re ready to buy estate planning life insurance, enter your ZIP code below to receive free estate planning life insurance quotes from local companies near you.