Whole Life Insurance

A whole life insurance is an insurance in which the insurance company promises to pay the face value of the policy to the beneficiary upon the death of the insured, whenever this occurs.

Please note that FinKit's Whole Life Insurance calculation only calculates the net single premium, ignoring expenses.

Input

• life table
• current age
• policy face value
• nominal annual rate

Note: FinKit assumes that the benefits are paid out at the end of the year in which the insured dies. In real life they are paid promptly upon proof of the insured's death.

Results

• net single premium

• whole life insurance factor

Example

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What is the net single premium for a whole life insurance policy of face value $1,000, issued to a male, now aged 65, if interest is at 4 %?