In this article, you’ll learn how much a $15,000 policy will cost, what types of coverage you can get, and the best companies that offer the lowest prices.

$15,000 Life Insurance Policy Options

For a $15,000 life insurance policy, final expense whole life insurance is your only option. No life insurance companies offer term life or universal life insurance with a death benefit of $15,000

Tip:
The AARP life insurance program offers a $10,000 term life insurance policy, but not $15K. Similarly, Globe Life insurance offers $5,000 and $10,000 in term life coverage, but not $15K.

Final expense whole life insurance is also frequently referred to as “burial insurance,” “funeral insurance,” “end-of-life insurance,” or “cremation insurance.”

Regardless of which label is used, the meaning is the same.

Final expense insurance does not require a medical exam. You usually only need to complete a brief health questionnaire.

Alternatively, some final expense policies have no health questions and guaranteed approval. However, plans without health questions cost more and have a two-year waiting period.

If you die during the waiting period, the insurance company will only refund your premiums plus a small amount of interest.

Whole life insurance is permanent lifelong coverage. In addition, it builds cash value, has fixed premiums, and the death benefit won’t decrease.

As is the case with all forms of life insurance, the net result is a tax-free cash payout to your loved ones. They can spend the money with absolutely no restrictions.

 

How Much Does A $15,000 Life Insurance Policy Cost?

A $15,000 whole life insurance policy will usually cost between $15-$250 per month, depending on your insurability factors.

The cost of whole life burial insurance is based on your exact age, health, gender, tobacco usage history, and the amount of coverage you buy.

The whole life rates chart below has some monthly price estimates for $15,000 in life coverage.

AgeFemale
Non Tobacco
Male
Non Tobacco
Female
Tobacco
Male
Tobacco
40-49$27-$24$34-$43$33-$44$47-$56
50-59$34-$45$43-$61$45-$63$55-$83
60-69$47-$74$63-$98$66-$104$87-$140
70-79$77-$137$102-$188$106-$184$146-$255
80-85$144-$195$199-$279$190-$286$271-$385
86-89$255-$411$352-$534$383-$573$588-$856

 

Best Final Expense Whole Life Insurance Companies

One of these companies is likely your best option if you need a 15000 life insurance policy to cover cremation costs, burial expenses, or anything else.

Remember, no single insurance company can be the best option for everyone.

That’s why it’s essential to compare various providers side by side to ensure you’re finding the best final expense plan for you and your family.

 

1 ) Mutual of Omaha

Founding Year: 1909
A+
Superior
BBB
A+
Accredited
Choice Mutual Rating
5.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Mutual of Omaha offers the best funeral insurance for seniors.

Living Promise whole life insurance from Mutual of Omaha has very low prices, and the underwriting is very lenient. Seniors with health issues like diabetes and high blood pressure will still qualify.

Applicants are typically approved in less than 24 hours.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes to 2 Business Days
Common health conditions still eligible for no waiting period coverage:


Aneurysm
Arthritis
Asthma
Blindness
Blood clots > 2 years ago
Blood thinners
Cancer > 4 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis A or B
High blood pressure
High cholesterol
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 2 years ago
Tumors (non-cancerous)

 

2) Aetna

Founding Year: 1853
A
Excellent
BBB
A+
Not Accredited
Choice Mutual Rating
4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Aetna is likely your best option if you need $15,000 of life insurance for seniors over 80.

They will accept applicants as old as 89.

Also, if you want more than $15K, they offer up to $50,000 in whole life insurance to younger applicants.

Aetna’s senior products were built to accept applicants with chronic illnesses like COPD.

So if you’re not in the best of health, Aetna Life Insurance Company is a great option to consider.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 40-89
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months.
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Aetna products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Graves’ disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Obesity
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sarcoidosis
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (noncancerous)

 

3) Transamerica

Founding Year: 1904
A
Excellent
BBB
B
Not Accredited
Choice Mutual Rating
4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Transamerica has some of the cheapest whole life insurance for seniors over 70.

They also accept seniors with severe illnesses like kidney disease, COPD, and diabetes, to name a few.

Generally, applications are approved within 15 minutes.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $1,000-$50,000 (varies by age)
States Available: All States
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Transamerica products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes- 5 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Angina (chest pains)
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
COPD
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Kidney disease
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors

 

4) Royal Neighbors of America

Founding Year: 1895
A
Excellent
BBB
A+
Accredited
Choice Mutual Rating
4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Relative to other insurance companies, Royal Neighbors has the laxest underwriting.

For example, no company is better at insuring diabetics than Royal Neighbors.

Regardless of age or health, they are a great company offering competitive rates.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 50-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $5,000-$40,000
States Available: All States
(except AK, AL, HI, LA, MA, NH, NY)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details
Where to Apply: Agencies licensed to sell Royal Neighbors products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes
Common conditions still eligible for no waiting period coverage:


Afib
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 5 years ago
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diverticulitis
Emphysema
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis B or C
High blood pressure
High cholesterol
Multiple Sclerosis
Pacemaker (installed > 2 years ago)
Parkinson's
Schizophrenia
Scleroderma
Severely overweight
Sleep apnea
Tumors

 

5) Foresters Financial

Founding Year: 1874
A
Excellent
BBB
A+
Accredited
Choice Mutual Rating
4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Foresters Financial approves applications quickly (generally less than 20 mins) and has some of the lowest prices.

They also offer all policyholders free member benefits.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 50-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $5,000-$35,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Foresters Financial products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 3 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
Cirrhosis
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Kidney disease (no dialysis)
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sickle cell anemia
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors

 

Tips To Finding The Best $15,000 Final Expense Insurance Policy

Whether you need life insurance for a parent or yourself, there are some simple steps you can take to ensure you find the best deal.

First, avoid buying guaranteed issue coverage as your first option.

Guaranteed life insurance is more expensive and has a two-year waiting period.

Most people simply do not need to resort to this type of policy.

Tip:
The Colonial Penn $9.95 plan are guaranteed issue policies.

Second, always work with independent agencies that can freely compare multiple insurers on your behalf.

Independent agents partner with multiple insurance providers rather than just one.

They work for you rather than the insurance companies. They aim to investigate multiple policies to find which one is best for you.

Contrast this to working with a “captive insurer” that only allows its agents to represent just them.

For example, State Farm is one such example. State Farm agents cannot offer you any other insurance company.

If their offer is not suitable for you, they have no recourse.

In contrast, an independent agent will match you with another company that will make you a better offer.

If you need life insurance for a senior or young adult, call us at 1-800-644-2926.

Choice Mutual is an independent agency that partners with nearly 20 different insurance companies.

We’ll find you the best policy whether you need $15,000, $25,000, or even $100,000 in coverage.