Regardless of why you need $5,000 of coverage, learn your policy options, see sample prices, and the best companies to consider.
$5,000 Life Insurance Policy Options
For a $5,000 life insurance policy, final expense whole life insurance is generally the only option. Final expense insurance is often called funeral or burial insurance.
These small whole life policies don’t require a medical exam, and most seniors qualify despite prior health issues. Whole life insurance lasts forever, the premiums never increase, and it will build cash value.
Some whole life final expense policies have health questions, and some don’t. Plans with health questions, if approved, have no waiting period.
However, guaranteed acceptance plans with no health questions have a two-year waiting period. The insurance company will only refund your premiums if you die during the waiting period.
Globe Life is the only company that offers term life insurance with a $5,000 death benefit. Term life insurance is temporary coverage that lasts for a limited period of time. After the policy ends, you’re no longer insured, and you don’t get your money back. With Globe Life, the policy will terminate on your 80th or 90th birthday (varies by state). In addition, the monthly premium increases every five years.
Term coverage is also much harder to qualify for compared to whole life. If you have pre-existing conditions, a $5,000 term life policy will likely be unattainable.
How Much Does A $5,000 Whole Life Insurance Policy Cost?
The cost of a $5,000 whole life insurance policy is usually $25-$50 per month. The exact premium you pay is based on age, gender, health, state of residence, and whether you use tobacco or not.
Below is a whole life rates chart that shows some sample monthly final expense quotes.
| Age | Female Non Tobacco | Male Non Tobacco | Female Tobacco | Male Tobacco |
|---|---|---|---|---|
| 40-49 | $12-$13 | $14-$16 | $14-$17 | $18-$20 |
| 50-59 | $13-$17 | $16-$22 | $16-$23 | $20-$29 |
| 60-69 | $18-$27 | $23-$35 | $24-$36 | $31-$48 |
| 70-79 | $28-$47 | $36-$65 | $37-$63 | $50-$86 |
| 80-85 | $50-$67 | $68-$95 | $67-$97 | $92-$130 |
| 86-89 | $87-$139 | $119-$180 | $130-$193 | $198-$287 |
The Best Companies For A $5,000 Whole Life Final Expense Insurance Policy
| Insurance Company | Coverage & New Applicant Age Limits | Policy Type, Length & Product name |
|---|---|---|
 | Coverage: $2,000-$50,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Living Promise"- Level (no waiting period) |
 | Coverage: $2,000-$50,000 Age Range: 40-89 | Whole Life Insurance Lasts forever once issued "Accendo"- Preferred (no waiting period) |
 | Coverage: $5,000-$50,000 Age Range: 45-80 | Whole Life Insurance Lasts forever once issued "Final Expense"- Preferred (no waiting period) |
 | Coverage: $7,000-$30,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "SIWL" (no waiting period) |
 | Coverage: $5,000-$35,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "PlanRight"- Preferred (no waiting period) |
 | Coverage: $1,000-$50,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Immediate Solution"- Preferred (no waiting period) |
 | Coverage: $5,000-$35,000 Age Range: 55-80 | Whole Life Insurance Lasts forever once issued "New Vista"- Level (no waiting period) |
 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $3,000-$40,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "SIMPL"- Preferred (no waiting period) |
 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $2,500-$50,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "Senior Choice"- Immediate (no waiting period) |
 | Coverage: $2,500-$50,000 Age Range: 45-89 | Whole Life Insurance Lasts forever once issued "iProvide" (no waiting period) |
How Choice Mutual Can Help Find The Best Policy
If you need a $5,000 life insurance policy, it’s helpful to compare prices from multiple final expense insurance companies.
That’s where Choice Mutual can help save you a lot of time and money. We’re an independent agency that represents nearly 20 insurance companies. We’ll objectively compare each one to find which will offer you the best price.
Our advisory services are free, and the insurance isn’t more expensive because we helped you. Final expense insurance for seniors is our forte, so you can trust that you’re dealing with specialists who will give you expert guidance and advice.
Call us at 1-800-644-2926, and one of our agents will answer all your questions and recommend the best policy for you.
