Are you shopping for a $5000 life insurance policy to help cover funeral or burial expenses?
Maybe you just want $5K because you want to be cremated, or maybe it’s because you have some coverage now and you just need to add a little more.
Whatever you reasons are for wanting $5,000 in final expense life insurance coverage, you will find real quotes in this article. We will also show you why working with us for your burial insurance needs will save you big money.
What’s Covered In This Article
The Truth About $5,000 Life Insurance Policies
Most people know the term “life insurance” is very general. There are literally dozens of different kinds of life insurance, and they all function differently.
Here’s the bottom line about $5,000 life policies
Small $5K policies are going to be whole life insurance.
This is really good news when you consider the following about whole life insurance:
- They will never expire at any age. FYI, other types of life insurance will expire after a certain period time (For example, AARP’s burial coverage expires).
- Monthly premiums cannot increase ever.
- Death benefits cannot decrease for any reason.
In the end, because these small plans are whole life, they will never change and they will always be there for you when you need it the most.
Real Quotes For A $5000 Life Insurance Policy From Multiple Companies
Below you will find some sample rates from multiple insurance companies. We chose to show quotes for ages in five year blocks to keep it from being too massive.
If you want to see exactly what you would pay at your current age, check out a whole life rate chart or use the quote tool on this page.
Keep this in mind…
- We represent many more final expense life insurance companies other than these. It may turn out that your best plan might be with one of these companies. Then again, it might not. In the end, we will assess your health and let you know which companies are best for you.
- These prices are all non tobacco. If you have smoked cigarettes within the last 12 months, you will pay anywhere from 20-50% more. If chew tobacco, or use a pipe, we have companies that will offer you non tobacco rates.
- All of these rates are consistent with an applicant who responds with No to every health question with each company. The one exception is Gerber Life because their policy has no health questions. For most clients, we can find them a company where they can say no to all the health questions because the company accepts all their health issues.
- To reiterate, these $5K quotes are all whole life insurance, so the rates are cannot increase, and the policy won’t expire.
Age Female Non Tobacco Male Non Tobacco
50 $13.94 $16.18
55 $15.80 $19.15
60 $18.04 $22.98
65 $22.11 $29.48
70 $28.22 $38.45
75 $37.81 $51.37
80 $50.82 $67.93
85 $69.55 $93.18
Age Female Non Tobacco Male Non Tobacco
50 $14.60 $17.57
55 $17.15 $20.01
60 $19.28 $24.17
65 $22.97 $29.45
70 $28.28 $38.03
75 $39.11 $52.92
80 $57.12 $74.94
85 $84.53 $101.95
Age Female Non Tobacco Male Non Tobacco
50 $17.41 $20.26
55 $19.26 $23.41
60 $19.56 $25.21
65 $22.61 $29.36
70 $27.86 $36.96
75 $39.36 $53.96
80 $53.96 $74.61
85 $72.21 $102.66
Age Female Non Tobacco Male Non Tobacco
50 $14.40 $17.10
55 $16.30 $19.70
60 $18.55 $23.60
65 $22.55 $30.00
70 $28.70 $39.05
75 $38.15 $51.75
80 $53.75 $71.85
85 $76.05 $101.95
Age Female Non Tobacco Male Non Tobacco
50 $15.10 $17.57
55 $17.51 $20.71
60 $19.65 $25.21
65 $23.72 $30.28
70 $29.71 $38.97
75 $40.41 $52.39
80 $56.89 $75.71
Gerber life only sells a no health question guaranteed issue policy. Everyone is accepted, but the policy will not pay out a death benefit during the first two years. This kind of policy is not the best option for most people. There are very few scenarios where someone should take out a guaranteed issue policy. Do not worry because your Choice Mutual agent will properly advise you about this matter.
Age Female Male
50 $14.53 $19.66
55 $18.38 $23.51
60 $23.70 $28.78
65 $28.19 $34.60
70 $34.83 $44.41
75 $45.60 $62.79
80 $76.54 $110.92
What Is Burial Life Insurance?
One of the most common questions we get is what is burial insurance? The internet is riddled with misinformation on this topic, so let’s set the record straight.
First and foremost, burial insurance is a type of life insurance.
Truthfully, burial insurance is actually just a marketing term.
In fact, you will often hear the terms “final expense” or “funeral insurance” used in interchangeably along with the term “burial insurance”. In the end, they all refer to the same thing.
Read more about burial insurance vs. life insurance.
Just like teenager life insurance, burial insurance is always whole life insurance. They are never term life insurance policies (term life plans are temporary life insurance policies that expire after a certain number of years).
Basically, burial life insurance policies were designed to provide funds for end of life expenses.
Since these policies are whole life, they are incredibly easy to understand. Earlier in this article, we explained how whole life plans works, but here’s a quick recap in case you missed it.
- They never expire at any age
- The monthly price cannot increase
- Death benefits cannot decrease
Honestly, there is no fine print that you need to be leery of.
Once you have your policy in place, you are protected immediately if you qualified for immediate coverage (which most people do). Whenever you pass away, your policy will provide cold hard cash to your family, so they can pay for your final expenses.
If there is any money left over, it will stay with your family. It will not go to the funeral home (unless you were to name them as the beneficiary).
How burial policies Are Unique
Not all life insurance is the same. Final expense insurance is a prime example of this. The insurance companies created these policies understanding who would buy them.
They carefully analyzed those likely to buy them, and designed them accordingly. For this reason, you will find they have some extremely unique benefits.
Super Relaxed Underwriting
The most striking element of final expense life insurance is their incredibly relaxed underwriting.
The insurance companies fully understand that it’s only natural to develop health issues as you age. It’s for this reason that they designed these plans to accept many major medical issues. It cannot be over emphasized how relaxed the underwriting is.
Small Face Amount Options
Another very unique feature of burial policies is the very low face amount options. You can literally buy as little as $1,000 in coverage. If you go to buy a traditional life policy, you will typically see face amount minimums of $50,000.
You can buy as much as you like, but the very low minimums allow you to buy only as much as you need. This is particularly helpful for folks who are on a fixed income. Not to mention, if you desire to be cremated, you really don’t need much coverage, so burial insurance perfectly accommodates that need.
How Working With Choice Mutual Will Save You Money On A $5000 Burial Insurance Policy
First, it’s important that you understand that we do not sell any other product or service. We only deal with burial insurance. We believe in being masters of this business instead of being mediocre at many things.
It’s kind of like having a heart issue. You don’t want your primary care physician to treat you for your heart troubles. You go see a cardiologist for that because they are experts specifically with the heart and circulatory system. We are the burial insurance experts 👍
When it comes to buying burial insurance, here is how we can and will save you money.
First, we will thoroughly assess your health. We do this so that we can isolate which final expense companies will be most accepting of your health conditions. We are independent, and we represent lots of carriers.
Unlike life insurance from AARP, we can compare offers from multiple providers for you.
Once we know which companies will view your health most favorably, we will run quotes with all of them. Then it’s just a matter of identifying which one comes back with the cheapest rate for a $5000 life insurance policy.
In essence, working with us is like making 15 phone calls to different insurance companies. However, you tap into our knowledge of how each of these companies underwrites, so you can feel confident that when we recommend a carrier, you know you will be accepted by them.
But wait there’s more
Another huge benefit to working with us that saves you money is that we give you access to many reputable companies that you didn’t even know existed.
There are dozens and dozens of burial insurance companies that offer excellent pricing and underwriting. The only caveat is they don’t advertise on a mass scale which is why their names aren’t familiar to you.
There is a VERY good chance that your best plan resides with one of these companies. Working with us gives you direct access to them.
Your Health Plays A Big Role In The Process
You must understand that your health issues will have great influence on what funeral insurance companies charge you for the insurance. For example, if you answer yes to any health question with any carrier, it will mean a higher monthly price.
Here’s the deal
To get the best price you must find a burial insurance company whereby you would be saying no to all their health questions. This is where Choice Mutual comes in. Because we have free access to lots of companies, we can place you with whichever company is best for you based on your health.
Once we know about your health, we can quickly determine which company has underwriting where you would answer no to all their health questions. Presently, we have around a 90% success rate at achieving this.
Make no mistake, there are some health situations where a person will unequivocally have to pay a higher monthly premium. However, that is exceedingly rare.
So whether you want to buy a $50,000 whole life insurance plan or a small $5,000 burial policy, we can help you find the best price.
Ultimately, if you put your faith in us, we will deliver immense value for you just like we have for thousands of other families. You can count on that.