In this article, you will learn how much a $50,000 whole life insurance policy costs and the fine print you need to be aware of.

We’ll also discuss how your health impacts your eligibility and price.

How Does A $50,000 Whole Life Insurance Policy Work?

A $50,000 whole life policy is permanent coverage that will never expire, the price will never increase, and the coverage will never decrease.

Upon your passing, it will pay out a tax-free cash payment of $50,000 to your beneficiaries.

Most life insurance companies won’t require a physical or medical exam since the coverage is on the low side.

Regardless of how much coverage you purchase, whole life insurance is incredibly straightforward.

Here’s the fine print you need to be familiar with:

  • Fixed prices that cannot increase as you age
  • Coverage is guaranteed never to decrease
  • The policy is non-cancelable once issued
  • Guaranteed lifetime coverage
  • Cash value accrues over time

All life insurance (regardless of the type) simply pays out a tax-free cash benefit once the insured dies. The beneficiaries will get a check and can use the money any way they want.

There are no restrictions on how they spend the money. So if you’re buying a policy to cover funeral expenses, there will probably be money leftover since funerals typically cost about $10,000.

Any remaining money will stay with your beneficiary(s). It wouldn’t go to the funeral home or some other entity.

For example, if you bought a $100K policy, there would surely be a healthy amount of leftover money your family could keep.

All whole life contracts build cash value. Cash value is like a behind-the-scenes savings account. It grows with every payment that you make.

You can borrow from the money that accrues or leave it in the policy. If you ever surrender (cancel) your policy, the insurer will refund you the accumulated cash value.


No Exam & No Health Questions

For a $50000 whole life insurance plan, you essentially have to choose between two types of underwriting.

  • No-Exam: Also known as “simplified issue,” a no-exam policy does not require that you undergo an exam to provide a blood & urine sample. For example, a final expense policy doesn’t require an exam. To qualify, you simply have to answer some health questions. In addition, the insurance company will review your medication history because that tells them a great deal about your health. They will either approve or deny you based upon your medical history.
  • Guaranteed Acceptance: You’ve probably seen these advertised on TV (such as the Colonial Penn $9.95 plan). Guaranteed issue policies have no health or lifestyle questions. Put simply, your approval is guaranteed. However, these plans all have a two-year waiting period. If you die during the waiting period, the insurance company would only refund your premiums plus a small amount of interest. You must live two years or more before you’re actually insured.

A “no exam” policy, if approved, will come with the benefit of immediate coverage that has no waiting period. Additionally, they tend to cost less because the insurance company knows you don’t have serious medical issues.

Guaranteed acceptance is generally only advised when you have severe high-risk medical issues (such as dialysis, oxygen use, congestive heart failure, or AIDS to name a few).

It would be best if you initially tried to qualify for a no-exam policy (most people are eligible for a no-exam plan). If you cannot qualify for one, then opt for a guaranteed issue plan.


How Much Does A $50,000 Whole Life Insurance Policy Cost?

A $50,000 whole life policy will likely cost between $70-$500 per month. The price of any life insurance policy will vary based on your age, health, lifestyle, tobacco usage, and the amount of coverage purchased.

Answering questions about your health is one proven way to lower the cost of a whole life final expense policy.

Below is a whole life price table that outlines some monthly cost estimates.


Non Tobacco
Non Tobacco
40-49$73 - $98$74 - $107$98 - $137$117 - $186
50-59$99 - $152$111 - $167$142 - $208$193 - $264
60-69$159 - $264$174 - $291$314 - $427$314 - $432
70-79$256 - $456$307 - $512$394 - $652$445 - $895
80-85$483 - $603$533 - $676$578 - $1105$640 - $1297
86-90$25,000 is the limit
at this age range
See this article
$25,000 is the limit
at this age range
See this article
$25,000 is the limit
at this age range
See this article
$25,000 is the limit
at this age range
See this article

If those price estimates are too much for your budget, you should consider buying less coverage.

Learn more about lower coverage options:

How Your Health Impacts Your Eligibility And Price

No matter how much coverage you want, you will either apply for a plan with health questions or one that does not. It is one or the other.

As is the case with all guaranteed issue life plans, your health issues will not be a barrier for entry, for your acceptance is guaranteed.

That type of policy will have a 2-3 year waiting period and cost more money (since they take on much more risk knowing nothing about your health).

The bottom line is that some health issues are acceptable for plans that have health questions, and some are not. Furthermore, certain health conditions will unequivocally result in a higher premium.

Truthfully, most health issues are insurable. Given your health conditions, it’s usually just a question of which company has the best underwriting for you.

As a general overview, here is a list of health issues accepted by multiple insurance companies.

If you have any of these, there is an excellent chance you can find a company that will approve you for a plan at the lowest rate possible and with no waiting period.

  • High blood pressure
  • High cholesterol
  • Type 1 or 2 diabetes
  • Parkinson’s disease
  • Atrial fibrillation
  • Lupus
  • Crohn’s disease
  • COPD
  • Bipolar disorder
  • Seizure conditions
  • Thyroid issues
  • Depression/anxiety
  • Past heart attacks
  • Past strokes
  • Cancer (over two years ago)
  • Arthritis
  • Asthma
  • Multiple sclerosis
  • Kidney disease
  • Blood clots
  • Schizophrenia
  • Atrial Fibrillation

That list is not complete. Those conditions are just the most common ones.

As a consumer, you can do a lot of research on your own. That said, there is no way you can figure out which companies will accept your health issues on your own.

You must speak with a seasoned agent who can determine that for you. Agents know the underwriting, so they can assess your issues to determine which companies would be suitable for you.


How Choice Mutual Can Help

If you’re looking for a $50,000 whole life policy, Choice Mutual can help you find the best plan at the lowest rate.

We are an independent agency that represents over 15 different life insurance companies. Our allegiance is to you, not the insurance companies.

We will compare prices from top-rated insurance companies in your state to determine which one will approve you for the best rate.

The best part is that our services come at no cost to you. The insurance companies pay us because we bring them customers.

Our agents are highly trained and never pushy. We will answer your questions and make recommendations. It’s always up to you whether or not you take the next step.

Check out these reviews to see what other clients had to say about working with us.



If you want some expert no-hassle help, call us at 1-800-644-2926.

We look forward to helping you find peace of mind at the best price possible.