The Cost Of A $50,000 Whole Life Insurance Policy

Learn how much a $50,000 whole life insurance policy costs and what factors influence the price.

Also, learn the different underwriting options and how to find the best policy.

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

$100-$500 monthly is the average cost of a $50,000 whole life insurance policy.  Remember that factors such as your gender and health will heavily influence the exact cost.

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

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

Learn more about lower coverage options:

• $5,000 whole life insurance
• $10,000 whole life insurance
• $15,000 whole life insurance
• $20,000 whole life insurance
• $25,000 whole life insurance

How Does Whole Life Insurance Work?

Whole life insurance is permanent coverage that will never expire, the price will never increase, and the coverage will never decrease.

Also, it will accrue cash value that you may borrow and use as you see fit.

Most life insurance companies won’t require a physical or medical exam for coverage amounts below $75,000.

All life insurance (regardless of the type) simply pays out a tax-free cash benefit once the insured dies.

The beneficiaries can spend the money on anything.

If you’re buying a $50,000 policy to cover funeral expenses, there will certainly be money left over 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.

No Exam Or No Health Questions

For a $50,000 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 only 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 on 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. Guaranteed issue policies typically have a maximum coverage amount of $25,000. Let’s say you want $100K of whole life insurance that’s guaranteed acceptance; you would need to buy four policies from different providers. If you want $50K in coverage, you would need to be two.

A “no exam” policy, if approved, will come with the benefit of immediate coverage that has no waiting period. Additionally, it tends 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). Opt for a guaranteed issue plan only when you’re not eligible for a policy that asks questions about health.

How Your Health Impacts Your Eligibility And Price

No matter how much coverage you want, you will apply for a plan with health questions or one without. It is one or the other.

With all guaranteed issue life plans, your health issues will not be a barrier to entry, for your acceptance is guaranteed.

Also, your health won’t influence the cost since they don’t ask health questions.

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).

Guaranteed issue policies aren’t usually necessary because most health issues are insurable.

It’s usually just a question of which burial insurance company has the best underwriting that accepts your health issues.

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

If you have any of these conditions, there is an excellent chance that some final expense company will approve you for a plan with health questions.

That will result in lower premiums and no waiting period.

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

As a consumer, you can do extensive research on your own.

However, there is no way you alone can figure out which companies will accept your health issues.

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 final expense insurance companies would suit you best.

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 senior funeral 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 said 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.