$5,000 Whole Life Insurance Policy Rates
Whole insurance lasts indefinitely, has a fixed rate, and builds cash value.
| Age | Female | Male |
|---|---|---|
| 40 | $11 | $12 |
| 45 | $13 | $14 |
| 50 | $14 | $17 |
| 55 | $15 | $20 |
| 60 | $18 | $23 |
| 65 | $22 | $29 |
| 70 | $28 | $37 |
| 75 | $37 | $50 |
| 80 | $51 | $69 |
| 85 | $68 | $95 |
| 86 | $87 | $120 |
| 87 | $105 | $140 |
| 88 | $121 | $160 |
| 89 | $131 | $180 |
| Source for monthly prices: Choice Mutual quote calculator. Rates are calculated at a non-tobacco rating, rounded to the nearest dollar, and are valid as of 02/26/2025. | ||
$5,000 Guaranteed Acceptance Life Insurance Policy Rates
Guaranteed acceptance whole insurance has no medical questions or exam requirements. You cannot be denied due to pre-existing conditions. There is always a two-year waiting period. Death during the waiting period will only result in a refund of your premiums.
| Age | Female | Male |
|---|---|---|
| 45 | $14 | $19 |
| 50 | $16 | $21 |
| 55 | $19 | $23 |
| 60 | $22 | $29 |
| 65 | $26 | $35 |
| 70 | $32 | $44 |
| 75 | $45 | $57 |
| 80 | $64 | $79 |
| 85 | $79 | $97 |
| Source for monthly prices: Choice Mutual quote calculator. Rates are for Mutual of Omaha's guaranteed acceptance whole life policy, rounded to the nearest dollar, and are valid as of 02/20/2025. | ||
$5,000 Term Life Insurance Policy Rates
Term life insurance lasts for a limited period of time. It may last 10 or 20 years or until a certain age, such as 65 or 75. As a general rule, term policies will only cover you until around age 80. When the policy ends, you don’t have insurance, and you don’t get any money back. Finally, some term policies have a premium increase every five years (such as AARP or Globe Life), but with some companies, the rate will remain the same.
| Age | Female | Male |
|---|---|---|
| 50 | $8 | $11 |
| 55 | $9 | $14 |
| 60 | $11 | $17 |
| 65 | $14 | $22 |
| 70 | $17 | $29 |
| 75 | $22 | $38 |
| Source for monthly prices: Choice Mutual quote calculator. Rates are calculated at a non-tobacco rating, rounded to the nearest dollar, and are valid as of 02/20/2025. | ||
Best Companies For A $5,000 Life Insurance Policy
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $41.01/month*
- New Applicant Ages 45-85
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $43.99/month*
- New Applicant Ages 45-80
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $47.60/month*
- New Applicant Ages 40-89
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
How To Apply For A $5K Policy
There are a few ways to apply for a $5,000 life insurance policy:
- Online: Many final expense insurance companies have online applications where you can fully apply without speaking with an agent. If approved, you’ll get a policy in the mail.
- Talk with an agent: A licensed agent may represent just one insurance company, or they might represent multiple ones. Either way, your agent will ask you some questions so they can give you accurate quotes. They will assist you with filling out the application. Once approved, the insurance company will mail the policy directly to you.
- Through the mail: Many insurance providers send seniors offers through the mail, such as Mutual of Omaha, Globe Life, Physicians Mutual, and many others. Basically, you fill out the paper application and wait to get a policy in the mail. Be cautioned, however, because nearly all policies sold through the mail are guaranteed acceptance plans with a two-year waiting period.
If you have pre-existing conditions, seeking a licensed agent who partners with multiple insurance companies is highly recommended. Only agents can accurately determine which companies will accept you and the exact price.
Frequently Asked Questions
$5,000 would be enough to cover the cost of cremation but not burial. On average, a burial costs about $10,000.
Term life, while cheaper, is only suitable to cover a temporary need such as financial debt. If you’re seeking $5,000 in coverage to pay for final expenses, term life would be a bad option because you’ll probably outlive the policy. Instead, opt for whole life if your goal with the policy is to use it to pay for funeral expenses.
