A $5,000 life insurance policy won’t cost much since the coverage is so low.
Perhaps you need to cover the cost of cremation or add more life insurance to some you already have.
Regardless of why you need $5,000 of coverage, learn your policy options, see sample quotes, 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, unlike term insurance. Also, the premiums never increase, and it will build cash value.
Some policies have no health questions because acceptance is guaranteed.
However, plans with no health questions are more expensive and have a two-year waiting period.
The insurance company will only refund your premiums if you die during the waiting period. They won’t pay out the death benefit.
How Much Does A $5,000 Whole Life Insurance Policy Cost?
The cost of a $5,000 whole life insurance policy is usually $12-$75 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 | Monthly Cost Estimates Female Non Tobacco User $5,000 Coverage | Monthly Cost Estimates Male Non Tobacco User $5,000 Coverage | Coverage & New Applicant Age Limits | Policy Type, Length & Product name |
|---|---|---|---|---|
 | $13.75 @ Age 50 $18.04 @ Age 60 $28.22 @ Age 70 $50.82 @ Age 80 | $16.94 @ Age 50 $23.48 @ Age 60 $38.91 @ Age 70 $71.47 @ Age 80 | Coverage: $2,000-$40,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Living Promise"- Level (no waiting period) |
 | $15.40 @ Age 50 $22.01 @ Age 60 $30.84 @ Age 70 $52.46 @ Age 80 | $18.94 @ Age 50 $27.30 @ Age 60 $38.32 @ Age 70 $71.88 @ Age 80 | Coverage: $2,000-$50,000 Age Range: 40-89 | Whole Life Insurance Lasts forever once issued "Accendo"- Preferred (no waiting period) |
 | $14.60 @ Age 50 $20.19 @ Age 60 $28.89 @ Age 70 $62.62 @ Age 80 | $17.57 @ Age 50 $25.10 @ Age 60 $38.84 @ Age 70 $77.25 @ Age 80 | Coverage: $5,000-$35,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "PlanRight"- Preferred (no waiting period) |
 | $13.92 @ Age 50 $18.16 @ Age 60 $28.25 @ Age 70 $52.44 @ Age 80 | $17.08 @ Age 50 $23.55 @ Age 60 $36.70 @ Age 70 $69.98 @ Age 80 | Coverage: $1,000-$50,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Immediate Solution"- Preferred (no waiting period) |
 | $18.18 @ Age 50 $21.54 @ Age 60 $33.17 @ Age 70 $52.75 @ Age 80 | $20.86 @ Age 50 $26.49 @ Age 60 $43.39 @ Age 70 $77.58 @ Age 80 | Coverage: $1,500-$35,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "New Vista"- Level (no waiting period) |
 | $18.94 @ Age 50 $22.57 @ Age 60 $34.70 @ Age 70 $69.46 @ Age 80 | $21.88 @ Age 50 $27.98 @ Age 60 $45.14 @ Age 70 $88.36 @ Age 80 | Coverage: $5,000-$40,000 Age Range: 40-85 | Whole Life Insurance Lasts forever once issued "Eagle Premier"- Level (no waiting period) |
 | $15.10 @ Age 50 $19.65 @ Age 60 $29.71 @ Age 70 $56.89 @ Age 80 | $17.57 @ Age 50 $25.21 @ Age 60 $38.97 @ Age 70 $75.71 @ Age 80 | Coverage: $3,000-$40,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "SIMPL"- Preferred (no waiting period) |
 | $14.66 @ Age 50 $20.46 @ Age 60 $31.52 @ Age 70 $58.17 @ Age 80 | $17.15 @ Age 50 $24.86 @ Age 60 $40.72 @ Age 70 $79.24 @ Age 80 | Coverage: $2,500-$50,000 Age Range: 50-85 | Whole Life Insurance Lasts forever once issued "Senior Choice"- Immediate (no waiting period) |
 | $18.50 @ Age 50 $24.75 @ Age 60 $35.91 @ Age 70 $63.81 @ Age 80 | $20.12 @ Age 50 $28.58 @ Age 60 $44.64 @ Age 70 $81.99 @ Age 80 | Coverage: $2,500-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Silver Guard I" (no waiting period) |
 | $20.29 @ Age 50 $27.97 @ Age 60 $41.21 @ Age 70 $ @ Age 80 | $28.99 @ Age 50 $35.07 @ Age 60 $54.00 @ Age 70 $ @ Age 80 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | $17.69 @ Age 50 $25.99 @ Age 60 $38.23 @ Age 70 $88.64 @ Age 80 | $22.50 @ Age 50 $32.40 @ Age 60 $50.05 @ Age 70 $124.12 @ Age 80 | Coverage: $5,000-$25,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
How Your Health Impacts The Cost Of A $5,000 Whole Life Final Expense Policy
No medical exam will be required for a senior life insurance policy with a $5,000 face amount.
That’s true for all final expense policies for seniors.
Whole life burial insurance plans have two types of underwriting:
- No health questions: You don’t have to answer any health questions because your acceptance is guaranteed. The cost is higher, and the policy has a two-year waiting period. Death in the first two years will result in a refund of premiums (no death benefit payout).
- With health questions: To qualify, you must answer basic questions about your health (no exam). How you answer the questions determines your eligibility. You might get approved, declined, or offered a policy with a full or partial waiting period.
You’ll need to apply for a policy with health questions to secure the lowest rate.
Funeral insurance for seniors has very lax underwriting, so most people qualify even though they’ve had past medical challenges.
In general, most people can find a final expense company that is accepting of their health issues.
You’ll need to speak with an agent who can diagnose which companies would accept you.
How Choice Mutual Can Help Find The Best Policy
If you need a $5,000 life insurance policy, we can help you find the lowest price.
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.
Call us at 1-800-644-2926, and one of our agents will answer all your questions and recommend the best policy for you.
