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.

Tip:
Globe Life is the only company that offers term life insurance for a $5,000 face amount.

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.

 

AgeFemale
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
Mutual of Omaha company logo$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)
Aetna company logo$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)
Foresters Financial company logo$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)
Transamerica company logo$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)
Prosperity Life Group company logo$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)
Americo company logo$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)
Liberty Bankers Life company logo$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)
American Amicable company logo$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)
Baltimore Life company logo$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)
AIG company logo$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)
Gerber Life company logo$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.

Tip:
We can still help you if you need $10K, $25K, $50K, or even $100K in whole life insurance.

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.