$50,000 Whole Life Insurance Policy Rates
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.
All life insurance (regardless of the type) pays a tax-free cash benefit once the insured dies. The beneficiaries can spend the money on anything, such as funeral costs or outstanding financial debts.
Best Companies For A $50K Whole Life 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 $47.00/month*
- New Applicant Ages 50-80
- Death Benefit Options $5,000-$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 $51.10/month*
- New Applicant Ages 18-85
- Death Benefit Options $5,000-$100,000
- 2-Year Waiting Period No
How To Qualify: 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: You don’t have to undergo an exam to provide a blood & urine sample. 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. These plans all have a two-year waiting period. If you die during the waiting period, the insurance company will only refund your premiums plus a small amount of interest. You must live two years or more before you’re insured for natural causes of death. 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).
Frequently Asked Questions
Whole life is a type of permanent life insurance with a fixed cost. It also builds cash value. Term life is a form of temporary life insurance that will expire after a specific number of years. With term, once it ends, you don’t have insurance any longer. Whole life insurance will always cost more than term. Term is cheaper because it expires whereas whole life does not.
Final expense insurance is a marketing expression describing a whole life policy that does not require a medical exam. It’s common to hear the labels “burial insurance” or “funeral insurance” in addition to final expense insurance. Many final expense insurance companies offer policies that are $50K and less. So a final expense policy is a great option if you need a $50,00 whole life plan.
Not all whole life policies pay dividends. To get dividends, you must purchase a “participating” whole life policy; otherwise, no dividends will be payable.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- participating. https://www.investopedia.com/terms/p/participation_policy.asp
