$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
- $10K Policy Cost$41.01/month*
- New Applicant Ages45-85
- Death Benefit Options$2,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$47.00/month*
- New Applicant Ages50-80
- Death Benefit Options$5,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$51.10/month*
- New Applicant Ages18-85
- Death Benefit Options$5,000-$100,000
- 2-Year Waiting PeriodNo
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.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
We measure the price of a company’s most popular they promote relative to its competitors. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on pre-defined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well-documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased expert commentary and explanations of the topics being discussed. We want our readers to be armed with information and tools that cannot be found anywhere else on the internet, so they can truly make an informed decision.
All content on this website is written by Anthony Martin, who is a licensed life insurance agent with over a decade of expertise in this industry and has been quoted as an expert source hundreds of times by many reputable news outlets.
Per our editorial guidelines, we have never, and will never, use artificial intelligence to create our content. Every word printed on this website is produced and curated 100% by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
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.
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participating. https://www.investopedia.com/terms/p/participation_policy.asp
