The Cost Of A $75,000 Whole Life Insurance Policy

In this article, you’ll see sample prices for a $75K whole life policy at various ages and how your health impacts your eligibility and the cost.

How Much Does A $75,000 Whole Life Insurance Policy Cost?

A $75,000 whole life insurance policy typically costs $150-$700 per month depending on your specific age, gender, state of residence, health and lifestyle.

You can get lower prices by opting for a policy that dives deeper into your health history or by taking a medical exam.

Below is a whole life rate chart with some sample monthly cost estimates for $75K in whole life coverage. The premiums shown don’t require a medical exam.

If these premiums are too expensive for your budget, consider buying a smaller coverage amount.

Learn more about lower death benefit options:

• $50,000 whole life insurance
• $25,000 whole life insurance
• $15,000 whole life insurance
• $10,000 whole life insurance
• $5,000 whole life insurance

How Your Health Will Impact Your Eligibility And The Price

Some health conditions might cause you to pay a higher price, and some will not. For example, high blood pressure (unless uncontrolled) will not result in higher premiums. On the other hand, a recent heart attack or stroke will surely cause you to pay more or be subjected to a modified plan with a waiting period.

Understand that every life insurance company will have different underwriting and prices. So, while one company might charge diabetic applicants a higher premium, another might not.

That’s why it’s crucial to work with a broker like Choice Mutual that can compare 10+ providers to identify which will give you the best deal based on your health and lifestyle.

Generally, if you have any of the following medical conditions, you can find one or more final expense insurance companies that will approve you for the lowest rate they offer and coverage with no waiting period.

Underwriting Options: Exam, No-Exam & No Health Questions

There are three types of underwriting (varies by the company) for a whole life insurance policy with a $75,000 death benefit.

• No-Exam: Also commonly known as “simplified issue,” a no-medical exam policy does not require you to meet with a nurse to give a blood and urine sample. Qualification is only dependent upon your answers to health questions. In addition to the health questions, the insurance company will electronically review your medication history because that provides great insight into your overall health history.
• Guaranteed Issue: Also commonly known as “guaranteed acceptance life insurance,” this type of policy has no underwriting whatsoever. That means you don’t have to take an exam or answer health questions. These policies frequently appear on TV, such as the Colonial Penn 9.95 plan. It’s imperative to remember that all guaranteed acceptance policies have a two-year waiting period. The insurance provider will only refund your premiums if you die in the first 24 months. Guaranteed issue plans are typically unavailable to young adults because most carriers make these plans available starting at age 50. Also, these types of policies generally have a maximum coverage amount of $25,000. So, if you want $75,000 in coverage, you’ll likely need to buy multiple policies from different providers to get to $75K. For example, you might need to buy a $25K policy from AAA, Gerber Life, and AIG.
• Fully Underwritten: This option requires you to meet with a nurse so they can weigh you, measure your health, check your blood pressure, and collect a blood and urine sample. In addition, the insurance company will order copies of all your medical records from all your physicians. After receiving all this information, the insurance company will determine if they can offer you coverage and at what price. Generally, fully underwritten applications take 4-8 weeks before a policy is approved or declined. The main advantage of fully underwritten applications is the price. Because the insurance company knows everything about your health (in great detail), the insurance costs less.

There will be no waiting period if approved for a fully underwritten or no-exam policy. It’s advisable to only opt for a guaranteed issue policy if your medical conditions prevent you from qualifying for anything else.

How Does Whole Life Insurance Work?

Whole life insurance is a type of permanent policy that lasts forever and guarantees that nothing will change. The death benefit and premium cannot change.

Also, it will build cash value, which is like a behind-the-scenes equity account. Every time you make a premium payment, a small portion is redirected into the cash value account, and you can withdraw and use that money however you want.

The insurance company will pay your beneficiaries through a tax-free check when you die. There are no restrictions on how they use that money so that they can spend it on funeral expenses, debts, medical bills, or anything else. Also, any leftover money is theirs to keep.

How Choice Mutual Can Help You Find The Best Rate For A $75,000 Whole Life Insurance Policy

Choice Mutual is an independent insurance agency that partners with over 20 different insurance companies. We compare all the top providers of final expense insurance for seniors to find each customer the best price possible.

If you need a $75,000 whole life policy (or any other amount), one of our friendly agents will determine which provider is best for you based on your health, lifestyle, and budget.

Working with an agency like us is free, and the insurance isn’t more expensive because you bought the policy through a broker.

We have thousands of positive online reviews like the ones below. Call us at 1-800-644-2926, and one of our agents will help you find the best policy and walk you through the process.