$10000 Whole Life Insurance Policy (Cost & Best Companies) (2024)

In this article, you’ll learn how much a $10K whole life final expense policy costs, how these policies work, and the best companies.

Also, we’ll reveal some popular yet expensive companies to avoid.

How Much Does A $10,000 Whole Life Insurance Policy Cost?

A $10,000 whole life policy typically costs $50-$100 per month. Understand that the cost of final expense whole life insurance depends on your exact age, health, tobacco habits (if any), gender, and state of residence.

Below is a whole life insurance rates by age chart for $10,000 in coverage. The prices shown are all monthly estimates.

The Best Companies For A $10,000 Whole Life Final Expense Life Insurance Policy

Insurance Company	Coverage & New Applicant Age Limits	Policy Type, Length & Product name
	Coverage: $2,000-$50,000 Age Range: 45-85	Whole Life Insurance Lasts forever once issued "Living Promise"- Level (no waiting period)
	Coverage: $2,000-$50,000 Age Range: 40-89	Whole Life Insurance Lasts forever once issued "Accendo"- Preferred (no waiting period)
	Coverage: $5,000-$50,000 Age Range: 45-80	Whole Life Insurance Lasts forever once issued "Final Expense"- Preferred (no waiting period)
	Coverage: $7,000-$30,000 Age Range: 50-80	Whole Life Insurance Lasts forever once issued "SIWL" (no waiting period)
	Coverage: $5,000-$35,000 Age Range: 50-85	Whole Life Insurance Lasts forever once issued "PlanRight"- Preferred (no waiting period)
	Coverage: $1,000-$50,000 Age Range: 45-85	Whole Life Insurance Lasts forever once issued "Immediate Solution"- Preferred (no waiting period)
	Coverage: $5,000-$35,000 Age Range: 55-80	Whole Life Insurance Lasts forever once issued "New Vista"- Level (no waiting period)
	Coverage: $5,000-$25,000 Age Range: 50-80	Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period)
	Coverage: $3,000-$40,000 Age Range: 50-80	Whole Life Insurance Lasts forever once issued "SIMPL"- Preferred (no waiting period)
	Coverage: $5,000-$25,000 Age Range: 50-80	Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period)
	Coverage: $2,500-$50,000 Age Range: 50-85	Whole Life Insurance Lasts forever once issued "Senior Choice"- Immediate (no waiting period)
	Coverage: $2,500-$50,000 Age Range: 45-89	Whole Life Insurance Lasts forever once issued "iProvide" (no waiting period)

How Does Whole Life Insurance Work?

Whole life insurance is a type of permanent life insurance that will never expire.

It guarantees that the premium will never change and the death benefit won’t decrease.

Additionally, it will build cash value you can borrow and use any time you want.

Like any other type of life insurance, it will pay out a tax-free cash payment to your beneficiaries.

There are no restrictions on how your loved ones spend the money. In addition, they can keep any leftover funds they don’t use for your funeral expenses.

How You Health Factors Into The Cost Of A $10,000 Whole Life Final Expense Policy

Most $10,000 whole life insurance plans will be a type of final expense insurance.

Traditional whole life policies typically have minimum coverage amounts of $25K, $50K, or $100K.

Other than your gender and age, final expense insurance costs are based on your health and tobacco usage (if any).

First, expect to pay 30-40% more if you smoke cigarettes.

Final expense insurance (aka burial insurance or funeral insurance) has two types of underwriting:

• With health questions: You must fill out a health questionnaire to qualify (no exam required). Your eligibility is based on your prior medical history. You could either get approved, declined, or offered a plan with a partial or complete waiting period.

• No health questions: Your approval is guaranteed, but the cost is higher, and there is a full two-year waiting period. Death in the first two years will only result in a refund of your payments plus interest (typically 10%).

To get the lowest price and coverage with no waiting period, you must apply for a policy that involves answering questions about health.

Understand that burial insurance for seniors has very lenient underwriting. Despite previous health issues, most seniors can still qualify for a no waiting period policy.

Particularly if you have pre-existing conditions, it’s advisable to speak with a licensed insurance agent who can ask basic questions and determine your eligibility with multiple providers.

How Choice Mutual Can Help Find The Best Policy

To find the best $10,000 whole life final expense policy, it’s imperative that you compare multiple insurance providers side by side.

No single insurance company can be the best option for everyone.

Final expense insurance companies compete with one another via cost and underwriting.

For example, one company may charge people with diabetes a higher price, and another company may not.

If you have diabetes, you want a company that isn’t going to charge you a higher price because of your diabetes.

At Choice Mutual, we are an independent agency that partners with nearly 20 insurance companies. We will compare all the companies available in your state to find your best deal.

We don’t care which company issues your policy. All we care about is finding the best policy for you.

Our services are free, and the insurance doesn’t cost more because you bought from a broker. We have thousands of 5-star reviews online like the ones below.

Call us at 1-800-644-2926, and one of our friendly agents will help you find the lowest price for a $10,000 whole life policy.

Expensive Companies To Avoid

In every industry, some companies operate outside the competitive boundaries and offer their product or service at a much higher price point. That’s certainly true in the life insurance industry.

Below are four companies that sell whole life final expense insurance at a much higher cost than most providers.

Colonial Penn

Their commercials featuring Jonathan Lawson tout the fantastic low price of their $9.95 plan.

While that sounds cheap, it’s actually quite expensive because you get so little coverage for the dollar spent.

Colonial Penn life insurance for seniors is sold by the unit. Everyone, regardless of age or gender, pays just $9.95 monthly for one coverage unit.

What varies is how much life insurance you get per unit of coverage.

For example, a 73-year-old male would only get $608 of coverage from one $9.95 unit.

To get nearly $10,000 in coverage, a 73-year-old man would have to buy 15 units, which would cost $149.25 per month.

Also, Colonial Penn units all have a two-year waiting period for natural causes of death. They’ll only refund your money in the first two years for any non-accidental death.

To compare, Mutual of Omaha would charge this same man $89.46, with no waiting period (if you qualify and most do).

AARP

Most people assume that AARP life insurance is inexpensive because AARP looks out for seniors. That is not the case.

For example, a 75-year-old female would pay $83.00 monthly for $10,000 of AARP’s final expense whole life insurance.

Mutual of Omaha would charge that woman only $72.41 per month.

For all ages, AARP is just more costly than other providers.

Lincoln Heritage

Lincoln Heritage is one of the nation’s largest final expense life insurance providers via their Funeral Advantage program.

While this sounds impressive, it’s not because they offer the best funeral insurance policy.

The truth is, they are costly, even for healthy clients.

For example, Lincoln Heritage would charge a healthy 75-year-old female $199.20 monthly for $20,000 in coverage.

In contrast, Mutual of Omaha would charge her $141.62 monthly.

And if you’re not in excellent health, they could charge up to 300% more than other final expense companies.

TruStage

TruStage life insurance products are convenient because you can buy them online without talking to an agent.

However, that convenience comes at the cost of higher prices.

For example, a 75-year-old female would pay $191.40 monthly with TruStage for $20,000 in coverage.

Mutual of Omaha would charge only $141.62 per month.

$10,000 Whole Life For Children

If you need life insurance for a child, whole life insurance is essentially your only option. There is no term life insurance for children.

Below is a table that outlines some sample monthly premiums for Mutual of Omaha children’s life insurance.

With Mutual of Omaha, males and females pay the same rate.

Frequently Asked Questions