$10,000 Whole Life Insurance Policy

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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A $10,000 life insurance policy might perfectly fit your financial situation. Your family will be financially secure with a simple and low monthly payment.

You might be wondering how much 10,000 dollars of coverage will cost.

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$10,000 Whole Life Insurance Quotes

Age, gender, health, and tobacco use all play a role in the funeral insurance cost someone should expect to pay for a $10000 insurance policy. The quotes listed below are examples of what a healthy individual will pay each month.

The quotes listed are for policies that do not require a waiting period or medical exam.

50 – 59 Burial Insurance Quotes

$10,000 of Coverage
Age Female (Non-Smoking) Female (Tobacco) Male (Non-Smoking) Male (Tobacco)
50
$24
$32
$31
$38
51
$25
$33
$31
$39
52
$26
$34
$32
$41
53
$26
$35
$33
$44
54
$27
$37
$34
$46
55
$28
$39
$36
$47
56
$29
$40
$37
$50
57
$30
$41
$39
$52
58
$31
$42
$40
$54
69
$32
$44
$42
$56

60 – 69 Burial Insurance Quotes

$10,000 of Coverage

Age Female (Non-Smoking) Female (Tobacco) Male (Non-Smoking) Male (Tobacco)
60
$33
$45
$44
$60
61
$34
$47
$46
$63
62
$36
$50
$49
$68
63
$38
$52
$51
$71
64
$39
$54
$54
$76
65
$41
$57
$56
$80
66
$43
$60
$60
$85
67
$46
$64
$63
$91
68
$48
$67
$67
$97
69
$51
$70
$71
$101

70 – 79 Burial Insurance Quotes

$10,000 of Coverage

Age Female (Non-Smoking) Female (Tobacco) Male (Non-Smoking) Male (Tobacco)
70
$53
$74
$75
$107
71
$56
$79
$79
$115
72
$58
$85
$84
$121
73
$64
$90
$89
$130
74
$68
$95
$95
$137
75
$72
$100
$100
$145
76
$78
$109
$107
$160
77
$84
$118
$114
$174
78
$88
$127
$122
$186
79
$93
$134
$130
$196

80 – 89 Burial Insurance Quotes

$10,000 of Coverage

Age Female (Non-Smoking) Female (Tobacco) Male (Non-Smoking) Male (Tobacco)
80
$98
$135
$140
$206
81
$106
$147
$150
$219
82
$114
$161
$160
$238
83
$121
$171
$171
$255
84
$129
$180
$182
$269
85
$136
$192
$193
$283
86
$171
$257
$236
$394
87
$206
$299
$277
$453
88
$241
$341
$317
$513
89
$275
$384
$358
$572

Whole Life Insurance Basics

Every whole life insurance policy has three permanent features.

Premiums Never Raise: The premiums will never increase, allowing seniors on a fixed income to know what their monthly life insurance bill will be in the future. Policyholders do not have to worry about renewing their coverage.

Coverage Never Expires: Whole life insurance policies stay in force as long as the policyholder is alive and paying premiums. Seniors will be given peace of mind knowing they will never outlive their policy.

Builds a Cash Value: A portion of each payment will go towards the policy’s cash value. Over time this amount will grow and can be borrowed if the policyholder wishes. Speak with your agent to learn the expected value over time.

Other Benefits of Final Expense Whole Life Insurance

Affordable: Burial insurance comes in small policy amounts, making it more affordable than traditional whole life insurance. Death benefit amounts range from $2,000 to $40,000. However, $10,000 is one of the most common coverage amounts.

No Medical Exam: Applicants are never asked to get a medical exam for final expense insurance, making the process quick and easy.

Flexible Underwriting: Each life insurance company sets its underwriting criteria. Some policies require seniors to be in good health, while others ask no medical questions and accept applications for nearly everybody.

Avoid Term Insurance

Term policies are suitable for specific circumstances, such as replacing the head of the household’s income or for temporary coverage. Using term insurance for your burial insurance needs is a gamble because it will expire at some point. If the policy terminates before the policyholder’s death, funeral costs will fall upon unassuming family members.

Term insurance either expires at a certain age or after a specific amount of time. If you live past this age or time, your coverage will stop, and your family will not receive a payout.

Read The Fine Print

Anyone over 50 has had life insurance promotional material sent to their mailbox. This “exclusive term insurance offer” can come from many companies. These plans have great marketing to display their low prices.

There is a catch. The catch is that your coverage will expire once you reach a specific age. Also, not only do the plans expire many companies raise the price the older you get.

For example, if you take out a $10,000 life insurance policy at 50, the monthly premium will triple over the next 20 years. On top of that, the policy will expire when you reach 80 years old. Listed below is an example of a term policy that will increase in price over time.

$10000 Term Policy

Monthly Premiums

Age Female Male
50
$11
$14
55
$13
$18
60
$17
$24
65
$21
$31
70
$33
$42
80
Terminates
Terminates

$10000 Life Insurance For Seniors FAQs

How Much is a 10000 Life Insurance Policy Per Month?

The price for a $10000 life insurance policy will be $30 – $200 per month. The monthly premium you will pay depends on several factors, including age, gender, and medical history. The healthier and younger you are, the lower your premium will be.

What Would 10000 of Life Insurance Cost for a 70 Year Old Man?

A 70-year-old male can expect to pay between $73 – $106 per month, depending on his medical history. Burial insurance for seniors over 70 is an affordable option for coverage.

What is the Smallest Life Insurance Policy?

Life insurance coverage can be found for as little as $2,000. Typically life insurance will have higher coverage amounts that start at $50,000 and reach into the millions. However, final expense for seniors begins at $2,000 of coverage, making the monthly premium affordable and more accessible to seniors.

What is the Cash Value of a $10000 Life Insurance Policy?

The cash value will build overtime for a $10,000 policy. A small portion of each payment will be directed to the cash value account. The policyholder can borrow this money once the account has been built up in future years. Your agent can show you a timeline of your policy’s expected value.

Is A $10000 Whole Life Insurance Policy Good for Seniors?

Seniors commonly take out a $10,000 whole life insurance policy to cover their burial and funeral cost. This coverage is an excellent option for seniors on a fixed income who need permanent coverage that will not expire or fluctuate in price. The monthly premiums are very reasonable and affordable.

What if I Can’t Afford a $10,000 Life Insurance Policy?

Burial insurance offers flexible coverage amounts ranging from $2,000 to $40,000. Whole life insurance is permanent, allowing seniors to find a coverage amount right for their current and future budget.

Other Whole Life Coverage Amounts

How Do I Buy a $10k Burial Insurance Policy?

The easiest way to purchase final expense life insurance coverage is by speaking to an independent agent. However, there are two main ways to get this type of coverage.

Direct with Provider: While it might seem to be the best way to buy, purchasing directly with the insurance company usually leaves people paying more. The higher cost is because, as strange as it sounds, the representatives working at the company do not have access to all of the plans. Only guaranteed acceptance plans are available when you purchase directly from some carriers. Many of the top plans are contracted out to independent agents.

Insurance Agency: An independent agency can represent as many insurance providers as they want. Since they can choose, independent agencies usually offer the best of the best.

Final Thoughts About $10000 Whole Life Insurance

a. Seniors can find small whole life insurance policies for a low and affordable monthly rate. These plans are simple to qualify for with no hassle of a medical exam.

b. When finding $10000 life insurance, ensure you do not get sucked into buying term life insurance plans. These plans can be deceptive and are not your best option.

c. Work with an expert to find the best funeral insurance plans at the lowest possible price.