$15,000 Life Insurance Policy (Inexpensive Coverage)

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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Life insurance with a death benefit of $15,000 is affordable and easy to get. These plans are marketed to seniors as burial insurance, but the beneficiary can use the payout for anything.

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How Much For $15000 Life Insurance Policy?

Monthly premiums for a $15,000 life insurance policy range from $40 – $200. However, the applicant’s age plays the biggest role when taking out the coverage. As you age, the monthly cost will increase. Other factors that play into the price are your health and gender.

Listed below are $15,000 life insurance quotes for seniors. These quotes are whole-life plans with immediate coverage and designed for healthy applicants. That said, your price could be higher based on your specific health history.

50 – 59 Life Insurance Quotes

$15,000 of Coverage

Age Female Male Female Male
Non-Smoking
Non-Smoking
Smoking
Smoking
50
$35
$44
$45
$56
51
$36
$46
$47
58
52
$37
$47
$49
$60
53
$38
$48
$51
$65
54
$39
$50
$53
$67
55
$40
$52
$56
$70
56
$41
$54
$58
$73
57
$43
$57
$60
$75
58
$45
$59
$62
$77
59
$46
$61
$64
$80

60 – 69 Life Insurance Quotes

$15,000 of Coverage

Age Female Male Female Male
Non-Smoking
Non-Smoking
Smoking
Smoking
60
$48
$64
$66
$83
61
$50
$68
$70
$87
62
$52
$72
$73
$90
63
$55
$75
$76
$92
64
$57
$79
$78
$95
65
$60
$83
$80
$99
66
$64
$88
$84
$104
67
$67
$93
$88
$111
68
$71
$99
$94
$118
69
$75
$105
$99
$123

70 – 79 Life Insurance Quotes

$15,000 of Coverage

Age Female Male Female Male
Non-Smoking
Non-Smoking
Smoking
Smoking
70
$78
$110
$104
$127
71
$83
$117
$112
$133
72
$86
$124
$120
$138
73
$94
$133
$128
$144
74
$100
$141
$134
$155
75
$107
$148
$143
$165
76
$116
$159
$152
$175
77
$124
$170
$162
$185
78
$131
$182
$168
$196
79
$139
$193
$174
$206

80 – 89 Life Insurance Quotes

$15,000 of Coverage

Age Female Male Female Male
Non-Smoking
Non-Smoking
Smoking
Smoking
80
$146
$208
$180
$216
81
$158
$223
$219
$327
82
$169
$239
$239
$356
83
$180
$255
$255
$380
84
$191
$271
$268
$402
85
$202
$288
$287
$423
86
$255
$353
$383
$589
87
$307
$413
$447
$678
88
$359
$474
$510
$767
89
$411
$535
$574
$857

Whole Life Insurance Basics

Whole life plans come with three critical permanent benefits.

Price Lock: The monthly premium will never change, letting you know the exact payment in the future, regardless of how long you live.

Coverage Lock: Once approved for coverage, and your policy is in force, the insurance company cannot cancel the plan. Your coverage will always be active if you continue to pay the monthly premium. This means you will not outlive your life insurance because there is no expiration.

Builds Cash Value: A portion of your premium will go towards the cash value. Having a cash value that builds over time provides a great living benefit. The policyholder can borrow this amount if they wish.

Two Types of Whole Life Plans

There are two main types of whole life insurance plans that someone could get for $15,000; simplified issue and guaranteed issue.

Simplified Issue: You must qualify for this plan by answering a short series of yes or no health questions. Applicants will never be asked to get a medical exam for a simplified issue plan. However, how you answer these questions will dictate the monthly premium and if you qualify for life insurance with no waiting period.

Guaranteed Issue: No medical questions are asked, and applicants will be approved for guaranteed issue coverage. Guaranteed approval comes with a 2 – 3 year waiting period and higher premiums. Only seniors with certain severe health complications should consider guaranteed acceptance whole life insurance.

Term Insurance Options

A term plan expires once the applicant reaches a specific age or after a certain time period. This plan type is often purchased because it has lower premiums than whole life plans. However, with the lower premiums come different games played by insurance companies.

There are certain companies like AARP life insurance that not only cancel your policy when you reach 80 years old, but the monthly premiums actually increase the older you get.

Seniors should avoid the price games and uncertainty of a term insurance plan.

$15,000 Whole Life FAQs

What does a $15000 Whole Life Insurance Policy Mean?

A 15000 whole life policy means you will have coverage for your entire life. These policies offer permanent coverage and premiums that will never fluctuate. A $15,000 policy is much more affordable than larger, traditional life insurance plans.

What if I Need More or Less Coverage than $15,000?

Final expense insurance offers extremely flexible coverage options. If you feel that the price of $15000 is too high, try looking into a lesser coverage amount because you could get additional coverage later.

Here are a few other coverage amounts to look into.

How Do I Apply for a $15,000 Burial Insurance Plan?

The process will consist of a simple telephone interview with your insurance agent. During this interview, the agent will gather some basic health information. From start to finish, the process will take around 20 minutes.

Finding a $15000 policy

There are two main ways to purchase a life insurance policy. You can go straight through the company or work with an independent agent.

Directly with Company: If you call a provider directly, you will reach a company representative. These agent representatives only have access to the policy their company offers. This limits your options because they cannot price check or find a better policy match through another provider.

Insurance Agencies: An insurance agency can represent as many insurance policies as they want. More options are advantageous to the consumer because your agent can price shop and recommend the best life insurance coverage based on your specific needs. This saves time and money.

Final Thoughts About A 15000 Life Insurance Policy

a. Finding a $15,000 life insurance policy is affordable and easily attainable.

b. The monthly premium will fluctuate depending on which policy you can medically qualify for.

c. Avoid term insurance when looking for a $15,000 life policy. These plans are often cheaper but will expire when you reach a specific age.