The best $10,000 Whole Life Insurance Policy For Seniors

Last Updated July 11, 2024

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The best $15,000 funeral insurance policy
For many, with age comes less financial responsibility. Many seniors have paid off their mortgages, vehicles and their children are grown. You might not need as much as what term life insurance offers and find that $10,000 or $15,000 for a policy is sufficient. The great thing about funeral insurance is that you can have a policy for as little as $2,000 and as high as $50,000. These plans typically go in $1,000 increments so you can easily get a plan that will work for your needs and budget. If you are struggling to find the best and cheapest funeral life insurance then you’ve come to the right place. We have gathered data from all the top A+ rated funeral life insurance companies to show you how easy and affordable it can be.

Why Whole Life Insurance?

Whole Life Insurance is a premiere option when preparing for your future, as it comes in many forms, but has kept a few things consistent.

The first thing you can expect with a 10,000 whole life insurance policy is a locked-in rate, or rather, your premium won’t increase so long as you live. This is reflected regardless of the economic state of the world, and will not increase based on world events or trends. The policy also does not expire, nor do you have to renew any terms, further fortifying the comfort you may feel regarding beneficiaries and final expenses. 

It’s also important to note, that Final Expense Insurance, as well as your average Whole Life Insurance, can coexist safely without interfering with each other’s cash value. This also applies to SSA as well as any other supplementary assistance as Final Expense Insurance does not have a cash value associated with it until the amount is actually paid.

What is Final Expense Insurance?

man standing on stairs weighs his options

Final Expense Insurance is a premiere option when preparing for your future, as it comes in many forms, but has kept a few things consistent.

The first thing you can expect with a 10,000 whole life insurance policy is a locked-in rate, or rather, your premium won’t increase so long as you live. This is reflected regardless of the economic state of the world, and will not increase based on world events or trends. The policy also does not expire, nor do you have to renew any terms, further fortifying the comfort you may feel regarding beneficiaries and final expenses. 

It’s also important to note, that Final Expense Insurance, as well as your average Whole Life Insurance, can coexist safely without interfering with each other’s cash value. This also applies to SSA as well as any other supplementary assistance as Final Expense Insurance does not have a cash value associated with it until the amount is actually paid.

Final Expense Insurance is another Whole Life Policy albeit with some slight changes. Final Expense Insurance is specifically tailored for seniors(as well as their families) and is meant to mitigate any funeral expenses associated with an untimely death.

The policy builds cash value relatively quickly relative to the lower monthly premium compared to that of your average Whole Life Policy. Final Expense can also coexist with a pre-existing whole life insurance policy, as the former does not have a lump sum associated with it until the amount is paid to beneficiaries. It’s also important to note that although Final Expense Insurance may be marketed towards those involved with funeral expenses, the payout does not have to go directly to these costs, and can be used at the discretion of the beneficiary.

This policy type also does not require a medical examination, but rather, a medical questionnaire. 

What Factors Affect My Monthly Premium?

Although no medical exam is present, you will receive a generic medical questionnaire depending on the organization analyzing you. This medical questionnaire is how various brokers assess your overall status, and to determine in what way to adjust your rate (up or down).

The questions on the questionnaire are overall very generic, although two stand out. These two questions involved your pre-existing conditions, as well as your tobacco use. Both of these factors directly affect your life span negatively, and may cause premature death.

Weigh Your Options

senor man writing notes in forest

As a result of ongoing competition, and the necessity of insurance policies in the current day and age, Not all insurance companies are built equally, and the fine print has overall been improved across the board. For example, if you have a chronic condition, then look for a questionnaire that specifically doesn’t ask questions involving said condition. Insurance companies are a lot more willing to compromise as a result of ongoing competition and the existence of other organizations doing the same. 

The Best $10,000 Life insurance Policy

A final expense insurance policy to cover your funeral costs tend to be the best choice for seniors when it comes to life insurance. The average funeral cost in the United States is around $10,000. Whether you need $10,000 or $20,000 a senior final expense policy is the best choice.

A final expense insurance policy-sometimes referred to as a funeral or burial insurance– is a whole life policy designed for seniors. Once your plan starts, your rates and benefits are guaranteed for the rest of your life. Unlike term life insurance, you can’ t outlive your whole life insurance policy.

While some younger seniors may qualify for a term life insurance, if you outlive that policy, you no longer have life insurance and you could waste all the premiums you paid over the last few years.

With a whole life insurance policy:

  • Your premiums will never increase
  • Your benefits will never decrease
  • Smaller face amounts which give cheaper rates
  • Cash value
  • No medical exams

These benefits are important for many seniors. Many are on fixed incomes and can’t afford to pay high monthly premiums. Thankfully, we contract with the top funeral insurance companies like Mutual of Omaha and Prosperity Life Group which offer some of the cheapest senior life insurance rates.

The best $15,000 funeral insurance policy

The great thing about final expense insurance is that you can determine exactly how much you need, depending on your final wishes. Most seniors use final expense insurance to cover the cost of their funerals, which is why you might see it referred to as funeral insurance or burial insurance. 

To determine exactly how much coverage you will need, it’s good to know exactly what your final wishes are. Funeral cost is different in every state and depends on the services you want. You may decide that $15,000 is enough to pay for the funeral and services you want, but If you want a funeral that is a little higher end, you may want to consider $20,000 or $25,000.

Regardless of how much coverage you need or what your final wishes are, our licensed agents will ask you just a few simple questions to help you determine. We work with the top A-rated insurance companies. It doesn’t matter if you have pre-existing conditions or if you smoke, there is senior funeral insurance, for you.

The best $20,000 burial insurance policy for pre-existing conditions

What’s the best burial insurance for pre-existing conditions? It depends on the company and your health conditions. What is considered a pre-existing condition? A pre-existing condition is any health condition that a person has prior to enrolling in and health or life coverage. How does a pre-existing condition affect funeral or burial insurance? Depending on your health, you pose a higher risk to insurance companies. This may cause your price to increase, depending on what company you go with. If you smoke, Americo Funeral Insurance has very competitive rates for smokers. Smoking can really be considered any nicotine use in the last 12 months. Whether you use a vape, chewing tobacco or even just smoke one cigarette, you’re considered a smoker. If you have a medical condition like:
  • High blood pressure
  • Alzheimer’s or Dementia
  • Epilepsy
  • Stroke
  • Cancer
We recommend looking into companies like: We know it’s difficult selecting a funeral or burial insurance. When you have pre-existing condition, it gets even harder. Our experts are here to help you every step of the way and get you qualified, today.

What does a $10,000 life insurance for seniors policy cost?

Lots of factors go into determining the cost of your life insurance for seniors. Your age, health status, and state. Although, some plans are guaranteed issue and are the same for anyone that applies.

Below are cost estimates for both non-smoking male and female applicants based on the ages of 50, 60, and 70 in good health for amounts:

  • $10,000
  • $15,000
  • $20,000

Our application is quick and painless. With a simple phone call to Final Expense Benefits, most seniors get approved the same day and their plans start the very next.

Don’t waste your time calling multiple companies comparing rates. Let us do all the heavy lifting while you sit back and relax.

The best $10,000 Life Insurance For Seniors Policy

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female
$34
$27
$51
$40
$73
$58
$39
$34
$52
$41
$86
$65
$30
$24
$43
$32
$74
$53
$36
$30
$47
$37
$81
$60
$55
$38
$68
$53
$106
$80

*Guaranteed issue life insurance with no medical questions

Our Recommendations

white board teaching with each other

Companies to look out for:

Thankfully, here at Final Expense Benefits, we contract with only the top senior life insurance companies, as well as Final Expense Insurance companies. If you’re a senior on a fixed income, we recommend carriers like;


Companies to Avoid:

  • Lincoln Heritage
  • Colonial Penn
  • AARP

If you’re ever in need or have any questions regarding insurance as a whole, do not hesitate to call our highly skilled agents at (866) 311-4338 for a free consultation. 

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