$5,000 Life Insurance (Cheap Lifelong Coverage)

Written by

|
Reviewed by
Updated August 13, 2022

Finding $5,000 of affordable permanent life insurance is simple and straightforward. In this article, our industry experts look at the price of senior burial insurance and plan details.

Quick Links

The Basics Of $5,000 Life Insurance

Only whole life insurance offers death benefits as low as $5,000. However, some carriers offer as little as $2,000 in coverage. Whole life coverage comes with three critical permanent benefits.

Price Never Increases: Once the plan is active, your price is locked in for life. Unlike other types of policies, there are no games played when it comes to premiums. Your monthly payment will never increase, and the policy never expires.

Coverage Never Decreases: The coverage that you take out does not fluctuate. If you take out a $5,000 life insurance policy, you are guaranteed to leave your beneficiary $5000. Additionally, policyholders have the option to increase their coverage amount if they wish.

Builds Cash Value: Whole life plans build a cash value over time. Policyholders can borrow from the accumulated cash value if they wish.

Two Types of $5000 Whole Life Plans

There are two types of $5000 life insurance plans available.

Simplified Issue: This type of policy is the most desired and comes with immediate coverage. You must be approved for this type of plan, and qualifications are primarily based on health. Policies become active in just a couple of days after the underwriting is complete and your first payment is made.

Guaranteed Acceptance: This type of life insurance does not go through the same underwriting process as simplified issue because everyone is accepted. These policies cost more and have a waiting period of at least two years before you are fully covered.

Term Insurance Options

Term life insurance generally comes in higher coverage amounts, starting at around $50,000. Term plans expire after a specific time period or once the insured reaches a specific age. These policies often increase the monthly premiums every few years and expect policyholders to pay a higher price. This is true of AARP’s Level Benefit Term.

$5000 Life Insurance Policy Quotes

Listed below are $5,000 burial insurance quotes. These are whole life insurance rates for healthy seniors. If you have had medical concerns in the past, the monthly premium could be higher than the listed prices.

50 – 59 Life Insurance Quotes

$5,000 of Coverage

Age Female Male Female Male
Non-Smoking Non-Smoking Smoking Smoking
50 $14 $17 $17 $21
51 $14 $17 $18 $21
52 $15 $18 $19 $22
53 $15 $18 $19 $24
54 $15 $19 $20 $24
55 $15 $20 $21 $25
56 $16 $20 $21 $26
57 $17 $21 $22 $28
58 $17 $22 $23 $29
59 $17 $23 $23 $29

60 – 69 Life Insurance Quotes

$5,000 of Coverage

Age Female Male Female Male
Non-Smoking Non-Smoking Smoking Smoking
60 $18 $23 $24 $31
61 $19 $25 $25 $33
62 $20 $26 $25 $34
63 $20 $27 $26 $35
64 $21 $28 $27 $36
65 $22 $30 $28 $37
66 $23 $32 $28 $38
67 $25 $33 $29 $39
68 $26 $35 $31 $41
69 $27 $37 $33 $42

70 – 79 Life Insurance Quotes

$5,000 of Coverage

Age Female Male Female Male
Non-Smoking Non-Smoking Smoking Smoking
70 $28 $39 $35 $46
71 $30 $41 $36 $48
72 $31 $44 $38 $50
73 $33 $46 $41 $53
74 $35 $49 $44 $56
75 $38 $52 $47 $59
76 $41 $55 $50 $63
77 $43 $59 $53 $66
78 $46 $63 $57 $71
79 $48 $66 $61 $75

80 – 89 Life Insurance Quotes

$5,000 of Coverage

Age Female Male Female Male
Non-Smoking Non-Smoking Smoking Smoking
80 $51 $71 $66 $81
81 $55 $77 $75 $111
82 $59 $82 $82 $121
83 $62 $87 $87 $129
84 $66 $93 $91 $136
85 $70 $98 $98 $143
86 $87 $120 $130 $199
87 $105 $140 $151 $228
88 $122 $160 $172 $258
89 $139 $181 $194 $288

FAQs For $5,000 Life Insurance

What Does a $5000 Whole Life Insurance Policy Mean?

A $5000 life insurance policy is permanent coverage lasting for the insured’s entire life. Your beneficiary is not limited in what they can use the money on as the death benefit is 100% flexible.

What if I Need More or Less Coverage than $5,000?

Some whole life insurance providers offer coverage as low as $2,000. When securing life insurance for burial, take out enough coverage to account for your final wishes.

There are plans that provide more coverage than $5000 if needed.

Other Coverage Amounts

How Do I Apply for a $5,000 Burial Insurance Plan?

There are many life insurance agencies offering a variety of plans. If you have determined that whole life final expense is your best option, find an agent who is specialized and experienced with this type of small whole life insurance.

Why Willamette Life?

Willamette Life is an independent final expense agency representing several highly rated life insurance policies. Our agents will find the best coverage for you based on your age, health, and desired coverage amount.

Call us at 844-576-0019

Final Thoughts About $5000 Burial Insurance Plans

a. A $5,000 life insurance policy will be inexpensive and last for the policyholder’s entire life.

b. Age and health play the most significant roles in the cost of life insurance.

c. Working with a specialized life insurance agency is the best way to save time and money if you are looking for 5000 life insurance.