The Best $5,000 Life Insurance For Seniors Policies

No Exam - The Best $5,000 Life Insurance for Seniors Policies
Kim Wilhelm CEO of Final Expense Direct Life Insurance
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Written by Kim Wilhelm

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Last Updated 04 Oct 2022

Many seniors are looking for a small amount of life insurance to supplement their financial needs. Are you looking for a $5,000 or $6,000 life insurance policy to take care of your final expenses? Maybe you need a little more, say, $7,000 or $8,000 in senior life insurance?

With coverage limits this small, you won’t qualify for term life insurance. But don’t worry, there’s a better option out there. The best life insurance for seniors over 60 is final expense insurance.

Final expense insurance, also called funeral insurance or burial insurance, is a whole life policy tailored for seniors. You can lock in rates that will never go up and coverage that will never go down.

And the best part is there is no medical exam for this life insurance policy. Whether you’re looking for $6,000 or $9,000 in senior life insurance, we can help you get the coverage you need at an affordable rate from some of the best carriers available. 

AIG: Best for Seniors in Poor Health

Baltimore Life: Best for Immediate Death Benefit

Liberty Bankers: Best for Seniors on Social Security

Mutual of Omaha: Best for Cheapest Rates

Pioneer American: Best for Senior Veterans with PTSD

The Best $5,000 Final Expense Insurance Policy by Price

Most seniors are on a fixed income, so price is an important factor when buying life insurance. If you’re more focused on price, you might only be able to afford a $5,000 funeral insurance policy.

But, depending on your age, health, and the company you choose, you might get $8,000 for the same price, or even less.

Most often, Mutual of Omaha has the cheapest life insurance rates for seniors, whether you’re over 50 or over 70. But, they have tough underwriting and you have to answer health questions to be approved for coverage. 

Pioneer American is only a few dollars more per month, but they have easier underwriting. Plus, they work with veterans on pain medication or diagnosed with PTSD, offering an immediate death benefit. There are other benefits to Pioneer American, like the child and grandchild rider, which makes it a great option for family coverage.

The Best $6,000 Funeral Insurance Policy by Age

No matter what type of life insurance you buy, the younger you are, the cheaper the coverage is. If you’re 50 years old and only need $6,000, you’ll pay less than you would for an $8,000 life insurance policy.  

But if you wait until you’re 60 to buy, that same $6,000 or $7,000 funeral insurance policy will be more expensive.

If you know you need life insurance but aren’t exactly sure how much, buy as much as you can afford now, while you’re younger and healthier. You can always buy more later if you need it.

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The Best $7,000 Burial Insurance Policy by Health Status

The older you get, the more likely you are to develop a health condition. Any health issue you are diagnosed, treated, or prescribed medication for prior to applying for life insurance is considered a pre-existing condition.

When you buy simplified issue senior life insurance, there are a few health questions to answer on the application. Each company asks different questions and has their own guidelines on what conditions are acceptable and which are not.

For example, The Baltimore Life Companies have excellent rates for relatively healthy smokers. But if you have more serious health issues or you’re overweight, you might be better off with another carrier. 

Liberty Bankers Life has the most lenient height and weight guidelines of all the carriers we work with, and offers an immediate death benefit for conditions like emphysema and insulin-dependent diabetics.

What’s the Best $8,000 Funeral Insurance Policy I Can Get with Poor Health?

If you’re in poor health with multiple conditions, you might not qualify for a simplified issue final expense burial insurance policy

That’s okay, because there’s always guaranteed issue funeral insurance. This policy has no health questions at all, so you’re guaranteed to be approved.

We work with AIG and Great Western to offer guaranteed issue final expense insurance to seniors of all ages. While these policies are more expensive, they may be the only option if you need some life insurance but can’t qualify otherwise.

The Best $9,000 Whole Life Insurance Policy for Seniors by Coverage Needs?

Everyone has different needs for life insurance coverage. You may only need coverage to pay for your funeral, but you might also want something to leave as a legacy. Or, you want to buy some coverage for your kids and grandkids, but you’re on a strict budget.

Whether you have specific coverage needs, a tight budget, or some health concerns, finding the right coverage and company can be overwhelming.

That’s where Final Expense Direct comes in. We’re an independent broker agency working with a long list of high-quality final expense insurance companies.

Our agents will answer your call, ask you a few questions to determine your needs and health, then help you decide on a plan with a company that meets your needs and budget. 

Why do all the shopping when you don’t have to? Call Final Expense Direct today and get approved before you hang up.

What Does a $5,000 - $9,000 Life Insurance for Seniors Policy Cost?

Now that you know whether you need $5,000, $6,000, $7,000, $8,000 or $9,000 in senior life insurance coverage, how much can you expect to pay?

Costs vary widely and are based on several factors for seniors:

  • Age

  • Company

  • Gender 

  • Health status

The older you are and the more coverage you need, the more you’ll pay for a senior final expense insurance policy. Maybe you only need a $7,000 or $9,000 life insurance for seniors policy. If price is the most important factor, consider the rates for each company to see which one offers the cheapest life insurance for seniors.

Below are sample rates for senior life insurance:

  • $5,000

  • $6,000

  • $7,000

  • $8,000

  • $9,000

Rates are for male and female nonsmokers at ages 50, 60, and 70. AIG and Great Western costs are higher because there are no health questions on the application like the other companies.

The Best $5,000 Burial Insurance Policy for Seniors (No Exam)

Company

50 yr male

50 yr female

60 yr male

60 yr female

70 yr male

70 yr female

Baltimore Life

$18

$15

$28

$21

$48

$34

Liberty Bankers

$21

$18

$32

$24

$56

$40

Mutual of Omaha

$17

$14

$23

$18

$39

$28

Pioneer American

$17

$15

$25

$21

$41

$32

Prosperity

$19

$16

$25

$20

$42

$31

AIG*

$29

$20

$35

$28

$54

$41

Great Western*

$26

$22

$32

$28

$50

$43

*These carriers offer guaranteed issue life insurance with no health questions

The Best $6,000 Final Expense Insurance Policy For Seniors (No Exam)

Company

50 yr male

50 yr female

60 yr male

60 yr female

70 yr male

70 yr female

Baltimore Life

$21

$17

$33

$25

$58

$41

Liberty Bankers

$24

$21

$37

$28

$66

$47

Mutual of Omaha

$20

$16

$27

$21

$46

$33

Pioneer American

$20

$17

$29

$24

$49

$38

Prosperity

$22

$19

$29

$23

$50

$37

AIG*

$34

$24

$42

$33

$64

$49

Great Western*

$30

$26

$38

$33

$59

$51

*These carriers offer guaranteed issue life insurance with no health questions

The Best $7,000 Funeral Insurance Policy For Seniors (No Exam)

Company

50 yr male

50 yr female

60 yr male

60 yr female

70 yr male

70 yr female

Baltimore Life

$25

$20

$39

$30

$67

$48

Liberty Bankers

$27

$23

$43

$32

$76

$54

Mutual of Omaha

$23

$18

$31

$24

$53

$38

Pioneer American

$23

$20

$34

$27

$56

$43

Prosperity

$25

$21

$33

$26

$57

$42

AIG*

$40

$28

$48

$38

$75

$57

Great Western*

$35

$29

$44

$38

$68

$59

*These carriers offer guaranteed issue life insurance with no health questions

The Best $8,000 Final Expense Whole Life Insurance For Seniors Policy (No Exam)

Company

50 yr male

50 yr female

60 yr male

60 yr female

70 yr male

70 yr female

Baltimore Life

$28

$22

$44

$34

$77

$54

Liberty Bankers

$31

426

$48

$36

$86

$61

Mutual of Omaha

$25

$20

$36

$27

$61

$43

Pioneer American

$26

$22

$38

$31

$64

$49

Prosperity

$29

$24

$38

$30

$65

$48

AIG*

$45

$31

$55

$44

$85

$64

Great Western*

$39

$33

$49

$44

$78

$66

*These carriers offer guaranteed issue life insurance with no health questions

The Best $9,000 Life Insurance For Seniors Policy (No Exam)

Company

50 yr male

50 yr female

60 yr male

60 yr female

70 yr male

70 yr female

Baltimore Life

$32

$25

$50

$38

$86

$61

Liberty Bankers

$34

$28

$54

$40

$96

$68

Mutual of Omaha

$28

$22

$40

$30

$68

$48

Pioneer American

$29

$25

$43

$34

$71

$54

Prosperity

$32

$26

$42

$33

$72

$53

AIG*

$51

$35

$61

$50

$96

$72

Great Western*

$44

$36

$55

$50

$87

$74

*These carriers offer guaranteed issue life insurance with no health questions

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