(No Exam) The Best $15,000 Life Insurance For Seniors Policies

The Best $15,000 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 05 Oct 2022

For many seniors, a $15,000 or $20,000 life insurance policy is sufficient for their needs. Or you might not need quite that much and find that $16,000 or $18,000 is better. 

The good thing about buying life insurance is you can buy any dollar amount in $1,000 increments. While most go in increments of five, you can certainly buy $17,000 or $19,000 if that amount of senior life insurance meets your needs.

If you’re curious about how much $15,000–$20,000 in senior life insurance will cost, you’ve come to the right place. Final Expense Direct has gathered life insurance rates for males and females from 7 different life insurance companies.

Baltimore Life: Best for High Coverage Needs

Great Western: Best for Seniors in Poor Health

Liberty Bankers: Best for Family Insurance Coverage

Mutual of Omaha: Best for Cheap Senior Rates

Pioneer American: Best for Seniors with Mental Health History

The Best $16,000 Final Expense Insurance Policy by Age

A final expense insurance policy is the best choice for seniors, whether you need $15,000 or $18,000, or more in coverage. 

While some younger seniors can qualify for term life insurance, it’s usually not the best option. These seniors can only get up to 15 years in term life insurance, and though it’s cheaper, you can outlive it.

If you outlive your senior term life insurance, then you’ve wasted all those years of premium payments with nothing to show for it. When you’re on fixed retirement income, every dollar counts, so they should work for you.

A final expense insurance policy is whole life insurance for seniors. Once your policy starts, your coverage and rates are locked in. Plus, you build cash value, which acts as a savings account. You can access that money while you’re still alive to use however you want.

No matter what type of life insurance you buy, the younger you are, the cheaper the rate. Mutual of Omaha and Prosperity Life Group offer some of the cheapest senior life insurance rates by age.

The Best $17,000 Funeral Insurance Policy by Coverage Needs

Another name for final expense insurance is funeral insurance, and you can determine the right amount based on your coverage needs. For instance, you might find $16,000 is enough to pay for your funeral and service. Or, if you want a more lavish send off as you move on to meet the Good Lord, you might need $19,000 or $20,000.

To determine your coverage needs, decide what you want your funeral insurance to pay for. If it’s just for a funeral, you might only need $15,000. But if you want to supplement retirement income for your spouse, you could need more.

At Final Expense Direct, we can help you figure out how much funeral insurance you need. Our agents will ask you a few questions and not only help you find the right dollar amount, but the right company for you.

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The Best $18,000 Burial Insurance Policy by Health Status

What’s the best burial insurance policy by health status? That depends on the company. 

Seniors are no stranger to health problems, and your health status makes a difference when you apply for life insurance. Any health issue you have seen a doctor for prior to applying is considered a pre-existing condition.

If you have a mental health history, Pioneer American may be your best option. They also work with seniors, especially veterans, who take pain medication or have been diagnosed with PTSD.

If you smoke, The Baltimore Life Companies have very competitive smokers rates. And, they offer up to $150,000 in coverage, so if you need more than $17,000 or $18,000 in final expense insurance, Baltimore Life might be best, but they have strict underwriting that you might not qualify for if you have more than one pre-existing condition.

Not sure which company is best for your particular health status? Call us at Final Expense Direct. Our agents know all the underwriting details of each company, so they can help you find the best company to get you approved at an affordable price.

What’s the Best $19,000 Whole Life Insurance Policy for Seniors I Can Get with Poor Health?

If you’re in poor health, you might not qualify for a whole life insurance policy for seniors with most of these companies.

Luckily, there are two companies that offer burial insurance with no health questions at all. AIG and Great Western offer guaranteed issue final expense whole life insurance. You just pick a coverage amount, whether it’s $16,000 or $19,000 or another figure, and you’ll be approved for a rate based on your age.

What Does a $15,000 - $20,000 Life Insurance for Seniors Policy Cost?

The cost of your life insurance for seniors policy is based on your age, gender, and health status, unless you choose a guaranteed issue policy. 

To give you an idea of how much you’ll pay, take a look at the tables below. There are sample rates for nonsmoking men and women aged 50, 60, and 70 in good health for coverage amounts:

  • $15,000

  • $16,000

  • $17,000

  • $18,000

  • $19,000

  • $20,000

When you’re ready to buy you your senior life insurance policy, call us at Final Expense Direct. We’ll complete your application right over the phone, and most seniors will get approved by the end of the call. 

It’s fast, it’s easy, and we do all the work for you! Why spend hours shopping and comparing life insurance quotes when we can do it for you?

The Best $15,000 Final Expense 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

$53

$40

$83

$63

$143

$103

Liberty Bankers

$53

$45

$87

$63

$159

$110

Mutual of Omaha

$45

$35

$64

$48

$110

$78

Pioneer American

$61

$51

$91

$74

$155

$118

Prosperity

$50

$42

$67

$52

$118

$87

AIG*

$83

$57

$101

$80

$158

$120

Great Western*

$94

$78

$119

$104

$190

$162

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

The Best $16,000 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

$56

$43

$88

$67

$153

$110

Liberty Bankers

$56

$48

$92

$87

$169

$117

Mutual of Omaha

$48

$37

$68

$51

$117

$83

Pioneer American

$49

$41

$73

$60

$125

$95

Prosperity

$53

$45

$71

$55

$126

$93

AIG*

$88

$62

$111

$88

$173

$131

Great Western*

$76

$63

$96

$84

$152

$130

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

The Best $17,000 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

$60

$45

$94

$71

$163

$117

Liberty Bankers

$59

$50

$98

$91

$179

$124

Mutual of Omaha

$51

$39

$72

$54

$124

$88

Pioneer American

$52

$44

$78

$63

$132

$101

Prosperity

$56

$47

$75

$58

$133

$98

AIG*

$94

$66

$120

$96

$188

$143

Great Western*

$80

$67

$102

$89

$162

$138

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

The Best $18,000 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

$63

$48

$99

$75

$172

$123

Liberty Bankers

$63

$53

$103

$95

$190

$131

Mutual of Omaha

$53

$41

$76

$57

$132

$93

Pioneer American

$55

$46

$82

$67

$140

$106

Prosperity

$59

$50

$80

$62

$141

$104

AIG*

$99

$71

$130

$103

$203

$154

Great Western*

$85

$70

$107

$94

$171

$146

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

The Best $19,000 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

$67

$50

$105

$79

$182

$130

Liberty Bankers

$66

$55

$109

$99

$200

$138

Mutual of Omaha

$56

$43

$80

$61

$139

$98

Pioneer American

$58

$49

$87

$70

$147

$112

Prosperity

$62

$52

$84

$65

$148

$109

AIG*

$105

$75

$139

$111

$218

$167

Great Western*

$89

$74

$113

$99

$181

$154

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

The Best $20,000 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

$70

$53

$110

$83

$192

$137

Liberty Bankers

$69

$58

$114

$83

$210

$145

Mutual of Omaha

$58

$45

$84

$63

$146

$103

Pioneer American

$61

$51

$91

$74

$155

$118

Prosperity

$65

$55

$88

$68

$156

$115

AIG*

$110

$80

$149

$119

$233

$177

Great Western*

$94

$78

$119

$104

$190

$162

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

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