Most life insurance policies that focus on smaller death benefits, such as a $25,000 whole life insurance policy, are usually going to be what are called final expense or burial insurance policies. These policies are designed to cover funeral costs and other end-of-life expenses that might otherwise burden your loved ones.
With the average funeral now costing approximately $9,995 (including a burial vault), a $10,000 whole life insurance policy provides just enough coverage to handle these final expenses with dignity and without financial strain on your family.
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Why Choose a $10,000 Whole Life Insurance Policy?
Key Statistics
- The average funeral costs approximately $9,995 including a burial vault
- Funeral costs have risen 3-5% annually over the past decade
- Over 70s account for the largest share of burial insurance purchases
- About 40% of Americans would struggle to pay for an unexpected $1,000 expense
There are several compelling reasons why people choose smaller funeral policies like a $10,000 whole life insurance plan:
- Cost Efficiency: A $10,000 policy is typically sufficient to cover the average funeral costs in most areas of the country.
- Financial Planning: These policies ensure your family isn’t burdened by sudden funeral expenses when you pass away.
- Simplified Application: Most $10,000 whole life policies don’t require medical exams and have straightforward applications.
- Fixed Premiums: Unlike term insurance that increases in cost as you age, whole life premiums remain fixed for life.
- Guaranteed Acceptance: Many policies offer guaranteed approval regardless of health conditions.
- Privacy and Simplicity: Smaller funeral policies provide families the ability to grieve privately while maintaining the meaningfulness of the occasion.
Top Companies for $10,000 Burial Insurance
Based on our research and industry experience, here are the leading companies offering excellent $10,000 whole life burial insurance policies:
Mutual of Omaha
Key Features:
- “Living Promise” policy with no waiting period
- Coverage available up to $50,000
- Ideal for seniors with common health issues like diabetes
- A.M. Best Rating: A+ (Superior)
State Farm
Key Features:
- Guaranteed Issue Final Expense Life Insurance
- $10,000 coverage option
- Highly rated for customer satisfaction
- Strong financial stability
Baltimore Life Companies
Key Features:
- Immediate death benefits available
- Competitive rates for smokers and healthy seniors
- Priority Life Insurance policy offers coverage up to $150,000
- Simple application process
Great Western Insurance Company
Key Features:
- Guaranteed issue policies available
- Free riders for terminal illness coverage
- Specialized in final expense insurance
- Quick approval process
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Types of $10,000 Whole Life Policies
When shopping for a $10,000 whole life insurance policy, you’ll encounter three main types of coverage:
Level Benefit Life Insurance
Level benefit life insurance is full coverage that begins on day one. That means, once the policy is in force, the full death benefit is paid to your beneficiary whether your death is due to natural causes or deemed an accidental death.
This is the most comprehensive type of coverage and is typically available to those in reasonably good health.
Graded Benefit Life Insurance
Graded benefit life insurance is coverage that begins from day one, but only partially pays out if you die from natural causes during the first 2 or 3 years of the policy.
The death benefit is graded, meaning it pays maybe 30% of the full face amount in year one, and 70% of the full face amount in year two, with the full face amount paid out in year three and onward.
If the death is due to an accident, the full face amount will be paid from when the policy began.
American Home Life Insurance
This company is known for flexible underwriting that accommodates health issues like Type 2 diabetes or PTSD, with generous graded death benefits that are more favorable than many competitors.
Guaranteed Issue Life Insurance
In some cases, $10,000 whole life policies fall under a category called Guaranteed Issue life insurance policies.
Guaranteed issue life insurance policies are those that will guarantee any applicant approval provided that they:
- Meet minimum age requirements (typically 50-85)
- Are a US citizen/legal resident
- Have proper means of payment (bank account or credit card)
This means that even if you suffer from some type of serious medical condition (cancer, congestive heart failure, Alzheimer’s) or participate in high-risk activities, you can be approved for these types of policies.
Important Note
Guaranteed issue policies typically come with a 2-3 year waiting period before they cover natural deaths. During this period, if you pass away from natural causes, your beneficiaries would receive the premiums you paid plus interest (usually 10%), but not the full death benefit. Deaths from accidents are typically covered from day one.
$10,000 Whole Life Insurance Rates by Age
You can view the rates for your specific age group below. All premium quotes are for a $10,000 whole life insurance policy, with fixed premiums, guaranteed death benefit, and guaranteed cash value growth.
The following sample quotes are for informational purposes only. All life insurance rates are subject to change.
$10,000 Whole Life Insurance Rates ages 20-45
All whole life premiums shown below are fixed and will not increase.
| Age | Male | Female |
|---|---|---|
| 20 | $14.82 | $13.70 |
| 25 | $15.84 | $14.75 |
| 30 | $17.38 | $16.18 |
| 35 | $19.52 | $17.97 |
| 40 | $21.96 | $19.98 |
| 45 | $25.24 | $22.59 |
$10,000 Whole Life Insurance Rates ages 50-59
All whole life rates shown below are fixed and will stay the same for your lifetime.
| Age | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 50 | $27.92 | $36.90 | $44.09 |
| 51 | $29.12 | $38.83 | $47.39 |
| 52 | $33.52 | $40.75 | $50.42 |
| 53 | $34.25 | $42.94 | $53.26 |
| 54 | $34.97 | $45.12 | $55.36 |
| 55 | $35.70 | $47.30 | $56.90 |
| 56 | $35.95 | $49.21 | $58.55 |
| 57 | $37.54 | $51.22 | $60.01 |
| 58 | $39.04 | $52.31 | $61.31 |
| 59 | $41.84 | $54.22 | $62.21 |
$10,000 Whole Life Insurance Rates ages 60-69
All whole life quotes shown below are guaranteed to stay the same for your lifetime.
| Age | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 60 | $43.68 | $56.11 | $63.17 |
| 61 | $44.26 | $58.92 | $67.54 |
| 62 | $46.32 | $60.81 | $71.94 |
| 63 | $48.64 | $62.71 | $76.16 |
| 64 | $51.23 | $64.61 | $80.21 |
| 65 | $53.82 | $66.91 | $84.15 |
| 66 | $56.82 | $70.21 | $87.63 |
| 67 | $59.85 | $75.01 | $90.66 |
| 68 | $63.20 | $79.71 | $93.49 |
| 69 | $66.26 | $82.90 | $95.98 |
$10,000 Whole Life Insurance Rates ages 70-79
All whole life insurance quotes shown below are guaranteed to stay the same for your lifetime.
| Ages | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 70 | $69.93 | $86.00 | $98.18 |
| 71 | $75.43 | $89.50 | $107.17 |
| 72 | $80.93 | $93.30 | $115.98 |
| 73 | $86.43 | $97.29 | $124.24 |
| 74 | $91.93 | $104.19 | $131.95 |
| 75 | $97.43 | $110.99 | $138.55 |
| 76 | $108.45 | $117.79 | $161.93 |
| 77 | $114.13 | $124.69 | $184.41 |
| 78 | $122.13 | $131.49 | $205.96 |
| 79 | $129.52 | $138.28 | $226.62 |
$10,000 Whole Life Insurance Rates ages 80-85
All whole life insurance rates shown below are fixed for life and will not increase.
| Ages | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 80 | $139.73 | $145.18 | $246.44 |
| 81 | $149.95 | $178.63 | $253.19 |
| 82 | $160.16 | $192.77 | $260.38 |
| 83 | $171.02 | $207.30 | $288.16 |
| 84 | $181.88 | $222.22 | $301.93 |
| 85 | $192.74 | $237.51 | $315.82 |
Benefits of Whole Life Insurance
The pros of whole life insurance are many. But there are three primary benefits inherent in most whole life policies.
The Three Guarantees of Whole Life Insurance
- Guaranteed death benefit: Your death benefit will stay the same, so you do not have to worry about it decreasing over time.
- Guaranteed fixed premiums: Your premiums remain fixed for the life of the policy, so what you pay on day one is what you pay years down the road.
- Guaranteed cash value: The policy builds cash value, so that you can use the cash value to borrow against, pay premiums for a time, or use it to buy paid-up life insurance.
Who Needs a $10,000 Burial Insurance Policy?
While a $10,000 whole life insurance policy may not be the right fit for everyone, there are certain situations where it makes perfect sense:
Clients who are currently dealing with health conditions like:
- Congestive heart failure
- Alzheimer’s disease
- Cirrhosis of the liver
- Kidney dialysis
- AIDS/HIV
Including individuals who have previously been declined life insurance due to their:
- Driving record
- Credit history (multiple or current bankruptcies)
- Previous criminal record
- Loss of a driver’s license due to child support/alimony delinquencies
- Exotic travel plans (Haiti, certain areas in Middle East, etc.)
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Something to Consider
Smaller whole life insurance policies are priced for individuals who are not that healthy. This means even if you’re super healthy and athletic for your age group, you’ll likely receive the same price quote as someone with health challenges.
Before settling on a small burial policy, it’s worth exploring whether you might qualify for a larger, fully underwritten policy at competitive rates.
Our Approach to Finding You Coverage
*We here at I&E understand that for many, a small life insurance policy is exactly what they need.
That being said, we’re also extremely talented in finding coverage for those who have been previously declined by other insurance brokerages.
For this reason, we always begin the application process by assuming that you can qualify for traditional life insurance. This way, we don’t leave any options unexplored.
Look, I’ve already been declined…. TWICE!
We understand your frustration. For those who really can only qualify for a small life insurance policy, finding the best final expense life insurance company is crucial. Unfortunately, many agents don’t take the time to explore all options because the commissions on these policies are small.
The Reality of the Situation
Small life insurance policies generally generate small life insurance premiums which translates into small life insurance commissions. For many life insurance agents, once it’s determined that you can’t qualify for a larger policy, it’s not financially profitable to spend much time working with you.
As a result, many clients end up:
- Overpaying for their life insurance simply because they weren’t presented with several options
- Buying a life insurance policy that they don’t fully understand
- They may not realize that their policy has:
- Certain exclusions (such as a Graded Death Benefit)
- An increasing premium that will eventually make the product too expensive to maintain
- Or maybe end up with a product that doesn’t even cover natural causes of death such as cancer, heart attack, or stroke. These folks mistakenly purchased an Accidental Death Policy.
- They may not realize that their policy has:
How We Differ:
I&E differs from many other agencies because while fully capable of placing difficult high-risk life insurance applications, we also understand that for many, there is an enormous need for just enough life insurance to help pay for one’s final expenses.
“I’m just looking for enough coverage to pay for my burial expense.”
If it makes sense and costs the same to get more than just a small burial life insurance policy, let’s go for it! But if it doesn’t, we have dozens of different smaller life insurance policy options immediately available to quickly determine which is right for you!
Get Your $10,000 Whole Life Insurance Quote Today
Whether you’ve been declined before or just want to ensure you’re getting the best burial insurance rates, our experts can help find the perfect $10,000 policy for your needs.
We work with all the top burial insurance companies to compare rates and find you coverage – even if you have health conditions that have caused denials elsewhere.
No medical exam options • Fixed premiums for life • Coverage starts as soon as today
2 comments
Allyson gray
I’m look for life insurance for my 36 year old son but don’t want to pay a arm or a leg for it just need 10 000 on him
Steven Gibbs
Hello and thanks for commenting. A good first step would be to request a call from our expert Jason Herring by emailing him at jason@insuranceandestates.com.
Best, Steve Gibbs for I&E
Steven Gibbs is a licensed insurance agent, and the following agent
license numbers of Steven Gibbs are provided as required by state law:
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