$10,000 Whole Life Insurance Policies

$10,000 Whole Life Insurance Policies

This article will talk about what whole life insurance is, the cost for different whole life insurance quotes and how much a $10,000 life insurance policy premium may cost depending on your age.

What is whole life insurance?

Life insurance has many categories, one of them is whole life insurance. Here is how it works, it provides coverage your entire life as long as you pay your premiums. These premiums do not increase. The policy never expires and it builds cash value. When you pass away, the insurance company pays your beneficiaries the death benefit, a tax free lump sum. This death benefit never decreases.

Whole life insurance policies have three main components, premium payments, face value and cash value.

Premium

The premium is the amount you pay your insurance provider your entire life. It is the cost of your whole life insurance. You have the option of paying this premium monthly, quarterly, half yearly or yearly. Life insurance companies charge more for frequent premium payments. So paying your premiums may be budget friendly in the long run.

Face Value

The face value or death benefit is the amount the insurance company pays your beneficiaries when you pass away. The cost of the face value depends on the amount of coverage you opted for. The purpose of the face value is to provide your family and loved ones, especially those solely dependent on you for income, financial security and protection.

Cash Value

Whole life allows the buildup of cash value, even though it may take decades. It accumulates tax deferred and serves as a savings account. The cash value comes from the premium payments you make. Some of the premium amount goes to the cash value and the rest goes to the cost of coverage. You can withdraw form this savings account, but you need to remember that you are charged interest until you pay back what you borrowed. If you fail to do so before dying, the face value is reduced by the amount you borrowed, this may result in a very small death benefit for your beneficiaries. In the worst case it may cause a policy lapse.

$10,000 whole life insurance policies

This section will present different $10,000 life insurance policies for different age groups and children.

There are a few things you need to remember for these $10,000 life insurance policies’ rates.

  •        Since the state law of Montana requires that both males and females pay the same amount for life insurance, therefore females will pay the same rate as the males in their category.
  •        These premium rates may vary depending on the life insurance provider’s underwriting process.
  •     If you don’t smoke cigarettes but use other forms of tobacco, you may or may not qualify for non-tobacco premium rates.
 

Whole life insurance quotes for ages 40-49

 

AGE

 

Female Non Tobacco

Male Non Tobacco

Female Tobacco

Male Tobacco

40

 

$20.05

$22.74

$24.18

$29.22

41

 

$20.70

$23.33

$24.98

$30.42

42

 

$21.32

$24.04

$25.80

$31.76

43

 

$21.88

$24.81

$26.57

$32.76

44

 

$22.47

$25.64

$27.30

$33.87

45

 

$22.61

$25.45

$28.03

$31.24

46

 

$23.02

$26.17

$28.78

$32.20

47

 

$23.55

$27.02

$29.53

$33.38

48

 

$24.18

$27.96

$30.28

$34.67

49

 

$24.48

$28.52

$30.83

$35.57

 

Whole life insurance quotes for ages 50-59

 

AGE

Female Non Tobacco

Male Non Tobacco

Female Tobacco

Male Tobacco

50

$24.67

$29.16

$31.29

$36.89

51

$25.45

$30.30

$32.24

$38.88

52

$25.88

$31.12

$33.75

$40.50

53

$26.62

$32.20

$35.31

$42.59

54

$27.47

$33.61

$36.66

$44.77

55

$28.40

$35.09

$38.32

$47.27

56

$29.27

$36.45

$39.57

$49.45

57

$30.06

$37.91

$40.72

$51.53

58

$30.83

$39.27

$41.86

$53.61

59

$31.70

$40.82

$43.10

$56.11

 

Whole life insurance quotes for ages 60-69

 

AGE

Female Non Tobacco

Male Non Tobacco

Female Tobacco

Male Tobacco

60

$32.87

$42.76

$44.67

$59.02

61

$34.51

$45.38

$46.96

$62.97

62

$36.06

$47.90

$49.24

$67.00

63

$37.72

$50.52

$51.53

$69.54

64

$39.36

$53.14

$53.71

$72.73

65

$41.01

$55.76

$56.00

$76.07

66

$43.44

$59.35

$59.54

$80.54

67

$45.86

$62.93

$63.07

$84.68

68

$48.29

$66.53

$66.61

$89.66

69

$50.81

$70.11

$70.15

$94.65

 

Whole life insurance quotes for ages 70-79

 

AGE

Female Non Tobacco

Male Non Tobacco

Female Tobacco

Male Tobacco

70

$53.24

$73.70

$72.19

$98.32

71

$56.63

$78.36

$75.87

$103.98

72

$60.12

$82.92

$79.75

$109.95

73

$63.93

$88.01

$84.15

$116.70

74

$67.78

$93.16

$88.67

$123.66

75

$72.41

$99.53

$94.43

$132.49

76

$78.25

$106.87

$101.64

$141.33

77

$83.51

$113.64

$108.25

$150.58

78

$88.44

$119.86

$115.16

$160.00

79

$93.41

$126.23

$123.01

$166.67

 

Whole life insurance quotes for ages 80-89

 

 

AGE

Female Non Tobacco

Male Non Tobacco

Female Tobacco

Male Tobacco

80

$98.43

$132.65

$126.86

$172.50

81

$106.21

$143.00

$145.34

$190.00

82

$113.96

$153.54

$156.77

$204.66

83

$121.31

$163.41

$168.20

$219.20

84

$128.55

$173.28

$178.90

$237.29

85

$135.90

$183.15

$189.70

$257.58

86

$174.17

$220.83

$206.67

$281.67

87

$186.67

$242.50

$220.83

$305.00

88

$198.33

$264.17

$235.83

$328.33

89

$210.83

$285.83

$250.00

$351.67

Whole life insurance quotes for children

Whole life policies for children can be a good investment. The cash value from the policy acts a savings account and it increases over the years. You can use this cash value for your children’s expenses like

  •     College tuitions
  •           Wedding expenses
  •           Buying their home

But keep in mind the following when buying a whole life policy for your child:

  • The child needs to be at least 15 days old
  •          If the child has certain health conditions, they may not qualify for it
  •      If your child will be in college within 5 years, don’t go for whole life, it won’t build enough cash value

 

Age

Rate

0-4

$4.00

5-9

$4.80

10-14

$5.50

14-17

$6.90

Will my health effect my whole life insurance policy?

Yes, your health plays a major role in your qualification for a whole life insurance quote. All burial insurance companies will require you answering health questions. It is important to remember that if a company does not ask about some health issue, it means that they are okay with it.

Burial insurance unlike other whole life insurance has very lenient underwriting. Underwriting is the process insurance providers use to price risk and thus determine your eligibility for a whole life insurance quote and your premium costs.

Are $10,000 whole life policies a good idea?

$10,000 life insurance policies are a good idea. They will help you cover main costs like:

  •  Funeral and burial expenses
  •  Cremation
  • Pay off any loans or debts
  • Leave something for your family and loved ones

What is burial life insurance?

Burial insurance is a type of whole life insurance quote. It is also known as funeral insurance or final expense insurance. The three terms are often used interchangeably and mean the same thing. It is designed specifically to cover all your end of life expenses and can therefore not be used as income replacement or for huge expenses like college tuitions or purchasing a home.

Burial insurance has the advantage of lenient underwriting as it is designed for people who may have health issues. It also offers advantages like small face values, portability, quick approvals and easy application.

What is an insurance quote?

An insurance quote is an estimation of your rate with an insurance provider. The more information you provide, the more accurate the estimation. You can request a quote over the phone or through email.