Last Updated on: May 27th, 2025
- Licensed Agent
- - @M-LifeInsurance
Planning for final expenses is not easy, and meanwhile, you also have to protect your family from financial stress after your death, especially for seniors living on a fixed income. A simple plan can save your family from stress. Here is a common and affordable solution is a $5,000 life insurance policy designed to cover funeral, burial, and end-of-life expenses. These policies are easy to qualify for, they also require no medical exam, and can give your loved ones financial peace of mind during a difficult time.
In this detailed guide, we will explore the best $5,000 life insurance for seniors policies, provide a breakdown of similar coverage options up to $9,000, and help you understand how your age, health and budget affect your choices. We’ll also answer the big question many ask: How much is a $5,000 life insurance policy?
Why Seniors Choose $5,000 Final Expense Insurance Policies
A $5,000 final expense insurance policy, also known as burial or funeral insurance, is a type of whole life insurance. It’s specifically made to help and to pay for costs related to funerals, burials, medical bills, and minor debts. Many seniors choose these policies because they offer simple and easy financial support during a difficult time. Here are a few reasons why they’re so popular:
- Affordability: One of the biggest advantages of a $5,000 life insurance policy for seniors is its affordability. These plans are designed to fit into a fixed income, with low monthly premiums that stay the same for life.
- Simplicity: These policies are simple and very easy. There’s no confusing or complicated paperwork. You can apply online or over the phone in just a few minutes. It’s designed to be stress-free, even if you have never purchased life insurance before.
- No medical exam: Many $5,000 life insurance plans are known as “guaranteed issue” or “simplified issue” policies. That means you won’t need to take a medical exam and in many cases, you won’t even have to answer health questions.
- Lifetime coverage: As long as you are paying your monthly premiums, your policy will never expire. This coverage is called “whole life” insurance, and it guarantees that your loved ones will receive the money when it’s needed most, no matter how long you live.
This makes it ideal for individuals between 50 and 85 who want peace of mind without a complicated underwriting process.
$5,000 Final Expense Insurance Policy by Price
Price is considered the most important factor when choosing coverage. Let’s break down the cost of a $5,000 burial insurance policy for seniors based on age, gender, and smoking status.
Average Monthly Cost Estimates
| Age | Male (Non-Smoker) | Female (Non-Smoker) |
| 60 | $18 – $24 | $15 – $20 |
| 65 | $22 – $28 | $18 – $25 |
| 70 | $28 – $36 | $22 – $30 |
| 75 | $36 – $44 | $30 – $38 |
| 80 | $48 – $58 | $40 – $52 |
| 85 | $65 – $78 | $55 – $68 |
Smokers typically pay 25–40% more. Prices vary depending on the policy. Whether the policy is a simplified issue or a guaranteed issue.
Best Providers of $5,000 Burial Insurance Policies for Seniors
Several insurance companies with a good reputation offer excellent 5000 burial insurance policies for seniors. Here are the top choices:
1. Aetna
Aetna offers policies that accommodate many pre-existing conditions, like high blood pressure and diabetes.
- Affordable rates that fit most budgets
- Covers many common health conditions, including high blood pressure and diabetes
- Eligible applicants up to age 89
This is a great option for older seniors or those with existing health issues.
2. American Amicable
With flexible underwriting and a variety of optional riders, American Amicable is perfect for seniors who want;
- Flexible underwriting that considers a wide range of health histories
- Ideal for tobacco users and diabetics
- Optional policy riders for added customization
This is an Excellent option for seniors who want more control over their policy features.
3. Neighbours of America
This company specializes in guaranteed acceptance life insurance, making it a strong option for seniors with serious health concerns who need hassle-free approval.
- Guaranteed acceptance life insurance with no medical exams required
- Available for ages 45 to 85
- Graded death benefit for the first 2 years (limited payout for non-accidental death)
An ideal choice for seniors seeking peace of mind, especially those with health conditions that may prevent traditional coverage. Approval is fast and guaranteed regardless of health history.
4. Mutual of Omaha
A trusted name in senior life insurance, Mutual of Omaha provides immediate full coverage with no medical exam, making it a reliable choice for those seeking quick peace of mind.
- Level benefit with full coverage starting on day one
- No medical exam required to apply
- Highly rated for customer satisfaction and service
This insurance stands out because it is a popular choice for seniors who want immediate coverage and peace of mind from an insurer.
How Much Does Life Isurance Cost?
What Does a $5,000 – $9,000 Life Insurance for Seniors Policy Cost?
As your coverage amount increases, so does your monthly cost. Here’s a pricing breakdown for $5,000 to $9,000 policies:
| Coverage | Avg. Monthly Cost (60 y/o Male) | Avg. Monthly Cost (75 y/o Female) |
| $5,000 | $20 – $24 | $30 – $36 |
| $6,000 | $24 – $28 | $35 – $42 |
| $7,000 | $28 – $33 | $40 – $48 |
| $8,000 | $32 – $38 | $46 – $55 |
| $9,000 | $36 – $43 | $52 – $60 |
These prices apply to simplified issue policies with no exam. Guaranteed issue policies (for poor health) can cost 20–30% more.
$6,000 Funeral Insurance Policy by Age
If you need slightly more coverage than $5,000, a $6,000 funeral insurance policy is a great option. Here’s what to expect by age:
- 60–69: $24–$32/month
- 70–79: $33–$45/month
- 80–85: $48–$65/month
Companies like Aetna and Liberty Bankers Life offer excellent $6,000 final expense plans, even for moderate health conditions.
Best $7,000 Burial Insurance Policy by Health Status
Your health determines your eligibility and policy type. Here are your options for a $7,000 burial insurance policy based on health:
Excellent Health
- Mutual of Omaha Living Promise
- Immediate full benefit
- Best rates for ages 50–80
Moderate Conditions (diabetes, high BP)
- American Amicable
- Accepts insulin users
- No waiting period
Poor Health
- Gerber Life Guaranteed Issue
- No medical questions
- Graded benefit (full payout after 2 years)
$8,000 Funeral Insurance Policy I Can Get with Poor Health?
If you’ve had heart issues, cancer, or COPD, a $8,000 funeral insurance policy is still available. Guaranteed issue policies are best for this situation.
Top No-Exam Options:
- AIG Guaranteed Issue
- Gerber Life
- Great Western
These require no medical questions. However, expect a 2-year waiting period where only limited benefits are paid.
$9,000 Whole Life Insurance Policy for Seniors by Coverage Needs
A $9,000 whole life insurance policy is ideal for those who expect funeral and burial costs to rise. It also provides some flexibility for final bills, small debts, or family support.
Consider this policy if you:
- Live in a high-cost city
- Want to leave a little extra for loved ones
- Anticipate inflation in funeral costs
Most providers allow coverage in $1,000 increments, making it easy to customize.
The Best $5,000 Burial Insurance Policy for Seniors (No Exam)
The best $5,000 burial insurance policy for seniors with no exam is one that offers:
- Immediate coverage (not graded)
- Lifetime premium lock
- Trusted insurer
Top Pick: Mutual of Omaha Living Promise
- Level benefit
- Competitive pricing
- High approval rates
The Best $6,000 Final Expense Insurance Policy For Seniors (No Exam)
If you need a bit more than $5,000 but still want simple underwriting, the best $6,000 final expense insurance policy is from Aetna or Prosperity Life.
- Great for applicants over 70
- Accepts common conditions
- Quick phone or online applications
The Best $7,000 Funeral Insurance Policy For Seniors (No Exam)
For a no-exam policy with broader coverage, look at Transamerica or Liberty Bankers Life for a $7,000 funeral insurance policy. Both offer:
- No medical exams
- Acceptance up to age 85
- Monthly bank draft or credit card payment options
The Best $8,000 Final Expense Whole Life Insurance For Seniors Policy (No Exam)
For higher coverage amounts without a medical exam, Gerber Life and AIG offer excellent $8,000 options.
- Guaranteed issue
- No health questions
- Slightly higher cost, but approval is easy
Application Process for Senior Burial Insurance
Here’s how to apply for a policy in five simple steps:
- Get quotes from multiple carriers
- Answer health questions (or skip with guaranteed issue)
- Select a coverage amount ($5,000 to $9,000)
- Choose payment frequency (monthly, quarterly, annually)
- Apply online or by phone.
Approval can be instant or take 1–3 days.
FAQs
How much is a $5000 life insurance policy?
The cost of a $5,000 life insurance policy depends on age, gender, smoking status, and health. Here are the average monthly premiums:
- 60 y/o Non-Smoker Male: $20–$24
- 70 y/o Non-Smoker Female: $22–$30
- 80 y/o Smoker Male: $55–$70
- Guaranteed Issue Policies: $35–$65 (with 2-year waiting period)
How much does a $5,000 life insurance policy cost for seniors?
The cost varies by age, gender, and health. For example, a 60-year-old non-smoking male pays about $20–$24/month, while an 80-year-old smoker may pay $55–$70/month. Guaranteed issue policies cost more and may have a waiting period.
Do $5,000 life insurance policies for seniors require a medical exam?
Most $5,000 policies are no-exam plans, often called guaranteed or simplified issues. This means you usually don’t need a medical exam or health questions, making approval faster and easier.
What is final expense insurance and why is it good for seniors?
Final expense insurance covers funeral, burial, and minor end-of-life expenses. It’s affordable, simple to apply for, and provides lifelong coverage, making it ideal for seniors on fixed incomes.
Which companies offer the best $5,000 burial insurance for seniors?
Top providers include Mutual of Omaha, Aetna, American Amicable, and Neighbours of America. They offer no-exam policies, affordable rates, and coverage for seniors with various health conditions.
Final Thoughts
Choosing the best $5,000 life insurance for seniors policies does not have to be complicated, involving balancing cost, coverage, and health status. Whether you opt for a $5,000 policy to cover basic funeral costs or a $9,000 policy to leave a little extra behind, there are flexible, affordable options for nearly every senior.
Key takeaways:
- No-exam policies are widely available
- Coverage can range from $5,000 to $9,000 in small increments
- Health status impacts cost and eligibility
- Reputable providers like Mutual of Omaha, Aetna, and Gerber Life offer trusted solutions
Take time to compare rates and talk to an expert if needed. The right policy can lift a financial burden from your loved ones and give you lasting peace of mind.
Joyce Espinoza, Expert Life Insurance Agent
Joyce Espinoza is a trusted life insurance agent at mLifeInsurance.com. She’s been in the insurance industry for over ten years, helping people, especially those with special health conditions to find the right coverage. At MLife Insurance, Joyce writes easy-to-understand articles that help readers make smart choices about life insurance. Previously, she worked directly with clients at Mlife Insurance, advising nearly 3,000 of them on life insurance options.