If you are wondering where to buy a $30,000 life insurance policy you are in the right place. In order to purchase a $30,000 whole life insurance plan you need to work with a licensed life insurance broker in your state. A life insurance agent or broker can determine exactly which life insurance company you qualify for based on your health. The primary benefits of $30,000 in whole life insurance are financial protection against funeral, burial and end of life expenses, tax-free death benefit, and cash value with permanent life insurance.
In this article we are going to cover the best life insurance companies for seniors, how much the average costs will be, how to qualify & Apply, and why $30,000 in whole life insurance coverage is perfect for your end of life expenses.
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Best Companies to Buy a $30,000 Life Insurance Policy From
We are going to list the best funeral insurance companies for seniors to obtain a $30,000 death benefit policy. The companies below are all companies that we represent which means you can purchase a $30,000 life insurance policy with these companies through us.
$30,000 Best Whole Life No Medical Exam Companies
Keep in mind that there is no medical exam for these companies. A majority of them except Great Western have health questions for you to answer.
Mutual of Omaha
Mutual of Omaha’s final expense policy is one of the cheapest burial insurance policies on the market. In addition to this they offer final expense insurance to seniors over 80 years old. Now their underwriting can be more strict compared to the other companies below which is why they have lower costs monthly.
Seniors in good health should apply for Mutual of Omaha’s living promise policy to save the most money on their premiums monthly. If you have COPD or recent heart issues within the last 2 years do not apply as they are not accepting of these conditions.
Prosperity life’s new vista final expense policy is bar far the most liberal on their underwriting. If you have heart conditions from over 2 years ago or other moderate health conditions apply with prosperity.
Transamerica funeral insurance which is their immediate solution product has no height or weight requirements. This means obese applicants should apply with this company if you have no other severe underlying health issues.
American Amicable’s final expense policy called senior choice has the best rates for tobacco users. This company is well know for being favorable if you are a smoker to have a lower monthly premium compared to all other companies. In addition to this seniors over 70 can get up to $50,000 in life insurance coverage from them.
Aetna Accendo CVS Health
Aetna’s final expense plan will provide $30,000 in life insurance coverage to seniors over 75 but will not provide $30,000 in coverage for seniors over 80 or 85 years old. The most life insurance a senior over 85 can get with Aetna is $25,000 which is still good considering only 2 companies will offer life insurance to a senior over 85.
Royal Neighbors of America
If you have breathing conditions especially COPD then Royal Neighbors is the best company to apply with.
Great Western’s final expense policy is the only guaranteed issue product that offers $30,000. If you are in extremely poor health and only qualify for guaranteed acceptance this is the only company for you. Other guaranteed issue companies will not offer coverage up to $30,000.
$30,000 Term Life Insurance Policy Best Companies
Now you can purchase a $30,000 term life insurance policy with the following companies. If you are age 50 you can still get a 20 year term policy, age 60 you can get a 20 year term. When you hit 70 your options become extremely limited you can only get a $30,000 term life plan for 20 years with 2 companies.
Those 2 companies may not be available in your state. If you are 80 years old you only have one option for a 20 year term at your age. We will list the following companies below for the best term life policy for $30,000 in coverage.
Assurity will offer a 10,15 and 20 year term life policy for $30,000 in coverage.
Transamerica’s Trendsetter term life product will offer 10,15 and 20 year term policies for $30,000
Americo’s term product offers a 15,20 and 25 year term plan for $30,000.
Mutual of Omaha
Mutual of Omaha only offers their term life express for a 10 and 15 year term for $30,000.
Fidelity will only offer a 10 year term policy for $30,000.
$30,000 Universal Life Best Company
There is only 1 company available that will sell a low $30,000 life insurance for universal life.
American National is the only provider that will issue a $30,000 universal life policy.
$30,000 Life Insurance Policy Cost
Your age, health, life style and tobacco usage are what determine the cost of your life insurance premium. If you are a smoker your life insurance quote is going to be higher compared to a non smoker. If you are severely unhealthy you may only qualify for a guaranteed issue life insurance with great western.
Therefore your life insurance rate will be higher due to your health. This is why when working with an agent like us we can underwrite your health issues and pick which company is best for you. This is saves you money on the cost of life insurance so you never overpay.
Now the average cost of life insurance at $30,000 is going to be between $85-$412 monthly for males between age 50-80 years old. The average cost for females ages 50-80 years old would be $66 -$288 monthly for a $30,000 whole life policy.
Below is a table showing life insurance rates by age with data pulled directly from our quoting tools. This will you give you a solid idea of how much life insurance by age is estimated to cost for you.
$30,000 Term Life Cost
The average cost of a term plan for males ages 50-80 is going to be between $18-$534 monthly. For females between 50-80 average cost would be between $15-$461 monthly.
Below is going to be a table with sample costs pulled from our quoting tools. You will see costs along with the policy term length to give you a good idea of how much a $30,000 term policy will cost for you.
$30,000 Universal Life Cost
The average cost for a universal whole life plan would be $60-$195 for males age 50-70 monthly. Costs for a female between the ages of 50-70 would be $49-$147 monthly.
Which Types of Life Insurance is Best for You?
We are going to make it very simple for you to understand which type of life insurance you need. We are going to list your insurance options and their exact purpose so you can understand the best option for you to get life insurance.
- Final Expense Whole Life Insurance(no med exam) – Covering ,burial, funeral, cremation and end of life expenses. No med exam, easy to qualify for, permanent coverage that never expires.
- Term Life Insurance – Covers mortgage’s & assets with liens, provides financial protection by supplementing income incase you die, excellent health required & med exams, temporary coverage between 20-30 years based on age.
- Universal Whole Life Insurance – It will build cash value at a high rate if you overfund the policy(pay more money in addition to your premiums), use for building tax free cash value for funding retirement. Can be used for covering expenses at death and future expenses such as loss of household income or assets with liens. excellent health status is required & med exams. Only one life company available for a small amount of $30,000 in life insurance.
In our expert opinion if you are shopping for a $30,000 life insurance plan you are likely a senior or looking for a senior. Medical history may not be good due to natural declining health with age. Therefore your best option is going to be final expense whole life insurance(burial insurance, funeral insurance, cremation insurance etc.).
How to Qualify for a $30,000 Life Insurance Policy
Qualifying for a $30,000 life insurance policy is going to be different between the 3 different types of coverage. First would be final expense life insurance which is the easiest to qualify for. Burial insurance has 2 different types of policies you can apply with which is simplified issue whole life & guaranteed issue whole life.
simplified issue whole life does not have a waiting period for policy payout. Guaranteed issue whole life always has a 2 year waiting period for policy payout.
Simplified Issue Whole Life
To qualify you will have to answer health questions on the life insurance application. In addition to this you will have to consent to a health & prescription history check. That is all the life insurance company will do because with simplified issue they will not perform a med exam.
If everything checks out you will be approved for burial insurance with no waiting periods.
Guaranteed Issue Whole Life
A guaranteed acceptance policy does not have any health questions or medical underwriting at all. Acceptance is guaranteed however there is always a 2 year waiting period associated with guaranteed burial insurance. Now if the insured dies within the first two years the beneficiary will still receive the premiums paid in plus a percentage of interest(usually 10% interest).
Keep in mind these are both types of permanent coverage.
Sample Health Questions
We are going to provide sample health questions taken from Mutual of Omaha’s Living Promise policy. Mutual of Omaha is one of the most strict burial insurance products on the market so if you can answer no to their health questions you can qualify for virtually any funeral insurance company. Keep in mind your prescription medications still play a part in qualifying.
Tables for Burial Insurance Eligibility for Waiting Periods or No Waiting Period
Below are going to be 2 tables that you can interact with. The first is a table that is going to list the different types of health conditions. It will tell you if you can get burial insurance with no waiting period or burial insurance with a waiting period. Type in any health condition you may have and see what it tells you.
|Health Condition||Eligible for No Waiting Period||Eligible Only for a Waiting Period|
|ADL’s(Assistance of Daily Living Eating, Dressing, Toileting, Bathing)||Yes||No|
|AIDS & HIV||No||Yes|
|Alzheimers & Dementia||No||Yes|
|Amputation Caused by Accident (No ADLS Needed)||Yes||No|
|Amputation Caused by Accident(ADL’s Needed)||No||Yes|
|Amputation Caused by Diabetes or Disease(No ADL’s Needed)||Yes||No|
|Amputation Caused by Diabetes or Disease(ADL’s Needed)||No||Yes|
|Assisted Living Facility||Yes||No|
|AFIB (Atrial Fibrillation)||Yes||No|
|Brain Tumer(Non Cancerous)||Yes||No|
|Coronary Bypass Surgery||Yes||No|
|COPD Chronic Obstructive Pulmonary Disease||Yes||No|
|Congestive Heart Failure||Yes||No|
|Drug & Alcohol Abuse||Yes||No|
|Obesity & Under Weight||Yes||No|
|Kidney Disease Stage 1 – 3||Yes||No|
|Kidney Disease Stage 4 – 5||Yes||No|
|Sickle Cell Anemia||Yes||No|
|TIA Mini Stroke||Yes||No|
Below is a table that will tell you the select health conditions that only qualify for a guaranteed issue plan.
|Health Condition||Guaranteed Issue Life Insurance Only|
|Use of Oxygen Tanks (Does not Include Oxygen Concentrator or CPAP)||Yes|
|Alzheimers & Dementia||Yes|
|Current Cancer or Cancer Within 12 Months||Yes|
|Nursing Home Confinement, Hospital, Mental Health Facility, Hospice||Yes|
|AIDS ARC or HIV||Yes|
A term life plan does not have any waiting periods associated with the coverage. There are 2 types full underwritten plans & simplified issue term life. Keep in mind simplified issue term life is 20-30% more expensive compared to fully underwritten plans. In addition to this there are not a lot of options to choose from compared to fully underwritten plans.
This means we are going to focus on fully underwritten plans. Now when it comes to fully underwritten term the company you are applying with is going to order a med exam, Attend Physician Statements(APS),check your medical and prescription history.
They are going to do a deep dive into your health history and in most cases if you have a history of health issues they will give you higher premium rates. A life insurance agent may quote you at a preferred rate depending on how he field underwrites you. Then the life insurance company finds something like a history of non-cancerous polyps on your medical records.
The preferred rate just jumped up to a Standard policy rate or Table A-P which can be 800% more expensive depending on the company.
Below we are going to provide sample health questions to one of the best term life companies which would be Transamerica. Keep in mind that even if you can answer “no” to the health questions whatever turns up in a medical exam or APS records can still disqualify you.
There is only one company that will provide a $30,000 life insurance policy for universal whole life. This is American National now everything we mentioned about Term life is going to also apply to universal life. The underwriting and qualification is exactly the same process.
$30,000 Life Insurance is Perfect for Covering End of Life Expenses
Now you are likely looking to get a life policy for $30,000 to pay for you or your loved ones end of life expenses. The median cost of a funeral is $7,848 according to the NFDA. This means even if the cost burial’s go up or if your particular burial is more than expected you will still have more than enough to cover funeral expenses.
The extra money can be kept by your beneficiary to be used to anything further they may need. If there are additional estate expenses or simply leaving them a legacy gift which is tax free. Every situation is different but if you are searching for a policy in this amount then burial insurance is the best plan for you.
It provides a guaranteed death benefit to make sure the life insurance policy can help pay the funeral bill. This amount of coverage will give you peace of mind knowing these costs will be covered.
Protecting your family’s financial future is imperative to say the least. We always want what is best for our loved ones especially to making them feel secure. A $30,000 life insurance plan will provide financial security for your family to pay for your funeral expenses and any other expenses left behind when you die.
Permanent insurance is the solution to help protect loved ones from the financial burden of a burial.