$20,000 Whole Life Insurance Policy Costs for Seniors

$20,000 life insurance for seniors is going to cost between $50-$150 monthly for a whole life insurance policy. Now the cost is going to vary due to your age, health, life style and tobacco usage. Whole life insurance for seniors is typically referred to as a final expense policy. There is no medical exam required for this type of policy for seniors only health questions on the application.

We are going to cover everything about this type of life insurance for end-of-life expenses. We will provide tables for accurate estimated monthly costs per age for $20,000 in whole life insurance to help you understand how much you can expect to pay monthly.

$20,000 Life Insurance for Seniors Cost

Now even though final expense insurance is typically sold to seniors you can get funeral insurance for young adults also. This type of life insurance is often called burial insurance(cremation insurance, funeral insurance etc.) because it is meant for funeral & cremation expenses.

The average cost for a $20,000 whole life insurance policy for seniors between 50-80 years old is going to be $50-$300 monthly.

Whole Life insurance has level premiums which means that your rates will never increase as long as premiums are paid.

Your insurance rate depends on your age, how much coverage you want and your health. Now depending on your health this will determine if you get higher premiums because modified life insurance, graded life insurance or guaranteed issue life insurance are all more expensive.

Level plans or immediate benefit plans are the cheapest types of burial insurance. Below is a table showing $20,000 in life insurance policy costs per age & gender. This rates are based on level benefit or immediate benefit plans.

Age	$20,000 Male Non Smoker	$20,000 Female Non Smoker	$20,000 Male Smoker	$20,000 Female Smoker
50	$58.15	$45.41	$73.34	$59.88
51	$59.68	$46.94	$75.74	$62.75
52	$60.95	$48.43	$78.34	$64.95
53	$62.26	$49.68	$85.21	$67.60
54	$65.27	$50.96	$88.54	$70.13
55	$68.69	$52.21	$92.35	$74.03
56	$71.59	$53.97	$96.71	$76.31
57	$74.37	$56.76	$100.91	$79.12
58	$77.23	$58.46	$105.29	$81.40
59	$80.47	$60.20	$110.24	$84.02
60	$84.32	$62.53	$116.07	$87.17
61	$89.62	$65.82	$123.35	$91.76
62	$94.93	$68.92	$132.24	$96.35
63	$99.24	$72.23	$138.72	$100.93
64	$103.95	$75.53	$147.99	$105.52
65	$109.75	$78.82	$156.46	$110.11
66	$116.50	$83.68	$167.64	$117.23
67	$123.16	$88.52	$178.85	$123.99
68	$130.47	$93.38	$190.05	$131.19
69	$138.38	$98.42	$199.72	$137.70
70	$146.01	$103.28	$211.52	$145.75
71	$154.42	$109.20	$226.81	$154.84
72	$164.77	$113.71	$239.64	$166.13
73	$175.72	$123.89	$256.98	$175.85
74	$186.53	$132.36	$270.49	$186.53
75	$196.74	$141.62	$286.69	$196.71
76	$210.88	$153.29	$316.88	$215.04
77	$225.06	$163.81	$344.73	$231.86
78	$241.07	$173.67	$368.92	$249.81
79	$255.84	$183.62	$389.61	$265.20
80	$276.26	$193.66	$409.33	$267.07
81	$296.69	$209.22	$434.43	$290.87
82	$338.84	$239.41	$505.80	$338.32
83	$360.56	$253.90	$534.37	$355.95
84	$382.27	$268.60	$562.68	$381.49
85	$469.00	$339.15	$784.00	$509.78
86	$549.85	$408.45	$903.00	$594.48
87	$630.70	$477.75	$1022.00	$679.18
88	$711.55	$547.05	$1141.00	$763.88

Related: $25,000 Whole Life Insurance Policy Costs

$20,000 Life Insurance Enough for Burial Expenses?

For a senior $20,000 in life insurance death benefit should be more than enough coverage. This should guarantee your family is spared from this financial burden when you die. The average cost of a burial is $7,848 which means if you buy life insurance with a $20,000 coverage amount this will pay for the entire funeral.

Whatever money is left over is for your beneficiary on the policy to keep and do as they wish with it. In addition to this the policy will build cash value when you pay your premium every month. This means an additional savings is being built into the policy for your family.

That extra money from the coverage amount and the cash value can serve as a legacy gift. Leaving extra money behind for loved ones is something everyone should want. It is that final way to show your family how much you loved them.

Related: $5,000 Whole Life Insurance

$20,000 Whole Life Insurance Policy is for Protecting Your Family

Remember an average funeral is $7,484 and if you get a vault the cost will rise to $9,420 according to the NFDA. This means if you do not have a whole life policy in place when you die your family will have to come up with that money for your funeral costs.

This is why life insurance coverage is so valuable to protecting your family. It is the best option for seniors to make sure funeral expenses are paid. People should never be leaving their loved ones with these financial obligations.

That is what results in families having to start a “GoFundMe” to pay for their loved ones funeral. A $20,000 life insurance policy is meant to be a safety net because it is enough to cover these expenses. A policy with this benefit amount will provide the peace of mind your family needs and deserves.

Without one of these policies your family is in significant financial trouble if you die. If they do not have money saved (which most people do not have $9,000 or more to spare) they are at risk. This is why it’s important to plan ahead and have coverage in place.

Related: $15,000 Whole Life Insurance

Qualifying for Burial Insurance Depends on Health Status

Now final expense insurance does not require a medical exam because they are simplified issue policies. That being said they do require you to answer health questions and health & prescription history checks. Depending on your answers to the questions and the data from the medical and prescription history you will be approved or denied.

If everything checks out the policy is issued and you are approved within a few days.

Now depending on certain health conditions you may not be able to still qualify for a level benefit plan. If this is the case your only option would be a guaranteed acceptance policy. Guaranteed issue policies guarantee that you are able to qualify no matter you health.

The only drawback to burial insurance with no health questions is a two year waiting period with a return of premium. Guaranteed issue policies have no health questions or medical underwriting at all.

The good news is that even if you have some moderate health issues you can still likely qualify for a level benefit plan(no waiting period). Use the table below to search for your specific health condition and see if it qualifies for a no waiting period plan or not.

Health Condition	Day One Coverage	Waiting Period	Best Company
ADL’s(Assistance of Daily Living Eating, Dressing, Toileting, Bathing)	Yes	No
AIDS & HIV	No	Yes
ALS	No	Yes
Alcohol Abuse	Yes	No
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
Aneurysm	Yes	No
Angina	Yes	No
Angioplasty	Yes	No
Assisted Living Facility	Yes	No
Asthma	Yes	No
AFIB (Atrial Fibrillation)	Yes	No
Autism	Yes	No
Brain Tumer(Non Cancerous)	Yes	No
Bipolar Disorder	Yes	No
Brain Tumor(Cancerous)	Yes	No
Bronchitis (Chronic)	Yes	No
Cancer-Must have occured and been cured over 2 yeas ago with no further complications or medications	Yes	No
Coronary Bypass Surgery	Yes	No
Cardiomyopathy	Yes	No
Cerebral Palsy	Yes	No
COPD Chronic Obstructive Pulmonary Disease	Yes	No
Circulatory Surgery	Yes	No
Cirrhosis	Yes	No
Congestive Heart Failure	Yes	No
Cystic Fibrosis	Yes	No
Defibrillator	Yes	No
Depression	Yes	No
Diabetes(Without Complications)	Yes	No
Diabetes(With Complications)	Yes	No
Dialysis	No	Yes
Down Syndrome	Yes	No	SBLI
Drug & Alcohol Abuse	Yes	No
Emphysema	Yes	No
Heart Attack	Yes	No
Heart Disease	Yes	No
Obesity & Under Weight	Yes	No
Hepatitis C	Yes	No
Hospitlization(Current)	No	Yes
Huntington’s Disease	Yes	No
Kidney Disease Stage 1 – 3	Yes	No
Kidney Disease Stage 4 – 5	Yes	No
Lupus (Systemic)	Yes	No
Multiple Sclerosis	Yes	No
Muscular Dystrophy	Yes	No
Organ Transplant	No	Yes
Oxygen Tanks	No	Yes
Oxygen Concentrator	Yes	No
Pacemaker Implant	Yes	No
Pancreatitis	Yes	No
Parkinson’s Disease	Yes	No
Pending Surgery	No	Yes
Schizophrenia	Yes	No
Scleroderma	Yes	No
Seizures	Yes	No
Sickle Cell Anemia	Yes	No
Sleep Apnea	Yes	No
Stroke	Yes	No
Stent	Yes	No
TIA Mini Stroke	Yes	No
Tumor Cancerous	No	Yes
Tumor Non-Cancerous	Yes	No
Ulcerative Colitis	Yes	No

Finding The Best Final Expense Life Insurance Companies

If you’re looking to get coverage working with the right insurer is a top priority for a $20,000 life insurance plan. Below we are going to list the top final expense insurance companies for seniors with strong financial strength ratings from A.M Best. Yes we work with all of these companies to insure seniors in the USA.

When you work with one of our agents and explain your health situation. They will determine the best company from this list for you to apply with for no waiting periods.

Mutual of Omaha

Mutual of Omaha’s final expense policy offers the some of the lowest rates available to seniors. Their policy is called Living Promise Whole Life Insurance with Mutual of Omaha.

American Amicable

American Amicable final expense insurance is very good for their smoker rates. If you are a smoker you can get a very favorable rate with this company.

Transamerica

Transamerica burial insurance is very good for obese applicants. This is due to the fact that there is no height or weight requirements for their policy.

Prosperity

We always recommend Prosperity New Vista funeral insurance to applicants with heart issues. They are very accepting or certain heart conditions.

Aetna Accendo CVS Health

Aetna Accendo final expense is great for applicants with breathing issues such as COPD and others. They also offer burial insurance for seniors over 85 not many companies do that.

Royal Neighbors of America

Royal Neighbors final expense really shines when it comes to COPD and applicants with diabetic complications.

Guarantee Trust Life

Guarantee Trust Life’s Heritage Plan has only 5 health questions. Most applicants can easily qualify for this plan.

Gerber Life Insurance

Gerber funeral insurance has no underwriting or health questions. They are cheapest guaranteed issue life company on the market.

Great Western

Great Western funeral insurance will offer applicants $40,000 in coverage.

AIG

American General final expense insurance has living benefits built into their policy.

Funeral Insurance & Beneficiary Designations

You can list almost anyone with an insurable interest in you as your beneficiary. We get a lot of our clients looking for life insurance for parents because they have an insurable interest in their parents. Some other examples of this would be life insurance for siblings and life insurance for grandparents.

Most of the beneficiary designations you will see on a life insurance application are going to be family member titles.

Related: $10,000 Whole Life Insurance

How to Get a Final Expense Insurance Policy for $20,000

If you want to buy the best $20,000 whole life insurance policy call us or fill out our quote form to the right. Our agents will reach out to you within minutes, underwrite and assist you with policy enrollment. We work with the best companies that provide the cheapest rates.

We are brokers which means we have the ability to shop multiple companies to find you the best rates. Secure your burial policy with us today so your family is protected for tomorrow.