The purpose of this article is to explain what whole life insurance is, how much different whole life insurance quotes cost and how much $10,000 life insurance policy premiums may cost based on your gender and age.

What is whole life insurance?

Whole life insurance is a type of life insurance. How it works is simple, as long as you pay your premiums it provides you coverage your entire life. The premium amount does not increase. The policy will never expire and it has a cash value component. When you pass away, the insurance provider pays your beneficiaries the death benefit, a tax free lump sum. This death benefit never decreases over the course of the policy.

Whole life insurance policies have three major components, premium payments, death benefit and cash value.

Premium

This is the amount you pay your insurance provider for the insurance policy your entire life. It is the coverage cost of your whole life insurance policy. You can pay the premium monthly, quarterly, half yearly or yearly. Life insurance providers often charge more for frequent payments. So paying your premiums annually may be budget friendly in the long run.

Death Benefit

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

Cash Value

As mentioned above, whole life has a cash value component. It accumulates tax deferred over the decades and serves as a savings account. Part of your premiums go towards building the cash value, while the rest goes to the cost of coverage. Even though you have the option of withdrawing from this cash value during your life, you need to keep in mind that you are charged interest from the day you borrow until you pay back. If you pass away without paying back, the amount is deducted from the death benefit. This may leave very little to nothing for your beneficiaries. It may also result in a policy lapse in the worst case.

$10,000 whole life insurance policies

This section will talk about the different $10,000 life insurance policies for different adults and children.

You need to keep in mind the following regarding these $10,000 life insurance policiesrates.

  • The state law of Montana requires that both men and women pay the same money for life insurance, therefore the rate for men and women will the same for a specific age category.
  • These premium rates will vary depending on the life insurance company’s underwriting process.
  • If you use some form of tobacco and don’t smoke cigarettes, you may or may not qualify for non-tobacco premium rates.

Whole life insurance quotes for ages 40-49

 

AGE Female Non TobaccoMale Non TobaccoFemale TobaccoMale 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

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale 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

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale 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

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale 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

 

AGEFemale Non TobaccoMale Non TobaccoFemale TobaccoMale 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

A whole life policy for your child can be a good investment. The cash value from the insurance policy serves a savings account and it increases over the years. You can use this cash value to pay for your children’s expenses like college tuition, wedding expenses, helping them buy their first home, etc.

When buying a whole life policy for your children, keep the following in mind:

  • Your child needs to be at least 15 days old
  • The child may not qualify for a policy, if they have certain health conditions
  • It may not be a good idea if your child will go to college within 5 years as there won’t be enough cash value in such a short time
AgeRate
0-4$4.00
5-9$4.80
10-14$5.50
14-17$6.90

Does my health effect my whole life insurance policy?

Your health plays a major role in your eligibility for a whole life insurance quote. All burial insurance companies will require that you answer their health questions. Do keep in mind that if a provider does not ask about something, it means they are okay with it.

Burial insurance has very relaxed underwriting unlike other whole life insurance. Underwriting is the process used by insurance companies to price risk. It also determines your eligibility for a whole life insurance quote and the cost of your premiums.

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

Buying $10,000 life insurance policies is a good idea. They will help you cover major costs like funeral and burial expenses, cremation costs, paying off loans or debts and also 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 called funeral insurance or final expense insurance. These three terms are often used interchangeably but mean the same thing. It is designed specifically to cover all your end of life expenses. So it cannot replace income or pay for college or be used to buy a home.

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

What is an insurance quote?

An insurance quote estimates your rate with an insurance company. This estimate is more accurate if you provide more information. You can request an insurance quote through email or over the phone.

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