$10,000 Whole Life Insurance Policies

This purpose of this article is to explain what whole life insurance is, how much different whole life insurance quotes cost and how $10,000 life insurance policy premiums differ with gender and age.

What is whole life insurance?

Whole life insurance is a type of life insurance. Life insurance is very easy to understand. You pay your premiums to the insurance provider as long as the policy requires, your entire life in the case of whole life. In return, when you pass away, the insurance provider pays your beneficiaries the death benefit, a tax free lump sum. With whole life, keep in mind that the premiums never increase, the policy never expires and it has a cash value component.

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

Premium

The premium is cost of coverage for your whole life insurance policy. You gave the choice of paying it monthly, quarterly, half yearly or yearly. Insurance companies often offer discounts on annual payments and charge more for frequent payments.

Death Benefit

The death benefit or face value is the amount your beneficiaries receive from the insurance company on your death. This amount depends on the coverage you bought. The purpose of this face value is to provide financial security and protection to your dependents.

Cash Value

As you already know, whole life builds cash value. This cash value accumulates tax deferred in a separate account which can serve as a savings account. The cash value comes from your premiums. Part of your premiums go to building the cash value, and the rest goes to the cost of coverage. You can withdraw from this account during your life. If you decide on doing so keep in mind that you will be charged interest from the first day until you pay the amount back. If you pass away before paying it back, the amount is reduced from the face value. This may cause a policy lapse or leave very little to nothing for your beneficiaries.

$10,000 whole life insurance policies

The purpose of section is to explain the different $10,000 life insurance policies available for different adults and children.

When going through these $10,000 life insurance policies, keep in mind the following.

  • Men and women in Montana will pay the same premiums. This is because of the state’s law that requires both men and women to pay the same amount for life insurance.
  • These premium rates will be effected by the underwriting process of the insurance company.
  • Depending on your insurer, you may or may not qualify for non-tobacco premium rates, if you don’t smoke cigarettes but use some form of tobacco.

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 children can be a good investment. This policy builds cash value that stays in a separate account and also serves as a savings account. You can use this cash value for paying your children’s college tuition, wedding, helping them purchase their first home, and other expenses.

When buying a whole life policy for your child, ask yourself the following:

  • Is your child old enough to qualify?
  • Does your child have any medical conditions that may stop them from qualifying?
  • Is your child is going to college within 5 years? If so there won’t be enough time to accumulate cash value that can pay for their college.
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 is a major factor that determines your eligibility for a whole life insurance quote. Thought not all burial insurance companies require medical exams, all will ask health questions. When answering these questions, always remember that if the provider does not specifically ask about something, it means that they are okay with it.

Burial insurance has the most relaxed underwriting process as compared to other whole life insurance types. Underwriting is the process used by insurance companies to price risk associated with potential clients. It also determines your eligibility for a whole life insurance quote and in turn the cost of your premiums.

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

Will a $10,000 life insurance policy be a good idea? It complete depends on what you need. In most cases this amount is enough to cover the basic end of life expenses like cremation costs, funeral and burial costs, payment of loans or debts and it may also leave money for your family.

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 used interchangeably but mean the same thing. This insurance is designed to cover your end of life expenses so you cannot expect it be used as income replacement or paying for college or buying a home.

Burial insurance has many unique features that distinguish it from other insurance types. It has the most relaxed underwriting as it is designed for people who may have serious health problems. It is also portable, has an easy application process and quick approvals and offers small face values.

What is an insurance quote?

Insurance companies can give you an estimate of your rate with them, this estimation is an insurance quotes. The more information you share with the provider, the more accurate the estimate. You can request insurance quotes over the phone or online.

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