You might consider a $15,000 life insurance policy to ease your family’s financial stress regarding funeral and burial expenses. These policies strike a balance between affordability and coverage, making them affordable yet significant enough to cover those crucial final costs.
The lower premiums and a more straightforward approval process make these modestly sized policies a good fit for individuals not in perfect health or those watching their budgets.
This guide will let you in on all you need to know about $15k life insurance, including:
- The types of life insurance that offer $15,000 of coverage
- The average cost you should expect to pay each month
- The companies with the best $15,000 life insurance policies
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Types Of $15,000 Life Insurance Policies
You have two options if you want $15K of coverage:
- Simplified Issue Whole Life Insurance
- Guaranteed Issue Whole Life Insurance
Simplified Issue Whole Life Insurance
Simplified issue whole life offers lifelong coverage without requiring a medical examination. This policy type also has a cash value component that grows over time, providing not only a death benefit but also a potential source of savings.
Pros: No medical exam necessary, stable premium rates, and significant growth in cash value as time progresses.
Cons: Higher rates compared to term life policies and lower coverage amounts.
Guaranteed Issue Whole Life Insurance
Guaranteed issue whole life insurance allows anyone eligible by age and geography to purchase a $15,000 death benefit, with no health examination or medical questions
Pros: No health underwriting; available to those not eligible for traditional life insurance policies.
Cons: High rates and a two-year waiting period before your policy will pay out your full death benefit
How Do Life Insurance Companies Decide Your Cost?
Life insurance providers are in the business of living. They hope you live a long, prosperous life.
Why? It allows them to avoid paying out $$$. So, if you’re seen as a risk for early payout, expect higher rates.
So, what factors help these companies determine where you fall regarding cost?
Here are a few of them:
Factors Affecting Life Insurance Costs
| Factor | Impact on Cost |
| Age | Lower costs for younger applicants due to longer premium payment periods. |
| Health | Better health means lower rates due to longer life expectancy. |
| Gender | Women receive lower rates because they tend to live longer. |
| Lifestyle | Habits such as smoking can significantly increase your premiums. |
| Occupation | High-risk jobs lead to higher premium costs. |
| Policy Type | Whole life insurance often comes with higher premiums because of coverage. |
| Length of Term | Premiums increase with longer policy terms |
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How Much Does A $15K Policy Cost?
The tables below show the monthly rates for the products we discussed above.
Simplified Issue Whole Life Insurance
The table below shows the rate men ages 45-89 would have to pay for $15,000 of coverage.
The insured’s age is an important determinant in calculating the premium amount. This table shows that age has an even stronger influence on applicants who smoke.
The table displays the cost of a $15,000 Simplified Issue Whole Life Insurance Policy for men aged 45-89, with separate rates for smokers and non-smokers. The premiums increase as the insured individual ages, and smoking significantly impacts the premium amount, with smokers paying higher rates across all age groups.
| Male | Male (Smoker) | |
| Age 45 | $37.19 | $49.44 |
| Age 46 | $39.57 | $53.19 |
| Age 47 | $41.94 | $56.94 |
| Age 48 | $44.32 | $60.68 |
| Age 49 | $46.69 | $64.43 |
| Age 50 | $48.94 | $68.31 |
| Age 51 | $51.19 | $69.81 |
| Age 52 | $53.44 | $71.30 |
| Age 53 | $55.69 | $72.80 |
| Age 54 | $57.94 | $74.30 |
| Age 55 | $60.31 | $75.80 |
| Age 56 | $62.93 | $79.80 |
| Age 57 | $65.56 | $83.80 |
| Age 58 | $68.18 | $87.80 |
| Age 59 | $70.81 | $91.80 |
| Age 60 | $73.55 | $95.80 |
| Age 61 | $75.30 | $100.04 |
| Age 62 | $77.05 | $104.29 |
| Age 63 | $78.80 | $108.54 |
| Age 64 | $80.55 | $112.79 |
| Age 65 | $82.05 | $117.04 |
| Age 66 | $86.30 | $125.28 |
| Age 67 | $90.55 | $133.53 |
| Age 68 | $94.80 | $141.78 |
| Age 69 | $99.04 | $150.02 |
| Age 70 | $103.29 | $158.27 |
| Age 71 | $111.54 | $171.51 |
| Age 72 | $119.79 | $184.76 |
| Age 73 | $128.03 | $198.00 |
| Age 74 | $136.28 | $211.25 |
| Age 75 | $144.53 | $224.49 |
| Age 76 | $155.52 | $245.24 |
| Age 77 | $166.52 | $265.98 |
| Age 78 | $177.51 | $286.72 |
| Age 79 | $188.51 | $307.46 |
| Age 80 | $199.50 | $328.20 |
| Age 81 | $215.50 | $358.69 |
| Age 82 | $231.49 | $389.18 |
| Age 83 | $247.48 | $419.67 |
| Age 84 | $263.48 | $450.15 |
| Age 85 | $279.47 | $480.64 |
| Age 86 | $336.95 | $564.61 |
| Age 87 | $394.43 | $648.57 |
| Age 88 | $451.90 | $732.54 |
| Age 89 | $509.38 | $816.51 |
For female non-smokers seeking a $15,000 policy, costs begin very affordably around age 45, perhaps in the $33 per month range. Premiums then increase slowly as women age. This table presents the costs for a $15,000 Simplified Issue Whole Life Insurance Policy for women aged 45-89, with separate rates for smokers and non-smokers. Similar to the male rates, premiums increase with age, and smoking results in higher rates for female insured individuals. As individuals age, the cost of life insurance generally rises, with smoking further impacting the premium amounts.
| Female | Female (Smoker) | |
| Age 45 | $33.57 | $48.06 |
| Age 46 | $34.57 | $50.19 |
| Age 47 | $35.57 | $52.31 |
| Age 48 | $36.57 | $54.44 |
| Age 49 | $37.57 | $56.56 |
| Age 50 | $38.32 | $58.93 |
| Age 51 | $39.94 | $59.43 |
| Age 52 | $41.57 | $59.93 |
| Age 53 | $43.19 | $60.43 |
| Age 54 | $44.82 | $60.93 |
| Age 55 | $46.69 | $61.56 |
| Age 56 | $48.94 | $63.93 |
| Age 57 | $51.19 | $66.31 |
| Age 58 | $53.44 | $68.68 |
| Age 59 | $55.69 | $71.05 |
| Age 60 | $57.69 | $73.30 |
| Age 61 | $59.56 | $76.05 |
| Age 62 | $61.43 | $78.80 |
| Age 63 | $63.31 | $81.55 |
| Age 64 | $65.18 | $84.30 |
| Age 65 | $67.06 | $87.05 |
| Age 66 | $70.06 | $92.05 |
| Age 67 | $73.05 | $97.04 |
| Age 68 | $76.05 | $102.04 |
| Age 69 | $79.05 | $107.04 |
| Age 70 | $82.05 | $112.04 |
| Age 71 | $87.05 | $119.54 |
| Age 72 | $92.05 | $127.03 |
| Age 73 | $97.04 | $134.53 |
| Age 74 | $102.04 | $142.03 |
| Age 75 | $107.04 | $149.52 |
| Age 76 | $114.54 | $164.77 |
| Age 77 | $122.03 | $180.01 |
| Age 78 | $129.53 | $195.26 |
| Age 79 | $137.03 | $210.50 |
| Age 80 | $144.53 | $225.74 |
| Age 81 | $154.77 | $242.74 |
| Age 82 | $165.02 | $259.73 |
| Age 83 | $175.26 | $276.72 |
| Age 84 | $185.51 | $293.72 |
| Age 85 | $195.76 | $310.71 |
| Age 86 | $244.74 | $369.94 |
| Age 87 | $293.72 | $429.16 |
| Age 88 | $342.70 | $488.39 |
| Age 89 | $391.68 | $547.61 |
Guaranteed Issue Whole Life Insurance
Unlike policies that consider health and tobacco use, these guaranteed issue plans have premiums that increase slowly with age. This policy provides coverage without health assessments or tobacco considerations, offering a more accessible option for individuals seeking life insurance.
| Age | Men |
| Age 50 | $65.65 |
| Age 51 | $70.60 |
| Age 52 | $75.14 |
| Age 53 | $79.40 |
| Age 54 | $83.11 |
| Age 55 | $86.41 |
| Age 56 | $88.88 |
| Age 57 | $91.08 |
| Age 58 | $93.00 |
| Age 59 | $94.38 |
| Age 60 | $95.34 |
| Age 61 | $102.35 |
| Age 62 | $108.95 |
| Age 63 | $115.27 |
| Age 64 | $121.32 |
| Age 65 | $127.23 |
| Age 66 | $132.45 |
| Age 67 | $136.99 |
| Age 68 | $141.25 |
| Age 69 | $144.96 |
| Age 70 | $148.26 |
| Age 71 | $161.73 |
| Age 72 | $174.92 |
| Age 73 | $187.29 |
| Age 74 | $198.84 |
| Age 75 | $208.73 |
| Age 76 | $243.78 |
| Age 77 | $277.46 |
| Age 78 | $309.76 |
| Age 79 | $340.68 |
| Age 80 | $370.37 |
The table outlines the specific premium costs for men aged 50-80 for a $15,000 Guaranteed Issue Whole Life Insurance Policy. Premiums start at $65 for a 50-year-old and increase gradually with age, reaching $370 for an 80-year-old. Guaranteed issue policies, which do not assess health or tobacco use, offer a straightforward way to obtain coverage, with premiums rising predictably based solely on age.
| Age | Women |
| Age 50 | $51.22 |
| Age 51 | $54.93 |
| Age 52 | $58.09 |
| Age 53 | $60.98 |
| Age 54 | $63.59 |
| Age 55 | $65.93 |
| Age 56 | $68.54 |
| Age 57 | $70.60 |
| Age 58 | $72.66 |
| Age 59 | $74.59 |
| Age 60 | $76.10 |
| Age 61 | $80.63 |
| Age 62 | $84.76 |
| Age 63 | $88.33 |
| Age 64 | $91.08 |
| Age 65 | $93.42 |
| Age 66 | $98.23 |
| Age 67 | $102.21 |
| Age 68 | $105.92 |
| Age 69 | $109.50 |
| Age 70 | $112.80 |
| Age 71 | $123.79 |
| Age 72 | $134.24 |
| Age 73 | $144.27 |
| Age 74 | $153.48 |
| Age 75 | $161.73 |
| Age 76 | $185.09 |
| Age 77 | $207.08 |
| Age 78 | $227.70 |
| Age 79 | $246.94 |
| Age 80 | $263.99 |
For female applicants, premiums on this $15,000 guaranteed issue policy also remain consistent regardless of smoking status, in the same manner as their male counterparts. Rates begin affordably and increase gradually as women age, ensuring long-term affordability. The uniform pricing structure equally serves smokers and non-smokers alike.
Best Companies For A $15,000 Life Insurance Policy
Selecting the right insurer involves more than just comparing prices. GetSure can search its network of 19 A-rated life insurance carriers to identify the most competitive options for your specific needs. Here are our top choices for a $15,000 life insurance policy:
Guaranteed Issue Whole Life Insurance: Aetna
Aetna offers a highly popular whole life insurance plan for simplified issue coverage.
Benefits:
- Cash value flexibility
- Premiums remain fixed for life and do not increase with health changes
- Includes a Living Benefits rider for accelerated access if terminally ill
Company Highlights:
- Aetna has over 150 years of experience in the insurance industry
- Backed by the strong financial strength of CVS Health and Aetna
This Aetna simplified issue whole life plan provides permanent coverage with level premiums and death benefits that pay out in full starting day 1.
Guaranteed Issue Whole Life Insurance: AIG
AIG offers Guaranteed Issue Whole Life Insurance (GIWL) through their American General Life subsidiary. This coverage provides permanent protection and has a simple application process.
Benefits:
- Cash value grows tax-deferred and can be borrowed against without a credit check
- Guaranteed acceptance for applicants between ages 50-80, regardless of health status
- Premiums remain level
- The death benefit is paid income tax-free to beneficiaries upon the insured’s passing
- Chronic Illness and Terminal Illness Riders provide early access to benefits for qualifying conditions
Company Highlights:
- Trusted brand with over 90 years of experience providing insurance services
- AIG Life companies received an “A” (Excellent) from A.M. Best, reflecting their financial strength and ability to meet claim-paying obligations
