Very few, if any, insurers offer standard life insurance with coverage less than $100,000, so finding a $10,000 policy will take some research. Low-coverage policies tend to be specialized and only offered to certain applicants.
How much does $10,000 life insurance cost?
The cost of $10,000 in coverage depends on the type of policy you want to purchase.
|Type of coverage||Who it’s best for||Amount of coverage available||Average cost|
|Final expense insurance||People 50+ years old||$5,000 – $25,000||$20+ per month|
|Group life insurance||Employees||$10,000 – multiples of your annual salary||$0, if covered by the employer $10-30 per month, if adding coverage for a spouse|
|Child insurance rider or standalone policy||Parents adding coverage for their dependants to their life insurance policy||$1,000 – $50,000||$50-$60 per year|
|Guaranteed issue||People 50+ years old||$5,000 – $50,000||Varies, but typically more expensive than other policies|
|Simplified issue||People 18+ years old||$5,000 – $500,000||Varies, but more expensive than other policies|
Can I get a $10,000 life insurance policy?
If you meet the age or other eligibility criteria, getting a $10,000 policy shouldn’t be too difficult. Most have low underwriting requirements, but you’ll likely pay higher premiums compared to what you might pay for a higher coverage policy with more eligibility requirements.
Can I get $10,000 coverage without a medical exam?
Yes. Most of the specialty plans available for $10,000 coverage don’t require a medical exam.
Is a $10,000 life insurance policy right for me?
Whether one of these policies is right for you depends on your current situation. But before you decide, consider whether $10,000 is enough for you, or whether you’re in one of the following situations:
- You don’t want to take a medical exam. Whether your health is poor or you just don’t want to take an exam, guaranteed issue and simplified issue policies are more expensive, but allow you to select a low level of coverage without taking a medical exam.
- You need end-of-life coverage. Seniors who want to make sure their funeral and medical bills are covered can get a final expense policy.
- You’re offered insurance through your work. Group policies often come in multiples of your salary, but offer coverage for your spouse in multiples of $10,000 and have options that don’t require a medical exam.
- You want coverage for your children. This usually comes as a rider to your life insurance policy, but offers coverage for end-of-life expenses should something happen to your children. And some insurers give you the option to convert your rider into a whole life policy in your child’s name when they turn 18 years old.
What should I watch out for?
A policy this small won’t cover much more than your funeral, so if you have any debt or additional expenses that need to be covered, consider a larger policy. Unless you’re offered coverage through work, smaller policies that don’t require a medical exam tend to be more expensive.
Get quotes for $10 million life insurance policies
If you’re just looking for your funeral expenses to be covered, a $10,000 policy could be a fit. Regardless of the amount of your coverage, compare life insurance companies to make sure you’re getting the best deal.
Common questions about $10,000 policies
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