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$10,000 life insurance policies

Since this policy pays the bare minimum for expenses, you might see if you qualify for more coverage.

Most life insurance companies have few requirements to qualify for their $10,000 life insurance policies, outside of your age. Most of the plans available at this coverage level don’t require a medical exam, meaning that you could qualify with pre-existing conditions or at an older age. However, you usually pay steeper premiums with this policy over one with a higher payout and stricter eligibility criteria. Consider all your options to find the policy that fits your needs to a T.

Alternatives to a $10,000 life insurance policy

JRC Life Insurance

Finder rating 5 / 5 ★★★★★

JRC is an online broker offering life insurance quotes from more than 45 insurance companies. It's also one of the few insurers that offer online quotes for $10,000 in coverage, though only for whole life and final expense policies. JRC knows the ins and outs of each insurer's underwriting, which makes it an excellent place to source quotes if you're an older or high-risk applicant. Plus, JRC boasts stellar ratings for ease, convenience and customer satisfaction.

The cost of a $10,000 life insurance policy? It depends on the policy.

Get a general idea of the types of $10,000 life insurance policies available and their costs. However, the cost of your life insurance depends on the type of policy as well as personalized factors like your age, current health, job and lifestyle habits.

Type of policyWho it’s best forAmount of coverageAverage cost
Child rider or child’s policy
  • Parents adding coverage for dependents to their life insurance policy
  • Parents buying a separate policy designed for children
$1,000 – $50,000$50–70 per year for a $10,000 policy
Final expense Those looking to cover end-of-life costs, such as a funeral$5,000 – $25,000Starts at $20 per month
Group life Employees$10,000 – multiples of your annual salary
  • Free if your employer pays the cost
  • $10-30 per month, if adding coverage for a spouse
Guaranteed issueThose who want to forgo the medical exam$5,000 – $50,000Varies, but more expensive than other policies
Simplified issueThose who can’t get a standard policy but need cheaper rates than other no-exam policies$5,000 – $500,000Varies, but more expensive than other policies

When a $10,000 life insurance makes sense

When deciding on a life insurance policy, consider whether $10,000 would pay for your expected expenses or whether one of these situations applies to you.

  • You don’t want a medical exam. Whether you don’t have the best health or just don’t want to take an exam, guaranteed issue and simplified issue policies offer coverage without a medical exam.
  • Need end-of-life coverage. Seniors who want to plan ahead for their funeral and medical bills can get a final expense policy.
  • You’re offered insurance through your work. Group policies often offer coverage based on multiples of your salary, and also cover your spouse in multiples of $10,000. These can cost significantly less than buying individual life insurance.
  • Need child coverage. While standalone policies exist for children, most options come in the form of a rider added to your life insurance policy. Some insurers give the option to convert your rider into a whole life policy in your child’s when they turn 18 years old.

    3 drawbacks to a $10,000 life insurance policy

    Few insurers offer life insurance with coverage less than $100,000 because low-coverage policies are considered a specialized product. Reasons to consider a higher level of life insurance coverage:

    More coverage could cost the same

    Since a $10,000 life insurance policy usually doesn’t require a medical exam, they tend to cost more than those that need the exam. By comparing other life insurance policies, you may find one with a similar premium to the $10,000 policy but with higher coverage like $20,000 or $50,000. Even if you don’t need the extra amount to cover expenses, you could leave it as an inheritance for your loved ones.

    You may not need a policy for your child

    Opinions are split on the value of children’s life insurance because most children outlive their policies. Some policies come with a college savings component, but without the interest that a regular savings account yields.

    However, covering your child may be worth it if you can convert the child’s life insurance coverage to a separate policy under their name later. You may want this to protect their ability to get life insurance as they get older.

    You might want more coverage later

    Not all policies allow you to add coverage. If you think you’ll want to expand your coverage, make sure that your policy can be converted and expanded or that you can buy a replacement policy down the road.

    Get quotes for a life insurance policy with $10,000+ in coverage

    Weigh your life insurance options by looking at each company’s eligibility requirements, amount of coverage and cost. Then, select Go to site to start your personalized quote.

    Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
    Policygenius - Life Insurance
    18 - 85 years old
    $50,000
    $10,000,000
    10, 15, 20, 25, 30 years
    Depends on provider and policy
    Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
    Everyday Life
    18 - 70
    $100,000
    $10,000,000
    10, 15, 20, 25, 30, 35 and 40 years.
    No
    Ladder multiple life insurance policies to save on the coverage you need for all your debts.
    Bestow
    18 - 60 years old
    $50,000
    $1,500,000
    10, 15, 20, 25, 30 years
    No
    Apply for term life insurance in minutes and get an instant decision all online. Plus, you’ll get to skip the medical exam.
    Wyshbox
    Wyshbox
    18 - 65 years old
    $50,000
    $2,500,000
    2 - 35 years
    No
    Get a quote for term life coverage that you can adjust over time to match your financial needs. Or, track your debts with Wysh Tracker to automatically lower your coverage as you pay down debt.
    Ladder
    20 - 60 years old
    $100,000
    $8,000,000
    10, 15, 20, 25 or 30 years
    No, for coverage up to $3M
    Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
    Fabric
    21 - 60 years old
    $100,000
    $5,000,000
    10, 15, 20, 25 or 30 years
    Depends on policy
    No-exam term policies up to $1 million online, with the option to upgrade to permanent life insurance later.
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    Compare up to 4 providers

    Bottom line

    If you’re looking to cover the bare minimum of end-of-life expenses or don’t qualify for other policies, a $10,000 life insurance policy could work for you. But in many cases, you can compare different life insurance policies and find options for a similar cost and higher coverage. That way you can make sure you’re getting the most value out of your life insurance policy as possible.

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