Getting life insurance coverage for people over 80 is much different than when you are younger. Life insurance companies offer fewer options after age 80, so your coverage options are often more limited.
Fortunately, finding life insurance for seniors up to age 80 is still possible.
In this article, we’ll give you critical information on buying the best policy and getting the lowest rates.
Can You Get Life Insurance For Seniors Over 80?
Yes, many life insurance carriers will issue you a policy with no waiting period if you pass underwriting.
For most senior citizens, the best option is whole-life burial insurance.
Burial insurance for seniors over 80 should have the following features:
- The insurance policy will not expire at any age
- Fixed monthly rates. Your premium will be locked in for life. It will not increase with age or health conditions.
- The death benefit payout is guaranteed never to decrease.
Getting a life insurance plan without a waiting period will depend on your health and underwriting.
The age limit for life insurance:
Age 85 is the most common maximum age to purchase life insurance. If you don’t buy life insurance by age 85, only two companies take on applicants who are 86-90 years old. But you have to be in good health to qualify. After age 90, you cannot qualify with any life insurance provider for any amount of coverage.
Your life insurance options are limited: Once you reach your 80s, most life insurance companies will only offer you whole life insurance policies, also called funeral insurance, burial insurance, or final expense policy.
The death benefit amount you can be eligible for is limited: Most companies have a cap on life insurance coverage you can buy once you reach your eighties.
How Does Senior Life Insurance Over 80 Work?
Burial insurance for this age group is called “simplified issue”, meaning you are not required to take a medical exam to qualify.
The following features are standard for most people in their eighties:
- It will not expire at any age because this is whole life or permanent life insurance.
- The monthly premium cannot increase for any reason, and the death benefit is guaranteed never to decrease.
- When you pass away, the life insurance company will give a check tax-free to your beneficiary.
- If any amounts are left over, they stay with your family to use as they see fit rather than the funds going to the funeral home.
- The coverage lasts until you are 121 years old (you will never outlive one of these plans).
At Funeral Fund of America, we specialize in level benefit insurance, where you get full protection from the first day of your policy.
Do I Need To Take A Medical Exam To Qualify For Whole Life Insurance?
No, you do not need to take a medical exam to qualify for life insurance for seniors. You only need to provide basic information and answer a few health questions.
Guaranteed issue life insurance policies are available for seniors with significant health issues; however, this plan comes with a two-year waiting period.
Always go for a plan with health questions to qualify for first-day coverage insurance. It is the best life insurance for seniors.
Why Do You Need Life Insurance If You’re A Senior Over 80?
Dying without life insurance will leave a huge financial burden for your loved ones to pay.
In 2022, according to the National Funeral Directors Association, the average funeral cost was roughly $7,848. There is a noticeable increase in price from 2019, which was only about $7,360. These figures are just estimated and do not include the cost of the cemetery, crematory fees, obituaries, and flowers.
On top of the funeral and burial costs, other bills need to be considered.
Other final expenses:
- Medical bills
- Credit card debt
- Income loss
- Travel costs for out-of-town relatives to attend the funeral
You need life insurance to cover final expenses and any outstanding bills upon passing.
What Are The Different Types Of Life Insurance Policies Available For Over 80?
Here are the three types of life insurance available:
- Level Death Benefit – a plan with level benefit covers you immediately from day one of the policy. This life insurance has no medical exam is also no-wait life insurance. It has no waiting period and will pay death benefits directly to your beneficiary after your death.
- Graded Benefit – If you pass away right after the policy, your beneficiary will not receive the full death benefit. There’s a waiting period. Your beneficiary will receive 30% of the death benefit if you pass on in the first year and 70% if you pass on in the second year. The full death benefit will be given to your beneficiary when you pass on the third year of the policy.
- Modified Benefit or Guaranteed Acceptance Policy – This policy also has a waiting period. If you die during the first two years of the policy, your beneficiary will only receive the return of premium plus interest, usually 10%. The full death benefit will only be paid out after the two-year waiting period.
Health Status And Life Insurance Underwriting For Seniors Over 80
Life insurance coverage with affordable premiums is available if you have no significant health issues.
Minor health issues like high blood pressure and high cholesterol will not affect your premium. Other significant health conditions may affect your eligibility; if you have one, it is advisable to get a no exam life insurance with no health questions. Regardless of your health, you will be approved for this plan, but your premiums will be more expensive.
Getting life insurance should be done before having any surgery or being diagnosed with a terminal illness.
Drinking alcohol and smoking tobacco regularly can negatively impact your health and insurance eligibility, and most life insurance companies offer lower premiums to non-smokers and people not undergoing alcohol treatment.
How To Get No Waiting Period Policy For Seniors Over 80?
First-day coverage insurance is the best option. Don’t be afraid to answer health questions because most people qualify for first-day coverage insurance even with some health issues.
Every insurance company asks different health questions, so going with the right insurance company is extremely important.
The key to buying a no-waiting period policy is selecting the right insurance company that asks health questions.
What Is The Best Life Insurance Option For Seniors 80 And Older?
First-day insurance is the best. These policies are hands-down best for senior life insurance needs, as the underwriting is simple.
Life insurance policies for seniors are simple and have no fine print to be nervous about! Many seniors can qualify. They also won’t expire as you get older.
Some advantages of whole life funeral policies and whole life final expense policies are:
- Easy underwriting eligibility
- No medical or doctor visits necessary to apply for coverage
- Monthly premiums that don’t increase as you age
- No maximum age of death or expiration date at any age
- Guaranteed benefit payment upon death that does not decrease as you age
These final expense policies make it easy for seniors to qualify and get the best rates and coverage they need at their current age and health.
Burial Insurance Over 80 – What Not To Get
Avoid Term Plan being sold as burial insurance
Some life insurance companies will try and sell you term life insurance for seniors. This life insurance costs less per month, but if you die outside the term, you will have no money to pay for your burial and funeral. Term insurance is best for younger people because it is the most affordable life insurance.
Globe Life and AARP life insurance are two companies known for boasting a lower rate. Their affordable term life insurance policy ends after age 80, so we don’t recommend using this term life policy for final expenses.
Avoid Insurance that comes in the mail, or you see on TV
Many companies send you mail advertisements. You can apply for these offers through the mail. Just fill out the application form with your bank info. They claim that your acceptance is guaranteed and cannot be denied.
TV commercials offer senior life insurance called guaranteed acceptance life insurance. These life insurance products do not require medical underwriting or health questions. If you meet their age requirements, you are sure to be accepted. These policies have two drawbacks. First, they are more expensive, and second, they have a two-year waiting period before the policy will pay any benefits.
Avoid both of these offers as you may qualify for burial insurance with health questions that will cover you immediately. Try to apply with plans with health questions because your premium will be more affordable, and you don’t have a two-year waiting period.
How Much Does It Cost To Get Final Expense Life Insurance For Seniors Over 80?
It depends on the state you live in. Males and females also have different rates. Rates get higher as you grow older. Smoking also affects the life insurance rate. Smokers pay a higher premium than non-smokers.
As you can see, your rates vary depending on your age, death benefit, and type of policy. You need to know that rates will vary by 50% from one company to another due to different insurance company underwriting criteria.
If you need to know how much you will pay for life insurance coverage, we suggest you fill in your information on the instant quote form on this page.
Finding The Best Senior Life Insurance For Over 80
The most significant problem seniors encounter with burial insurance is problems wit their health.
When shopping for life insurance, some life insurance companies for seniors will charge you a higher premium if you take prescription medication or have other pre-existing conditions.
Working with an expert life insurance agent from Funeral Funds can get you the best life insurance as you reach your eighties. We will review your prescriptions and health issues to get you the best life insurance companies that don’t have issues with your medications. After we list those companies, we will select the lowest price that fits your budget.
How Can Funeral Funds Help Me?
Please fill out our instant QUOTE form on this page to receive senior life insurance quotes online with the best policy and rates.
Funeral Funds is an independent insurance agency that can shop your application to many companies available. This way, you can be sure you will get the best carrier for your age and health.
We work with the top-rated life insurance companies in the United States, many offering immediate coverage at the lowest rates.
If you need help finding life, burial, funeral, or final expense insurance for seniors, please don’t hesitate to contact us at (888) 862-9456 to get quotes or ask any questions.
Additional Questions & Answers On Life Insurance For Seniors Over 80
Can you get life insurance if you are 80 years old?
Yes, only whole life insurance policies are available for people 80 years old or older. Most seniors over 80 will still qualify for burial insurance, also called funeral insurance and final expense insurance, which covers funeral, burial, and final expenses.
How much does life insurance cost for a 80 year old?
An 80-year-old will typically pay $50 to $200 a month, depending on their gender, coverage amount, state, and general health.
What happens to life insurance after age 85?
Buying life insurance after age 85 can be restrictive because very few life insurance companies offer life insurance coverage for people over 85. But, you can still apply for final expense insurance up to age 90.
Can I get life insurance for my 85 year old mother?
Yes, you get life insurance for your 85-year-old parent. You can get final expense insurance up to age 90 or burial insurance (also called funeral insurance) if your parent is over 85. You only need their consent, and you must submit proof of insurable interest.
What is the maximum age to get life insurance?
The maximum age to qualify for a life insurance policy is typically 85. However, some life insurance companies offer acceptance insurance for 90 years old. Once accepted, your insurance plan will last up until age 121 years old.
Can you get life insurance on a 90 year old?
Yes, you can get life insurance on a 90-year-old. This is the maximum age for getting life insurance. Very few insurance companies offer coverage for age 89, so expect to pay a high premium. Once accepted, your insurance plan will last up until age 121 years old.
How does senior life insurance work?
Senior life insurance works the same as regular life insurance policies. The only difference is seniors qualify for less expensive premiums because of small coverage options.
Can I get life insurance on my 75 year old mother?
You can get life insurance on your 75-year-old mother, provided you can get their consent and show insurable interest.
Can I get life insurance on my 80 year old father?
Yes, you can get life insurance on your 80-year-old father if he agrees to sign the life insurance application form and show insurable interest. You must prove that you have a significant financial or emotional connection with your father.
Can I get life insurance at age 87?
Yes, you can get burial insurance or final expense funeral insurance up to 89 years old.
What is the maximum age for getting life insurance?
The maximum age for getting a life insurance policy is 85 years old. However, some life insurance companies allow you to qualify up until age 89 for a plan that will last until you are 121 years old.
How much is life insurance for a 90 year old?
No companies currently offer coverage to 90-year-olds. Expect to pay anywhere between $350 to $450 a month if you still want to get insurance coverage and are close to 89 years old.
Can I get life insurance on my 84 year old mother??
You can get life insurance on your 84-year-old mother if you can obtain her consent and show insurable interest.
Do I qualify for life insurance at 85 years old?
Yes, you will be able to find a company that will issue life insurance for people who are age 85.
Does life insurance cost more for people over 70?
Life insurance premiums are based on age, coverage amount, and the applicant’s health status.
Can I buy burial or funeral insurance for my 90 year old dad?
You can only buy funeral insurance (also called burial insurance) up to age 89.
Can I get funeral cover for my parents?
There are two types of funeral cover you can purchase for your parents. You can buy burial insurance or final expense funeral insurance if your parents are 50 years old and older.
Can an 88 year old man get life insurance?
Yes, an 88-year-old man can still qualify for final expense insurance.
Can an 85 year old get term life insurance?
No, term life insurance is generally only available for people up to 70. In most cases, only whole life insurance will be available to people 70 years and older.
Can I get life insurance over 80 years of age?
Many life insurance companies offer senior citizens final expense or burial insurance policies covering you until the age of 121.
Can you get life insurance on a grandparent?
Life insurance on a grandparent is possible, but you need to get their consent and show insurable interest, such as if you are caring for the grandchild.
Can I get life insurance at age 80?
Yes, you can still buy life insurance up to 89, and all the best plans last until age 121.
Can I get life insurance on a parent?
You can get life insurance on a parent if they agree to sign the life insurance application and you have a sufficient insurable interest.
Can I insure my 100-year-old grandfather?
Life insurance companies only accept applications up to age 89, so you cannot buy a policy for someone who is 100 years old.
Which life insurance is best for seniors whole or term?
Term life insurance is often best for people under age 50. Whole-life policies are often best for people 50 years old and above.
Is funeral insurance for seniors right for me?
Funeral insurance or burial coverage is available for applicants aged 50 and older. It has lenient underwriting, and most health issues are approved for coverage.
Which life insurance is best for seniors over 80?
Seniors over 80 can still purchase final expense funeral coverage or whole life insurance to cover their funeral, burial, and final expenses.
At what age does whole life insurance expire?
Most whole life insurance policies today last until age 121.
What happens to the face amount of a whole life policy if the insured reaches 100?
The face amount of a whole life policy will remain fixed until the insured person dies. Once the policy matures at age 100, you will no longer pay premiums, but it will continue to cover you until age 121. The death benefit is paid to your beneficiaries when you pass away.
What happens to life insurance after age 80?
Life insurance after age 80 is still available through several life insurance companies. You just have to apply for it, and most health conditions are still covered up to the age of 121.