What Life Insurance Options Do Seniors Over 80 Have?
Most life insurance companies offer final expense insurance for seniors over 80. If you are exactly 80 years old (it cannot be 81+), some companies offer term life insurance, but you will be required to take a medical exam. To qualify for a universal life insurance policy over 80, expect to take a medical exam.
- Final expense insurance (aka “burial or funeral insurance”): Final expense life insurance is a small death benefit (usually $50K and less) whole life policy that accepts applicants with prior medical conditions, and no medical exam is required. The payout money is primarily intended for funeral costs, but your loved ones can use it to cover medical bills, credit card debts, or anything else.
- Guaranteed acceptance: A guaranteed issue life insurance policy does not require you to complete a medical exam or answer health questions. You’re guaranteed approval, hence the name. Because there is no underwriting, these policies always have a two-year waiting period. The coverage options typically range from $2,000 to $25,000.
- Traditional whole life insurance: Traditional whole life insurance policies typically have large minimum and maximum death benefit amounts. Normally, you’ll need to purchase at least $50,000 in coverage. If you’re 81 or older, you will be required to undergo a medical exam to qualify, regardless of the amount of coverage you want. Whole life policies build cash value and offer guaranteed lifetime coverage that won’t decrease in value over time. Plus, the price remains the same forever.
- Term life insurance: A temporary life insurance policy that will terminate after a specific period of time. After the policy ends, the insurer keeps your money, and you’re uninsured. If you’re 80 and medically qualify for term insurance (few do at this age), ten years is the longest it could possibly last. If you buy a 10-year term at age 80, it will terminate at age 90. It’s only advisable to buy a term life insurance policy at this age if you need to cover a temporary liability, such as financial debt. Once you turn 81, you will not be able to get a new term policy.
- Universal life insurance: A type of permanent life insurance policy where the cash value earns interest based on various investment classes chosen by the insurer. If the investments underperform, your premiums may rise, or the policy may lapse. These plans also offer flexibility in payments and cash value. However, if you pay too little or withdraw too much cash value, your premiums may considerably rise, or the policy may prematurely terminate.
How Much Does Burial Insurance For Seniors Over 80 Cost?
Seniors over the age of 80 can expect to pay $100 to $200 monthly for a $10,000 to $20,000 final expense policy. If you’re 80 (not ≥ 81), a $100,000 10-year term policy will cost roughly $200-$300 per month. Please note that the exact price you’ll pay depends on your age, gender, the amount of coverage you require, the type of policy, and your health history.
The whole life table below provides sample monthly final expense life insurance quotes for older adults aged 80 and above.
Can Seniors Over 80 Get Life Insurance With No Waiting Period?
Senior citizens over 80 can get a life insurance plan with no waiting period that would immediately pay the full death benefit for natural or accidental death. In fact, dozens of companies offer “first-day” coverage policies to applicants who are 80 and older.
Keep in mind that to obtain the peace of mind that comes with no waiting period coverage, you must apply with an insurance company where you answer health questions. You don’t have to take a medical exam, but you must complete a health questionnaire as part of the application process.
Any policy that does not ask about your health history will always have a two-year waiting period.
Understand that some websites will mislead you about this issue to get you to click on an advertisement or call them. Those fraudulent websites only lie to you because they make money when you click on certain parts of their website.
Best Life Insurance Companies For Seniors Over 80
- $10K Policy Cost $41.01/month*
- New Applicant Ages 45-85
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
- $10K Policy Cost $47.60/month*
- New Applicant Ages 40-89
- Death Benefit Options $2K-$25K
- 2-Year Waiting Period No
- $10K Policy Cost $55.00/month*
- New Applicant Ages 45-85
- Death Benefit Options $3,000-$25,000
- 2-Year Waiting Period Yes
Life Insurance Offers To Avoid
Be wary of these “offers” because much better options are available.
- Colonial Penn: Most people are familiar with Colonial Penn because they featured Alex Trebek in their commercials (now they feature Jonathan Lawson). Sadly, just because Colonial Penn is well known does not mean they have superior life insurance products. For seniors over 80, the Colonial Penn 995 plan has two significant drawbacks. First, there is a mandatory two-year waiting period for all applicants. Second, their insurance is significantly more expensive than that of other life insurance companies.
- Lincoln Heritage: Lincoln Heritage is one of the USA’s largest final expense insurance companies. While they have done an excellent job selling a lot of insurance, it’s not because they have the best policies. You should avoid them for two main reasons if you’re trying to find life insurance for someone aged 80 or older. First, even for people in good health, their coverage costs roughly 25-30% more than other insurers (see quotes to verify). Secondly, many seniors with common health issues only qualify for their modified plan, which has a two-year waiting period and a substantially higher cost. Check out the full Lincoln Heritage review if you want further proof.
- Anything through the mail: Anyone aged 50 and above will receive mail offers to buy life insurance, where acceptance is guaranteed. While buying through the mail sounds convenient and hassle-free, it comes at a high cost. If you purchase a life policy for someone over 80 via mail, there will be a two-year waiting period. Additionally, it will likely be significantly more expensive than buying a policy through a licensed agent. Be particularly wary of any mail that appears to offer “state regulated life insurance”. There’s no such thing as government burial insurance. No local, state, or federal program pays all burial expenses or provides free final expense insurance.
- Contacting the insurance company directly: Most products you can buy directly from the insurance company (without interacting with a licensed agent) are guaranteed acceptance policies with a two-year waiting period. For example, if you call Mutual of Omaha’s home office, they can only offer you a policy with no health questions. It has a waiting period and is more expensive than what a Mutual of Omaha insurance agent can offer. If you call a Mutual of Omaha agency, there would be no waiting period, and the cost would be lower. For example, $10,000 in coverage for a 65-year-old male will cost $50.00 monthly with a two-year waiting period if you call Mutual of Omaha directly. Conversely, it would be only $41.01 with no waiting period if you deal with a Mutual of Omaha agency. While buying online directly from the insurance company sounds convenient, it comes at the cost of a higher premium and a two-year waiting period.
Can You Get Life Insurance For Seniors Over 85?
In all states except New York, you can get life insurance for someone older than 85. However, the options are significantly different compared to ages 80-85.
To get coverage at 86+, you won’t have to take a medical exam, but you must answer health questions. There are no guaranteed acceptance plans above 85.
Below is a breakdown of companies that offer life insurance for seniors over 85. Use this quotes calculator to see free quotes from these providers.
Y2 50% payout,
Y3+ full benefits
Frequently Asked Questions
Usually, burial life insurance is the best option for senior citizens in their 80s. Most seniors only need a smaller policy to cover funeral expenses or provide financial support to a surviving spouse. If you have dire health issues, guaranteed issue policies will likely be the best option because eligibility is not based on your health.
Some life insurance policies have a waiting period at this age, while others do not. You’ll need to qualify to get one without a waiting period, which entails answering questions about your health history (no medical exam is required). Most seniors aged 80 and above can obtain a policy without a waiting period.
If you want less than $100,000 in coverage, seniors over 80 can get no-exam life insurance. Commonly referred to as “simplified issue“, you only have to answer health questions to qualify. But if you want a policy with a death benefit higher than $100K, you will probably need to complete an exam.
In most cases, seniors over 80 can easily qualify for up to $100,000 in coverage without any pushback. If you want more than $100,000, it will depend on your age and health, and may potentially require a medical exam.
Term life for seniors over 80 is only available at age 80. Due to the average life expectancy of a U.S. citizen, it’s not possible for seniors aged 81 and above. It’s just too risky for a life insurance company to offer term life insurance options beyond 80. Whole life is the most common financial protection available at this age.
Yes, you can purchase life insurance for your parents. In fact, it is common for people to buy life insurance for their parents. Remember, however, that to get coverage on any family member, they must consent to the policy. You can be the owner, payer, and beneficiary, but they must sign the application either verbally, electronically, or in person. Also, if you have power of attorney over one of your parents, you will not be entitled to buy coverage for them without their involvement. Life insurance companies do not acknowledge POA. They always require the insured (your mom or dad) to sign the application.
80 is the maximum age that AARP offers life insurance. AARP does not provide life insurance to seniors 81 and older.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
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life expectancy of a U.S. citizen. https://en.wikipedia.org/wiki/List_of_U.S._states_by_life_expectancy
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Get Quotes. https://securitynationallife.com/for-individuals-families/final-expense-insurance/
