Best Burial & Life Insurance For Seniors Over 80

This guide will outline all your life insurance options, the cost, the best life insurance companies over 80, and how to get coverage with no waiting period.

How Much Does Life Insurance For Seniors Over 80 Cost?

Life insurance for seniors over 80 will generally cost $100-$200 monthly for a $10,000-$20,000 final expense policy. Term life insurance for an 80-year-old usually costs $200-$300 per month for a $100,000 10-year term policy.

No matter which type of life insurance you’re considering, life insurance quotes depend on multiple factors, including age, gender, health, amount of coverage, tobacco usage (if any) if you take a medical exam, and the type of policy.

Refer to the tables below for some sample burial insurance quotes for the elderly over 80.

Final Expense Insurance For Seniors Over 80

Most seniors over 80 typically only need life insurance to cover final expenses, which, according to the National Funeral Directors Association, can cost nearly $10,000 for a traditional burial.

Burial insurance for seniors will pay out a tax-free check to your beneficiaries once you die. That gives your loved ones the money to fulfill your final wishes or pay outstanding medical bills.

Most final expense insurance companies offer coverage from $2,000-$50,000. The idea is that you can buy just the right amount of life insurance coverage needed to pay for your funeral expenses and other final bills.

Final expense insurance is merely a simplified issue whole life policy because it does not require an exam. Because of the lenient underwriting, past and present health conditions won’t prevent you from qualifying for a new policy.

Because burial insurance is a type of whole life insurance, it’s permanent coverage. Additionally, the rates won’t increase, the death benefit doesn’t decrease, and it builds cash value you can borrow from as it accrues over time.

Most burial policies also offer living benefits (at no extra cost) that allow you to receive some money while alive.

For example, Mutual of Omaha Living Promise coverage includes, at no extra charge, an accelerated death benefit rider. It allows you to access up to half of the coverage if you’re diagnosed with a terminal illness or confined to a nursing home.

How To Get No Waiting Period Life Insurance Policies For Seniors Over 80

Senior citizens over 80 can get a life insurance plan with immediate coverage.

In other words, you’re fully covered for natural or accidental death, and the insurer must still pay the full death benefit.

According to Anthony Martin, a licensed life insurance expert, here’s what is required to get a policy that protects you right away:

To get no waiting period coverage, you must apply with an insurance company where you answer health questions and are approved. You don’t have to take a medical exam. However, you will need to complete a health questionnaire to determine your eligibility.

There are no exceptions to that rule.

Any policy that does not ask about health will always have a 2-3 year waiting period.

Understand that some websites will mislead you about this issue to get you to click on an advertisement or call them.

It’s sad but true. Those fraudulent websites only lie to you because they make money when you click on certain parts of their website.

Burial 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.

For example, there are no guaranteed acceptance options above 85. To get coverage at 86+, you must answer health questions.

Below is a breakdown of which companies offer life insurance for seniors over 85. Use this quotes calculator to see prices for any of these providers.

Insurance Company	Coverage Options Above 85	Max Age For New Applicants	Policy Type	When Policy Can Pay Out
	$2,000-$25,000	89	Whole Life Insurance	No waiting period
	$2,500-$25,000	89	Whole Life Insurance	No waiting period
	$2,000-$15,000	89	Whole Life Insurance	No waiting period
	$2,500-$10,000	90	Whole Life Insurance	No waiting period
	$2,000-$10,000	90	Whole Life Insurance	Refund of premiums in first 12 months, 50% payout in 2nd year, then full benefits after 2 years

Best Life Insurance Companies For Seniors Over 80

Below is a list of five of the best burial insurance companies for seniors who are over 80. Our ranking methodology takes into multiple factors such as cost, underwriting, coverage limitations, and financial strength of the insurer.

You can see free quotes from any of these companies by using the quoting tool on this webpage.

1) Mutual of Omaha

Founding Year: 1909

A.M. Best

A+

Superior

BBB

A+

Accredited

Choice Mutual Rating

5.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

0.97

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

2) Aetna

Founding Year: 1853

A.M. Best

A

Excellent

BBB

A+

Not Accredited

Choice Mutual Rating

4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

0

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

3) Transamerica

Founding Year: 1904

A.M. Best

A

Excellent

BBB

B

Not Accredited

Choice Mutual Rating

4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

2.7

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

4) American Amicable

Founding Year: 1910

A.M. Best

A

Excellent

BBB

A+

Accredited

Choice Mutual Rating

4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

2.46

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

5) AAA

Founding Year: 1969

A.M. Best

A

Excellent

BBB

A-

Not Accredited

Choice Mutual Rating

2.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

NAIC Complaint Index

0.87

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Watch Out For These Offers For Life Insurance Over 80 Years Of Age

Be wary of any of these “offers” because much better options are available.

Anything through the mail

Anyone aged 50 and up will forever receive offers via mail to buy life insurance where your acceptance is guaranteed.

For example, the AARP funeral insurance program does this quite often.

While buying through the mail sounds convenient and hassle-free, it comes at a high cost.

If you buy a life policy for someone over 80 via mail, it will always have a 2-3 year waiting period. Also, it will almost certainly cost much more than buying a policy through a licensed agent.

Be particularly wary of any mail that appears to offer state regulated life insurance. No government (local, state, or federal) program pays burial expenses or provides free final expense insurance.

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.

The opposite is true when you consider the pros and cons.

For seniors over 80, Colonial Penn 995 plans all have three significant drawbacks:

1. There is a mandatory two-year waiting period.
2. It’s very costly relative to other options (check out Colonial Penn life insurance rates).
3. They have low coverage amounts (Roughly $7,500 is the max they offer for an 80-year-old female).

There is no scenario where someone in their 80s should buy Colonial Penn coverage for those three reasons.

There are significantly better options available from dozens of other insurance companies.

Lincoln Heritage

Lincoln Heritage is one of the largest final expense insurance companies in the USA.

While they have done an excellent job selling a lot of insurance, it’s not because it’s the best.

There are two reasons you wouldn’t want to go with a Lincoln Heritage Funeral Advantage plan if you’re trying to find life insurance for someone aged 80 or older.

1. Even for people in good health, their coverage costs much more than other insurers.
2. Their underwriting is not favorable. Many seniors with common health issues qualify for their costly plan with a two-year waiting period.

Check out the full Lincoln Heritage review if you want further proof.

AARP

The New York Life AARP life insurance program is only available to seniors aged 80. Once you turn 81, they are no longer an option.

But even if you are 80, you can get cheaper rates and coverage without a waiting period from other providers.

Mutual of Omaha direct

If you call Mutual of Omaha directly (1-800-377-9000), they have only one product they can offer you.

It will be a guaranteed issue policy with a two-year waiting period.

The Mutual of Omaha no-waiting period plan is available only through licensed agencies such as Choice Mutual.

You cannot buy their immediate coverage plan directly from them.

TruStage

TruStage life insurance products are good in some instances but not for seniors above 80.

Above the age of 80, Trustage only offers up to $25,000 in coverage, and their prices aren’t very competitive.

You can get much lower rates from other life insurance companies.

Plus, they don’t accept applicants who are 86 or older.

You can check out the full TruStage life insurance review if you want even more information about their life insurance products.

Guaranteed Issue Life Insurance For Seniors Over 80

A guaranteed issue life insurance policy has no medical underwriting. You do not have to answer health questions or undergo an exam in the application process.

While guaranteed approval is convenient, it comes with two significant drawbacks.

• Mandatory waiting period: All no-health question policies stipulate that the insured’s death during the first two years will only result in a return of premiums. Peace of mind doesn’t kick until you’ve lived for more than 24 months.
• Higher cost: The insurance company takes on serious risk knowing nothing about the policyholder’s health. As is the case with all forms of insurance, the higher the risk, the higher the cost. Seniors can qualify for the best rates by applying for coverage where you do answer health questions.

Only resort to guaranteed acceptance coverage if you’re in poor health and cannot medically qualify for a policy that asks questions about your health.

Term Life Insurance Policy For Seniors Over 80

Term life insurance for seniors over 80 is only possible if you’re actually 80 years old, and a 10-year policy is the longest you’ll be able to get.

In most cases, you’ll likely have to take a medical exam to get a term life policy over 80.

If you buy a 10-year term at age 80, it will terminate at age 90, leaving you uninsured.

It’s only advisable to buy a term policy at this age if you need to cover a temporary liability such as financial debt.

Don’t buy a term policy to cover funeral costs. If you outlive the policy (which most do), you won’t have the means to pay your funeral bills.

Traditional Whole Life Insurance Policy Over 80

Typical whole life policies have large death benefit minimums and maximums. Usually, you’ll have to buy at least $50,000 in coverage.

On the top end, you can purchase over $100K in whole life coverage.

However, buying $100,000 or more will likely require a medical exam.

Also, if you’re 81+, expect an exam regardless of how much coverage you want.

All whole life insurance for seniors options build cash value and offer guaranteed lifetime coverage with fixed rates. Also, the death benefit will never decrease.

The net result is a cash payout (tax-free) to your beneficiaries. There are no restrictions on how they spend the money.

Check out a whole life insurance rates chart for pricing estimates.

If you’re 80+ and need a substantial policy, abandon the idea that you will buy your policy online. That will not happen.

It would be best if you spoke with an experienced insurance agent.

Call us at 1-800-644-2926, and we will assign one of our most experienced agents to assist you.

Universal Life Insurance Policy Over 80

This type of permanent life insurance policy is a hybrid between whole life and term insurance. Unlike whole life insurance, universal life does not offer the policyholder the same guarantees.

Basically, a “UL policy” allows grants you great flexibility. For example, you can choose what you pay monthly rather than a mandatory minimum payment.

So while a universal life policy for a senior over 80 is possible, it’s not recommended.

The policy’s value could substantially decrease, the payments could significantly increase, or it could prematurely terminate altogether.

Frequently Asked Questions