Learn what type of life insurance seniors over 80 can get, the best companies, see sample prices, and how to avoid a two-year waiting period.
Best Life Insurance Companies For Seniors Over 80
Below is a list of five of the best final expense insurance companies for senior citizens 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
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
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.
Mutual of Omaha final expense insurance is very low compared to other providers, and they accept seniors with various pre-existing conditions. Their no exam life insurance costs are usually much lower compared to other companies.
If you buy online, you’re limited to $25,000 in coverage and will have a two-year waiting period. However, if you work with a Mutual of Omaha agency such as Choice Mutual, you can buy up to $50,000 with no waiting period.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 10 Minutes to 2 Business Days | |
Common health conditions still eligible for no waiting period coverage: Aneurysm Arthritis Asthma Blindness Blood clots > 2 years ago Blood thinners Cancer > 4 years ago Circulatory surgery > 2 years ago Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 2 years ago Heart surgery > 2 years ago Hepatitis A or B High blood pressure High cholesterol Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 2 years ago Tumors (non-cancerous) |
|
2) Aetna
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
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.
Aetna Life Insurance Company is one of only five companies that will issue a new policy to someone above 85. Above 80, their prices are cheaper than most companies, and the underwriting is very lenient.
You can still qualify for a new Aetna final expense policy even if you have diabetes, high blood pressure, seizures, COPD, and many other conditions.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 40-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
|
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aetna products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes-3 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Chronic bronchitis Circulatory surgery > 2 years ago COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic coma > 2 years ago Diverticulitis Epilepsy Fibromyalgia Graves’ disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis > 2 years ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Obesity Over 85 life insurance Pacemaker (installed > 1 year ago) Parkinson’s disease Sarcoidosis Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (noncancerous) |
|
3) Transamerica
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
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.
Transamerica approves applications in minutes and is willing to accept applicants that nearly every other company will deny. For example, it’s possible to qualify if you’re on dialysis or have congestive heart failure.
Transamerica might be your best option if you have some dire health issues. Plus, they are available in New York above 80, which is incredibly rare.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $1,000-$50,000 (varies by age) | |
| States Available: All States | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months. | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Transamerica products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: 15 Minutes- 5 Business Days | |
Common conditions still eligible for no waiting period coverage: Afib Angina (chest pains) Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 4 years ago Chronic bronchitis Circulatory surgery > 1 year ago COPD Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis High blood pressure High cholesterol Kidney disease Lupus Multiple sclerosis Pacemaker (installed > 1 year ago) Parkinson’s disease Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors |
|
4) American Amicable
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
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.
American Amicable isn’t a well-known company like Mutual of Omaha or Aetna, but they are very financially sound and have been in business since 1910.
Their product is excellent for seniors because they are very accommodating to applicants with a lot of ambiguous medications. Most insurance companies will assume why a person takes particular prescription drugs, often leading to a denial or a higher price. In contrast, American Amicable allows applicants to explain why their medications were prescribed.
Ultimately, American Amicable can very often be the only way seniors with challenging medical histories can obtain a new policy that doesn’t have a waiting period.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 50-85 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,500-$50,000 (varies by age) | |
| States Available: All States (except CT, ME, MT, NH, NY, VT) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Optional Riders: None | |
| Application Details | Where to Apply: Agencies licensed to sell American Amicable products (you can't buy this plan directly from them) |
| Phone Number to Apply: 1-800-644-2926 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: No | |
| Application Approval Time: < 10 minutes | |
Common conditions still eligible for no waiting period coverage: Afib Aneurysm > 3 years ago Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 3 years ago Circulatory surgery > 3 years ago Crohn’s disease Depression Diabetes (type 2) Diverticulitis Fibromyalgia Grave’s disease Heart attack > 3 years ago Heart surgery > 3 years ago Hepatitis > 3 years ago High blood pressure High cholesterol Pacemaker (installed > 3 years ago) Schizophrenia Scleroderma Sickle cell anemia Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 3 years ago Tumors (non-cancerous) |
|
5) AAA
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
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.
AAA is the best company if you need a guaranteed acceptance policy over 80. First, they have the lowest rates compared to other companies that sell guaranteed issue life insurance. Second, they will refund 130% of all premiums for nonaccidental deaths during the first two years.
Remember, all guaranteed issue policies have a two-year waiting period. All other companies that sell guaranteed acceptance coverage return about 110% of premiums for death during the waiting period. If you’re a current AAA member (their roadside service), you’ll save three dollars per month off your premium.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: Yes | |
| Coverage Amount Range: $3,000-$25,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Application Details | Where to Apply: AAA Online Application |
| Phone Number to Apply: 1-888-523-1863 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: Yes | |
| Application Approval Time: Instantaneously |
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 whole life price table below for some example monthly final expense insurance quotes for the elderly over 80.
| Age & Gender | $10,000 | $15,000 | $25,000 |
|---|---|---|---|
| Female age 80 | $98 | $146 | $241 |
| Female age 81 | $106 | $158 | $261 |
| Female age 82 | $114 | $169 | $280 |
| Female age 83 | $121 | $180 | $298 |
| Female age 84 | $129 | $191 | $317 |
| Female age 85 | $136 | $202 | $335 |
| Female age 86 | $171 | $255 | $423 |
| Female age 87 | $206 | $307 | $510 |
| Female age 88 | $239 | $356 | $596 |
| Female age 89 | $260 | $388 | $683 |
| Male age 80 | $135 | $201 | $332 |
| Male age 81 | $143 | $213 | $353 |
| Male age 82 | $153 | $227 | $376 |
| Male age 83 | $162 | $242 | $400 |
| Male age 84 | $171 | $255 | $423 |
| Male age 85 | $178 | $266 | $440 |
| Male age 86 | $236 | $353 | $585 |
| Male age 87 | $277 | $413 | $686 |
| Male age 88 | $317 | $474 | $788 |
| Male age 89 | $357 | $534 | $888 |
How To Get No Waiting Period Life Insurance Policies For Seniors Over 80
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.
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 must complete a health questionnaire in the application process.
There are no exceptions to that rule.
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.
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.
Avoid These Life Insurance Offers For Seniors Over 80
Be wary of any 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.
The opposite is true when you consider the pros and cons.
For seniors over 80, the Colonial Penn 995 plan has two significant drawbacks:
- There is a mandatory two-year waiting period.
- It’s very costly relative to other life insurance companies (check out Colonial Penn life insurance rates).
There is no scenario where someone in their 80s should buy Colonial Penn coverage for those reasons.
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 they have the best policy.
There are two reasons you should avoid a Lincoln Heritage Funeral Advantage plan if you’re trying to find life insurance for someone aged 80 or older.
- Even for people in good health, their coverage costs roughly 25-30% more than other insurers.
- Many seniors with common health issues only qualify for their modified plan with a two-year waiting period and a significantly higher cost.
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 up to age 80. Once you turn 81, they are no longer an option.
But even if you are 80 or younger, you can get cheaper rates and coverage without a waiting period from other providers.
Learn more about AARP life insurance rates.
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.
For example, an 82-year-old female will pay $159.40 monthly for a $10,000 policy with TruStage. That same woman would only pay $113.96 with Mutual of Omaha.
In addition, TruStage does not 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.
Anything through the mail
Anyone aged 50 and up will receive offers via mail to buy life insurance where your acceptance is guaranteed.
For example, the AARP funeral insurance program will mail seniors life insurance offers weekly.
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 two-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. There’s no such thing as government burial insurance. There is no local, state, or federal program that pays all burial expenses or provides free final expense insurance.
Contacting the insurance company directly
Most of the products you buy directly from the insurance company will be guaranteed acceptance and have 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 Mutual of Omaha agencies can offer. If you called a Mutual of Omaha agent, there would be no waiting period, and the cost would be lower. Here’s a side-by-side example of a 65-year-old male to illustrate the difference:
- Mutual of Omaha direct: $50.00 with a waiting period
- Mutual of Omaha agencies: $41.01 with no 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.
For example, there are no guaranteed acceptance plans above 85. To get coverage at 86+, you won’t have to take a medical exam, but you must answer health questions.
Remember, the age limit for life insurance varies based on multiple factors, such as where you live and your health, among other variables.
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 & Max Age For New Applicants | Policy Type | When Policy Can Pay Out |
|---|---|---|---|
 | Age: 89 Coverage $2,000-$25,000 | Whole Life Insurance | No waiting period |
 | Age: 89 Coverage $2,500-$25,000 | Whole Life Insurance | No waiting period |
 | Age: 89 Coverage $2,000-$15,000 | Whole Life Insurance | No waiting period |
 | Age: 90 Coverage $2,500-$10,000 | Whole Life Insurance | No waiting period |
 | Age: 90 Coverage $2,000-$10,000 | Whole Life Insurance | Refund of premiums in first 12 months, 50% payout in 2nd year, then full benefits after 2 years |
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 have coverage options ranging 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 like credit cards or medical debts.
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.
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. Some companies will allow you to add on riders that may cover long-term care or other medical expenses.
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
Usually, final expense insurance is the best option for senior citizens in their 80s. Most seniors only need a smaller policy to cover end-of-life expenses or provide financial support to a surviving spouse.
Some policies at this age have a waiting period, and some do not. You’ll need to qualify medically to get one without a waiting period. Most seniors who are 80+ can get a policy that has no waiting period.
If you want less than $100,000 in coverage, seniors over 80 can get life insurance with no medical exam. 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 $100K, it will depend on your age and health and 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 81+. 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.
You can purchase life insurance for your parents at any age. Your parents or grandparents will need to consent to the policy. However, you can be the owner, payer, and beneficiary if they agree to it. Buying life insurance for mom or dad is quite common.
AARP whole life insurance issued by New York Life stops taking new applicants at age 80. If you’re over 80, they cannot help you.
