Best Burial & Life Insurance For Seniors Over 80

Yes, you can get life insurance for senior citizens over 80.

Even more, coverage with no waiting period is still possible even at this age.

This guide will lay out all your options, the best life insurance companies over 80, cost estimates, how to qualify, and much more.

Types Of Life insurance For Seniors Over 80

You likely won’t be able to get a large death benefit, but seniors over 80 can still get life insurance coverage. Truthfully, most types of life insurance are still available, including a term policy, burial insurance, whole life, and universal life.

By far, permanent life insurance is much more readily available at 80+.

It’s worth mentioning that life insurance for seniors over 80 with no medical exam does exist. However, if you are relatively healthy and willing to take an exam, it will give you access to higher coverage options.

Your exact age, health, and the company you apply with will determine your options, specific costs, and exam requirements.

 

Policy Type	Age Range For New Applicants	Typical Coverage Options	Average Monthly Cost	Best Reasons To Buy	Medical Exam Required?
Final Expense Whole Life	0-89	$1,000-$50,000	$90-$200	End of life expenses, final medical bills, or other last debts	No
Traditional Whole Life	0-85	$50,000+	$500-$2,000	Estate planning, debt payoff, spousal income protection, very high funeral costs, legacy for heirs	0-80: No 81-85: Yes
Universal Life	18-85	$50,000+	$300-$1,500	You want permanent coverage with flexible payment options, estate planning, debt pay payoff, spousal income protection, retirement supplementation, final expenses, a legacy for heirs	0-80: No 81-85: Yes
Term Life	0-80	$50,000+	$150-$1,000	Financial debts or income replacement	0-79: No 80: Usually

 

No exam final expense insurance policy

Burial insurance for seniors over 80 is a simplified issue whole life policy because it does not require an exam.

They offer lenient underwriting, so past and present health conditions won’t be a barrier to entry.

Most companies will offer coverage from $2,000-$40,000. The idea is that you can buy just the right amount of life insurance coverage needed to pay for your funeral expenses.

According to the National Funeral Directors Association, the average funeral costs $7,848.

Upon the policyholder’s death, the insurer will pay out a tax-free check to the beneficiary.

That gives your loved ones the money to fulfill your final wishes or pay for outstanding medical bills.

A final expense policy is a type of whole life insurance. The rates don’t increase, the coverage doesn’t decrease, and it will never expire.

Also, they build cash value that you can borrow from as it accrues over time.

Most burial policies offer living benefits 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 have of the coverage if you’re diagnosed with a terminal illness or confined to a nursing home.

 

Guaranteed issue life insurance

A guaranteed issue policy has no medical underwriting. You do not have to answer health questions or undergo an exam.

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 refund 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.

 

Traditional whole life insurance policy

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 as part of the application process.

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

All whole life insurance 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.

Don’t use the free quote tool on this page if you need a significant death benefit (for any reason).

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

This type of permanent life insurance policy is a hybrid between whole life and term insurance. Unlike whole life insurance, it 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.

 

Term life insurance policy

Term life insurance for seniors over 80 is only possible if you’re actually age 80. Once you turn 81, you will not be able to get a term policy any longer.

At most, a 10-year term policy is the longest you’ll be able to get coverage. That would mean you’d be covered until you’re 90. Then at age 90, the policy would terminate, and you’d no longer be insured.

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

It’s only advisable to buy term 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.

 

How Much Does Life Insurance For Seniors Over 80 Cost?

The cost of life insurance for seniors over 80 is generally $90-$200 per month for coverage in the $10,000-$20,000 range.

No matter the type of life insurance you’re considering, the price depends on various factors.

• The specific age of the applicant
• Gender (except in Montana)
• Health
• Amount of coverage you buy
• Tobacco usage (if any)

To give you a sense of what you should expect to pay, check out the tables below.

These tables are actual burial life insurance quotes for the elderly over 80. You can also use the quoting tool on this page to see more pricing.

 

Burial life insurance rates at age 80

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$50	$98	$145	$193
Female Tobacco & No Waiting Period	$65	$126	$188	$250
Female Guaranteed Acceptance	$63	$126	$189	$252
Male No Waiting Period	$71	$139	$207	$276
Male Tobacco No Waiting Period	$92	$181	$271	$360
Male Guaranteed Acceptance	$79	$157	$235	$313

Burial life insurance rates at age 81

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$54	$106	$157	$209
Female Tobacco & No Waiting Period	$74	$147	$218	$290
Female Guaranteed Acceptance	$68	$136	$203	$271
Male No Waiting Period	$76	$144	$223	$296
Male Tobacco No Waiting Period	$97	$192	$288	$383
Male Guaranteed Acceptance	$84	$167	$250	$333

Burial life insurance rates at age 82

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$58	$113	$169	$224
Female Tobacco & No Waiting Period	$81	$160	$239	$317
Female Guaranteed Acceptance	$73	$145	$217	$289
Male No Waiting Period	$81	$160	$238	$317
Male Tobacco No Waiting Period	$103	$204	$305	$406
Male Guaranteed Acceptance	$89	$177	$266	$354

Burial life insurance rates at age 83

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$62	$121	$180	$239
Female Tobacco & No Waiting Period	$86	$170	$254	$338
Female Guaranteed Acceptance	$75	$149	$223	$297
Male No Waiting Period	$87	$171	$254	$338
Male Tobacco No Waiting Period	$110	$219	$327	$435
Male Guaranteed Acceptance	$91	$182	$273	$364

Burial life insurance rates at age 84

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$65	$128	$191	$253
Female Tobacco & No Waiting Period	$91	$179	$267	$355
Female Guaranteed Acceptance	$77	$153	$229	$306
Male No Waiting Period	$92	$181	$271	$360
Male Tobacco No Waiting Period	$119	$237	$354	$471
Male Guaranteed Acceptance	$94	$188	$282	$376

Burial life insurance rates at age 85

GENDER & RATING	$5,000	$10,000	$15,000	$20,000
Female No Waiting Period	$69	$135	$202	$268
Female Tobacco & No Waiting Period	$97	$192	$286	$381
Female Guaranteed Acceptance	$79	$157	$236	$314
Male No Waiting Period	$97	$192	$287	$382
Male Tobacco No Waiting Period	$130	$257	$385	$512
Male Guaranteed Acceptance	$96	$192	$288	$384

 

Final Expense Life Insurance for Seniors Over 85

In all states except New York, you can still get a life insurance policy for someone older than 85. However, your options are wildly different compared to ages 80-85.

So if you’re age 86+, check out one of these articles to better understand your options.

• Life insurance for an 86-year-old
• Life insurance for an 87-year-old
• Life insurance for an 88-year-old
• Life insurance for an 89-year-old

Please note that above 85, there are no guaranteed acceptance options. You will have to qualify (answer health questions & be approved) for coverage at 86+.

 

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

It’s possible to get a policy with immediate coverage, even for folks in their 80s.

In other words, you’re covered 100% the day you make your first payment.

It could be for natural or accidental causes of death, and the insurer would still have to pay out the full death benefit.

Here’s how you get a policy that fully covers you immediately.

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, but you will need to complete a health questionnaire.

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.

 

Get Affordable Life Insurance For Seniors Over 80 Years Old From These Companies

Some companies won’t accept new applicants who are 80 and above.

Rest assured, these companies do!

Below is a list of five of the best burial insurance companies for seniors who are over 80.

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

 

1) Mutual of Omaha

Brochure Sample Policy Sample Application

2) Aetna

3) Transamerica

4) American Amicable

Brochure Sample Policy Sample Application

Product Details	Policy Type: Whole Life Insurance
	New Applicant Age Range: 50-80
	2-Year Waiting Period: No (subject to underwriting approval)
	Coverage Amount Range: $2,500-$35,000 (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: 15 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) Americo

Brochure Sample Application

Product Details	Policy Type: Whole Life Insurance
	New Applicant Age Range: 40-85
	2-Year Waiting Period: No (subject to underwriting approval)
	Coverage Amount Range: $5,000-$40,000
	States Available: All States (except 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 Americo 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 Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 2 years ago Circulatory surgery > 1 year ago Crohn’s disease Depression Diabetes (type 1 or 2) Diabetic amputation > 2 years ago Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 1 year ago Heart surgery > 1 year ago High blood pressure High cholesterol Insulin shock > 2 years ago Lupus Multiple sclerosis Pacemaker (installed > 1 year ago) Parkinson’s disease Schizophrenia Scleroderma Seizures Sickle cell anemia Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors (non-cancerous)

 

How To Apply For Life Insurance For People Over 80

Applying for coverage in your 80’s is no different than if you were in your 50’s, 60’s, or 70’s.

It’s helpful to remember that there is no money due at the time of the application.

All the insurance companies allow you to decide when your payments begin.

To find the best life insurance for seniors over 80, it’s highly advisable that you work with an independent broker.

An independent agency (broker) has free access to multiple insurance companies.

They can compare offers from various insurance carriers to find you the best rates.

If you try dealing directly with one insurance company, they can’t shop around for you.

Whether you work with Choice Mutual Insurance Agency or another broker, it’s generally a straightforward process as described below:

1. Answer any questions you have.
2. Gather health data about the person who will be insured.
3. Ask questions to determine how much life insurance and the type of policy you want.
4. Present the best life insurance plans to you so you can decide which carrier you prefer.
5. Fill out the application and acquire signatures from all parties.
6. Submit the application to underwriting for processing.
7. Notify you once the policy is approved.
8. Wait for your policy to arrive in the mail.

Every agency will do things differently, but that’s how it works most of the time.

 

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

Many insurance organizations are tripping over themselves to sell bottom-of-the-barrel senior life insurance over 80 policies to anyone who will buy without doing their research.

The reason they do this is simple.

At 80, they know you are probably very willing to take an offer simply because of your age. These companies assume you think you won’t qualify anywhere because of your age.

Then they come along with these attractive “offers,” and boom, you scoop it up because you’re so happy to have something.

If you receive any of these “offers,” run because 99% of the time, 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.

While this sure sounds nice, 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.

 

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 they had Alex as their company’s face does not mean their life insurance is superior.

The opposite is true.

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 out there.
3. They only allow you to buy a tiny amount of coverage (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 a big player in the final expense insurance business. They frequently advertise on T.V., through the mail, and online.

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 Lincoln Heritage if you’re trying to find life insurance for someone aged 80 or older.

1. Even for healthy folks, 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.

 

Mutual of Omaha direct

If you call Mutual of Omaha’s home office, they have only one product they can offer you.

It will be a guaranteed acceptance coverage 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 age 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.

 

Frequently Asked Questions