Life & Burial Insurance For Seniors Over 80 | Insider’s Guide To Best Policies

Let’s just get down to the brass tax of this issue.

1. Yes, we can get someone in their 80’s approved for a new burial or life insurance policy.
2. The policy will not expire at any age.
3. Your monthly premium will never increase.
4. Getting a policy with no waiting period is absolutely possible even for folks in their 80’s (just depends on their health).

In this article, we’ll bring you the cold hard truth about getting life insurance in your 80’s, show you your policy options, the rates, how to find the best plan and much more.

Quick Article Navigation Links

1. The Truth About Life Insurance Over 80
2. How These Plans Work
3. Over 80 Insurance Offers To Avoid
4. The Cost Of A Funeral
5. Low Cost Companies
6. Companies That Insure Seniors 86-90
7. How To Find The Best Burial Insurance over 80
8. Age 80-89 Quotes
9. How The Application Process Works

The Truth About Getting Life Insurance For Seniors Over 80

Everyday we are asked the same exact question: “My mom/dad is in their 80’s. Can they still get life insurance?” or “I’m in my 80’s and need some life insurance, will they still accept me given my age?”

So here’s the bottom line

Yes you can get coverage in your 80’s. Moreover, there are dozens and dozens of insurers that offer coverage that has no waiting period (subject to underwriting approval).

This is important

The vast majority of life insurance companies will only accept new applicants who are 85 years or younger.

If you are 86 or older, it will be very difficult to secure new coverage.

There are about two companies that will take on applicants who are 86-90 (show below in this article). Both of these companies will require that you are in good health, and they won’t sell you very much coverage.

You have one life insurance option when you are are 80 or older

More than likely you are aware that there are different types of life insurance. If this is news to you, just know this. The term “life insurance” is very general. There are many different types of life insurance. Here’s some examples:

• Term life
• Whole life
• Single premium whole life
• Universal life
• Variable life
• Flexible premium life
• Indexed universal life
• Guaranteed universal life
• Key man life
• Survivorship life

As you can see from that list above, “life insurance” is a term that denotes many different options.

So which type can you get in your 80’s?

If you are older than 80, your only life insurance option is whole life burial insurance policy.

Sorry but the other types of life insurance are simply not available at this age due to the average life expectancy of a U.S. citizen.

Whole life policies are super simple. There is no fine print you need to be leery of. All whole life policies have the following features:

1. Fixed monthly rates
2. No policy expiration date at any age
3. Guaranteed death benefit that will not decrease

Quick Tip: Anytime you hear the words “burial insurance”, “final expense”, or “funeral insurance”, they are all whole life insurance policies. To be frank, each of those words are merely marketing terms that denote limited underwriting smaller face value whole life policies.

How A Funeral Policy For Over 80 Works

As mentioned above, burial insurance is life insurance. A burial policy is always a simplified issue whole life insurance plan. Being simplified issue merely means that you don’t have to take a physical or medical exam to qualify.

Because they are whole life, these plans can be completed summed up by the following:

• The policy cannot expire at any age
• The monthly payment cannot increase for any reason
• The death benefit cannot decrease for any reason

That’s literally all there is to these plans. Whenever you should pass, the insurer will very quickly cut a check tax free to your beneficiary. This will give them the needed funds to pay for your final expenses.

If there is any money left over, it stays with your beneficiary to use as they see fit rather than going to the funeral home.

The most unique element of a funeral insurance for over 80 policy

Hands down the single most unique and valuable element to a funeral cover for over 80 is the very relaxed underwriting. Honestly, we cannot overstate this point enough.

The insurance companies are well aware that it’s perfectly natural for folks to develop some health issues with age. It’s for this reason that they built the underwriting for these funeral insurance over 80 policies to accept many common serious health issues.

In most cases, we can help someone secure a plan that offers them full immediate coverage with no waiting period. In addition, they pay the lowest rate offered by the insurance company. All of this is still possible in spite of them being in their 80’s!

And it gets better

Believe it or not, there are even policies that have no medical underwriting at all. They are called guaranteed issue life insurance plans. They do not asses the of the applicant in any way. You are guaranteed to be accepted hence the name.

This is super important

Guaranteed issue policies are a last resort because they cost a lot more, and they come with a two year waiting period before they will pay benefits if you die from natural causes. Nobody should ever default to this type of policy. The vast majority of people can and do qualify for a plan that has health questions. This results in lower monthly payments and full immediate coverage.

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

There are many insurance organizations that 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. They are banking on you expecting to not qualify. Then they come along with these nice “offers”, and boom you scoop it up thinking it’s the best thing since sliced bread.

Here’s the deal

If you receive any of these “offers”, run! We say that because you stand to lose big if you don’t avoid them.

Anything Through The Mail

There are tons of companies that will send you a mail advertisements that all say the same exact thing. You can completely apply for these offers totally through the mail. You just fill out the application with your bank info, and send it in.

They all proclaim in big bold letters at the top “YOUR ACCEPTANCE IS GUARANTEED!” or “YOU CANNOT BE DENIED” or something very similar.

So what are they selling you?

We mentioned this earlier in the article. If you missed it, they are selling what’s called guaranteed issue life insurance. These policies have no medical underwriting at all. They don’t ask health questions, and they don’t check your medical history. If you meet their age requirements, you are guaranteed to be accepted.

Sounds great right? Wrong!

These policies have two MAJOR drawbacks.

1. They cost a lot more (40-300% more depending on the company selling it)
2. They always come with a two year waiting period before the policy will pay any benefits (this is true for all companies)

So why are we telling you to avoid these?

It’s very simple. These offers are usually a horrible deal because the vast majority of people can medically qualify for a final expense life policy that does have health questions. At Choice Mutual, over 90% of our clients are successfully approved for a plan where they answer health questions.

There are big benefits to going with a life insurance plan that assesses your health.

• Your monthly payments are substantially less
• Your coverage does not make you wait two years before it will pay out a death benefit if you die

To reiterate, never take the through the mail offers. Always try to secure plan that asks health questions because you will very likely qualify.

Anything From Your Bank Or Credit Union

Banks often tap into their existing markets to cross sell them various products or services. Life insurance just happens to be a big item they sell to their members.

Here’s the low down on bank & credit union offers

If your bank is offering you a life insurance product, there’s about a 98% chance it’s one of two things.

1. They are selling you guaranteed acceptance life insurance (see above to learn why this is a terrible deal).
2. They are selling you accidental death insurance. This is life insurance coverage that will only pay out if death is specifically from an accident. If you die of natural causes, it will not pay out.

Banks don’t typically want to take on the extra work which is why they don’t try to sell their members life insurance products that have health questions. That would require them to hire agents to ask you questions etc. They would rather take path of least resistance and just offer you a life policy that can be done completely through the mail.

Guaranteed issue coverage is not something most people should buy, and accidental death coverage isn’t even coverage that pays out for death due to natural causes. In fact, accidental death coverage is a complete waste of money altogether. No senior should ever be buying it.

The Cost Of A Funeral

According to the National Funeral Directors Association, the median cost of a funeral (with a vault) in 2014 was $8508. This number is up from $6580 which was the average cost back in 2004. Below you can see a breakdown of some of costs from 2004 to 2014 courtesy of the NFDA.

These costs are important to consider when you are getting life insurance quotes for seniors over 80. If you are looking to ensure end of life costs are taken care of, these numbers will help you know how much coverage to buy.

Please note, these figures do not include the cost of cemetery, miscellaneous items such as flowers and obituaries, monument or marker costs, or crematory fees (if cremation is selected instead of burial).

Other End Of Life Costs To Consider

Outside of the cost of the funeral itself as shown above, there are other bills might need to be taken into account. Here are just some examples you should consider when preparing for end of life costs.

• Credit card debt
• Medical bills
• Travel expenses for out of town relatives to attend the funeral
• Income loss

In an ideal setting, you will be able to afford as much coverage as it takes to pay for all costs that might occur upon your passing. However, if your budget will not allow you to buy all the coverage you want, buy what you can afford.

Something is better than nothing. It’s extremely important to choose a plan that has a comfortable monthly payment. Funeral insurance for over 80 is no different than health, home, or auto insurance. Your coverage is only good as long as you can make your monthly payments.

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

As we mentioned at the start, there are lots of burial life insurance for over 80 companies that offer plans to folks in their 80’s. However, some insurance companies are more competitive than others in regards to price in this age band.

There are two final expense companies in particular that stand out as having lower pricing than most carriers for folks in their 80’s.

Mutual of Omaha

Mutual of Omaha, also known as United of Omaha, is probably one of the most well known insurance companies in the world. At every age, their final expense policy is extremely well priced.

This is particularly true for folks in the 80-85 category. You will find that Mutual of Omaha’s Living Promise whole life policy has some of the lowest rates for burial insurance in this age band. You do need to be in relatively good health in order to qualify with them.

Mutual of Omaha Product Specs:

• Policy type: Whole life
• Maximum issue amount for 80 year olds: $40,000
• Maximum issue age: 85
• States not available: none

You can see instant prices for Mutual of Omaha or Royal Neighbors of America by filling out the quick quote tool on this page. You will see how both of these companies win the price war for folks who are 80-85.

Royal Neighbors of America

Having been in business for over 130 years, Royal Neighbors of America has a stellar track record as a very stable insurance company. They probably have the most relaxed underwriting for any burial insurance plan on the market.

In addition to their ultra liberal underwriting, they also offer excellent pricing for folks 80 and older. Like United of Omaha, they are very competitive in this age bracket.

Royal Neighbors of America Product Specs:

• Policy type: Whole life
• Maximum issue amount for 80 year olds: $25,000
• Maximum issue age: 85
• States not available: AK, CT, HI, MA, ME, MD, NH, NJ, NY, OR, UT, VT, WA,

Companies That Issue New Coverage To Seniors 86-90

There are only two companies that we know of that will issue a new life insurance policy to someone who is older than 85. You need to know the following going into this:

• You must be in relatively good health. It’s very risky for them to take on applicants at this age, so they can’t afford to take those with serious health issues.
• You must meet with an agent face to face. Both of these companies require that an agent come to your home to complete the application.
• You can’t buy very much coverage. They limit the amount you can buy to a small amount to limit their risk.

Aetna

Most people associate Aetna with health insurance. It’s understandable given the fact that they are one of the largest providers of health insurance in the world. Aetna has a subsidiary company called American Continental Insurance Company. This company is the one that issues final expense life insurance to folks who are older than 85.

American Continental Insurance Company (Aetna) Product Specs:

• Policy type: Whole life
• Maximum issue amount for ages 86+: $10,000
• Maximum issue age: 89
• States not available: AK, CA, CT, HI, MD, ME, DC, NY, VT, & WA

Security National Life

Although they are no where as renown as Aetna, SNL is still a very secure and reputable life insurance company. Moreover, they are the only other carrier that will touch an applicant who is older than 85. Even more, they are the only one who will issue new coverage to a 90 year old! Aetna stops at 89.

Security National Life Product Specs:

• Policy type: Whole life
• Maximum issue amount for ages 86+: $10,000
• Maximum issue age: 90
• States not available: CT, DC, DE, ME, MA, MT, NH, NJ, NY, NC, ND, OH, PA, RI, SD, VT, WA, WV

How To Find The Best Burial Insurance For Seniors Over 80

Probably the most important element to securing the best price is by finding which companies offer you a funeral policy for over 80 that are most accepting of all your health issues. We say this because it’s extremely common for folks this age to have dealt with some serious health issues.

For example, blood thinners at this age are unbelievably common. There are many burial insurance companies that will charge you a higher premium because of a prescription for Plavix, Warfarin, or Coumadin.

Ultimately, the goal is to create a list of final expense companies that sell life insurance for the elderly over 80 that have absolutely no issue with any of the medications you take or any of your health issues. Once you have that list, it’s just a matter of selecting whichever company is cheapest.

So here’s how you do it

To find the best burial insurance for seniors over 80, you absolutely must work with an experienced final expense agency that represents lots of different life insurance companies.

At the end of the day, an agency like this will evaluate your health to determine which insurers will be most accepting of you. Then it’s just a matter of sorting by price to see which company will offer you the best deal.

Why work with us

You don’t need to go searching for an agency that is qualified to help you because you have already found us! Choice Mutual is a nationwide independent agency that represents lots of insurance companies, and we focus only on final expense life insurance. We specialize in helping seniors find the life insurance they are looking for.

Whether it’s to cover funeral expenses, pay off a debt, or leave money behind, we can help you find the coverage you are looking for at the lowest price possible.

If you would like some hassle free help, give us a call at 1-800-644-2926. We will assess your situation and shop the market to find you the best deal.

Real Prices For Funeral Insurance Over 80

If you would just like to see some burial life insurance quotes for over 80 years old, take a look at the prices below. All of these rates are real. Please keep in mind the following when you view these prices:

• Prices shown are taken directly from Mutual of Omaha, Royal Neighbors of America, and Transamerica. In addition, we have many other insurance companies we work with. This page would be too big if we listed prices from every one of them 😎.
• All rates are for non smokers. If you have smoked any cigarettes within the last year, you will be subject to tobacco rates.
• All rates are consistent with someone who would answer no to all the health questions with each carrier. In general, we can usually find an insurance company where you would say no to all their health questions if not with one of these companies.
• These prices are fixed, cannot increase, and the policy will not expire ever!
  
• If approved, your coverage would go into full effect on the very first day of your policy.
• You can have any amount of coverage you want. Your options are not limited to $5K, $10K, $15k, or $20K. You can have a number in between or go much higher than $20k in coverage.

Non Tobacco Female 80-85

AGE	$5,000	$10,000	$15,000	$20,000
80	$50.82	$98.43	$146.05	$193.66
81	$54.71	$106.21	$157.72	$209.22
82	$58.58	$113.96	$169.33	$224.71
83	$62.26	$121.31	$180.36	$239.41
84	$65.88	$128.55	$191.23	$253.90
85	$69.55	$135.90	$202.25	$268.60

AGE	$5,000	$10,000	$15,000	$20,000
80	$56.51	$110.41	$164.31	$218.21
81	$60.36	$118.11	$175.86	$233.61
82	$64.16	$125.71	$187.26	$248.81
83	$68.01	$133.41	$198.81	$264.21
84	$71.86	$141.11	$210.36	$279.61
85	$75.71	$148.81	$221.91	$295.01

AGE	$5,000	$10,000	$15,000	$20,000
80	$53.75	$104.00	$154.25	$204.50
81	$59.05	$114.60	$170.15	$225.70
82	$64.05	$124.60	$185.15	$245.70
83	$68.05	$132.60	$197.15	$261.70
84	$72.05	$140.60	$209.15	$277.70
85	$76.05	$148.60	$221.15	$293.70

Non Tobacco Male 80-85

AGE	$5,000	$10,000	$15,000	$20,000
80	$67.93	$132.65	$197.38	$262.11
81	$73.10	$143.00	$212.89	$282.79
82	$78.37	$153.54	$228.71	$303.88
83	$83.31	$163.41	$243.52	$323.62
84	$88.24	$173.28	$258.32	$343.36
85	$93.18	$183.15	$273.13	$363.10

AGE	$5,000	$10,000	$15,000	$20,000
80	$78.21	$153.81	$229.41	$305.01
81	$84.11	$165.61	$247.11	$328.61
82	$90.01	$177.41	$264.81	$352.21
83	$95.86	$189.11	$282.36	$375.61
84	$101.76	$200.91	$300.06	$399.21
85	$107.66	$212.71	$317.76	$422.81

AGE	$5,000	$10,000	$15,000	$20,000
80	$71.85	$140.20	$208.55	$276.90
81	$79.00	$154.50	$230.00	$305.50
82	$85.75	$168.00	$250.25	$332.50
83	$91.15	$178.80	$266.45	$354.10
84	$96.55	$189.60	$282.65	$375.70
85	$101.95	$200.40	$298.85	$397.30

Now you know the prices. If you are looking for a funeral policy for over 80 and are taking blood thinners, have diabetes, or heart disease, please call us for accurate quotes.

Make no mistake, there are companies that will accept those conditions, but not all of them will.

We will give you an honest assessment, and let you know which carriers will be your best option given your health history. We can figure it out in less than five minutes 🙂

How To Apply For Life Insurance For Over 80 Years Old

Applying for coverage in your 80’s is super simple. In fact, it’s no different than if you were in your 50’s, 60’s, or 70’s. Additionally, there is no money due at the time of the application. The insurance companies allow you to decide when your payments begin.

Ultimately, the first step you must take is to contact an independent broker that has free access to multiple insurance companies that are well suited for life insurance seniors over 80. [Cough, Cough, Choice Mutual 😀]

Whether you contact us or another agency, it’s generally a three step process.

1. Gathering health data about the proposed insured
2. Filling out the application
3. Submitting the application for approval

Every agency will do things differently, but we will let you know how it works with us.

Step# 1

We would begin by finding out about your health (or for whoever you are shopping for). Once we know about the health of the proposed insured, we can identify which companies would offer the best burial life insurance for senior citizens over 80 given all the conditions you may deal with.

Please remember this because it’s huge.

There are policies that have no health questions, and they are available to the elderly over 80. However, these policies cost substantially more, and they won’t pay out benefits if you die within the first 24 months. To get the best rates, you must apply with a company that assesses your health.

This is why we begin by finding out about the health of the proposed insured. Our goal is to match you with companies that do ask health questions, so you can pay a lot less and have coverage that pays out in full even if you only had your policy for a week.

Step# 2

Once we know which companies look at your health the best, we will pull quotes from each of the insurers. Then we would communicate the prices with you, so you can decide which company you want to go with, and how much coverage you prefer. Generally, we recommend going with whichever life insurance company is offering the lowest rate. However, the final decision is yours about which company you select.

Step# 3

Once you have selected a plan, it’s time to apply. We would begin by going over the formal health questions that the insurance company will ask. After that we would fill out the entire application with you, so we can submit it to the insurance company.

Now

There are generally two options when it comes to signing the application. The process will vary with each company. With that, you generally have two options.

• Email Signature
• Voice Signature

Regardless of which method the insurance company has in place, there are no medical exams, no papers to fill out, and no agent who will come invade your private space.

Email signature

There are some companies, such as Mutual of Omaha, that have an e-signature process where the entire application is signed via email. Once we have the application filled out with you, you get an email from the insurance company to sign it. You click on a link in the email which brings up your application. Then you just click a couple buttons to sign it which will submit it to the insurance company.

Companies that use an email signatures generally come back with a decision within a few business days.

Voice Signature

Some insures have a complete voice signature process set up where the application can be completely taken and signed entirely by voice. Essentially, once we have the application filled out with you, we conference in the insurance company for a three way call. They confirm all the information about the proposed insured, ask the health questions, and obtain some authorizations.

In general, companies that utilize a voice signature process will give you a final decision regarding your eligibility by the end of the call. These calls usually take anywhere from 15-20 minutes to complete.

What to expect after the application

After we have secured your approval, two things will happen.

1. We send you a welcome packet
2. The insurance company you applied with mails you the actual policy

We always send clients a welcome packet that has your agent’s business card, a summary of your coverage, and a complimentary funeral planning guide. We send this out immediately, and you should receive it within four business days.

The policy itself is usually mailed out right away by the insurer. It’s very uncommon for these insurance companies to not send the policy the moment you are approved. You should expect to receive your policy within 10 business days.

Once you get the policy, we urge you to read it and check to make sure nothing is misspelled. If there is anything that needs to be corrected, call us and we will fix it immediately. At the same time, if you have any questions about what is written in your policy, we encourage you to call us, so that we can resolve your questions.

From here you don’t need to do anything but store your policy somewhere safe and prepare for your first payment on whatever day you selected. There is nothing you need to sign and send back. The whole process would have been done via voice or through email.

We salute you because you have now taken the necessary steps to ensure your funeral expenses never become a financial burden on your family.