Finding life insurance for seniors over 80 can be tricky. Age plays a significant factor in life insurance underwriting, which is how providers assess applicant risk, eligibility, and rates.
Term life insurance is usually not an option for seniors, universal life insurance can be unreliable, and traditional whole life policies with large death benefits can be prohibitively expensive. So, what options do seniors over 80 have for life insurance?
The best (and sometimes only) option for life insurance seniors over 80 is burial insurance, also known as final expense insurance. Burial insurance works for seniors over 80 because providers create these policies with seniors in mind. Payouts are smaller to maintain focus on covering end-of-life expenses like funerals. This keeps monthly premium costs low and can help seniors living on fixed incomes.
If you’re looking for final expense life insurance for seniors over 80, contact Final Expense Benefits. As experts in the burial insurance market, our agents can help you find the policy that best fits your needs at a great price.
Call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, to learn more. Check our free online quoting tool for personalized pricing estimates.
Can You Get Life Insurance for Seniors over 80?
Seniors over 80 have several options for life insurance. However, eligibility for some types of life insurance can be tough, and options largely depend on personal medical history and desired use.
Instead, seniors typically use life insurance to cover end-of-life expenses like funeral, burial, or cremation costs. While funeral costs have risen to nearly $10,000 on average, these expenses are much smaller than those demanded by families seeking income replacements.
Burial insurance is a great option for seniors over 80 because it fits these needs, plus it’s inexpensive and easy to apply for. Below is more information about your coverage options for life insurance for seniors over 80:
Options for Life Insurance for Seniors over 80
While burial insurance often works well for seniors over 80, you may be interested in a different type of coverage. Unfortunately, eligibility can be tough for other types of life insurance for seniors over 80.
Some term, universal, and traditional whole life insurance providers may accept seniors over 80, but premiums are high. This is mostly because underwriting for these types of life insurance is usually restrictive and unfavorable to seniors. Burial insurance may be a better choice for seniors over 80. Here’s why:
Term Life Insurance for Seniors over 80
Term life insurance is a type of life insurance that covers you for a set duration of time rather than your entire life. Terms typically span from 10 to 20 years. Death benefits for term life insurance are often large, ranging from around $100,000 to $1 million.
Benefits are large because term life policies are typically used by young adults and other workers as income replacement in case of death. Seniors typically use life insurance to pass on coverage for end-of-life expenses, which are far less expensive than several years of income replacement.
Inexpensive monthly premium rates are often a major benefit for term life insurance. However, rates for term life insurance for seniors over 80 can be quite high, even for policies with comparatively smaller death benefits.
In addition, underwriting practices are usually strict for term life policies, even for younger applicants. Seniors will have a tough time qualifying for a quality term life policy without needing to pay extremely high monthly rates. Because of all these reasons, term life insurance isn’t a viable choice for seniors over 80.
Universal Life Insurance for Seniors over 80
Universal life insurance is a type of life insurance with the added benefit of growing in value through investing. Monthly premiums are invested, so policyholders can tweak their monthly payment and death benefit.
However, we typically recommend that seniors avoid universal life insurance. Your monthly premium can get complicated depending on investment performance. Additionally, these policies work best if they are held for an extended period to give invested cash time to grow in value.
Whole Life Insurance for Seniors over 80
Whole life insurance is often a better option for life insurance for seniors over 80. Offering monthly rates fixed at the policy’s start, cash value growth, and coverage for the rest of your life, whole life is a great choice for seniors.
However, whole life policies with larger death benefits can be harder to qualify for than burial insurance. Underwriting for high-value policies is usually strict, and seniors at advanced ages or with preexisting medical conditions may have issues qualifying.
Burial Insurance for Seniors over 80
Burial insurance is usually the best choice for life insurance for seniors over 80. Final expense policies offer all the benefits of whole life insurance but at a manageable price.
Eligibility for burial insurance for seniors over 80 isn’t restrictive like other types of life insurance. You may be surprised to see the great, no-wait final expense policies seniors over 80 qualify for.
For more information about burial insurance for seniors over 80, read below or contact Final Expense Benefits at (866) 786-0725.
Types of Burial Insurance for Seniors over 80
Most burial insurance applications ask general health and medical questions. Answers are assessed in the underwriting process to determine policy eligibility and applicant rates. Applications can be quick, and most final expense insurance providers don’t require a medical examination.
One of the benefits of using an agency like Final Expense Benefits is that application results can often come back same day.
Simplified Issue Burial Insurance
Simplified issue policies have the quickest return on applications. You’ll typically know within minutes if you are accepted because these policies have simple underwriting guidelines that quickly determine eligibility.
Simplified issue policies are typically accepting of health concerns. Seniors often qualify for policies without waiting periods, even with preexisting medical conditions like COPD or Diabetes.
If your health concerns are more dire, you may only qualify for a policy with a waiting period — typically two to three years long. If the insured person dies during the waiting period, payouts are delayed or are split into two payments using a modified life insurance payout structure.
If you want to avoid a waiting period, contact Final Expense Benefits can help. Our expertise in the burial insurance market can help you get the policy that best fits your health profile and needs.
Guaranteed Issue
Guaranteed issue policies ask no health questions and may be the only choice for burial insurance for seniors over 80 with serious health concerns. However, all guaranteed burial insurance policies have a waiting period, and premiums are about 25% to 40% higher than those of simplified issue policies.
That’s why it’s a good idea to purchase life insurance ahead of time and have help doing so. Depending on your health status, we can help you get a policy without a waiting period. Contact Final Expense Benefits with questions and to review your options.
What is Burial Insurance & What Does Burial Insurance for Seniors Cover?
Benefits for burial insurance are often lower than other forms of life insurance because burial insurance is meant to be used to cover funeral costs and other end-of-life expenses. Burial insurance premium rates are so low largely because of the smaller benefit payouts.
Benefits usually range from around $5,000 to $40,000, though some providers offer policies with larger death benefits. This is plenty to cover funeral costs or provide an inheritance to loved ones. Because the tax-free death benefit payout can be used for whatever the beneficiary wants, take time to plan your funeral or final wishes with your loved ones.
Some of the costs the typical $10,000 burial insurance payout can cover include:
- Funeral ceremony and wake costs
- Burial and cemetery costs
- Cremation and urn
- Green burial or tree pod burial
- Mortgage payments
- Nursing home costs
- Debt coverage
- Investments
- Charitable donations
The financial flexibility these plans offer is a big reason why we recommend seniors use burial insurance. Contact Final Expense Benefits today for more information or to start your application.
How Much Does Burial Insurance for Seniors over 80 Cost?
Below are sample rates for non-smoking applicants ages 80 through 89 for a $10,000 final expense policy. We use $10,000 as a baseline for our sample rates because it’s the average cost of a funeral.
These sample applicants have no preexisting health issues. If you have a nagging health issue, it may affect your rates, depending on the severity.
Sample Rates for Final Expense Life Insurance for Seniors over 80
| Age | Male Rates | Female Rates |
|---|---|---|
|
80 |
$136 |
$98 |
|
81 |
$145 |
$104 |
|
82 |
$155 |
$111 |
|
83 |
$166 |
$118 |
|
84 |
$177 |
$125 |
Sample Rates for Final Expense Life Insurance for Seniors Over 85
| Age | Male Rates | Female Rates |
|---|---|---|
|
85 |
$187 |
$132 |
|
86 |
$226 |
$164 |
|
87 |
$264 |
$197 |
|
88 |
$302 |
$230 |
|
89 |
$341 |
$262 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in any of our life insurance options, call us at (866) 786-0725 to learn more. Check our free online quoting tool for personalized pricing estimates.
Best Life Insurance Providers for Seniors over 80
Many providers offer burial insurance for seniors over 80, but which are the best? Any of our top-rated insurers provide great customer service, rates, and burial insurance options, but here’s our take on the best life insurance providers for seniors over 80:
Mutual of Omaha Life Insurance for Seniors over 80
Thanks to low rates, reliable customer service, and forgiving underwriting practices, Mutual of Omaha is our top choice for burial insurance for seniors over 80. Here’s a brief overview:
- Pricing
Their rates are consistently among the lowest for final expense insurance, even for seniors over 80.
- Customer Service
Based on reviews from customers and third-party rating services, Mutual of Omaha’s customer service is among the best on the market. - Other Benefits
Customers consistently praise how easy it is to file claims with Mutual of Omaha and how quickly payouts arrive. Payouts are flexible, ranging from $5,000 to $50,000.
Aetna Accendo Life Insurance for Seniors over 80
Aetna Accendo is a great choice for any senior looking for life insurance. Here’s why:
- Pricing
Aetna Accendo’s rates are competitive across the board for seniors over 80. However, rates for life insurance for seniors over 85 are among the best in the entire final expense market. We highly recommend Accendo burial insurance for seniors over 80. - Customer Service
Customers praise Accendo’s service, citing ease of communication and transparency as strong points. This is backed up by strong third-party ratings. - Other Benefits
Aetna Accendo has forgiving underwriting, allowing seniors to qualify for quality coverage at inexpensive prices.
Americo Life Insurance for Seniors over 80
If you’re looking for inexpensive burial insurance for seniors over 80, Americo is a great choice. Here’s why:
- Pricing
Americo’s rates are overall outstanding and are consistently among the lowest for final expense insurance. In particular, their prices are among the lowest for burial insurance for seniors over 80. - Customer Service
Major insurance rating services consistently place Americo among the top providers, indicating a high level of professionalism. Customer reviews are strong too, praising quick payout time and easy claims processing. - Other Benefits
Americo’s lenient underwriting means you can easily qualify for their great rates, even over 80.
If you’re interested in these or any of our other top-rated burial insurance providers, contact Final Expense Benefits to learn more or to get your application started today.
Life Insurance Providers for Seniors over 80 to Avoid
Unfortunately, not all providers can be like our top-rated ones. Some providers advertise that they have discount policies, but their options cost far more than more reputable providers. Below are some life insurance providers we recommend seniors avoid:
Colonial Penn
Colonial Penn is one of the most well-known burial insurance providers, constantly advertising their 995 plan. But their options aren’t what they seem. Here’s why:
- Pricing
The Colonial Penn 995 plan is advertised with a $9.95 monthly rate. However, $9.95 is only for one “unit” of coverage. Each unit offers a set amount of coverage, which decreases as you age, and policyholders can only purchase up to 15 units per policy. This means that an 80-year-old applicant could only purchase up to $9,120 of coverage. And for that coverage, you’d be paying $149.25, about 50% higher than a $10,000 policy from our top-rated carriers.
- Customer Service
Customers consistently complain about issues with canceling policies, overbilling premium payments, and payout claims. - Other Issues
80 is the maximum applicant age Colonial Penn accepts, so you won’t find any life insurance for seniors over 80 with them.
Lincoln Heritage
Lincoln Heritage is another provider that’s probably quite familiar to seniors, but they unfortunately also offer a subpar product like Colonial Penn. Here are our thoughts:
- Pricing
Lincoln Heritage extensively advertises affordable rates, but they are over 25% higher than our top-rated carriers for comparable policies. - Customer Service
Lincoln Heritage’s customer service record appears to be fairly clean, scoring decent customer reviews and strong third-party ratings, but taking a deeper look reveals concerning information. This includes pushy phone agents, difficulty submitting claims, and unannounced home visits from sales representatives. - Other Issues
Lincoln Heritage isn’t very transparent with their pricing information, requiring either a call with an agent or an in-home visit to reveal rates. If their rates are as good as they claim, then why are they so difficult to find?
USA Family Protection
USA Family Protection is yet another provider who seems to overspend on their advertising budget and underdeliver on quality coverage. Here’s why we think they miss the mark:
- Pricing
USA Family Protection’s pricing is tough to find. If their prices are as good as they claim, they should share them, like Mutual of Omaha, Accendo, Americo, and other reputable providers do. - Customer Service
USA Family Protection’s customer service record is ugly. With high numbers of customer complaints and low third-party ratings, their support appears to be minimal. - Other Issues
USA Protection issues with transparency extend beyond their rates – they also obscure what company is actually providing coverage. Their life insurance is maintained by Lumico, which is owned by a large Swiss banking company. Lumico’s underwriting is incredibly strict, meaning your rates can easily skyrocket. Low death benefit payout maximums are just another issue to contend with.
Final Thoughts
Seniors over 80 seeking life insurance may have difficulty purchasing term life, universal life, or traditional whole life insurance, but they have many options for burial insurance.
Burial insurance is intended for seniors, offering forgiving health requirements, affordable monthly rates, and death benefits focused on covering end-of-life expenses. You can even qualify for a no-wait plan with a surprising number of health concerns.
Contact Final Expense Benefits for help finding trustworthy and affordable burial insurance for seniors over 80. We’ll help you get a plan that offers the coverage you need at a price you like.
Call us today at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. For more information, check our free online quoting tool for a personalized pricing estimate.
FAQ
Can you get life insurance over 80?
You can get life insurance over 80, but your options may be limited. While it’s best to purchase life insurance when you are younger, burial insurance is a great option for seniors over 80 to cover funeral costs or other end-of-life expenses.
How much life insurance coverage can seniors over 80 get?
Seniors over 80 can usually qualify for up to $50,000 in coverage on most burial insurance policies. Not many providers offer burial insurance with death benefits over $50,000, but term and whole life plans usually do. Unfortunately, seniors over 80 may struggle with eligibility for plans with death benefits this high and may need to pay very high rates or take a medical exam to qualify.
What is burial insurance?
Burial insurance, also known as final expense insurance, is a low-cost type of whole life insurance designed to help seniors cover end-of-life expenses like funerals and burial plot costs. It can be a viable choice for seniors over 80, but it’s best to purchase earlier in life to save on monthly rates and give the policy time to grow in cash value.
How much does a funeral cost?
The average funeral costs around $10,000, which is why we use $10,000 as the basis for our final expense insurance quotes. Thankfully, final expense life insurance can be an affordable choice for seniors over 80 looking to cover their end of life expenses ahead of time.
