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?
Consider burial insurance, also known as final expense insurance, as it’s designed for seniors and covers all the end-of-life costs.
Feel free to call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, to learn more about life coverage options for later in life, or check out our free online quoting tool for personalized estimates today.
Key takeaways
- There are coverage options available for applicants over 80 years old seeking ways to handle end-of-life costs.
- Final expense insurance is the best option for seniors over 80 because it was made with them in mind.
- Look to life insurance providers such as Mutual of Omaha, Aetna Accendo, and Americo for quality burial coverage.
- Insurers you should avoid when seeking a final expense policy include Colonial Penn, Lincoln Heritage, and USA Family Protection.
Can You Get Life Insurance For Seniors Over 80?
Seniors over 80 years old can get life insurance and have several options available. With some policies, eligibility can be tough as they depend on personal medical history and use.
Life insurance is often used for housing, food, and other charges when death benefits are paid to surviving beneficiaries. However, for seniors, life insurance is typically used to cover funeral, burial, or cremation costs. And if you’re a senior applicant over the age of 80, then chances are that you’re going to want burial insurance—a life policy that covers such end-of-life costs.
Coverage Options Available: Life Insurance For Seniors Over 80
There are various types of life insurance available that you can consider applying for. However, for many seniors over 80, qualifying for coverage for most forms of life insurance can be difficult due to strict underwriting. Some providers offering term, universal, or traditional whole life insurance may accept seniors over 80, but premiums are high. Instead, consider burial insurance.
What is Burial Insurance & What Does Burial Insurance for Seniors Cover?
Burial insurance, also known as final expense insurance or funeral insurance, is a whole life plan designed to help seniors cover final expenses. Most policies generally have relaxed medical underwriting requirements, making it ideal for seniors, with or without pre-existing conditions, to qualify.
Burial Insurance For Seniors Over 80
Burial insurance payouts are often lower than other life insurance options because they are usually used to cover funeral costs and other end-of-life expenses. Additionally, premium rates are so low largely because of the smaller benefit payouts.
Benefits here 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 costs
- Green burial or tree pod burial
- Burial at sea
- Mortgage payments
- Nursing home costs
- Debt coverage
- Investments
- Charitable donations
If you or a loved one wants to learn more about why we recommend burial insurance, get in touch with an expert agent at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET.
Whole Life Insurance For Seniors Over 80
Whole life insurance provides permanent coverage and is a viable option for seniors over 80. The average whole life policy typically offers fixed monthly rates, cash value growth, and, because it is permanent, coverage for the rest of your life. However, policies with larger death benefits can be harder to qualify for than burial insurance. Underwriting for high-value policies is strict, and applicants at advanced ages or with pre-existing medical conditions may have issues with qualifying for coverage.
Term Life Insurance For Seniors Over 80
Term life insurance provides you coverage for a set duration of time rather than your entire life. Terms typically span from 10 to 20 years, and death benefits often range from around $100,000 to $1 million.
The benefits are large here because term life policies are typically used by young adults and workers seeking a financial safety net for their families if they pass. Seniors, on the other hand, typically use life insurance to cover end-of-life expenses, which are far less expensive than several years of income replacement.
Cheap monthly rates are often a major benefit for term life insurance. However, 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 paying 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 permanent life insurance that grows in value through stock indexes instead of static interest rates. Monthly premiums are invested here, and policyholders can tweak their monthly payment and death benefit.
However, seniors should avoid universal life insurance as the policy itself can be difficult to comprehend. Policies can become unstable depending on investment performance and can be complicated to understand. These policies can work best if they are held for an extended period, giving the invested cash time to grow in value.
How Much Does Burial Insurance For Seniors Over 80 Cost?
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 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
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.
Best Life Insurance Providers for Seniors over 80
Many providers offer burial insurance for seniors over 80, but which are the best? Many top-rated insurers provide great customer service, rates, and burial insurance options, including our proud partners:
Mutual of Omaha
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
Aetna Accendo offers burial coverage backed by CVS Health, cheaper rates for seniors over 80, and provides simplified medical underwriting guidelines—an ideal choice for applicants with pre-existing conditions:
- Pricing: Aetna Accendo’s rates are competitive across the board for seniors over 80, and the rates for seniors over 85 here are among the best in the entire final expense market.
- 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 low prices.
Americo
With a wide array of life insurance riders to add on to your life insurance policy, Americo continually proves themself to be one of the most flexible providers on the insurance market:
- 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 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 Seniors Over 80 Should Avoid
Unfortunately, not all insurers are reliable. Some companies advertise their discount policies, but their options cost far more than 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.
- 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 fairly clean, with decent customer reviews and strong third-party ratings, but customers cite 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 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, as 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, as they also obscure what is actually provided in their 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. And looking at the current market, you can look to providers like Mutual of Omaha, Aetna Accendo, and Americo to be there for you and your loved ones.
Get in touch with Final Expense Benefits by calling us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool to receive a personalized estimate today.
FAQ
Can you get life insurance over 80?
Yes, 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 or funeral 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 the average funeral cost?
The average funeral in the US costs around $10,000. 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.