Burial Insurance Guide for Seniors Over 80

Last Updated July 12, 2024

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Burial Insurance for Seniors Over 80

     Life insurance for seniors over 80 can be a tricky find. Underwriters assess risk and age plays a big factor in how much risk is posed to an insurance company. Coverage opens for seniors over 80 are much more limited than for those who choose to get life insurance when they are much younger. With that in mind, seniors typically have paid off mortgages and have less they need to protect themselves and their families with life insurance. What do you need life insurance for as a senior over 80 and what are the best options for you?

Can You Get Life Insurance at Age 80?

     Yes, you can get life insurance for seniors over 80. There are several insurance companies that serve the elderly and have policies available. You may not need full life insurance in order to find adequate coverage. Whole life insurance or permanent life insurance may not be necessary for someone 80 years old or over. Most seniors looking for life insurance just need enough protection to cover final expenses such as funerals and burial costs. Final expense life insurance for seniors over 80 is the best option for folks that age. There are several reasons why getting burial insurance is ideal for people 80 and over:

  • No medical exam is required, you will only have to answer a few health questions
  • Fixed easy payments on premiums 
  • Policies do not expire so long as you pay your premium payments on time
  • Applications are fast and easy. You can get approved within the same day. 

Life Insurance Policy Options for Seniors over 80

     Certain options for life insurance for seniors over 80 can be harder or easier to acquire depending on the type of insurance. For example, whole life insurance is a type of policy that lasts for as long as you pay the premiums. Usually, the policy has a clause to end if you live over 100 years old. Whole life insurance also has a cash value that grows over the lifetime of the policy. These types of standard life insurance policies are typically available for younger folks as the premium payments can become incredibly expensive if you get a policy later in life.

Term Life Insurance for Seniors over 80

     What is Term Life Insurance? Term insurance plans cover you for a set duration of time. Typically these policies span from 10 – 20 years. These policies are often the most affordable and have lower monthly premiums. You can renew policies if the term is up for an additional fee. While cheaper than whole life insurance, term life insurance options are still limited and expensive for seniors looking for life insurance. As an older person, you may find few companies will offer term life insurance that does not require a health exam. Should you outlive your term life insurance policy you will not get a death benefit.

Whole Guaranteed Life Insurance With No Waiting Period

     What is guaranteed life insurance? This type of whole life insurance allows applicants to be accepted into a policy without any type of medical exam or background check. As we age it is natural for us to develop pre-existing conditions. As our health declines, it is harder for us to qualify for life insurance plans. Guaranteed acceptance plans are designed to help those who may suffer from certain health conditions as well as be an advanced age to find life insurance coverage.

      A big downside of guaranteed life insurance is that they all have a waiting period. A waiting period means that there is a set amount of time the policy must be in force before the beneficiaries will receive a death benefit upon the policyholder’s passing. Depending on the life insurance company this period could be two or three years. In the event that you or your loved one passes during the waiting period, they will get something. The beneficiaries are entitled to all insurance premiums paid thus far plus a percentage of interest which can vary depending on the company.

Types of Burial Insurance for Seniors over 80

     Typical of other life insurance policies you will be asked general health and medical questions in other to determine the type of burial insurance plans you are eligible for. There is no medical exam so you are expected to answer honestly as they do verify your answers with medical records.

Simplified Issue

     When you fill out the health questionnaire for burial insurance you typically know within minutes if you are accepted or not. The questions are designed specifically for determining what level of coverage you are eligible for, so the process is rather quick and efficient. Burial insurance companies will go through third-party sources to verify your information in order to determine if you belong under a simple issue policy.

Guaranteed Issue

      Just as the name suggests, “Guaranteed Issue” burial insurance programs are guaranteed for everyone. Seniors who are accepted into this policy type either have health issues as indicated by the medical exam or have elected not to participate in the exam. While you cannot be denied, Guaranteed Issue Burial Insurance Plans often have a graded death benefit. Having a graded death benefit means that the face amount of the policy slowly goes up over time.

      An example would be that during the life of your graded policy should you pass within the first year of the policy you are only entitled to 30% of the death benefit. In the second year, it would increase to 70% of the death benefit. In the final year and years afterward a person with this burial insurance plan would be entitled to their full death benefit amount. This does not apply, however, should you pass accidentally like in a car accident. You will get the full death benefit immediately.

What is Burial Insurance & What Does Burial Insurance for Seniors Cover?

     What is burial insurance? Burial insurance is whole life insurance with a low death benefit and thus has low premium payments. The death benefits usually range from $3,000-$25,000 depending on how much you are willing to pay a month. Seniors typically live on fixed incomes so having a low premium is important. Burial insurance policies are designed to cover one person or an entire family’s final expense needs.  The death benefit that gets paid out can go towards costs such as:

  • Ceremony and Wake
  • Burial
  • Cremation and Urn
  • Headstone and Plot Costs 

      Beneficiaries get the death benefit so long as they have been keeping the premium payments up until death. Be mindful of the fact that the beneficiary will have full control of the funds. Your death benefit can be used for anything after your death, it can go towards your funeral arrangements but also towards a mortgage, outstanding debts, or be donated to charity. They would not be legally obligated to use the fund strictly for its purposes so it is best to set expectations of what the funds are to be used for. Keep this in mind when choosing your beneficiaries and have them involved in your funeral planning.

Cost of Best End-of-Life Insurance for Seniors

     These $10,000 coverage policies have steady and affordable premiums for the life of the policy. If you are looking for great coverage with low monthly premiums, we recommend these top carriers for all of your final expense needs. This is Final Expense Benefits’ best $10,000 insurance policies for seniors.

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female

These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent. 

Burial Insurance for Seniors over 80 to Avoid

     There are a few types of life insurance that are advertised to older folks that are actually not great policies to have. Now that you understand what type of life insurance you should get here are the ones you should avoid:

TV Insurance Plans

    Certain insurance companies will target the elderly population by advertising on TV during certain hours of the day or will send you pamphlets in the mail to apply for a policy. They advertise that they are easy to apply for and that filling out your application means you are guaranteed to be accepted for a life insurance policy. Senior life insurance policies on TV are all guaranteed acceptance insurance as mentioned above. You will have to wait for coverage and may find that in order to get any substantial coverage you will have to spend a lot of money. Here are examples of popular TV life insurance companies

USA Family Protection: 

USA Family Protection uses a company called Lumico Insurance to underwrite and sell its policies. They outsource their insurance and practice reinsurance to minimize financial risk but leave customers in a grey area as to who actually covers them. USA Family also has very strict underwriting requirements that will prevent you from getting insurance before you turn 60. The icing on the proverbial cake, however, is their high number of complaints through the National Association of Insurance Commissioners. 


Colonial Penn

The Colonial Penn 995 plan is often advertised using celebrity endorsements and is notorious for misleading seniors into buying a life insurance policy. On average, the Colonial Penn 995 plan cost around 30% more than the leading senior life insurance company. The “995 plan” is named after its pricing. Colonial Penn Life Insurance is $9.95 per unit of life insurance. If you are 70 years old, 1 unit of life insurance is $717. 

Where to Get Life Insurance for Seniors Over 80

Final Expense Benefits partners with over 20 carriers with customer satisfaction guaranteed. They offer no medical exam options at much more affordable rates that fit your needs.  Some of our highly-rated carriers include:

      If you are looking for trusted and affordable final expense insurance, Final Expense Benefits experts have got you covered. Call one of our talented agents today at 1 (866) 311-4338 to get an affordable quote with one of our highly-rated insurance carriers. 

Frequently Asked Questions

Yes, but your options are limited. The best time to get life insurance is when you are young but you can still benefit from having insurance like final expense insurance. 

Final expense insurance can be a great way to help pay for final expenses upon passing. You may not need as much coverage as a younger person with a family but the average funeral cost is $9,000 and rising. Having a small amount of money to go towards lessening that burden on your family will help. 

You would only need enough life insurance to cover final expenses and funeral planning. Funeral insurance policies with death benefits ranging from $2,000-$10,000 will typically provide enough funds with a low enough premium.

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