Getting life insurance over 80 years old can be a bit difficult because you have to know what companies will offer coverage and understand the different types of policies available.
At I&E, we work with the best life insurance companies for seniors, so we can help connect you to the company that will best fit your specific need, making it easier for you to secure life insurance over 80.
In the following article we will talk about the best companies to consider when your 80 and older, as well as the different policies available, and the pros and cons of each.
Life Insurance for People Over 80
How Much Do You Need?
When considering life insurance in your 80s, it is important to consider how much coverage you need.
How much life insurance you need will help you zero in on the best policy.
For example, if you want to get the most life insurance you can at the lowest price, term life insurance is probably the best choice.
If you simply want some life insurance to cover final expenses and your burial, then a small whole life insurance policy may be the better choice.
Funeral Expense
Often seniors over 80 looking for life insurance do so to cover the cost of a funeral.
According to the National Funeral Directors Association, the average funeral cost is going to be around $9,000. NFDA
If you include the cost of any final expenses, including unpaid debts, the total needed to pay any final expenses and cover burial can run as high as $25,000 or more.
For those looking for $25,000 or less, burial insurance with no waiting period may be the best choice.
The pros and cons of whole life vs term life
Term Life
Term life is going to be the lowest priced option in your 80s.
However, term life does come to an end. Further, most term life insurance in your 80s is going to have the premium payment increase every 5 years, making it difficult to keep the policy as it gets more and more expensive.
Whole Life
Whole life insurance is going to cost more than term life, at least initially.
However, with whole life you get some guarantees, such as:
- Guaranteed fixed premiums (i.e. premiums stay the same)
- Guaranteed death benefit
- Guaranteed cash value growth
Final Expense and Burial Insurance in Your 80s
Most people looking for life insurance for seniors over 80 simply want coverage in place that will help with paying for a funeral and burial and maybe even any final expenses remaining.
The good news is that at I&E, we work with the best final expense insurance companies available.
These final expense policies are generally smaller whole life insurance policies.
Since they are whole life, the policies have fixed premiums, a guaranteed death benefit, and they build cash value.
Life Insurance Rates for Ages 80-85
When you are between the ages of 80 to 85, you can still qualify for different types of whole life insurance coverage.
Three main types of coverage include:
- Level
- Graded
- Guaranteed
Face amounts available as high as $40,000 on these smaller whole life insurance policies focused on final expense and burial insurance for seniors over 80.
And you can also get more coverage over age 80, starting at $50,000 on up, if you qualify for a more traditional whole life insurance policy that requires a medical exam and background check.
$25,000 Whole Life Insurance Quotes for Ages 80-85
The following sample life insurance rates are for informational purposes only. Rates are subject to change and must be qualified for.
| Age | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 80 | 344.52 | 534.58 | 616.91 |
| 81 | 370.06 | 579.04 | 691.74 |
| 82 | 395.61 | 608.96 | 711.84 |
| 83 | 422.75 | 636.24 | 788.61 |
| 84 | 449.90 | 660.44 | 826.87 |
| 85 | 477.04 | 669.79 | 865.38 |
Life Insurance Rates for Ages 86-89
Life insurance for seniors over 85 is more limited. You can get a level benefit whole life insurance policy.
Depending on the face amount you want, you can qualify for a couple different rate classes with certain carriers.
One important thing to note when considering life insurance for seniors over 85 is that if you do have some moderate to severe health problems, you may not qualify for the coverage.
Face amounts range from as low as $3,000 to as high as $10,000 on these smaller whole life insurance policies focused on final expense and burial insurance for seniors over 85.
Whole Life Insurance Quotes for Ages 86-89
Rates are for a male based on the age listed. All sample life insurance rates are for informational purposes only. Rates are subject to change and must be qualified for.
| Age | $3,000 Level Benefit | $5,000 Level Benefit | $10,000 Level Benefit |
|---|---|---|---|
| 86 | $68.58 | $112.08 | $220.83 |
| 87 | $75.08 | $122.92 | $242.50 |
| 88 | $81.58 | $133.75 | $264.17 |
| 89 | $88.08 | $144.58 | $285.83 |
Level, Graded and Guaranteed Issue
When looking for life insurance in your 80s it is important to understand the different terminology around the various benefit packages you can choose from.
There are three main types of whole life insurance policies, level, graded and guaranteed issue.
Guaranteed Issue
The easiest to qualify for is the guaranteed issue life insurance policy. The only two requirements are that you reside in an eligible state the product is sold and that you fit the age criteria.
Guaranteed issue life insurance is available for ages 80-85, but it is not available for anyone older than this.
The one drawback to guaranteed issue policies is that the coverage only covers you for accidental death in the first two or three years, and then for all causes of death, natural and accidental, in year 2 or 3 onward.
Graded Benefit
Graded benefit whole life insurance for seniors over 80 is a little more difficult to qualify for than guaranteed issue policies.
With graded benefit policies, you must pass some health questions to qualify for the coverage.
Typically the questions are not that hard to pass for anyone except those with more serious health issues.
Graded benefit policies will only cover you for a certain amount of the death benefit in the first 2 or 3 years, similar to guaranteed issue policies.
Level Benefit
Level benefit life insurance is available for seniors over 85. The coverage is harder to qualify for because you must answer a handful of health questions to qualify.
However, for those looking for life insurance at 80 and above who are in good health, level benefit whole life insurance is a great option.
A Level benefit policy is superior to a graded benefit and guaranteed issue policy, because it will cover you for the full death benefit amount from day one.
Best Companies for Seniors Over 80
The companies we represent for our clients over 80 are all top rated insurance providers, rated B++ of higher by A.M Best, the premier third party ratings company in the industry.
Among the best companies for seniors over 80 are going to be the following:
- Aetna
- AIG
- Americo
- American Amicable
- Assurity
- Foresters
- Gerber Life
- Mutual of Omaha
- Royal Neighbors
- Transamerica
The above companies are a handful of the many different companies we work with.
We list the companies above in alphabetical order, because there is no one single best life insurance company for seniors over 80.
Rather, the best company for you will be the one that offers the best policy at the best price, based on your unique health and lifestyle.
How We Can Help
At I&E, we are not a lead vendor, meaning we are not going to sell your information to another company. Instead, we are an online life insurance agency that can help you by connecting you with one of our experienced team members.
So, if you are over 80 and looking for life insurance or you are looking for life insurance for someone over 80 whom you love, we can help point you to the best companies available.
Our team of top life insurance agents are intimately familiar with the best companies in the U.S. and we can do it all online, over the phone, or even by email in most cases.
And we are independent, meaning we are not beholden to any one company.
Rather, we will help you shop around for the best company and the best policy at the lowest price available for you.
