Yes, life insurance for senior citizens over 80 does exist.
In fact, coverage with no waiting period is still possible even at this age.
In this guide, we’ll lay out all your options, low cost companies, quotes, how to qualify and explain the application process.
What Options Are There For Life Insurance For Seniors Over 80?
Yes you can buy life insurance for seniors over 80. At 80+ whole life insurance is usually the only kind available.
Most seniors at this age only need life insurance to cover funeral costs, so you’ll often see policies at this age referred to as burial insurance plans or final expense insurance.
Here’s how a whole life plan over 80 life policy will work:
- Premiums are fixed and cannot increase
- Coverage guaranteed to never decrease
- Policy can’t expire due to age
- Builds cash value that you may borrow from
Since it’s life insurance, the end result will be a tax free cash payment directly to your beneficiary(s).
Technically the money can be used for anything. There are absolutely no restrictions how the money is spent.
Paying for a funeral? Great great because no funeral home will refuse cash.
Paying off a bill of some kind? Great because no debtor will refuse cash.
We think you get the point by now. Cash is king and that’s exactly what an over 80 life policy will provide!
If there happens to be money leftover, it will remain with your family to use as they see fit.
What about final expense or burial insurance?
Anytime you hear the words “burial insurance”, “final expense”, or “funeral insurance”, know that all these labels mean the same thing.
It’s all still life insurance.
Final expense for seniors over 80 is just a whole life policy.
There is no type of insurance for burial expenses that is not life insurance.
How Much Can You Buy At This Age?
Understand that your exact options depend on your age, state of residence and health.
Having said that, $2,000 is generally the minimum amount of senior life insurance over 80 that someone could buy.
On the opposite end of the spectrum, $100,000 in coverage is generally the maximum (and it wouldn’t be cheap).
Keep this in mind…
To get to higher amounts of coverage ($50K and up) you may need to buy multiple policies from mulitple companies (which is okay to do).
In case you didn’t know, every insurance company has a minimum and maximum amount of coverage they will issue on any one individual.
For the over 80 crowd, most carriers max out at $15-$40k. That’s why if you want a higher amount of coverage you’ll likely need to buy more than one policy.
Life Insurance Quotes For Seniors Over 80
Below you’ll see some actual burial life insurance quotes for the elderly over 80. How To Get No Waiting Period Life Insurance Policies For Seniors Over 80
It’s possible to get a policy that has immediate coverage even for folks in their 80’s.
Here’s the only way to do it…
To get no waiting period coverage, you must apply with an insurance company where you answer questions about health and are accepted. Also, you must apply via an agent. You cannot get no waiting period coverage by dealing directly with the insurer.
You don’t have to take an exam, but you do need to complete a health questionnaire.
There are no exceptions to this rule.
Any policy from any company where they do not ask about health will always have a 2-3 waiting period.
Understand that some websites will flat out lie to you about this to get you click or call them.
It’s sad but true. They only do this to make money (they get paid when you call or click on their “get quotes” button).
Again, you must apply with a company where you’re answering health questions and are subsequently approved.
You might be wondering…
Why do you have work with an agent versus dealing directly with the insurance company?
Plans that have health questions are only sold via licensed agents. They do not offer these plans direct.
With that in mind, if you ever deal directly with the insurance company (without talking to an agent), it will be a guaranteed acceptance plan that has no health questions.
Again, guaranteed issue plans with no health questions don’t have immediate coverage. They all have a 2-3 year waiting period clause (no exceptions).
If you want immediate coverage, call us at 1-888-502-5267 and one of our friendly agents will figure out if it’s possible in less than 60 seconds.
Please keep in mind when viewing any rates:
- Eligibility is based on your health, state of residence, gender and health.
- Females in Montana will pay males rates due to a MT state law.
- You may have any amount of coverage you’d like. You aren’t limited to these options. Use the quote tool on this page to see prices for any face amount you desire.
- These are no tobacco rates. If you smoke cigarettes, you will pay more.
Does all this seem like a lot to process? Don’t Worry! Call Us 888-502-5267. The insurance experts at Elite Insurance Brokers are here to help answer your questions, address your concerns, and guide you in the direction of a final expense life insurance policy that fits your needs and your budget. Visit us today to get a free, string-attached qoute, and then come back often for more information and inspiration about life and life insurance.
Keep In mind in the spirit of transparency, Our blog post are for informational Purposes only. We know how quickly things change, so we can’t guarantee the content and the links to unaffiliated parties are up to date.