Life Insurance For Seniors Over 80

What's the purpose of the coverage? Will it cover the cost of a funeral?  Will you leave behind any debts? Do you want to leave a lump sum to any family members? These are some things you will have to decide to determine the amount of insurance you will want to buy. 

When you think about getting life insurance for seniors over age 80 you can only consider permanent life insurance as term insurance is no longer available at that age! You want a policy that will last for your lifetime, so that's a good thing!

There are a few different types of permanent insurance available. Here we will give you an overview so you understand the basic differences in the policies and the cost.

1. Simplified Issue Whole Life is often called Final Expense or Burial Insurance.

This type of insurance is a whole life insurance policy. It lasts for your lifetime. There is no medical exam needed. The face amount and the premium remain the same for the life of the policy. You can purchase as little as $2,000 of coverage. Most companies offer a maximum of $25,000 to $40,000 of coverage. If you want more insurance than what is available at one company, you would need to purchase policies from another company(s). 

For more information see our Final Expense Life Insurance Page.

2. Universal Life Insurance has many different policy types.

This kind of coverage has face amounts that start at $25,000 and go up from there. For senior or final expense purposes we usually recommend a Guaranteed Premium Universal Life policy. As the title states, the premium will remain the same for the life of the policy and the face amount will too. When structured so that there is no cash accumulation, this is most often the best priced type of coverage you can buy. This is a fully underwritten policy, meaning you will have to take a medical exam and doctor records will be . 

For more information see our Universal Life Insurance page.

3. Guaranteed Issue Life Insurance is coverage you can purchase that has no medical requirements. Every application is accepted. There is no coverage for death from medical reasons for the first two years, although accidental death is covered during that time. Generally your premiums are returned with interest if the insured dies in the first two years. These policies  are available up to and including age 85. 

Learn more about Guaranteed Issue Life Insurance on our Final Expense Life Insurance page.

Let's first discuss the relative costs of life insurance for seniors over 80 and then we will discuss the requirements.

• The least expensive type of coverage is the Guaranteed Premium Universal Life Insurance. This type of policy also requires more from the applicant. The insurance company will determine your rating, which will impact the cost of your policy.
• Next in line is the Simplified Issue Whole Life Insurance also known as Final Expense Life Insurance. There are two types of policies, level benefit and graded benefit. Level is the best option, with coverage starting on day one. Graded benefit phases in coverage over a two or three year period. 

The specific cost for your policy will be determined by the type of policy, the face amount and your age and your rating. 

What if you can't afford as much insurance as you want to get? We will help you find the company that will give you the best value for your situation. We suggest you get the insurance that you can afford. If you ask any beneficiary, they will tell you that some insurance is better than no insurance at all! The plan is to protect your family and/or pay for your final expenses. It's easy to see that having even a little insurance will be helpful.

What are the requirements for life insurance for seniors over 80?

• Guaranteed Premium Universal Life-  This policy has the most requirements of the three types of policies discussed here. This coverage requires full underwriting. You will have to take a paramedic exam including lab test for blood and urine. The insurance company will order your doctor records. They will check a prescription database and the Medical Information Bureau. You will have to medically qualify for this coverage. (You also must purchase a minimum of $25,000 of coverage). The file will be reviewed by an underwriter who will follow the insurance carrier guidelines to determine if you qualify and at what rating. Your age, the amount of insurance, and your health rating will determine the final price of your policy.
• Simplified Issue Life Insurance- This type of insurance does not require an exam, blood, urine, or your medical records. For this reason alone many applicants prefer this kind of policy. You must answer a number of medical questions. Some companies have two tiers for this coverage, preferred and standard. Your answers will determine your rating and the price. Many companies have one level only, where you are accepted for coverage or not accepted. (The insurance carrier will check databases such as the MIB (Medical Information Bureau) and a Prescription Drug Database to confirm that your answers are true. Some carriers also have a graded rating where coverage is phased in over two or three years per a specific schedule. Your premium will be based on your age, the amount of coverage and your answers on the application form.
• Guaranteed Issue Life Insurance- This type of  insurance does not have any medical requirements. Everyone who applies is accepted.