Margaret Huntley Last Updated On: January 9, 2024

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A Comprehensive Guide to Life Insurance for Seniors Over 80 Years Old

Life Insurance For Seniors Over 80

Whether you are over the age of 80 and thinking about purchasing life insurance, or you’re considering life insurance for a parent, you’ve come to the right place. 

As you age, it’s important to think about what you will leave behind. Life insurance is the best way to help alleviate any financial burden from your loved ones in the event of your passing. And it’s never too late to find a life insurance policy that works for you. 

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What to Expect When Shopping For Life Insurance Over the Age of 80

There are some things you should know before beginning your search for a life insurance policy:
  • Your options will be limited
  • You will pay more than a younger person
  • You will not receive immediate coverage unless you complete a health questionnaire (if you are told otherwise, it is likely a scam)
  • You won’t need as much coverage as a younger person likely would
  • There are affordable options available
Once you know what to expect, searching for life insurance over 80 is easier than you might think. 

Final Expense Insurance: The Best Life Insurance for Adults Over 80

By far the most sensible option for the majority of seniors over the age of 80 is final expense life insurance. Sometimes called funeral or burial insurance, this type of policy provides a death benefit that can be used to cover any end of life expenses.

Most adults over 80 don’t have mortgages to pay off or incomes that will be lost in the event of their passing. But that’s only part of the reason why a final expense life insurance plan is a great idea for them.

Other benefits to this type of policy include:

  • Plan will not expire so long as premium payments are made
  • Premiums will not fluctuate in cost
  • They often include a cash value option that allows you to take out a loan during your lifetime
  • No full medical exam required
  • Can be approved for immediate coverage within as little as three days

Life insurance for seniors over 80 is definitely different than for those who are younger, but that doesn’t mean you don’t have options. We’ll dive into a few more below. 

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Other Life Insurance Options for Seniors Over 80

There is never a one-size-fits-all solution when it comes to life insurance. While there are life insurance policies that do not allow people over the age of 80 to purchase a plan, there are some other options available to elderly people.

The following list will detail what these policies are and when they might be a good fit:

  • Term Life Insurance: These policies last for a specific period of time and the death benefit is only paid if the insured passes away before the policy expires. While they are harder to find and more expensive for people over 80, they can be a good idea if you have outstanding debts that you do not wish to leave to your family.
  • Guaranteed Universal Life Insurance: With these types of insurance policies, there is no medical exam or questionnaire required in order to qualify for coverage. This makes it a great option for people whose medical conditions prevent them from qualifying for other plans. However, these policies are more expensive, will have a mandatory wait time, and will not begin coverage immediately.

Depending on your needs, these are two great options for life insurance for people over 80. 

Cost of Life Insurance for Senior Citizens Over 80

Generally speaking, you can expect to pay more for life insurance in your 80s than a younger person would. This is because the price of insurance policies is determined by risk.

Other factors that will affect the price of your life insurance are:

  • Gender
  • Current health
  • Amount of coverage
  • Tobacco usage (if any)

Getting quotes from multiple insurance providers before committing to one kind of policy will help you find the most affordable plan to cover your needs. 

The Bottom Line

If it’s not too late, buying a life insurance policy before you turn 80 is a very good idea. This will give you the most options and lower premiums.

But life happens, and no one is always 100% prepared. So if you need to purchase a life insurance policy in your 80s, or you are looking to purchase life insurance for elderly parents over 80, start by looking at final expense life insurance plans and explore your options from there. 

Margaret Huntley Margaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.

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