Luis Pazos 
When it comes to life insurance, what works for one person might not be right for another. You have to compare different plans to find one that best fits your needs.
Looking at life insurance for someone 80 years or older is different. Many people think they don’t need life insurance once they reach a certain age, but that’s not always true. The main reason people in their 80s look for life insurance is to avoid leaving a financial burden on their loved ones, especially with funeral costs being so high. Funerals today can cost between $11,000 and $14,000, and Social Security only covers $255 for burial expenses, which barely makes a dent.
Most 80-year-olds don’t have much debt, but you could still leave your family with significant financial burdens. It’s crucial to get the life insurance protection your family deserves. Don’t assume you don’t need life insurance just because of your age.
Often, insurance for people over 80 is called burial insurance. Many companies offer this type of insurance, but navigating all the options can be confusing. Let us help you find an affordable plan that meets your family’s financial needs. Different companies view medical conditions differently, and we can guide you through the application process. You can start by filling out the Compare Quotes form on our page.
For 80-year-olds, there are some key things to consider when shopping for life insurance. Burial insurance is a type of permanent insurance, which means it never expires as long as you keep paying the premiums. The benefit is that the premium stays the same throughout the policy, making it easier to budget, especially if you have a fixed income.
Another perk of burial insurance is that it doesn’t require a medical exam, which can be time-consuming. Without the exam, the death benefit usually caps at $25,000, though some companies might go up to $35,000. Your medical history will be gathered through a questionnaire instead.
If you prefer term insurance over permanent life insurance, the term length usually maxes out at 10 years. Another option is Single Premium Life insurance, where you pay a lump sum upfront and get a policy that immediately starts building cash value. Note that there are limits on how much money you can deposit versus the death benefit amount; otherwise, the IRS considers it a Modified Endowment Contract, which has tax implications.
You can also consider 7-pay policies, where you pay the same premium for seven years and then have a fully paid-up life insurance plan. Each life insurance option has its pros and cons, and your choice depends on your specific situation.
For seniors with pre-existing health problems, burial life insurance is great because it often covers a wide range of health issues. Depending on the severity, the policy is graded, meaning the benefit might not be fully payable until a few years after the policy starts. Some people think graded policies aren’t worth the cost, but if you can’t get other insurance types due to medical issues, it’s better than nothing. Most seniors, even with pre-existing conditions, can get accepted for these policies.
Plans that require a medical exam usually have lower premiums, but the process can be lengthy and time-consuming. However, these exams might uncover unknown health issues, which can be beneficial. The insurance companies will send you a copy of any blood work, which you can review with your doctor.
When applying for traditional life insurance, you’ll be asked about surgeries, heart diseases, strokes, cancer, AIDS, other medical conditions in the last five years, travel plans outside the US, drug or tobacco use, medications, driving history, and other life insurance policies you own.
If you need coverage fast, a no-medical-exam policy might be the best route while you apply for a policy that requires an exam. This can also work if you need a higher death benefit from a specific company.
One size doesn’t fit all when it comes to life insurance, especially as you get older. It’s wise to seek guidance from an experienced life insurance professional.
Sample quotes for 80-year-olds show that options are available, but premiums can be high. For example, Transamerica offers a 10-year, $25,000 policy for $209.87 per month for males and $147.74 per month for females. For a $50,000 policy, it’s $414.49 per month for males and $290.24 per month for females. For a $75,000 policy, it’s $619.11 per month for males and $423.73 per month for females.
Getting life insurance at 80 is possible but challenging. Your age significantly impacts your application’s success and affordability, but options are still available. The earlier you buy life insurance, the better. Working with an independent agent can help, as they can find the best options from various carriers. Some companies are better for older applicants, and you need to find those to secure the best rates and coverage.
