Guide to Life Insurance for Seniors Over 80
When you reach 80, it makes the most sense to buy a whole life policy, especially final expense insurance, to pay for your funeral, burial, and other costs. There are also a few other policy types you may want to consider along with final expense insurance, especially if you have debt from medical bills or want to leave an inheritance to any of your loved ones.
Table of Contents
Cost of Life Insurance for Seniors Over 80
The cost of life insurance for adults over 80 depends on a few key factors:
- Your exact age
- Your gender
- Your overall health
- The policy you buy
As you can see, final expense insurance, also called burial or funeral insurance, is one of the most affordable plans for seniors over 80.
Final Expense Life Insurance for Seniors Over 80
Most seniors in their 80s looking for life insurance only need money to pay their funeral and other final expenses, such as medical bills. They don’t need whole or term policies worth tens or hundreds of thousands of dollars, especially because the premiums for these plans are very high for people in their 80s. In many cases, they’re not even available to adults in this age group.
That’s why final expense insurance, also called burial or funeral insurance for seniors, is one of the best senior life insurance options at this age. In addition to low rates, there are many other pros to getting burial insurance over other policies when you’re in your 80s:
- As long as you pay your premiums, your plan doesn’t expire.
- Your payments are fixed as long as you continue to pay them.
- You may be able to take out a loan against the policy’s cash value.
- Most of the time, you only have to answer a few health questions on the application rather than take a medical exam.
- The application process is quick and easy, and you may be approved within just a few days.
Average Monthly Final Expense Life Insurance Rates for Men*
| $5,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 80 | $68 - $88 | $89 - $135 |
| 85 | $93 - $145 | $150 or more |
* Estimated rates do not reflect the rates of any particular life insurance company.
| $10,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 80 | $133 - $173 | $175 - $268 |
| 85 | $183 - $286 | $299 or more |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Monthly Final Expense Life Insurance Rates for Women*
| $5,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 80 | $51 - $66 | $69 - $94 |
| 85 | $70 - $107 | $103 or more |
* Estimated rates do not reflect the rates of any particular life insurance company.
| $10,000 Death Benefit | ||
| Age | Determined 'In Good Health' by Insurer | No Health Questions Asked |
| 80 | $98 - $129 | $135 - $187 |
| 85 | $136 - $211 | $204 - $286 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Insurance Rates for Men*
| Age | Final Expense: $5,000 Benefit | Final Expense: $10,000 Benefit | Whole | Term: $250,000 - $1,000,000 | Universal | Guaranteed Universal: $10,000 - $20,000 Benefit |
| 80 | $935 - $1,355 | $1,835 - $2,670 | Talk to your insurance provider for rates. | $10,560 - $37,560 | Talk to your insurance provider for rates. | $2,940 - $6,480 |
| 85 | $1,430 - $1,800 or more | $2,815 - $3,590 | Talk to your insurance provider for rates. | Talk to your insurance provider for rates. | Talk to your insurance provider for rates. | $3,600 - $7,140 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Insurance Rates for Women*
| Age | Final Expense: $5,000 Benefit | Final Expense: $10,000 Benefit | Whole | Term: $250,000 - $1,000,000 | Universal | Guaranteed Universal: $10,000 - $20,000 Benefit |
| 80 | $700 - $980 | $1,360 - $1,930 | Talk to your insurance provider for rates. | $7,860 - $28,320 | Talk to your insurance provider for rates. | $2,100 - $4,620 |
| 85 | $1,060 - $1,235 or more | $2,080 - $2,940 | Talk to your insurance provider for rates. | Talk to your insurance provider for rates. | Talk to your insurance provider for rates. | $2,460 - $4,860 |
* Estimated rates do not reflect the rates of any particular life insurance company.
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Term and Whole Life Insurance for Seniors Over 80
Seniors who want to leave behind a large lump sum of cash as well as pay for funeral costs and other final expenses often buy whole or term life coverage along with burial insurance. However, both are more difficult and more expensive to buy when you’re in your 80s.
Term Life Insurance for Seniors Over 80
Term life insurance options are very limited (and very expensive) for seniors over 80. There are only a few companies that offer them, and those that do require a health exam. The longest term you can buy is usually 10 years, and if you outlive the policy, you won’t receive the death benefit.
Average Annual Term Life Insurance Rates for Men*
| Age | Policy Amount | Average Rate for 10-Year Term |
| 80 | $250,000 | $10,60 |
| 80 | $500,000 | $19,800 |
| 80 | $1,000,000 | $37,560 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Term Life Insurance Rates for Women
| Age | Policy Amount | Average Rate for 10-Year Term |
| 80 | $250,000 | $7,860 |
| 80 | $500,000 | $15,600 |
| 80 | $1,000,000 | $28,320 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Whole Life Insurance
Burial insurance is the best whole life insurance policy for seniors over 80, but some people also choose to buy a traditional whole life policy. However, this coverage is even more expensive than term policies, because it’s permanent as long as the premiums are paid. Plus, 80 is often the cutoff to buy these plans, so you won’t be eligible if you’re older. Since each insurance provider is unique, it’s best to speak to a representative to find out what’s available to you.
Universal Life Insurance for Seniors Over 80
Universal life insurance (UL) is a cross between term and whole life insurance. Some companies offer UL to adults up to age 89, but a medical exam is required. For this reason, it’s difficult to qualify for and the premiums are high, especially if you have a health condition such as diabetes. There are many factors that determine the cost of this type of policy, so talk to an insurance rep to learn what you may qualify for.
Guaranteed Universal Life Insurance (GUL)
Most providers offer guaranteed universal life insurance (GUL) to seniors up to age 85. It’s very expensive, because it’s guaranteed no matter your health status. The most you can buy at this age is usually $25,000, and there’s usually a two-year waiting period when your loved ones don’t receive the benefit unless your passing is accidental (for example, in a car accident).
If you are 80 or older and want to leave a lump sum of cash to your loved ones after you pass away, a GUL policy may be a good addition to a funeral insurance policy, especially if you have health issues. Just make sure you have the budget for it.
Average Annual Guaranteed Universal Life Insurance Rates for Men*
| Age | Policy Amount | Average |
| 80 | $10,000 | $2,940 |
| 80 | $15,000 | $4,440 |
| 80 | $20,000 | $6,480 |
| 85 | $10,000 | $3,600 |
| 85 | $15,000 | $5,340 |
| 85 | $20,000 | $7,140 |
* Estimated rates do not reflect the rates of any particular life insurance company.
Average Annual Guaranteed Universal Life Insurance Rates for Women*
| Age | Policy Amount | Average |
| 80 | $10,000 | $2,100 |
| 80 | $15,000 | $3,120 |
| 80 | $20,000 | $4,620 |
| 85 | $10,000 | $2,460 |
| 85 | $15,000 | $3,660 |
| 85 | $20,000 | $4,860 |
* Estimated rates do not reflect the rates of any particular life insurance company.
FAQs
Can I get life insurance if I’m over 80?
Yes, but your options are very limited. The best life insurance option for seniors in their 80s is burial insurance, because these policies have affordable rates and will pay off funeral bills and other final expenses.
What life insurance policies can I buy if I’m over 80?
While you don’t have as many choices as younger adults, you can buy a few different policy types in your 80s:
- Final expense (also known as funeral or burial insurance)
- Term
- Whole
- Universal
- Guaranteed universal
Do I need life insurance if I’m over 80?
Even though you may not need as much coverage as you did when you were working and raising a family, giving your loved ones a source of support to pay off any debt you leave behind is a wonderful way to lift their financial burden after you pass away. Final expense insurance is especially helpful, since it will pay for your funeral, burial or cremation, and other debts, like medical bills, for a low monthly rate.
Do I need to take a health exam to get life insurance if I’m over 80?
Most final expense funeral insurance plans don’t require you to take a medical exam. You usually only have to answer a few questions about your health. Some other policies, like guaranteed universal, may also allow you to skip taking a health test, but they’re much more expensive.
How much life insurance do I need if I’m over 80?
Most adults in this age range only need a policy that will cover their final expenses, especially their funeral and burial or cremation. Funeral insurance policies between $5,000 and $10,000 usually provide the funds seniors this age need for an affordable monthly rate.
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