How To Buy Life Insurance For Seniors Over 80
Written by Daniel Ray, Life Insurance Expert |
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Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you’re looking for life insurance for seniors over 80, there are some things to consider before purchasing life insurance. Your age and health can affect your premiums as well as the type of policy that’s best for you.
For example, if you have any pre-existing conditions or are experiencing cognitive declines like Alzheimer’s disease or dementia, it may be more difficult to get coverage.
Make sure to read this blog post from start to finish so that you fully understand what is involved in buying burial insurance for seniors over 80 years old!
Table of Contents
- What is life insurance for seniors over 80
- What’s the Real Price of Burial Insurance for Seniors Over 80?
- Final Expense Insurance For Seniors Over 80
- Securing Life Insurance for Seniors Over 80 Without the Wait
- How much do you need to buy life insurance for seniors over 80
- Who should I get a policy from, and what are the benefits of each company
- Why does it make sense to buy a whole life policy instead of term insurance for a senior over 80
- Conclusion
What is life insurance for seniors over 80
When you’re nearing 80-years of age, there are fewer senior life insurance options available than when you were younger. It’s nice to know that at this stage in your life, the coverage doesn’t need to be as large and most adults have paid off their mortgages or grown children who no longer depend on them.
You also won’t need a safety net for lost income because it is highly unlikely if not impossible for an adult in his/her late eighties to find employment after retirement.
If anything happens such as illness like epilepsy or kidney disease that prohibits work then they will still have enough savings and assets leftover from all those years working hard so don’t worry about leaving any debt behind!
What’s the Real Price of Burial Insurance for Seniors Over 80?
Thinking about burial insurance for seniors over 80? Most seniors will pay between $100 to $700 each month to get a final expense policy worth $10,000 to $20,000. This depends on age and gender.
Now, if you’re exploring term life insurance at this age, expect prices around $300 to $400 monthly for a $100,000 policy that lasts 10 years. Keep in mind, this will be only at age 80 as term coverage is not offered over age 80.
The cost varies based on a few things. Your age, whether you’re a man or woman, your health, how much coverage you want, if you smoke, and whether you’ve taken a health check can all change the price. And of course, the kind of insurance plan matters.
Curious about specific prices? Take a look at the sample funeral insurance quotes below, especially tailored for those over 80.”
This version is structured to be more approachable and engaging, keeping an 8th-grade reading level in mind.
Female Insurance Rates
| Age | $10,000 | $20,000 |
|---|---|---|
| 80 | $97 | $191 |
| 81 | $104 | $205 |
| 82 | $111 | $218 |
| 83 | $118 | $232 |
| 84 | $124 | $246 |
| 85 | $131 | $259 |
| 86 | $164 | $325 |
| 87 | $196 | $390 |
| 88 | $229 | $455 |
| 89 | $262 | $521 |
Male Insurance Rates
| Age | $10,000 | $20,000 |
|---|---|---|
| 80 | $116 | $264 |
| 81 | $143 | $283 |
| 82 | $152 | $301 |
| 83 | $162 | $321 |
| 84 | $171 | $339 |
| 85 | $178 | $352 |
| 86 | $225 | $448 |
| 87 | $264 | $524 |
| 88 | $292 | $601 |
| 89 | $321 | $678 |
Final Expense Insurance For Seniors Over 80
Many folks over 80 get life insurance mainly to handle their final wishes and expenses. Did you know? A traditional burial can cost close to $10,000, as mentioned by the National Funeral Directors Association.
This special insurance, often called burial insurance or funeral insurance, makes sure your family gets a tax-free amount after you pass away. This helps them manage costs like your funeral or any unpaid bills.
With many final expense insurance options available, you can choose coverage anywhere between $2,000 to $50,000. This way, you’re not paying for more than you need, just enough to cover your last expenses.
One more cool thing: with burial insurance, your rates stay the same, the payout amount doesn’t drop, and over time, you can even save up some money inside the policy!
A bonus? Many of these plans come with extra perks at no added cost. Like with the Mutual of Omaha Living Promise plan, if you get really sick or have to stay in a care home, you can even use some of the insurance money while you’re still with us.
Securing Life Insurance for Seniors Over 80 Without the Wait
If you’re over 80 and thinking about final expense insurance for seniors, you might be wondering about immediate coverage. This means that right after you get the insurance, you’re already protected, whether something happens naturally or because of an accident.
Danny Ray, an expert in burial insurance for the elderly, gives us the scoop:
Be careful online! Some websites might not tell the truth about this, hoping you’ll click on their ads or give them a call. It’s a sneaky way they earn money. Always double-check the info and stay smart!
How much do you need to buy life insurance for seniors over 80
A funeral will cost, in most cases, between $7,000 and $10,000 on average. However, can easily be as much as $20,000 or more. A higher price might be paid if the family decides to have a nicer floral arrangement or ceremony– this is where those costs can really start piling up! Having large family members attend your funeral could increase its expense as well; after all, there are more mouths to feed (literally) at that point.
If you happen not to leave enough money for your own burial expenses before passing on then it would just add another burden onto an already heavy load of stress which they must carry with them through life-planning decisions such as choosing casket styles and what kind of flowers should grace their loved one’s sendoff into the next world.
Families are supposed to be the support system for one another. But what happens when a loved one passes away?
Are they going to have enough money saved up for their funeral expenses, especially if it’s an unexpected death or there was no proper planning done in advance?
AS a senior, or grandparents, you can leave your family members reeling with worry and financial stress on top of dealing with grief over losing you. The right insurance policy will ensure that all-important burial costs are taken care of so that way everyone else has more time and energy focused on mourning instead of bills.
You may think this is just about protecting yourself but really, these policies also help protect those who need protection from life’s tragedies the most -your spouse and children/grandchildren!
Who should I get a policy from, and what are the benefits of each company
If you want to buy life insurance purely for the sake of covering funeral costs and other end-of-life expenses, burial insurance may be a better option. It is also known as final expense coverage; while not all insurers offer them, they are designed specifically with older adults in mind – those who need only a small amount of coverage at this stage in their lives.
What if you just died and found out that your insurance policy only covered $1,000? What would happen to the rest of your family?
If this sounds like a situation for which you want protection against then read on. Burial Insurance covers all costs associated with cremation or burial up to a certain amount depending on how much coverage is purchased.
This type of life insurance also typically includes some provisions in case someone else needs financial assistance related to handling funeral arrangements such as free-riders who do not need financial help but are willing to pledge money should anyone require it later down the line due to their connection with them – even if they don’t know about it beforehand!
And above all, stay away from hybrid products such as Colonial Penn, AARP, and Globe as their coverage goes down as you get older, and they expire at a certain age.
Why does it make sense to buy a whole life policy instead of term insurance for a senior over 80
A simplified issue is a no medical exam life insurance policy. Traditional policies require an underwriting process, which includes a necessary and often expensive medical examination.
Simplifying this procedure can be beneficial for the customer by eliminating any necessity to take time away from work or family obligations in order to complete it due to its simpler nature of requiring only filling out paperwork with irrelevant health questions included therein versus having one’s entire body examined – all without impacting potential coverage levels nor rate pricing!
Again, to be clear,
- Traditional insurance policies require a medical exam as part of the approval process known as underwriting.
- Simplified issue: requires a medical questionnaire and guaranteed, or guaranteed-issue (GI) life insurance plans are available without any health questions asked at all.
Is there any way that I can save money on my premium payments or pay off my premiums early
There are two ways to save money on your life insurance premiums. One, purchasing a Single Pay Whole Life policy, and an annual mode of payment.
Single premium whole life insurance is a subcategory of permanent life insurance. Whole life policies have the added perk of building cash value, which grows at a guaranteed interest rate over time.
Whole life insurance is a great investment for those who are looking to secure their future and want the peace of mind that comes with knowing they can be taken care of.
Keep in mind, whole life policies offer premium payment options, including how many annual payments need to be made in order to secure the death benefit as well as what frequency regular premiums should go out. These choices will allow you to get exactly what fits your needs best!
Whole-life insurance offers variety when it comes time for paying premiums because there’s no set number or schedule on which these have to happen–they vary depending on personal preference and budget constraints.
What happens if I find out that I’m not eligible to buy a policy at this time because of health reasons – how will this affect me in the future when I am older than 80 years old
Final expense life insurance is a type of permanent life insurance that helps people who may not otherwise qualify for a traditional term or whole life coverage, typically because they are in too poor of health.
Final expenses can be costly to bury in the case of death, so this low-cost option lets you make sure your loved ones don’t needlessly struggle by paying these costs themselves if something were to happen before their time comes.
There are two types of final expense life insurance. Both offer lifelong coverage and no cash value:
Simplified issue life insurance requires you to answer questions about your health, but doesn’t require a medical exam. You could be denied if you have an illness such as cancer or reside in an assisted living facility; however, this type is more popular because it’s easier to get approval for the policy without having any physical testing done beforehand.
Guaranteed issue plans don’t ask many questions when applicants apply for their policies and they’re much less strict than simplified issues so most people qualify with guaranteed ones that can fit their budget better too!
These types of policies are not only good for over 80, but for young adults as well.
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Conclusion
Have you considered what will happen to your family if something were to happen? It’s a scary thought, but it can be made less frightening by having peace of mind.
If you are over age 80 and have been denied life insurance in the past or just want an affordable option for increased coverage with no medical exam required, then a simplified issue whole life may be right for you. Get a quote today!
2 Comments
Robert White
I am 60 and have heart problems and am a type 2 diabetic. I am retired Army and a Veteran of Iraqi Freedom.
How can I get life insurance coverage that will fit a low budget?
Danny Ray
Thank you for your service, we have carriers that specialize in diabetics. The rate we give you will be the best. Call us 855-380-3300.