Best Life Insurance for Seniors Over 80 Overview

For younger adults, there are a lot of different life insurance options that you can look into. Younger adults often consider both term life insurance and whole life policies when making their decision, for example. It can be tougher to find the best life insurance for seniors over 80 years old, however. A lot of companies stop offering coverage to people once they turn 80, and the premiums for some of the life insurance plans that are available can be prohibitively expensive.

If you are an older senior who is looking for coverage, you should definitely consider looking into burial insurance policies — which are basically small whole life insurance policies — when you are shopping for the best life insurance for seniors over 80. Here’s why:

  • Insurers are often willing to work with older customers for smaller final expense policies than other types of life insurance.
  • Face values usually range from $5,000 to $25,000, so it should be enough to cover funeral expenses and other basic end-of-life costs.
  • Since the face values are smaller, premium costs are usually smaller for this type of policy, which can be a better fit for a senior’s budget. It may be a good way to get life insurance for burial expenses and other costs with a monthly premium that you can afford.
  • The money is paid out to the beneficiary in a lump sum, so your beneficiary can spend the money on whatever he or she sees fit. The cash value from the policy can help ease the financial burden of funeral costs and can provide peace of mind during an otherwise difficult time.
  • Qualifying for a policy is usually easier; you may have to answer basic health questions about any health problems that you might have, but you should not have to worry about a medical exam. Coverage may not be offered to those with certain health conditions, but some health issues may not be considered a big deal.

Who Needs The Best Life Insurance for Seniors?

There are coverage options for almost everybody, from those who are in relatively good health to those who might have some medical conditions. Some older people may just want cheap life insurance for seniors over 80 in order to make sure their adult children have money to pay for funeral expenses. Others may want a larger policy to help pass on an estate or secure business. Most of the top-rated carriers that we work with, such as Mutual of Omaha, can help find exactly the right policy for their needs. These carriers should offer the type of insurance that you’re interested in, from universal life insurance to term life insurance and more.

Finding The Best Cheap Life Insurance For Seniors over 80

Since older folks are associated with higher risks for insurers, premiums may be higher than they would be for a younger adult. However, since most elderly people don’t need that much coverage, they or their family members should still be able to find affordable rates.

It might be tempting to look for guaranteed life insurance for seniors over 80. However, insurers also offer what they call simplified issue policies. With these, there are a few medical questions, but they generally accept seniors who just have typical issues of aging. With this kind of coverage, the death benefit will be paid without a waiting period. In addition, the coverage should be cheaper than it would be for a guaranteed issue life insurance policy.

It’s a good idea to find out what kind of health questions that the application asks before making a decision. Fairly active and independent older people should qualify for simplified issue insurance and still won’t need a medical exam. However, guaranteed acceptance final expense insurance or no exam life insurance might still be a good option for older people who suffer from serious illnesses or who are confined to nursing care or assisted living facility. By shopping around a bit, it’s possible to find the right plan for your own unique needs.

Best Life Insurance for Seniors Over 80 Premium Payments

In some cases, the insured person will pay for their own coverage. However, many seniors live on limited incomes and can’t really afford an extra bill. In this case, adult children or other family members may offer to handle this bill. After all, the beneficiaries are the people who will actually be able to take advantage of the death benefit.

The best way to handle this is to set up automatic payments from a savings or checking account. That way, you can be sure the coverage will not lapse in case somebody forgets to pay a bill. You may be able to use a bank account or even a credit card to pay bills on your permanent life insurance.

Application Process on Life Insurance For Seniors over 80

Some adult children are nervous about bringing up the topic of life insurance coverage with their parents. They may assume that they can just apply for coverage without their parent’s help. This isn’t true. Even though an adult child or other person is allowed to pay the bill, the person to be insured will still need to assist with the application. However, this process is very convenient and easy.

Most insurers let them do this over the phone with a short and simple interview. In some cases, it can also be done over the Internet or by mail. It’s just worth noting that you can’t take out this kind of coverage on your parents or elderly relatives without their knowledge and consent. They will need to sign an application or take a short phone interview to confirm that they know about the life insurance coverage and answered application questions correctly.

Still, adult children can shop for life insurance on loved ones. When it is time to apply, they will just need a few minutes of their parent’s time. Most senior citizens are happy and relieved to help their children take care of this task. They know that they are helping their loved ones take care of the financial concern.

Compare The Best Life Insurance for Seniors Over 80 Online

These are some of the best life insurance companies for seniors:

  • Globe life insurance for seniors over 80

However, the right choice of the company really depends upon where you live, your age and health. An 80-year-old might have different options from a 60-year-old who may still qualify for a term policy, for example.

We make it fast and simple to shop online for the best companies with the most affordable rates. Just enter your ZIP code in our quote box to see your choices with free quotes. From there, you are welcome to ask for more information, get your free senior life insurance quotes, or find out how to begin your application. We work hard to help senior citizens find affordable life insurance so that their medical bills and final expense bills are covered, and we want to help you find an option that is right for you, too.