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 and whole life policies when making their decision, for example. It can be tougher to find 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 policies 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 life insurance for seniors over 80. Here’s why:

  • Insurers are often willing to work with older customers.
  • 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, which can be a better fit for a senior’s budget.
  • 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.
  • Qualifying for a policy is usually easier; you may have to answer basic health questions, but you should not have to worry about a medical exam.

Who Needs Life Insurance for Seniors?

There are coverage options for almost everybody. 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 a business. Most of the top-rated carriers that we work with can help find exactly the right policy for their needs.

Finding 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, their 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 period of waiting. In addition, the coverage should be cheaper than it would be for a guaranteed issue 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 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.

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.

Application ProcessĀ on Life Insurance For Seniors over 80

Some adult children are nervous about bringing up the topic of 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 a financial concern.

Compare Life Insurance for Seniors Over 80 Online

These are some of the most popular insurers for seniors:

  • AARP life insurance plans for seniors
  • Globe life insurance for seniors over 80

However, the right choice of company really depends upon where you live, your age and health. 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. 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.