Life Insurance Guide for Seniors Over 80

Written by Jeff Root

If you need life insurance for an elderly parent over 80, or you are a senior in your 80’s looking for life insurance, this guide is for you!

Below you will learn:

  • How life insurance can help someone in their 80’s.
  • What types of life insurance are available at 80 years old.
  • Rates for no medical exam, guaranteed issue life insurance.
  • The life insurance companies who will insure people over 80.

Table of Contents

Why Get Life Insurance for Seniors Over 80?
Types of Life Insurance for People Over 80
About Guaranteed Life Insurance
Guaranteed Issue Life Insurance Rates
How To Apply

Below we will help you decide if life insurance is a good investment at this age range, and what to do next.

Why Get Life Insurance for Seniors Over 80?

Before we dive into the nitty-gritty of purchasing a policy in your 80’s, let’s first discuss if you should get a life insurance policy at this age.

The truth is, it depends.

If you have no life insurance and are at the risk of leaving financial burdens to your loved ones, then a life insurance policy is a smart move. With guaranteed acceptance policies, you can receive up to $25,000 in burial insurance to help cover final expenses, remaining medical bills, leftover debts or other financial obligations your family will be responsible for.

Types of Life Insurance for People Over 80

You should know a few things about getting life insurance over 80 years old.

At this age, you have two options for life insurance.

  • Simplified issue life insurance (with medical questions) – less expensive, but more difficult to qualify for.
  • Guaranteed issue life insurance – more expensive, but guaranteed qualification.

The monthly premiums in your 80’s are much higher than at any other age group, so it’s important to decide if you will be able to maintain payment and keep your policy in force.

If you sign up for a policy with a payment of several hundred dollars a month and then stop making payments, your policy will lapse and that money will have gone to waste. So, make sure you will be able to continue making payments for the lifetime of the policy.

How To Choose the Right Policy

If you’re not sure which one to choose, here are some guidelines for you.

  • You cannot get life insurance past age 85 unless you are in good health.
  • People in good health over 80 should apply for burial insurance with medical questions (no medical exam).
  • Seniors over 80 in poor health, or who have a medical condition, must apply for guaranteed issue life insurance with a waiting period.

Fill out the quote form, or contact us to find out which type of policy is best for you.

About Simplified Issue Life Insurance for People Over 80

Applying for a senior-friendly life insurance policy with no waiting period means you must apply for a non-guaranteed, simplified issue life insurance policy.

  • You must answer some medical questions on the application to qualify.
  • You must allow your pharmacy and credit reports to be run.

These questions will help the insurance company decide which type of policy you’re eligible for. The questions refer to high-risk health conditions and medical history.

You’ll need to answer questions about being hospitalized, receiving hospice care, being in a nursing home, being on dialysis, treatment for a transplant, being confined to a wheelchair and others.

There’s no way to be sure if you’ll pass the medical questions, so call one of our life insurance experts who can help.

About Guaranteed Life Insurance Over 80, No Medical Exam

When it comes to guaranteed issue policies, these are best suited for high-risk people with uninsurable conditions like cancer or heart disease. Essentially, this is the policy you’d get if you cannot qualify for a simplified issue policy.

Here are a few characteristics of guaranteed issue policies:

  • There are zero health questions.
  • There is no medical exam.
  • Your acceptance is 100% guaranteed.
  • There is typically a 2-year waiting period before the policy will pay out in full (details below).
  • It is more expensive than a policy with medical questions.

This policy is a great fit for people over 80 who have serious health impairments.

The only requirements for purchasing this type of policy are that you can pay the monthly premiums, are a U.S. citizen and are able to legally enter into a binding agreement. If you or your parents over 80 (if you’re helping with parents finances) have a serious mental health condition, such as severe dementia, then you will not meet this last criterion.

The Waiting Period

Since there are no health questions and medical underwriting, it does mean that there is a mandatory graded death benefit period.

This means that there is a set length of time that you must outlive before your beneficiaries are guaranteed the full insurance amount. For most carriers, this length is two years.

If death occurs within the first two years from the day your policy became active, the carrier will return all premiums paid to-date plus additional interest, typically around 10%. So if you can afford the monthly premium and are not concerned about your policy lapsing from non-payment, then at least you’ll know that your money will go to good use.

A few more things to note about the graded period:

  • The exception is if death occurs by accident, in which case the entire policy amount will be paid to your beneficiary
  • After the graded period is over, the full policy amount is guaranteed as long as you continue making payments

Advantages of Guaranteed Issue Life Insurance for Seniors

If you do not qualify for a simplified issue policy, there are two compelling reasons to purchase a guaranteed issue policy.

One, which we’ve already covered is the 10% guaranteed interest on your premiums if death occurs within the graded period.

The second, are accelerated death benefits. These are benefits that allow seniors the ability to accelerate their death benefits if they suffer from a qualifying illness.

This means you can actually take advantage of your policy while you’re alive.

The details of these vary from carrier to carrier, but two examples include critical illness and terminal illness riders. These will give you the ability to borrow against or expedite up to a certain percentage of your policy amount to pay for health-related expenses.

Guaranteed Life Insurance is Only Available To Age 85

Couple age 80 with life insurance

We use the term “your 80’s” somewhat loosely because the truth is, only people ages 80 to 85 are eligible for guaranteed acceptance insurance. Even then only a few carriers do accept people over 80.

If you are 86 years or older, you must be in good health and apply for a different type of policy with medical questions. If you are nearing 86, we urge you to call us today to explore your options before you’re unable to.

Guaranteed Issue Life Insurance Rates Age 80 to 85

Aside from age, the other top consideration when shopping for life insurance for seniors over 80 is the monthly premium.

We have prepared sample rates for both males and females between 80 and 85 years old.

Your rates are determined based on your age at application. For this reason, it is always best to apply as early as possible, especially if you are nearing the age cut-off for guaranteed life insurance of 86.

Lastly, keep in mind that prices are subject to fluctuation and that you are able to purchase amounts in-between these sample premiums. This means it is possible to purchase a $9,000 or $18,000 policy.

Rates for Males Over 80

Age 80$88.57$175.15$261.72$348.30
Age 81$95.68$189.37$283.05$376.73
Age 82$103.76$205.52$307.28$409.04
Age 83$121.36$240.72$360.08$479.43
Age 84$134.97$267.93$400.90$533.86
Age 85$150.43$298.86$447.30$595.73

Rates for Females Over 80

Age 80$68.56$135.12$201.69$268.25
Age 81$73.71$145.42$217.12$288.83
Age 82$79.56$157.12$234.68$312.23
Age 83$86.87$171.74$256.61$341.47
Age 84$94.47$186.93$279.40$371.86
Age 85$103.10$204.20$305.31$406.41

For the most accurate prices at any policy amount or age, compare no questions life insurance quotes with our free tool instantly.

How To Apply for Guaranteed Life Insurance Over 80 Years Old

Whether you’re a shopper for yourself or looking for life insurance for elderly parents over 80, it’s important to learn all your options as quickly as possible. This will help you to lock in the lowest rate, while also ensuring that you are still insurable.

Shopping for a no medical exam policy is important. Fortunately, applying is very simple and requires only a little information. The best way to apply is to work with one of our independent agent who can shop around across all life insurance carriers to find the best life insurance for your situation.

Fill out the quote tool on this page, and give us a call to find your best life insurance policy for seniors over 80 years old. It’s all free!

About Jeff Root & Guaranteed Issue Life
About Jeff Root & Guaranteed Issue Life

Jeff Root is the author of The Digital Life Insurance Agent and host of the Modern Life Insurance Selling Podcast.

Guaranteed Issue Life is a nationally licensed agency, that has helped over 1500 consumers purchase guaranteed issue life insurance. We represent over 30 life insurance companies & transact business in every state.

All content on this site has been written by life insurance experts & licensed life insurance agents.

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