Guaranteed Issue Life Insurance For Seniors Over 80

Written by Jeff Root

For shoppers in their 80’s, we suggest getting an instant quote for your exact birth date to see 1) if you’re eligible for guaranteed issue life insurance and 2) what your exact rate(s) would be for your desired policy amount. You can use the free quote tool on this page instantly.

If you are are looking for life insurance for seniors over 80, then you know that age plays a major role in eligibility. In fact, looking for guaranteed issue life insurance by age is just as important as price, because different age groups are eligible for different products.

What You’ll Learn

Why Get Life Insurance for Seniors Over 80?
Life Insurance Over 80, No Medical Exam – Available Up to Age 85
Rates for Guaranteed Issue Life Insurance Over 80
Graded Death Benefits
Can Seniors Over 80 Years Old Qualify without a Graded Period?
Advantages of Guaranteed Insurance for Seniors Over 80
Applying for Guaranteed Whole Life Insurance Over 80 Years Old

The Best Life Insurance For Seniors over 80When it comes to guaranteed issue policies, these are best suited for high-risk people with uninsurable conditions. Essentially, this is the policy you’d get if you are considered uninsurable by all other means. With these policies, there are zero health questions, no medical exam, and your acceptance is 100% guaranteed.

In this article, we’ll provide sample policy rates for males and females in their 80’s, discuss the graded period, whether or not it is a good investment at this age range, and what to do next.

For children shopping for life insurance for parents over 80, this article is also written for you.

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.

That said, 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.

Pro Tip: You should ONLY purchase a guaranteed issue policy if you know that you can continue making monthly payments. 

With higher premiums, you may be wondering if this investment is worth it, especially considering the graded period. This is a very reasonable question and we’ll get to that in the section below.

Before we do that, there’s one more very important factor to know if you’re interested in life insurance for elderly over 80.

Life Insurance Over 80, No Medical Exam – Available Up to Age 85

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. There are only a handful of carriers that insure senior into their 80’s and as of today, no one goes beyond age 85.

If you are 86 years or older, we’re sorry, but you are uninsurable. This could change in the future as people live longer, but unfortunately, we’re not there yet.

If you are nearing 86, we urge you to call us today to explore your options before you’re unable to.

Rates for Guaranteed Issue Life Insurance for Elderly Over 80

Aside from age, the other top consideration when shopping for high-risk 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. Unlike some other forms of insurance, your rates are determined based on your age at application, not an upcoming birthday.

For this reason, it is always best to apply as early as possible, especially if you are nearing the age cut-off for life insurance (hint: age 85).

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.

Guaranteed Issue Life Insurance Rates for Senior Males Over 80

 $5,000$10,000$15,000$20,000
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

Guaranteed Issue Life Insurance Rates for Senior Females Over 80

 $5,000$10,000$15,000$20,000
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.

Graded Death Benefits for Seniors Over 80

As a guaranteed whole life policy, you cannot be declined for coverage. This includes seniors or parents over 80 who have serious health impairments and are considered uninsurable. In fact, this is the perfect policy if you ill and unable to get another type of insurance policy.

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.

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 an additional interest. This interest is typically around 10%.

For people in their 80’s who are concerned about the high monthly premium and their longevity, consider this:

Where else can you invest your money right now and receive a guaranteed 10% back on it?

Nowhere as far as we know.

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 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

Can Seniors Over 80 Years Old Qualify without a Graded Period?

Applying for a senior-friendly life insurance policy with no graded period means you must apply for a simplified issue life insurance policy. This is different than a guaranteed issue issue policy.

You must answer some medical questions on the application to qualify for a simplified issue policy. These questions will help the insurance company decide which type of policy you’re eligible for. Also, you must allow your pharmacy and credit reports to be run.

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. The qualifying medical conditions for a guaranteed issue policy are always more severe.

There’s no way to be sure if you’ll pass the medical questions, so it’s always best to talk with an expert who can help.

Advantages of Guaranteed Burial Insurance for Seniors Over 80

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.

As you become older, these benefits could be helpful financially to you and your family.

Applying for Guaranteed Whole Life Insurance Over 80 Years Old

Whether you’re a shopper for yourself, or looking for life insurance for parents over 80, we recommend learning about your options as quickly as possible. This will help you to lock in the lowest rate, while also ensuring that you are still insurable. Remember, guaranteed issue policies are only available to people up to age 85.

Shopping for a no questions policy by age is important, which is so true for seniors. Fortunately, applying is very simple and requires little information. The best way to do so is to work with an independent agent who can shop around across all carriers that to find the best life insurance for seniors over 80 years old.

Working with an independent agency (like us) will give you the ultimate flexibility to choose the policy that’s right for you. So don’t wait another day! Give us a chance to earn your business and help you through this important decision.

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.

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