Burial Insurance for Seniors Over 80: Affordable Options

Last Updated on: July 25, 2024

Reviewed by Kyle Wilson

burial insurance for seniors over 80

When you’re 80 and older, there are fewer senior life insurance options available than when you were younger, and you won’t be able to buy a large policy. The good news is that at this stage in your life, you don’t need as much coverage as you used to. Most adults in their 80s have paid off large debts like mortgages, have grown children who no longer depend on them, and don’t need a safety net to replace lost income. Plus, they usually have savings and assets covering the debt they leave behind.

When you reach 80, it makes the most sense to buy a whole life policy, especially final expense insurance, to pay for your funeral, burial, and other costs. There are also a few different burial insurance for seniors over 80 policy types you may want to consider along with final expense insurance, especially if you have debt from medical bills or want to leave an inheritance to any of your loved ones.

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Final Expense or burial insurance for seniors over 80

All that most seniors in their 80s searching for life insurance require is cash for burial and other expenses like hospital bills. They do not need whole or term policies for tens or hundreds of thousands of dollars, particularly because the cost of these plans is prohibitively expensive for individuals in their 80s. In many cases, they are not even offered to adults of this age group.

Final expense insurance, the other term used as burial insurance for seniors over 80, is one of the best senior life insurance policies at this age. In addition to low rates, there are many other pros to getting burial insurance over other policies when you’re in your 80s: In addition to low rates, there are many other pros to getting burial insurance over other policies when you’re in your 80s:

  • Even if it has a ‘validity period’, your plan is valid as long as you pay your premiums.
  • Your payments remain constant as long as you make the payment.
  • There are options where you can borrow money on contractual terms with the policy’s cash value.
  • In most cases, you are only required to complete basic health questions on the application rather than undertake a medical examination.
  • The requirements are easy to meet, and the completion of the application takes only a few days to get approved.

What burial insurance for seniors over 80?

All the life insurance companies have final expense insurance policies for seniors who are over 80 years of age. If you are 80 years old with your days precisely at 80 then you can take term life insurance with some companies but you need to pass a medical test. However, if you are over 80, you will be given a chance to apply for a universal life insurance policy but this will require you to undergo a medical examination.

  • Final expense insurance: Term life policy is for a small death benefit often not exceeding $ 50,000 and it covers people with medical conditions, no medical examination is needed. The payout money is intended mainly for burial expenses, but your family members can use it to pay for medical expenses or credit card bills.
  • Guaranteed acceptance: A guaranteed-issue life insurance policy does not need you to even take any physical examination or answer any questions on your health status. They provide you with a guarantee of approval, which is the reason they are called ‘payday’ loans. Since there is no underwriting involved, such policies always come with a two-year waiting period and are generally the most expensive. The coverage options usually start from $2K up to $25K.
  • Traditional whole life insurance: Whole life benefits are fixed, with large minimum and maximum benefit amounts compared to other insurance plans. Typically, you’ll have to invest in a minimum of $50,000 worth of coverage, and it will come with a medical exam if you are 81 years old or older even if you’re obtaining a small amount of coverage. Whole-life policies accumulate cash value and provide lifetime benefits that are guaranteed not to go down.  Plus, the price remains the same forever.
  • Term life insurance: Temporary life insurance that has a specific period of validity and will be taken out of force after the stipulated time. Once the policy is over the insurer takes your money and you have no cover. Yes, if one is 80 years old and if he can claim for term insurance, at most it can take up to ten years max. In case you purchase a 10-year term policy at age 80, it will end when you attain the age of 90, without insurance coverage. The only reason that one would consider purchasing a term life insurance policy at this age is if there is a temporary obligation that needs to be met, such as financial obligations. When you get to 81 years, you cannot apply for a term policy anymore.
  • Universal life insurance: A type of permanent life insurance policy where the cash value earns interest based on various investment classes chosen by the insurer. If the investments underperform, your premiums may rise, or the policy may lapse. These plans also offer payment and cash value flexibility. However, if you pay too little or withdraw too much cash value, your premiums may greatly rise, or the policy may prematurely terminate.

Is it harder to get burial insurance for seniors over 80?

People above 80 years of age commonly have limited prospects when it comes to life insurance, besides paying more than the younger generation. But, the good news is that you can still go for optimal, cheap insurance. This is one of the criteria used to determine who qualifies for burial insurance for seniors over 80. If you are above 80 and you are in the process of buying this policy, you need to do it as soon as possible because the cost rises as you age and there are some life insurance policies that you cannot access when you are above 85.

What is the maximum age to apply for final expense insurance?

Final expense life insurance with burial insurance is available up to the age of 85 for those who meet the requirements. If you are close to being 85, then you need to apply soon so that you get the coverage. If you are now considering yourself an elderly person and believe that you need life insurance but the final expense sounds more like something that you do not need, you can visit burial insurance and look at their offerings for seniors.

How Much Does Burial Insurance For Seniors Over 80 Cost?

Seniors over can expect to pay $100-$200 monthly for a $10,000-$20,000 final expense policy. If you’re 80 (not ≥ 81), a $100,000 10-year term policy will cost roughly $200-$300 per month. Remember that the exact price depends on your age, gender, the amount of coverage you want, and your health.

See the whole life rate table below for sample monthly final expense life insurance quotes for the older adults over 80.

Age & Gender

$10,000

$25,000

Female age 80

$98

$241

Male age 80

$135

$332

Female age 81

$106

$261

Male age 81

$143

$353

Female age 82

$114

$280

Male age 82

$153

$376

Female age 83

$121

$298

Male age 83

$162

$400

Female age 84

$129

$317

Male age 84

$171

$423

Female age 85

$136

$335

Male age 85

$178

$440

Female age 86

$171

$423

Male age 86

$236

$585

Female age 87

$206

$510

Male age 87

$277

$686

Female age 88

$239

$596

Male age 88

$317

$788

Female age 89

$260

$683

Male age 89

$357

$888

Can Seniors Over 80 Get Life Insurance With No Waiting Period?

Those over the age of 80 can secure a life insurance plan that will not require the applicants to wait for any period for them to receive the full face amount of coverage in case of natural or accidental death. However, on average, first-day coverage health insurance plans are available in at least 40 companies that welcome applicants who are 80 and older years.Remember that to get the no waiting period coverage, which will give you peace of mind to know that your claim will not be denied as being preexisting, you have to apply with an insurance company that poses health questions to you. Unlike the medical examination, you are required to answer certain questions regarding your health in your application documents.Any policy that doesn’t require you to answer questions about your health history will always take at least two years on average.Remember that some websites will lie about this issue just so you can click on an advertisement or call them.

Finding final expense insurance for seniors over 80

Final expense insurance can empower you to care for your loved ones even after you’re gone. With the right coverage, you can help them avoid financial distress and set them up for success in the future. To learn more about burial insurance for seniors over 80, you can get a quote online or speak to a licensed life insurance agent today.
References:
https://choicemutual.com/blog/burial-insurance-over-80/
https://fidelitylife.com/life-insurance-basics/senior-life-insurance-101/final-expense-insurance-for-seniors-over-80/
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Senior Writer & Licensed Life Insurance Agent

Iqra is a dynamic and insightful senior writer with a passion for life insurance and financial planning. With over 8 years of hands-on experience in the insurance industry, Iqra has earned a reputation for delivering clear, actionable advice that empowers individuals to make informed decisions about their financial future. At Burial Senior Insurance, she not only excels as a licensed insurance agent but also as a trusted guide who has successfully advised over +1500 clients, helping them navigate the often complex world of life insurance and annuities. Her articles have been featured in top-tier financial publications, making her a respected voice in the industry.

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