Life Insurance for Seniors Over 80

Advice on Life Insurance for Seniors Over 80The life insurance for seniors over 80 is necessary to obtain as it can save money and secure your family financially in future. If you didn’t save enough money in the bank for funeral expense, outstanding debts, and other expenses, then you should consider getting a senior life insurance. You have to take a quick action for better coverage and affordable premium.

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Those who always think that life insurance is not necessary at all should understand the fact that funeral and burial expense has become a concern for everyone today. The cost is escalating in every year.

How Much does Funeral Cost in the USA?

This is almost impossible today to complete the funeral event within $7,000 in the USA. The amount can be as high as $10,000 or more depending on how much floral arrangement you want, the number of relatives invited, burial plot and so on. The amount is going to be a burden for your family in the event you pass away. This would be tough for the family members to arrange this money within a short period if you didn’t arrange it.

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Be a proud elder:

As a conscious and responsible father and grandfather, you shouldn’t leave your family in such an awkward situation. Besides this, the financial security of your spouse and dependent grandchild is something you need to consider too. When you past 80, it is very challenging to get an affordable premium but not out of hand. In this article, you will learn how to find the best life insurance for seniors over 80. Learn more about getting a burial insurance here.

Health Status and Life Insurance for Seniors Over 80:

Senior Man Running to Keep Fit

Yes, Health is Wealth!

To get life coverage at the age over 80, it is still important to show that you have a fit and sound body without any major health diseases. This is one of the key points in getting an affordable premium according to the insurance providers. If you are not suffering from any major health diseases, or you had no major surgery in the recent past, you should be eligible for a lower premium. You might need to undergo some medical tests as well which examines that you don’t smoke or alcoholic.

Do you smoke or drink regularly?

You should know that smoking and drinking habit is devastating for the health. You must quit such bad habits at least 12 months before applying for a life insurance policy otherwise, the premium will be higher. At the age of 80, people often get various diseases, and they hardly can recover from those quickly. The body becomes less protective from diseases, and the outcome can turn into a big disaster.

I have minor health problems..

The minor health concerns such as colds, fever, cough and other curable diseases may not become the headache of the insurer. There is no-exam life insurance available for seniors over 80 which is guaranteed but expensive.

Although the premium is on the higher side, you should always look for no medical guaranteed acceptance policy. This type of plan doesn’t require any medical test. So you have to decide which one is cheaper for you. A regular policy with health issues or policy without a medical test.

Must Read5 tips for seniors to keep the body healthy and fit even at 80 and further.

Suitable Life Insurance Option – Term vs. Whole Policy:

There is always a big debate between two most traditional life insurance policies available in the market – term life insurance and who life insurance. But for someone who is over 80, the whole or permanent life insurance probably offer more benefits. Usually, the premium of term life insurance is lower than the others, but for seniors, there aren’t many differences. When you turn to 89, you hardly find any insurance company is offering a suitable policy for you.

So, if you buy a 10 year term for seniors over 80 years and after it expires, there is no other option available for you. So, whole life insurance is more appropriate for a senior citizen over 80 years. The policy will come to an end after your death.

Also, a cash value accumulates in this type of plan and death benefits are tax deferred. At the day you pass away, your family will get a lump sum from the provider. On the other hand, term life policy can be equally beneficial considering the premium, benefits and availability.

Get free life insurance quotes from us and compare before taking the final decision.

What is a Graded Life Insurance?

There is another one you can consider at 80; that is graded life insurance plan. In this plan, the policyholder won’t get the full death benefits if he passes within the first two or three years of the policy. This is the time require for the policy to mature. The life expectancy is approximately 79 years in the USA according to 2013 National Vital Statistics report. So, when you are at this stage, the insurers assumes that you have very less time in life. As a result they don’t pay much attention to such people, unfortunately. But the graded insurance program ensures that the policyholder gets the full return of premiums with interest. The interest rate of life insurance for seniors over 80 is 4% to 10%.

How to Find the Right Provider and Policy?

Ways to Finding Affordable Life InsuranceIf you are looking for a life insurance for seniors over 80, then find an independent broker or agent who has been doing this business for years. They are experienced and can understand your situation. You can’t find a better person to do the job for you as they can research the best deal after analyzing your financial status and market offers. We are connected with some of the most trusted life insurance companies in the USA. You can get the best deal by clicking here.

When you are in search of a reliable life insurance company, make sure the provider has a sustainable reputation over a very long time. Life insurance scam is not rare and happening few times every year. This is shocking to read some of the incidents occurred recently in 2015.

Be aware of scams..

Stephen Strope, allegedly, scammed a couple in Montgomery County, Pennsylvania. The couple wrote a check of $32,000 to Strope in the name of investing money into a flexible premium deferred annuity with American Equity Investment Life Insurance Company.


One more story here from Brooklyn, NY. Life insurance agent stole $2.5 million from clients in the name of life insurance policy.


But we here only deal with the most trusted life insurance companies across the USA, so you find a decent policy and no need to worry at all.

How Can I Grab the Best Rate by Comparing Life Quotes?

You have come to right place as we offer no obligated life insurance quotes for free. You are just one step behind from getting the lowest rate in the market.

To obtain free instant quotes, click here. You can save up to 70% when comparing the rate from more than three sources.

Bottom Line..

This is never too late as long as you want to have the right amount of coverage. The greatest satisfaction is peace of mind. So, act now and make it possible. Happy living.

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