If you’re in the market for life insurance for seniors over 80, you have more choices than you may realize. Like any insurance, you should shop around to find the best deals since premiums for life insurance over 80 can get pretty high.
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We’ve rounded up the top life insurance companies for seniors over 80 and shared them with you below!
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Top Life Insurance Companies for Seniors over 80
FeaturesMassMutual offers more flexible options for seniors than most insurance companies. It’s one of the top companies in whole life insurance for seniors, but they don’t have guaranteed issue policies, which can be bad for seniors with health issues. Because their policy is whole life, it can earn dividends, and if you live long enough, you may even borrow against it.
|Your beneficiaries get a guaranteed death benefit||Seniors must apply in person; online isn’t allowed|
|The policy lasts for your lifetime||You must pass a medical exam|
|Coverage starts at $25,000+|
Type of Policies OfferedFor seniors, MassMutual offers only whole life insurance or permanent life insurance. This is great for seniors who expect to live a long life and have the money to cover the premiums.
Why we recommend itThis is the plan you need if you’re looking for a permanent life insurance policy that will leave your loved ones with a financial legacy.
Mutual of Omaha
FeaturesMutual of Omaha offers competitive prices and a wide selection of life insurance options for seniors over 80. They offer top-of-the-class customer service and have many online capabilities, including online applications.
|Can apply for a new policy up to age 85||Doesn’t offer a wide selection of riders|
|Has both term and whole-life options available||You may have to pass a medical exam|
|Great customer service|
Type of Policies OfferedSeniors can buy a term or whole life policy at Mutual of Omaha. You can apply for a term life insurance policy up to age 80 but renew the policy up until age 95. If you prefer a whole life policy, you can apply until age 85.
Why we recommend itWe love the flexibility Mutual of Omaha provides seniors. You can choose from a term or whole life policy, apply online or in person, and their premiums are quite competitive.
FeaturesSometimes you just need peace of mind that you’ll leave your loved ones with enough money to cover your final expenses, and that’s what AIG offers. It’s a whole life insurance policy with low coverage amounts meant for you to leave for your loved ones to cover your funeral expenses, final medical bills, and other arrangements.
|You can get up to $25,000 in coverage||There’s a 2-year waiting period from your application date|
|The insurance is guaranteed acceptance, so everyone qualifies||Poor customer service|
|You can accelerate your benefits if you have a chronic or terminal illness|
Type of Policies OfferedAIG offers only a final expense policy for seniors, which seniors often need. It’s not a full coverage policy – it leaves just enough to cover your final expenses, but with the option to use the benefits while you’re alive if you’re terminally or chronically ill.
Why we recommend itYou can get final expense insurance up to age 80, which is higher than many other companies, and you don’t have to take a medical exam. Everyone qualifies, even though there is a 2-year waiting period. It can provide your loved ones with the needed funds when you pass if you’re in decent health.
FeaturesTransAmerica offers an excellent selection of life insurance policies for seniors, including term and final expense insurance options. A unique option they offer is the ability to get more coverage on a final expense policy than most companies provide if you secure the policy at a younger age (starting at age 56).
|Has the highest age range for seniors to get life insurance||You must get the policy through an agent. There’s no online application|
|Provides options for term and permanent life insurance||Lower coverage limits if you’re over 76|
|Caters to seniors|
Type of Policies OfferedAs we said earlier, TransAmerica offers both term and final expense insurance. Term life insurance is good for a specific period and then expires. Final expense insurance is permanent but offers lower coverage amounts because it’s only for final expenses. Seniors up to age 85 can get coverage that sets them apart from the rest.
Why we recommend itTransAmerica is best for seniors over 80 who have no other options. TransAmerica caters to older seniors, setting you up with a final expense insurance policy so you can leave your loved ones with funds to cover your final arrangements.
FeaturesPrudential is known for its living benefits, a feature many seniors want. Living benefits are benefits you can use while alive, such as when you’re diagnosed with a terminal or chronic illness and need help paying the costs. Prudential is also one of the country’s most well-known life insurance companies.
|Pays out up to 100% of your death benefit as living benefits if needed||No whole life insurance option|
|Offers term and universal life policies||Customer service is lacking|
|Has many more options for seniors than other companies|
Type of Policies OfferedYou won’t find whole life insurance policies at Prudential, but they offer term and universal life policies (a cross between term and whole life insurance).
Why we recommend itIf you’re worried about what would happen if you fell ill, a Prudential life insurance policy provides the perfect peace of mind. You’ll have access to up to 100% of your death benefits if you have a chronic or terminal illness.
Always shop around and get the best rates for your life insurance, especially if you’re a senior over 80 years old. There are many options, but as you might have guessed, the rates can get high because the risk of a payout is much higher than for younger people.