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Life Insurance for Seniors Over 80 Helps In Paying Long Term Care: Learn How

If you are a senior over the age of 80, considering a life insurance policy should be a priority. This type of life coverage can cover expenses such as outstanding debts and funeral expenses and help preserve your family’s financial stability.

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Advice on Life Insurance for Seniors Over 80

Why do you need one?

If you do not have enough money put aside to cover these costs, purchasing a life policy is your best option. You should buy one of these policies as quickly as possible to secure affordable premiums.

A lot of people assume that they don’t need any sort of life cover. However, this is the best way to cover funeral and burial expenses. The cost of funerals keeps going up, and most people don’t have enough money saved up for such expenditures.

Know Funeral Cost:

In most cases, a funeral will cost between $7,000 and $10,000. A funeral might cost more if your family decides to spend more on the floral arrangement or the ceremony. Having a large family attend the funeral can cause the price to go up. Passing away without leaving enough money to cover the cost of a funeral would be a burden for your family. Having to arrange and pay for a funeral in a short amount of time can be stressful.

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Cover The Cost Of Your Funeral

Don’t let your family pay for your funeral. You can help them out by subscribing to an insurance policy that will cover these expenses. The right policy will help secure the financial security of your surviving spouse, and your children or grandchildren won’t have to come up with the money needed for the funeral.

You might think that finding the best life insurance for seniors over 80 is not easy. Keep reading to find out more about buying life insurance after 80.

Health Status and Life Insurance for Elderly Over 80:

Senior Man Running to Keep Fit
Yes, Health is Wealth!

You will be able to secure affordable premiums if you don’t have any major health problems. You should be able to find a life insurance policy for over 80 with a low premium if you did not undergo a major surgery recently and had not been diagnosed with a serious medical condition.

But you will probably have to pass some medical tests and prove that you don’t smoke or consume alcohol.

Quit Smoking Or Drinking

Drinking or smoking regularly can have negative consequences on your health. You will be able to secure lower premiums for your life insurance plan if you quit smoking and drinking twelve months before applying. Premiums will more than likely be a little higher if you apply before a full year. Your body won’t be able to recover quickly if you become sick.

Quitting smoking and drinking will help you stay healthier besides making life insurance more affordable.

What If You Have Minor Health Problems?

Suffering from a minor health condition should not have any impact on your premiums. If you have a condition that could affect your premiums, it might be worth it to purchase a no-exam plan. You are guaranteed to be approved for his type of policy but premiums are usually more expensive.

Should you go after a guaranteed issued policy?

Look into purchase a no medical guaranteed acceptance policy if you think you won’t qualify for lower premiums after taking a medical exam. You will be able to buy a decent life coverage without any tests, and the premiums will be more affordable if a health condition would otherwise prevent you from securing low premiums.

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

Should You Buy A Term Or Whole Policy?

There are arguments in favor of term and whole life policies. If you are over the age of 80, it is probably in your best interest to purchase whole life insurance. You will be able to secure a lower premium compared to term life policies. There aren’t a lot of differences between the two policies if you are a senior. In fact, it might be difficult to find a suitable policy once you reach the age of 89.


If you decide to purchase a term policy for the elderly over 80 years that will last for ten years, you won’t be able to buy another type of coverage once your policy expires as you reach the age of 90. Whole life insurance makes more sense since it will last until the time of your death.


Purchasing a whole life coverage means that the cash value of the policy will accumulate over the years. The death benefits are tax-deferred, and your family will receive a lump sum from the insurance provider at the time of your death.

A term life policy has the same advantages as far as premiums, benefits and availability are concerned.

When you only need to cover funeral costs:

Burial insurance can be a smart choice for the elderly. It is inexpensive, and you are not required to sit for a medical examination as well. A $20k coverage is enough to cover the burial expense, and the premium won’t break the bank as well.

Get free insurance quotes from us and compare them before making the final decision.

Is A Graded Life Insurance A Good Option?

If you are over the age of 80, a graded premium policy could also be a good choice. You would not qualify for the entire death benefit if you were to pass within two or three years of purchasing the policy. Once the policy has matured, your family will receive the full death benefit.

The 2013 National Vital Statistics report states that the average lifespan in the U.S. is 79 years, which means that insurance providers do not really target clients over that age.

A graded insurance policy is a good option since your benefit will correspond to what you spent on premiums plus interests. You can qualify for a plan with an interest rate between 4% to 10% if you are over 80.

How Can You Choose The Right Insurance Company and Policy?

Ways to Finding Affordable Life InsuranceYou should get help from an agent or independent broker if you are not sure which insurance provider would be the right choice for you. These professionals know all about insurance policies and will be able to recommend an insurance provider and a policy adapted to your needs.

Click here to find out more about the best deals available at the moment and to get in touch with some of the most trusted and experienced life insurance companies.

Look for an insurance provider with a good reputation and make sure they have been around for several years. There are scammers who pose as life insurance providers and the best way to avoid falling for a scam is to do some research.

How Can I Compare Prices Online?

You should request quotes from a few different insurance providers so you can compare premiums. We can help you obtain no-obligation quotes that will help you find the most affordable policy.

Click here to request free quotes. You could save as much as 70% on your premiums by shopping around and comparing quotes.

Being over the age of 80 doesn’t mean you won’t be able to find an affordable life insurance policy. Purchasing the right policy will provide you with peace of mind and will help your family.

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