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Can and Should People Over Eighty Buy Life Insurance?

It can be a challenge to find an affordable and useful life insurance policy for a person who is already 80 or 85 years old, but it is quite possible. In fact, some brokers and insurers even specialize in the niche market of finding policies for older people, or for people with health issues.

So one tip could be to find a broker who is familiar with finding… life insurance for the elderly.

Burial Policies Are One Choice For People Over 80

Many people over eighty are just looking for a burial policy. This is a whole life insurance policy with a face value that is usually between $2,500 and $25,000. The death benefit, or face value, is usually intended to cover the costs of funerals and other final expenses. I have seen these marketed for people up to age 85.

Simplified vs. Guaranteed Issue Applications

In order to to get an immediate death benefit, the older person will probably have to be in fairly good health for their age. For those with more severe health conditions, there are graded death benefits. This means that the insurer will use a waiting period instead of health questions to underwrite the policy.

For example, a graded death benefit may pay out the full amount if the insured person survives for 2 years after they accept the policy. If they pass away before that time, the beneficiaries may get some portion of the face value or get the premiums refunded with interest. It is important to understand how the death benefit will be paid out so you can make the best use of the policy you pick.

Term Life For 80 Year Olds

A person in fairly good health, who has passed their 80th birthday, may also be able to find ten year term life policies. A term policy means that it will expire after the time has elapsed, but that it will be cheaper to afford more coverage. You may find term coverage in amounts from $50,000 to $100,000 or even more.

It can be challenging to find term life for 80 year olds, but again, some life insurance brokers and companies do specialize in these types of clients. It will probably help you if you can find a broker who can help you because they will have experience in policies like yours.

Low Cost Premiums Over 80

You probably already know that it will cost more to cover an 83 year old than it would to cover a 73 year old in most cases. So if you already have some life insurance, but just feel like you want to buy more coverage, you should probably just add to your existing coverage. You will probably not do better if you try to replace it!

Women’s premiums will also be cheaper than men’s premiums. This is just because women, as a group, are expected to enjoy slightly longer life spans than men are.

But your final cost of life insurance will depend upon many things. Your age, general health, zip code, type of coverage, and the amount of coverage will be important. The insurer you use will also matter. So it is important to compare your choices before you decide to buy!