Best Life Insurance for Seniors over 80

life insurance for seniors over 80

Have you been told finding life insurance for seniors over 80 is impossible? Maybe you have been recently turned down for life insurance or had an AARP life insurance policy that expired when you turned 80 years old. Regardless of the season of life you are in, life insurance for seniors over 80 – IS POSSIBLE. In fact, Assurance Life has several companies that will offer you coverage up to 85 years old and a few up to age 89. Hopefully this article will help clear up some misconceptions about buying life insurance in the later years of life and also help educate you on what types of plans and policies are available to you or your parents for those in their 80’s.

If you would like to see INSTANT online quotes from several life insurance companies – click the GET QUOTES NOW on the left of the page. If not continue reading for more information about life insurance for seniors over 80 years old.


Options Available – Life Insurance for Seniors over 80

There are two common types of insurance, term and whole life.  Term insurance is for a designated amount of time and expires when the policy time frame runs out.  Whole life insurance does not expire and the policy stays active for the insured’s whole life.  For seniors over 80, Term insurance is not an option when you reach over 80 years old. In fact, most term insurance companies stop offering coverage over 75 years old.

So that leaves the whole life insurance option for those of you buying life insurance in your 80’s.  Buying a whole life insurance policy will be your best bet AND only option.  This option is perfect for those in their 80’s because you want a policy that will last for your WHOLE life and doesn’t expire.

More about Whole Life Insurance for Seniors over 80

life insurance for seniors over 80

Whole life insurance can also be referred to as burial insurance, funeral insurance, and senior final expense life insurance. Whole life insurance is a perfect life insurance policy for those needing a small plan in place in their 80’s, so their funeral expenses are covered when they pass.

Buying a whole life insurance policy most often will prevent your family from having a financial hardship at the time of your death. Plus, the last thing that anyone would ever want is to be remembered as a burden by their family members. So, call us now at 800-517-0810 and one of our licensed specialists can assist you with the best life insurance for seniors over 80.

Whole Life Insurance Benefits:

  • NO medical exams EVER
  • Available up to age 89 years old
  • Policy can’t be cancelled due to age or health
  • Your monthly payments will NEVER increase
  • Easy application process
  • Simplified underwriting
  • Affordable payment options
  • No health questions -on guaranteed issue plans
  • $5,000 to $40,000 face amounts available

Different Levels of Coverage Available

Level/Preferred Whole Life Insurance – Preferred whole life insurance starts immediately. This means once your first premium is drafted out of your account, your policy is active. Preferred whole life insurance is the best plan available because it doesn’t have a waiting period and the premium rates are the LOWEST. 90 percent of all of Assurance Life’s clients qualify for preferred/level coverage. Preferred coverage is usually for healthy clients or those with a few health conditions.  Due to your age, frequently clients seeking life insurance for seniors over 80 think they are worse off than they really are but when you consider that 90% of applicants qualify for preferred coverage, there is a good chance that you will too!

Graded Benefit Whole Life Insurance –  A graded policy is for those clients who can’t get approved for preferred level coverage. Here is how graded benefit whole life insurance works. The policy still goes into effect upon receipt of the first payment but instead of paying out the full death benefit, the death benefit is phased in over a two-year period.  For example, if you were to pass away within the first year of taking out your policy – some insurance companies would pay out 30 percent of your death benefit in year one.

In the second year, 70 percent is most common. (this depends on the company) After two years, the entire death benefit would be paid out to your beneficiary. So, graded benefit whole life insurance can be best described as a phased in death benefit payout for the first two years after you purchase your policy.

Guaranteed Issue Whole Life Insurance – Best for those clients with severe health conditions. Many times those needing life insurance for seniors over 80 have some medical conditions that may affect approval. If needed we can use a guaranteed issue application where no health questions are asked on the application and ALL who apply are Guaranteed Approved. Guaranteed issue whole life insurance should ALWAYS be your last option.

Since no health questions are asked, the premiums are more expensive and ALL guaranteed issue policies come with a standard 2 year waiting period. If you were to die within 2 years of purchasing your policy, you would get ALL your money back plus 10 percent interest. After two years, the death benefit would be paid in full. However, if you were to die accidently, your death benefit would be paid immediately without a waiting period.

How to Buy Life Insurance for Seniors over 80

life insurance for seniors over 80

Assurance Life always recommends using a life insurance broker who has access to several different life insurance companies. This way – you can shop ALL the different companies to find the best PRICE and best PLAN for your current health conditions. Assurance Life has access to over 25 of the best whole life insurance companies in the US so finding the CORRECT policy for you won’t be a problem. Call us at 888-510-1381 to start the process for life insurance for seniors over 80.

If you would like to compare quotes from several different companies, you can click Get Quotes Now on the left of the page. After viewing the quotes, you can submit an application request to start the process. Then one of our licensed agents will contact you with more details.

What to Expect When Applying

The application process and underwriting for ALL whole life insurance policies is very simple compared to other traditional life insurance products. Most of our clients are approved INSTANTLY or usually within 24 hours of applying. Most whole life insurance companies just ask yes or no questions on their applications. It’s very cut and dry. You either say YES OR NO to the questions asked.

Once the application is completed, we are able to let you know if you have instant approval or if it with be within 24 hours. Assurance Life has access to over 25 different life insurance companies. We are able to place you with the best company based on the underwriting guidelines that fit your age and health profile. The wording of the application health questions can vary amongst the different companies. One WORD can make or break you sometimes. This is why working with an expert who has knowledge in field underwriting is so important. Assurance Life knows these company applications inside and out because we work with these companies DAILY.

Besides your answers to the health questions, companies will also look at your prescription history and review your MIB file as well. MIB stands for Medical Information Bureau. Life insurance companies use the MIB to check your past application records for misrepresentation or fraud. This why its important to answer ALL life insurance application questions openly and honestly.

After approval, we set up a payment date that works for your budget and financial needs. When applying for whole life insurance for seniors over 80, time is of the essence because placement is based on age and health. You won’t usually get younger or healthier than you are today…. don’t delay and let us get you protected now.