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Can You Buy Life Insurance in Your 80s?

Can You Buy Life Insurance in Your 80s?

Life insurance at any age can be a crucial part of financial planning, but what if you're in your 80s?

Can you still buy life insurance and is it worth the investment?

Many seniors and their families have these questions.

Let's dive in to uncover answers and provide you with the information needed to make an informed decision.

Quick Overview

Yes, you can buy life insurance in your 80s, though options may be more limited and premiums higher compared to younger ages.

Policies like guaranteed issue life insurance, which typically require no medical exam, are available and can help cover final expenses.

However, it's important to carefully review the terms and conditions, as some policies may have graded death benefits or other restrictions.

Guide to Buying Life Insurance in Your 80's

Yes – You Can Get Insured

Yes, you can buy life insurance in your 80s, though the options may be more limited and the costs higher than for younger individuals.

Understanding these options will help you determine the best policy for your needs.

The primary life insurance choices available at this age include term life, whole life, and guaranteed issue life insurance.

Term Life Insurance

Term life insurance provides coverage for a specific period. However, finding term policies for people in their 80s can be challenging.

Most insurers cap term life insurance eligibility at age 75 or 80. If available, premiums can be quite high due to the increased risk associated with advanced age.

Whole Life Insurance

Whole life insurance, a type of permanent life insurance, remains in force as long as premiums are paid.

This policy builds cash value over time, which can be borrowed against if needed.

For seniors in their 80s, premiums are higher compared to those for younger policyholders, but the benefit of lifelong coverage can be appealing.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance, also known as guaranteed acceptance life insurance, is specifically designed for seniors who may have health issues.

These policies don't require medical exams or health questions, making them an attractive option for individuals in their 80s.

However, they tend to have lower coverage limits and higher premiums. Get a FREE Quote.

Consider Cost

When considering life insurance in your 80s, costs are a significant factor.

Premiums are influenced by age, health, and the type of policy.

According to the American Council of Life Insurers (ACLI), the average monthly premium for guaranteed issue life insurance ranges from $50 to $300 for older adults, depending on the coverage amount.

For example, a policy with a $10,000 death benefit might cost around $75 to $150 per month for someone in their 80s. While this can be a substantial expenditure on a fixed income, it's crucial to weigh the costs against the potential benefits, such as covering final expenses or leaving a financial legacy. Compare life insurance quotes.

Evaluate Your Needs

Making an informed decision about life insurance in your 80s involves evaluating both your financial situation and coverage needs.

If you're primarily concerned about easing the financial burden on your family, a policy that covers funeral costs and final expenses could be sufficient.

Average Cost of a Funeral and Burial

The National Funeral Directors Association (NFDA) has reported that the median cost of a funeral with viewing and burial is around $9,000.

A guaranteed issue life insurance policy can cover this expense, ensuring your family is not left with the financial pressure during a difficult time.

Leaving a Legacy

For those interested in leaving a larger legacy, a whole life insurance policy might be more appropriate, despite the higher premiums. The cash value component can also offer some financial flexibility, providing peace of mind in later years.

Choosing an Insurance Company

Buying life insurance in your 80s isn't just about coverage, but also about choosing the right provider. Several companies specialize in policies for seniors, offering various plans tailored to your needs. It’s essential to compare these providers for the best rates and services.

Leading Life Insurers

Some top insurers for over 80 life insurance include Mutual of Omaha, AARP, and Globe Life. These companies offer competitive rates and policies specifically designed for older adults. Reading reviews and seeking advice from a financial advisor can help you select the most suitable provider.

Graded Benefits

It's important to note that guaranteed issue life insurance policies typically have a graded death benefit for the first two years.

This means that if the insured passes away during this period, the beneficiaries might receive only a portion of the death benefit or just the premiums paid plus interest.

This aspect should be carefully considered when evaluating policy options.

No Medical Exam Plans

While the absence of a medical exam is appealing, it's also a trade-off. These policies are generally more expensive and provide lower coverage amounts compared to medically underwritten policies.

Therefore, those in relatively good health might benefit from exploring all available options, including policies that require some medical information.

Financial Planning

Planning for the future involves more than just life insurance. Seniors should also consider other aspects of financial planning, such as wills, estate planning, and healthcare directives.

Life insurance can be an essential part of this comprehensive approach, ensuring that all financial bases are covered.

Example of Coverage in Action

Anecdotes from other seniors can be encouraging.

Take, for example, the story of Martha, an 82-year-old who purchased a guaranteed issue life insurance policy to cover her final expenses.

Despite her pre-existing health conditions, she found a policy with reasonable premiums that gave her peace of mind knowing her family wouldn't be burdened. Get a FREE Quote.

Process to Purchase Coverage

The process of purchasing life insurance in your 80s is relatively straightforward. It generally involves an application form, sometimes a phone interview, and then policy issuance if you qualify.

For guaranteed issue policies, this process can be even quicker since no medical exam is required and no health questions are asked.

Request Free Life Insurance Quotes

To get started, consider requesting free life insurance quotes from multiple providers.

This comparison can highlight the differences in premiums, coverage amounts, and specific policy terms.

Online quote tools make this process easier than ever, providing instant feedback from top insurers.

Understand Your Insurance Policy

Remember to read the fine print. Understanding the terms, such as waiting periods, graded benefits, and exclusions, is vital to ensure you get the coverage that meets your needs. Consulting with a financial advisor can provide further clarity on these aspects.


In conclusion, while buying life insurance in your 80s presents unique challenges, it is certainly possible and can be a wise decision for many seniors. Evaluating your options, understanding the costs, and selecting a reputable provider are key steps in securing the right policy.

If you're financially conscious, health-conscious, or a caregiver helping a loved one, gathering this information is a crucial step towards making an informed choice. Life insurance may not be suitable for everyone, but for many, it offers invaluable peace of mind and financial security.

Ready to explore your options?

Request a free quote today from providers specializing in life insurance for seniors. Gather information, compare policies, and take the first step toward securing your and your family's financial future.

Senior Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 63 top life insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

Highly Recommended – Mutual of Omaha

Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.

  • Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

Can You Buy Life Insurance in Your 80s?

Disclosure: Compensated Affiliate