Final Expense Insurance For Seniors Over 80: Best Tips

Final Expense Insurance For Seniors Over 80
Final Expense Insurance For Seniors Over 80: Best Tips

Once individuals reach their 80’s life should be fun. Spending time with grandchildren, enjoying a favorite hobby, or simply relaxing is a wonderful way to spend time. An item that may not always be at the forefront of a senior’s mind is the final expenses of life.

Funeral costs can range from $8,000 – $12,000, which is a major burden for family members and loved ones to take on unexpectedly.

Fortunately, there are options for seniors and their families to prepare for and to cover funeral expenses.

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Final Expense Insurance For Seniors Over 80

Senior life insurance plans provide simple and affordable life insurance for the elderly. Specifically designed for people over 60, this insurance coverage comes with permanent benefits and low premiums.

Final expense is also referred to as burial insurance and funeral insurance, or a combination. All of these are a type of whole life insurance that is intended to cover funeral expenses.

What separates senior funeral expense coverage from a traditional whole life insurance policy are two important factors.

Simplified Issue: This means there is a simple and easy application process. Elderly seniors will not need to get a medical exam. Instead, the applicant will be asked to answer a series of health questions over the phone from the comfort of their home. Seniors can expect this process to take roughly 30 minutes.

Lower Coverage Amounts: The coverage amounts typically range from $2,000 – $40,000. This allows the monthly premium to be much more affordable while still offering the permanent benefits of a whole life policy.

Senior Final Expense Insurance Benefits

Every whole life insurance policy comes with three fundamental advantages.

Price Lock: The price will never increase. This is a top priority for many seniors over 80 who are on a fixed income. Understanding the monthly price and knowing that it will never change is a wonderful benefit for senior citizens.

Coverage Lock: The policy amount will never decrease or terminate. The locked-in death benefit guarantees financial protection for your family, so you will not leave them in a vulnerable situation after your passing.

Builds Cash Value: For each payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed against if needed.

Death Benefit Uses

There are no regulations on what final expense insurance can cover. However, it is commonly used to cover the funeral expenses of the insured. Burial/cremation fees, outstanding bills, funeral services, and charity donations are what beneficiaries commonly use the money on.

Quotes for Seniors Over 80

The chart below shows a range of funeral insurance quotes that a senior over 80 years old can expect to pay. To get personalized final expense quotes for any age, enter your information into the quote machine on this page.

The healthier the person applying is, the lower the monthly premium will be. By contrast, the more pre-existing medical concerns someone has, the higher their quotes will be.


Non-Smoking Monthly Premiums

Age $10,000 $15,000 $20,000
80 $98 – $165 $146 – $245 $194 – $326
81 $106 – $173 $158 – $258 $209 – $342
82 $114 – $177 $169 – $264 $225 – $351
83 $121 – $181 $180 – $270 $239 – $359
84 $129 – $186 $191 – $278 $254 – $369
85 $136 – $191 $202 – $284 $269 – $377
86 $171 – $207 $255 – $309 $339 – $411
87 $206 – $224 $307 – $334 $408 – $444
88 $241 – $250 $359 – $373 $478 – $496


Non-Smoking Monthly Premiums

Age $10,000 $15,000 $20,000
80 $140 – $232 $208 – $346 $276 – $461
81 $150 – $246 $223 – $366 $297 – $487
82 $160 – $269 $239 – $379 $317 – $504
83 $171 – $271 $255 – $404 $339 – $537
84 $182 – $284 $271 – $424 $361 – $564
85 $193 – $301 $288 – $449 $382 – $597
86 $236 – $318 $353 – $475 $469 – $632
87 $277 – $335 $413 – $500 $550 – $666
88 $317 – $352 $474 – $526 $631 – $701

Price: How is it Calculated?

Four key factors will dictate the price that senior citizens will pay.

Health: Your health will be the biggest factor when determining the expense. The more medical issues a person has had, the higher risk it is for the life insurance company to cover. With higher risk comes higher burial insurance quotes.

Age: When elderly seniors take out funeral insurance plans, the price will never change. However, the longer they wait, the higher the monthly price will be.

Gender: Males will pay more for coverage than females. On average in the United States, women live four years longer than men. Meaning senior men over age 80 are at higher risk to cover.

Policy Amount: The more coverage that is taken out, the higher the monthly cost will be.

elderly senior woman sitting in high-back chair

What Is The Best Life Insurance For Seniors Over 80 Years Old?

Our top 3 recommendations in regards to funeral insurance for seniors over 80 are listed below. To apply for any of the policies below, speak with an agent who represents these carriers.

Mutual of Omaha

This is a great company for healthy seniors up to age 85. Mutual of Omaha’s Living Promise Level policy offers some of the lowest rates on the market.

  • New Policy Age Eligibility: 45 – 85
  • Coverage Amounts for 80 – 85: $2,000 – $40,000
  • State Availability: 49 states & DC (excluding NY)
  • Waiting Period: No

Aetna (CVS)

Aetna has two policies that provide immediate coverage for seniors as old as 89. These plans have more lenient qualifying criteria than Mutual of Omaha, still at very affordable rates.

  • New Policy Age Eligibility: 40 – 89
  • Coverage Amounts for 80 – 89: $2,000 – $25,000
  • State Availability: 48 states & DC (excluding MA & NY)
  • Waiting Period: No

Guarantee Trust Life

This policy is not a guaranteed issue policy, but it accepts the majority of preexisting conditions. Not only is it extremely lenient, but it has a better payout structure during the waiting period and accepts seniors up to 90! Due to the underwriting criteria, this policy will be more expensive than the two plans listed above.

  • New Policy Age Eligibility: 40 – 90
  • Coverage Amounts for 80 – 85: $2,500 – $20,000
  • Coverage Amounts for 86 – 90: $2,500 – $10,000
  • State Availability: 48 states & DC (excluding CA & NY)
  • Waiting Period: 2-years (partial coverage after year 1)

Seniors Insurance Plans to Avoid

Plans to avoid are pretty easy to spot. If it seems like coverage is too easy to obtain, then you should steer clear. This includes direct promotional materials in the mail or TV commercials advertising final expense life insurance for seniors over 80 with no medical exam or health questions.

Many other options will be more friendly on your wallet and a better policy structure for you and your family.

Policies from the following companies should be looked over thoroughly before purchasing.

Lincoln Heritage

This company only sells burial life insurance, but their Funeral Advantage plan is more expensive than the recommended companies above and is harder to qualify for. To see a full list of qualifying criteria and quotes, read our full review on Lincoln Heritage life insurance.

  • New Policy Age Eligibility: 40 – 85
  • Coverage Amounts for 80 – 85: $20,000
  • State Availability: 49 states & DC (excluding NY)
  • Waiting Period: No

Colonial Penn

The flagship product for Colonial Penn is their Guaranteed Acceptance plan. This coverage is overpriced and confusing. Read our full review on Colonial Penn burial insurance to understand the pricing and coverage options. Just know that it is overpriced compared to most other guaranteed acceptance plans on the market for seniors over 80.

  • New Policy Age Eligibility: 50 – 85
  • Coverage Amounts for 80 – 85: $620 – $5,724 (depending on age)
  • State Availability: 49 states & DC (excluding NY)
  • Waiting Period: 2-years

happy senior couple on couch

FAQs From Seniors Over 80

This is a list of the most common questions asked about burial insurance for seniors over 80.

Will I have a Waiting Period?

Every life insurance company sets its own health and age criteria. Some carriers do not provide burial insurance over 80, but some offer up to 89 and 90 years old. Depending on which plan someone qualifies for, the policy structure and price point will differ.

Some policies have delayed coverage, while other final expense coverage has no waiting period. This depends on the health of the applicant and each company’s underwriting restrictions.

Especially after 80, seniors should always attempt to get immediate coverage. Work with an agent who has access to multiple insurance providers to have the best chance of hitting this goal.

Can You Get Life Insurance if You are Over 80?

Elderly seniors over 80 are the perfect candidates for final expense life insurance. Because your life insurance coverage needs are likely smaller than someone younger, smaller policy terms could provide the ideal protection.

Is there Life Insurance for Seniors Over 85?

There are a few companies that offer final expense life insurance for seniors over 85. Aetna and Guaranteed Trust Life are two companies that offer insurance coverage to seniors through their 80s. The cost is going to be higher the longer you wait to get coverage, especially after 80.

Can I Purchase Final Expense Coverage for a Parent or Grandparent?

You can buy funeral insurance for a parent or grandparent. However, there are steps that you and the insurance broker need to take to make the policy valid.

The proposed insured senior will need to be involved in the application process. This includes signing their name and having the mental capacity to understand what they agree to.

Insurance coverage cannot be taken out on someone without their knowledge and consent.

Is it Difficult to Find Life Insurance Coverage for Seniors Over 80?

Many of the top funeral insurance companies offer coverage after turning 80. In fact, most life insurance companies provide initial protection to healthy seniors up to 85 years old. However, options are limited when looking for final expense insurance for seniors over 85.

Just because the selection is limited does not mean that the elderly cannot get insurance coverage. To get the best burial insurance for seniors over 80, work with an agent who has access to many insurance companies.

What Plan Can I Qualify For?

The first step to better understand your best burial coverage options is by working with an insurance broker with access to multiple providers for elderly seniors over 80. This will ensure you find funeral insurance quotes that are the most optimized for your specific situation.

Willamette Life specializes in final expense life insurance. We find the best plans for seniors of all ages to protect their families. 

Call us at 844-576-0019

senior over 80 looking at camera

Final Thoughts

a. Final expense insurance for seniors over 80 is an affordable and simple plan to prepare for funeral expenses left behind. For a low monthly payment, families will have the financial resources needed to celebrate the deceased’s life.

b. Getting life insurance over 80 is possible. There are burial plans available with waiting periods and no waiting periods. What someone can qualify for depends on the age and the medical history of the applicant.

c. Work with an insurance broker that has access to multiple burial insurance companies. This will nearly guarantee that families find the best burial insurance plans for the lowest price.

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