Best Life Insurance Deals for Seniors Age 80 in 2024: Don’t Miss Out!

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Written By kevin

A financial strategist with a knack for demystifying taxes and insurance, Kevin distills complex concepts into actionable advice.

As we age, securing financial protection for our loved ones becomes increasingly crucial. Life insurance plays a vital role in safeguarding their well-being, even in our later years. However, finding suitable coverage at age 80 and beyond can be challenging due to common misconceptions and unique considerations. This article aims to dispel those myths and provide a comprehensive guide to the best life insurance deals for seniors over 80 in 2024.

While it’s true that life insurance premiums tend to rise with age, and some insurers may have age limits or stricter underwriting criteria, there are still viable options available. By understanding the different policy types, application processes, and cost factors, seniors can make informed decisions and secure the right coverage to meet their needs.

Types of Life Insurance for Seniors Over 80

Final Expense/Burial Insurance

One of the most popular choices for seniors over 80 is final expense or burial insurance. These are simplified whole life policies designed specifically to cover end-of-life expenses, such as funeral costs, outstanding medical bills, and other debts.

Key Features:

  • Coverage amounts typically range from $5,000 to $25,000
  • No medical exam required, guaranteed acceptance (subject to age limits)
  • Premiums remain level for life
  • Limited underwriting, making approval easier for those with health conditions

Top Providers:

  • Mutual of Omaha: Offers final expense coverage up to $25,000 for ages 45-85 (50-75 in NY)
  • Gerber Life: Guaranteed issue policies up to $25,000 for ages 50-80
  • Foresters Financial: Final expense plans from $5,000 to $35,000 for ages 50-85

Simplified/Guaranteed Issue Whole Life Insurance

Similar to final expense insurance, these whole life policies offer streamlined underwriting and guaranteed acceptance, but with higher coverage limits.

Key Features:

  • Coverage amounts up to $40,000 or more
  • No medical exam, but may require answering health questions
  • Graded or limited benefits during the first two years
  • Higher premiums than final expense insurance

Top Providers:

  • Mutual of Omaha: Guaranteed issue whole life up to $25,000 for ages 45-85 (50-75 in NY)
  • Gerber Life: Guaranteed issue whole life up to $25,000 for ages 50-80
  • AIG: Guaranteed issue whole life up to $25,000 for ages 50-85

Term Life Insurance (if available)

While less common for seniors over 80, some insurers may still offer term life insurance policies, albeit with limited term lengths and higher premiums.

Key Features:

  • Temporary coverage for a specific term (e.g., 5, 10, or 15 years)
  • Lower premiums than permanent policies, but coverage expires at the end of the term
  • Strict underwriting and eligibility criteria based on age and health

Potential Providers:

  • Banner Life (Legal & General America): Term life up to age 80, with maximum 10-year term
  • Prudential: Term life up to age 80, with maximum 10-year term
  • Protective Life: Term life up to age 80, with maximum 15-year term

How to Choose the Right Life Insurance Policy

When selecting a life insurance policy as a senior over 80, it’s essential to consider your specific financial needs, goals, and budget. Here are some key factors to evaluate:

  1. Coverage Amount: Determine how much coverage you need based on your outstanding debts, final expenses, and any desired legacy or inheritance for your loved ones.
  2. Affordability: Compare premium costs across different policy types and providers to find a plan that fits your budget. Burial insurance may be more affordable than larger whole life policies.
  3. Policy Features: Evaluate the waiting periods, cash value accumulation (if any), and any additional riders or benefits offered by different insurers.
  4. Company Ratings: Research the financial strength and customer satisfaction ratings of the insurance companies you’re considering to ensure they have a solid reputation and ability to pay claims.
  5. Beneficiary Designations: Clearly specify your beneficiaries and ensure they understand your wishes for how the death benefit should be used.

Application Process for Seniors

The application process for life insurance as a senior over 80 can vary depending on the policy type and insurer. Here’s what you can generally expect:

  1. Documentation: You’ll need to provide basic personal and contact information, as well as details about your health history and lifestyle.
  2. Medical Underwriting (if applicable): For traditional policies like term life or larger whole life plans, you may need to undergo a medical exam or provide medical records. However, final expense and guaranteed issue policies typically do not require exams.
  3. Working with an Agent: While some insurers offer online applications, it’s often beneficial to work with an independent insurance agent who can guide you through the process, compare quotes, and ensure you understand the policy details.
  4. Approval Process: Depending on the underwriting requirements, approval can take anywhere from a few days to several weeks. Guaranteed issue policies may provide immediate coverage upon acceptance.

Cost Comparison and Examples

To illustrate the cost differences between policy types and insurers, here are some sample premium rates for seniors over 80:

Final Expense Insurance

  • $10,000 coverage, male, age 80: $96 per month (Mutual of Omaha)
  • $15,000 coverage, female, age 85: $156 per month (Gerber Life)

Simplified Issue Whole Life Insurance

  • $25,000 coverage, male, age 80: $240 per month (Mutual of Omaha)
  • $30,000 coverage, female, age 82: $312 per month (AIG)

Term Life Insurance (if available)

  • $100,000 coverage, 10-year term, male, age 80: $959 per month (Prudential)
  • $250,000 coverage, 10-year term, female, age 80: $718 per month (Prudential)

It’s important to note that these rates are estimates and can vary based on your specific circumstances, health conditions, and the insurer’s underwriting criteria.

Maximizing Your Life Insurance Benefits

To ensure you get the most out of your life insurance policy as a senior over 80, consider the following strategies:

  1. Policy Riders: Explore additional riders like accelerated death benefits, which allow you to access a portion of the death benefit if you become terminally ill or require long-term care.
  2. Combining Policies: Depending on your needs, you may benefit from combining a smaller final expense policy with a term life policy for additional coverage during a specific period.
  3. Beneficiary Review: Regularly review and update your beneficiary designations to ensure they align with your current wishes and circumstances.
  4. Legacy Planning: If leaving an inheritance is a priority, work with a financial advisor to coordinate your life insurance policy with your overall estate planning strategies.


Securing life insurance as a senior over 80 may seem daunting, but with the right guidance and understanding of your options, it’s entirely possible to find the best deals that provide peace of mind and financial protection for your loved ones. By exploring final expense, guaranteed issue, and term life insurance options from reputable providers, you can make an informed decision that aligns with your unique needs and budget.

Remember, it’s never too late to prioritize your family’s financial well-being. Take the time to research and compare policies, work with experienced professionals, and don’t hesitate to seek expert advice. With the right life insurance coverage in place, you can enjoy your golden years with the confidence that your loved ones will be taken care of when the time comes.