Insurance

10 Best Life Insurance Companies for Seniors Over 80 in 2022

Best Life Insurance Companies for Seniors: Life insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.

If you understand how life insurance makes money, you understand why getting a life insurance plan for seniors is a great challenge. Despite these challenges, it is possible to find life insurance for seniors over 80, although it is expensive.

While researching to write this informational piece, I interviewed a couple of actuaries. And, quite a number of them agree that seniors over 80 seek life insurance that can cover outstanding debts, funeral expenses, and aid preserve the family’s financial stability. This means getting life insurance at 80 is never too late.

Hence, this article compiles the 10 best insurance policies for seniors. It also sways the fear of if it is worth getting life insurance at 80 alongside if a term or policy is best.

The table of contents above highlights the order in which these sub topics are discussed duly.

Why Life Insurance at 80 and Above

Life insurance at 80 and above should be a priority. According to secure senior life insurance, a typical funeral costs between $7, 000 and $10, 000. For a large family, these prices could skyrocket.

At 80 and above, passing away without making provisions for this could be a burden to the people you left behind.

Getting a life insurance for seniors could help sought these bills without so much stress.

Can you Get Life Insurance if You’re 80 Years old?

Yes, seniors over 80 can buy life insurance. Many life insurance companies offer the 80+ whole life insurance policy to accommodate seniors 80 and above.

Just like every other insurance, beneficiaries receive a tax-free cash payment in the face of death.

What Options are there for Life Insurance for Seniors over 80?

Life insurance option for seniors over 80 is usually 80± entire life insurance. This insurance option is better than buying a term policy.

Restrictions on term policy for elderly over 80 years does not allow you to purchase another at the expiration.

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This makes entire life insurance a better option for elderly people. However, seniors may decide to opt for other plans like dental plans for elderly people.

Basically, a whole life insurance policy for over 80 has the following benefits/features:

  • Fixed premiums that cannot increase
  • The policy that can’t expire due to age
  • Creates room for borrowing from the cash value
  • Guaranteed coverage that will never decrease.

How Much Life Insurance Can I Buy at 80 Years +?

This is typically determined by your age, state of residence, and health. Most life insurance companies have a minimum and maximum amount of coverage for any individual at all. Coverage for seniors 80 and above ranges between $15 -$40, 000.

Generally, the minimum amount of senior life insurance over 80 is $2, 000. The maximum is about $100,000 in coverage.

Basically, get a life insurance for seniors at 80 is quite expensive but beneficial.

If you intend to get higher coverage, you should buy multiple policies from different companies.

What is the Best Life Insurance for Seniors over 80 Years?

Most life insurance companies do not accept applications from seniors. However, these companies below are the best ten life insurance option for seniors.

This article puts into consideration -price, benefits of life insurance options available, limitations, and customer service.

#1. Mutual of Omaha

Insurance Coverage: $2, 000

Life Insurance options: 2

Omaha offers term life insurance policies to senior up to age 80. This offer is due for renewal each year for 94 years and its coverage starts from $100, 000.

Applicants up to age 85 can buy its whole life insurance policy with coverage options from $2,000 to $25, 000. Its premiums of term life insurance for seniors is not overly expensive, and it has excellent customer service ratings.

This is one of the best life insurance for seniors at 80 because it offers different policies to accommodate all. It is obviously the friendliest to seniors.

#2. AIG

Insurance Price: $5,000 -$25, 000

Life Insurance options: 1

AIG offers final expense insurance to seniors up to 85 years. The term refers to an entire life insurance policy with lower coverage. Basically, this offer is to aid cover the cost of a funeral and other costs at the end of the insured life.

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This policy also covers for chronic and terminal illness at no additional cost.

This life insurance package does not require medical exams and pricing is quite affordable. Although AIG offers an enticing life insurance package for people over 80, its customer service ratings from different agencies are very poor.

#3. MetLife

Insurance Price: $25, 000

Life Insurance options: 1

MetLife offers term life insurance for people over 80 which is best for individuals with financially dependent children.

Its term life policies for seniors require you to complete a paramedical exam with a blood and urine test. It may also include an electrocardiogram test. Policies range starts from $250, 000 to $2, 500, 000.

Unfortunately, the length of time this policy remains active 10 years, after which you cannot renew.

#4. AARP

Insurance Coverage: $50, 000

Life Insurance options: 1

AARP is a nonprofit that seeks to empower Americans over 50 to choose how they live as they get older.

It offers a whole life insurance policy for people at 80 and no medical exam is required. However, the answers you provide to the health questions determine if your application will get a yes, or a no.

#5. Pacific Life

Insurance Coverage: $50, 000

Life Insurance options: 1

Pacific life offers a universal life insurance product that provides death benefit protection with cash value. In addition, it inputs a guaranteed minimum interest crediting rates and flexible options for customized coverage.

In fact, getting universal life after 80 is synonymous with gifting your family financial gifts.

#6. Aetna

Insurance Price: $3,000-$25,000

Life Insurance options: 1

This insurance company receives applications from individuals aged 45-89. This great offer accepts many health issues and ensures seniors over 85 years. Coverage for persons over 80 is $10, 000 maximum.

#7. Americo

Insurance Coverage:  $3,000-$30,000

Life Insurance options: 1

This insurance company offers many applicants the quality for immediate coverage, where others may impose a waiting period. It grants life insurance to seniors over 80 years with no waiting period.

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Americo rates are quite high, although it accepts some health issues other carriers do not.

#8. Royal Neighbors of America

Insurance Coverage: $5,000-$25,000

Life Insurance options

Royal neighbors is a stable insurance company that offers the most relaxed underwriting, specifically, the best burial insurance plan in the market.

It offers life insurance packages for people 80 years and above. Its stellar record for 130 years with excellent customer relations offers one of the best life insurance options for seniors at 80.

#9. MassMutual

Insurance Coverage: $25,000

Life Insurance options: Switches from term Life to Whole life policy

MassMutual insurance company offers the best whole life policy even for seniors at 80. This insurance offer comes with comprehensive online tools and a unique convertible policy.

However, it requires a medical exam within 90 days and has no living benefits for seniors. This policy is best for seniors who seek a policy with a face value significantly greater than $25, 000.

This is a great offer because it won’t run out at the end of its term.

#10. Gerber

Insurance Coverage (max): $100,000

Life Insurance options: 1

This company offers a life insurance policy for seniors 80 and above with grandchildren. Basically, the Gerber Grow-Up Plan insurance allows seniors to contribute to the financial future of their grandchildren.

The plan can be purchased in their grandchild’s name and premiums start when the child is young and value doubles at age 18.

This life insurance costs just pennies per day, and the child receives high benefits in exchange.

Conclusion

At no point in life is getting life insurance a waste, not even at 80. Getting life insurance for seniors at 80 and above poses some kind of the challenge; especially because not all insurance companies offer it.

Although it is expensive, it is possible to get your aged insured even at 80. This can save the cost of a funeral at their demise, or even serve as financial stability if gifted to grandchildren.

Simply read through this piece to find the best life insurance coverage for people over 80.

Naij Arena Scholarship Blog (www.naijarena.com), is an online blog for the latest news, information and resources about finance, business, education and scholarship opportunities.

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