Life Insurance For 80 Year Olds : Get Help Now!
last updated on March 7, 2022This article covers everything you need to know about life insurance whether you are 80 years old yourself or you are looking for a policy for your 80 year old parent.
We’ll explain why you should take out life insurance at the age of 80, what type of insurance you can choose from, and what are your options if your health isn’t the best or if you are on a fixed income.
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What are my coverage options at the age of 80?
There are several life insurance options for 80 year old seniors: universal life insurance, whole life insurance, and term life insurance.
Universal life insurance
Universal life insurance is a great option for 80 years olds if your health is good. Keep in mind, however, that if it’s set up incorrectly, guaranteed universal life insurance for seniors may cancel prior to death. When it’s set up right, it’s a permanent insurance policy that you can’t outlive.
Whole life insurance
We recommend most of our senior clients to choose this type of life insurance. It won’t cancel due to your age or your health as long as you are paying premiums. This is also an insurance that you can’t outlive.
Our life insurance carriers offer “simplified issue” underwriting. This means that you qualify for their whole life policies automatically and you don’t need to take a medical exam.
All you have to do is answer a few simple health questions to be approved. Also, whole life insurance rates don’t increase, and you qualify for first day full coverage.
I hear a lot of people talk about term life insurance. Should I get that?
You might have heard that term life insurance is the best life insurance option for seniors. However, this is not necessarily true.
Why is that?
Term life insurance guarantees coverage only for a certain number of years. In other words, you may easily end up outliving this type of policy and you’ll be left with no insurance at all.
Term life insurance is also very difficult to qualify for. At the age of 80, you will most likely not get approved due to your age or your underlying health issues. In addition, this type of insurance often comes with very high premiums.
What if I still want term life insurance? Can you help?
Yes, if you think that term life is the right insurance for you, then we’ll do our best to look for a great policy for you. We can choose an insurance carrier who is easier on underwriting and help you get a quality term life insurance policy that suits your needs.
Can I qualify for life insurance if my health is not great?
As an 80 year old, you should know that there are life insurance policies with first-day coverage for seniors whose health is not very good.
You can qualify if you have any of the following health conditions:
- heart issues like heart attacks and strokes,
- mental health issues,
- cancer,
- lung diseases like COPD,
- diabetes (even if you use insulin or have diabetic complications),
- neurological disorders such as Parkinson’s or lupus, etc.
However, after the age of 80, you won’t be able to qualify for no questions asked whole life insurance policies if you suffer from the toughest pre-existing conditions.
Do I need a medical exam to qualify?
When you are 80 years old, you don’t always need to have a medical exam. In fact, most of our senior clients opt for “simplified issue coverage” instead of taking medical exams. This is a quick and simple way to get a life policy.
Here is how it works.
When you apply for one of our life or burial insurance policies, the insurance company will check your past medical history before they decide whether you are approved. They will not ask you to undergo any medical exams.
Unlike most life insurance programs that require weeks of underwriting analysis, with our life insurance options, you will be able to get approval immediately.
What insurance carriers do you recommend for seniors aged 80 like me?
It is not possible to recommend only one company that fits every 80 years old who is looking to buy life or burial insurance. Every person’s health situation is unique and health factors vary significantly between different life insurance carriers.
As an independent broker, Buy Life Insurance For Burial carries multiple insurance companies. That allows us to always have access to the very best coverage options.
You can be sure that we will recommend a great policy at the best price, to best suit your individual needs and financial situation.
What about AARP and Colonial Penn? I see many television commercials about their burial insurance. Should I buy from them?
AARP and Colonial Penn provide burial insurance for seniors. However, you should be aware of all the details of their policies before you make a commitment.
AARP
AARP plans go up in price every 5 years, which makes their term coverage very expensive after a while. Many seniors have to drop their AARP plans because the premiums get too expensive.
As we have seen above, term life insurance cancel. And AARP term life insurance cancels at the age of 80. That means that at your age you can no longer benefit from their term life insurance.
Colonial Penn
Colonial Penn’s guaranteed acceptance policy doesn’t cover for full natural death for the first two years. While you may think that this is the only type of insurance you can qualify for because your health isn’t very good, we believe that we can find a better product for you.
Why would I want to take out life insurance at the age of 80?
Seniors should always consider taking out life insurance, regardless of their age. Here’s how you can use your life insurance at the age of 80:
- To cover your final expenses. Our experience shows that many seniors don’t have adequate life insurance coverage to pay for their funeral and burial or cremation costs. In addition, their savings often aren’t enough to cover final expenses. The most common reason why 80 year olds contact us to purchase insurance is the need to cover their funeral expenses.
- To pay off debt. When you’re 80 years old, you may want to buy life insurance to pay off the debt that will be left behind after your death, such as mortgage or credit card debt, for example.
- To leave a legacy of love. Some seniors buy life insurance so that they can leave money behind to their loved ones or help their grandchildren as they start college.
- As income replacement. For 80 year old seniors, life insurance can serve as a replacement of income loss after the death of the primary earner in the family.
What if I’m on a fixed income? Can I still afford life insurance?
At Buy Life Insurance For Burial, we will help you with a policy regardless of your budget.
Even if you’re on a fixed income, we can always adjust the price to fit your budget. We have extensive experience in helping low-income seniors find great life insurance.
How about my 80 year old parents? Can I get coverage on them?
Yes, you can buy life insurance on your parents who are 80 years old. The only condition is that they are willing and able to sign off on the policy. An exception to this rule is if you have power of attorney.
If your elderly parents agree for you to take out the life or burial insurance coverage for them, you can set up payments from your account to pay their policy premiums.
At Buy Life Insurance For Burial, we often help adult children get burial insurance or life insurance coverage on their parents. Don’t hesitate to get in touch with us for more information.
How can I get a free life insurance quote from you?
Getting a free life insurance quote from us is very simple.
All you need to do is call us toll-free at 888-626-0439 and speak to one of our friendly representatives. If we’re busy and don’t answer the phone immediately, just leave us a voicemail. We’ll call you back as soon as possible. It will take no more than 5 to 10 minutes to get a quick quote for life insurance from us.
Alternatively, if you don’t want to call, you can ask for an online quote. If you’re on a smartphone, click the button at the top to request a free quote. And if you’re on your desktop computer, fill out the information to your right then click “submit”. You’ll get to see some price options, and we’ll follow up with you shortly to discuss them with you.