Best Life Insurance for Seniors Over 80 [No Waiting & No Medical Exam]

  • Post author:
  • Post last modified:April 28, 2021

When you reach the age of 80 years in life, you come across various difficult decisions.

One such decision is to buy a life insurance policy at this age, and it is absolutely possible to get life insurance for seniors over 80.

Many insurance companies offer affordable life insurance at this age.

However, we recommend buying whole life insurance. But why?

It is not reasonable to justify before you learn about the other available options.

So, keep reading, you will get your answer.

Just Give a Minute, Compares FREE Quotes & Save up to 70%!

5 Life Insurance Options For Senior Citizens Over 80

Depending on your need, you can choose the kind of policy you want to buy.

Here we have categorized various policy options that are available for senior citizens in standard markets.

Whole Life Insurance For Seniors Over 80 [Best Option]

whole life insurance never endsIf you are looking for a plan that can offer lifetime coverage, you should get whole life insurance.

Since it provides lifetime coverage, it charges higher premiums compared to term life insurance.

Moreover, the premiums payments are usually fixed, but the whole life features a cash value.

However, if you want to pay less initially, you can choose modified whole life insurance.

As you can accumulate the cash value and avail the death benefits, this policy has a slight variation from the universal life insurance policy regarding flexibility of investments (We discussed universal policy later in this article).

You can reinvest the dividends into the cash value and earn interest over time.

One can also avail of tax redemption benefits on the cash value built up in this policy.

The policyholder can also borrow a sum of the loan on the cash value from the policy. The policyholder can withdraw a certain amount of money from the policy up to the value of total tax-free premiums paid.

The significant advantage of this policy is that even if you withdraw the amount, the withdrawals affect only the cash reserve value and not the death benefits from the policy.


  • Protection for Entire Life
  • Fixed or Modified Premium
  • Cash Value
  • Loan Facility
  • Death Benefit Assured
  • Tax Benefits

For more details about the whole life plan, please read it.

Burial Insurance For Elderly Over 80

burial insurance is availableFuneral insurance, burial insurance, final expense insurance, cremation insurance, whatever you say, all are the same thing.

It is just a marketing term because it doesn’t sound efficient to say, “we are selling whole life insurance with small coverage to pay for funeral costs.” Burial insurance is a simplified type of whole life insurance.

It has a minimum coverage amount, and it doesn’t require any medical exam. So, with health issues, you can still qualify for this one.

The primary purpose of burial insurance is to pay the costs of funeral expenses. Hence, the death benefit is lower than other types of policies.

The death benefits range from $2k to $50k only. However, it is more than enough to cover the funeral costs.

This policy doesn’t have any waiting period like other no exam plans.

Isn’t it amazing?


  • Fixed monthly premiums
  • Fixed coverage
  • Policy never expires
  • Cash value benefit
  • Loan facility
  • Death benefits guaranteed
  • Tax benefit
  • Limited coverage

These are the features, and an insurer can’t change any of them. Insurers follow these rules strictly.

However, the price may vary from company to company.

Term Life Insurance

life insurance for seniors over 80

Term life insurance is not worthy of this age. You can’t renew the policy when it expires [we have discussed it later in this article].

Let’s find some more information about the term policy.

Term life insurance covers a specific period which usually ranges between 1 to 30 years.

However, you may not find any policy for over a 5 years term period at this age. It is more suitable for seniors over 70.

If you are looking for death benefits, then term policies will undoubtedly help, but if you aim to build up the cash value, it may not be much rewarding.

Another significant thing to notice about term policy is that the insurance will stop if you will stop paying its premiums. There are clauses to define this rule.

This life insurance policy gives financial protection for a particular time (as mentioned, not more than 5 years for the elderly above 80).

Compared to permanent, term life insurance is a less costly choice. Many prefer to avail of this as it can cushion lost potential income, serving as a safety net.

It is also helpful to cover the mortgage, any debts as well as burial expenses.

To elaborate on term life insurance, here is an example:

If Mr. X wants to provide coverage to his wife with $10,000 for 5 years, he has to pay his monthly premiums, as already discussed with the insurance firm.

If he dies before the completion of 5 years, his wife gets the assured amount. However, if he survives this period, they get $10,000 along with the accumulated rate of interest without any other cash built up.

Still, confused? Go through this article for more details.

Universal Life Insurance [Is It a Good Choice?]

take decisionIt is different from whole life insurance since it is much more flexible, which means that you have the option for the amount of premium payment you want to pay and the coverage amount.

Should You Get Universal Life Insurance?

It depends on your goal. This insurance is often used by many to preserve wealth.


It is considered a hybrid of the term and whole life insurance plan.

One portion of the amount that you pay towards the monthly premium is kept aside to meet the cost of the policy, which is functional in providing the death benefits to the beneficiary.

As mentioned above, it enables you to build and preserve savings while providing the benefits of a life insurance policy.

At the same time, the remaining portion of the premium is used for investment to help the policyholder accumulate wealth and gather savings.

The notable advantage of such a policy is that you pay for the initial years, and then the investments start covering the cost of premiums of the policy.

At 80 years, there are different aims of buying insurance policies. If your objective is to provide a lifelong gift to your loved ones, the universal life insurance policy can be just the perfect idea!

Should I Get a Term, Universal, Burial, or a Whole Life Policy?

choose the right pathThe most critical part is choosing the right policy.

For age 80 and above, it is strongly recommended that you get Whole Life Insurance Or Burial Insurance.

It will entitle you to get a lower rate of the premium compared to term life policy at this age.

However, if you want to cover a minimal amount, in that case, term life insurance could be a choice.

But, you must remember that after 10 years, you will be 90+ years old, and at that age, you will not be able to renew the policy. Read about the maximum age restrictions here.

The universal policy also doesn’t worth it because you don’t need massive coverage. And you have to pay a higher premium at the beginning of the policy.

Ultimately, as a buyer, you need to choose based on your requirement of a policy.

How About a Graded Life Insurance?

Another option is graded life insurance.

However, you should take note that you may not qualify for the death benefit if you’re to pass within 2 to 3 years of buying the policy.

What is Graded Life Insurance?

It is a policy that provides coverage to anyone regardless of the prevailing risk factors, health, or age.

The policy was designed to cater to individuals who do not qualify for another type of insurance because they are considered risky.

With this type of coverage, anyone can qualify for it. The policy costs more because of the high risks involved.

The applicant receives coverage without the need to fill medical questionnaire or an exam.

This policy remains if the insured pays the premiums as required. Also, the underwriter need not consider any previous denials.

But, once it has matured, your beneficiaries can get the full death benefits stipulated in your contract.

The graded benefit life insurance policies are meant for people who can’t traditionally attain.

Actually, guaranteed policies are included in graded benefit type even if you are in your 40’s.

“During the initial years, this policy pays out only limited death benefits; however it takes only 3 to 7 years for the policy to reach the face value. The premiums required to be paid are usually higher than standard policies for life insurance.”

Such policies are in the best interest of those at risk of death in the next 5 to 10 years but can survive for at least 2-3 years until the policy reaches its maturity value.

Life Insurance Quotes For Seniors Over 80

Seniors are always eager to know the exact cost they are going to pay after purchasing a policy.

However, it is not possible to give an exact price without gathering more information about the person.

Hence, we are giving an approximate premium that seniors over 80 generally pay for whole life insurance.

Note that the rates below don’t reflect any person or insurer. It may change anytime depending on your health, state, age, gender, tobacco intake.


Health Condition is Crucial

stay healthyFor seniors, it is prevalent to have some major or minor health problems.

The tension starts because most of the time, an underwriter checks the condition and determines health class before issuing any policy.

Why They Do That?

To determine the risk factors and price of the policy.

Let us elaborate!

Making money is to aim of every company in this world except for non-profit organizations.

An insurer is a financial company, and it aims to make money from its customers. They take monthly premiums from customers and use that money to do business.

If they don’t judge the health condition before issuing a plan, it will be hard to make a profit as there will be many claims.

But, this doesn’t mean they will not accept you. There are dozens of insurers currently operating in the USA.

So, don’t worry at all.

Don’t be afraid of the medical tests from the beginning. You can surely get through the medical tests if there is no significant health problem.

In fact, it is a good idea to present fitness records and enrollment of some fitness programs to the insurance company.

Various health institutions provide certifications of health to senior citizens to justify their claims of good health.

What Happens If You Have a Major Health Problem?

In short, the price increases.

No insurer wants to lose customers until they are in force to do so.

If you failed to pass the medical exam, there are other options as well. It is straightforward to get a policy without a medical exam. The majority of the senior clients opt for this.

Some don’t even try to get a policy with a medical check-up. All they do is apply for a no exam plan.

Suppose you believe that you can’t be qualified after medical tests due to some prevailing medical condition. In that case, you can go for the guaranteed policy with no waiting period, which is expensive but EASY to get.

Guaranteed Acceptance Life Insurance Over 80

guaranteed policy is always approvedIt is the solution for you only if the insurer rejects you for a basic policy.

Of course, it comes with a higher price, but it has benefits as well.

Anyone can buy this policy and don’t need to worry about health conditions. You can get all the benefits of whole life insurance from this plan. Just skip the medical tests.

In this policy, you will not have to provide any health or fitness record. You will be able to purchase this policy instantly on the application.

It is much convenient only when you have some medical issue.

As the policy does not require any documentation works, it gets a little expensive than standard insurance policies.

Given the higher rates of this policy, senior citizens often tend to refrain from buying it.

The Necessity of Life Insurance

need of life insuranceThere are different reasons for people who choose to buy a life insurance policy at a later age (80 years).

We have mentioned the most commonly found reasons here to throw some light on the topic:

Rising Funeral and Burial Costs

Although the rising GDP is good news for the countries’ economies, the standard of living has also risen in terms of expenditure with it.

Older people do not like to hear about the expected funeral cost that their family may have to bear on their demise from the world.

To cover the accelerating funeral costs, it is always safe to have a life insurance policy.

Other than funeral costs, there is plenty of policy uses at this age which helps ease the financial burden significantly.

They want to keep their heads high even during the last moments with their loved ones.

Therefore, senior people understand the mortality aspects of life and buy life insurance to meet their last expenses.

But, they believe they are too late. Actually, they are not. There is also life insurance for over 85 years, so you are still at a suitable age.

Securing the Future of Their Significant Other

There are many cases when older adults act as the serving hand in the family. They must be supporting their spouse or some other family member with their income while they are alive.

The fear of the upkeep and financial problems of their family often propagates them to buy a policy.

It makes them rest assured that their loved one who is financially dependent on them can survive.

Most people are worried about their spouse’s financial independence and living costs after their death.

Protecting Against Estate Taxes

Is it true that life insurance for the elderly can protect the family against estate taxes?

The straight answer to the question is yes, it does. In fact, it is the right coverage to take if you own expansive homes and cars.

Ordinarily, when transferring such investments to your heirs, they must pay higher taxes.

Without proper coverage, it may not be easy to transfer wealth. Furthermore, if the net worth is high, tax liability becomes enormous.

So, this kind of insurance allows you to leave your net worth to your next generation. Thus, you rest in peace without worrying about inheritance tax.

Universal and whole life insurance are the best options for estate taxes. The benefits and the accumulated cash value are always sufficient to cover the taxes.

Leaving a Gift or Legacy Behind

Families these days are overburdened with financial worries in various aspects- college fees of children, weddings and other functions in the family- everything requires a large sum of money to be fulfilled.

Elderly people who have crossed these stages in life understand the implications of money and want to leave a financial gift or legacy behind for their younger ones.

Some people specifically buy a policy in the name of their younger children or grandchildren to attain the satisfaction of having contributed or leaving a gift even after their death.

They want to be remembered by their children as someone who always loved, cared for, and thought for their family concerns.

They want to fulfill their responsibilities as the elders in the family by always remaining the giving hand and not being the financial burden on their children.

Buying a plan in these years can help attain this aim.

Payment of Their Pending Debts or Medical Expenses

While reaching the age of 80 years, people tend to acquire a lot of medical problems. Medical expenses are very high these days, and a significant crunch of money is being spent on their medical bills.

Other than medical bills, various debts may occur due to a shortage of money in their lifetime to uphold the status quo that needs to be maintained.

Buying a policy helps them pay off their pending debts, medical bills, or get the release of mortgages, etc., even after their death.

They don’t want their name or family to be questioned due to a lack of funds due to the non-payment of the pending bills.

It helps them to lead a life of satisfaction and free of financial worries in many ways.

Supplement Income

Life insurance is all about protecting your loved ones. But in some cases, proceeds from the policy can come in handy during your retirement.

The accumulated income can be accessed and used in retirement. The amount is allowed to grow tax-deferred.

It is also insulated from market volatility. Using life insurance cash in your retirement can have a negative implication.

It is never the less one of the options that the insured can use to supplement their income.

Notice that you will not always use funds from insurance as a supplement. But whole life, variable and universal life insurance policies have this option.

4 Important Points You Must Know

The following outlines the features of a life insurance policy:


It is one of the primary factors determining the premium you have to pay when you want to get an insurance package. The plans may vary depending on the insurance package.

Some insurance companies accept applicants age over 90. Hence, getting a policy for the elderly is not going to be difficult for you.

As an applicant, you must find the insurance firms in your region that provide such policy offers for seniors.


The cost of an insurance policy varies depending on the age and the coverage amount, so it is just a matter of finding a plan that best fits your budget and needs.

You need to outline the points covered by the policy and the budget that you can allocate from the monthly expenses towards buying insurance.

Death Benefits

In terms of death benefits, the coverage amount may range from $5000 to $25000.

You may have to keep aside a more significant amount of money per month to pay the premiums for the higher death benefits.

Questions About Health

You may be required to answer some health questions. But there are insurance providers that don’t ask health questions.

Depending on the type of insurance plan, you will be asked about your health. Guaranteed life insurance is the most commonly purchased plan.

For example, if you are going to buy “no medical exam no waiting period policy” or “burial policy”, there may be no questions asked at all.

However, for a standard policy, you may be asked to provide fitness and medical certificates too.

How Do You Get Low Premiums?

For any person who wants to purchase an insurance policy, the goal is to find one with low premiums but allows you to maximize the potential benefits you can get.

However, for someone above 80, there are ways to have low premiums, especially if you did not have any major surgery (here is a list of major surgery) and any serious health condition.

To get low premiums, you have to stop smoking and drinking.

These two habits are the root causes of a myriad of health problems among adults, and the worst are also the causes of death.

We suggest the young people quit smoking & drinking a year before applying for life insurance.

But! It is not wise to wait another year because you are already over 80, and every year you will see a dramatic increase in the insurance premium.

If you smoke, you can get the rates applied to smokers.

Note: Most of the insurers ask for nicotine or complete blood test before approving an application.

If you have a minor health problem, you don’t have to worry since it should not impact the premiums.

Some insurance companies may require that you undergo medical tests. If you feel like you would not qualify for much lower premiums, you might want to choose this option.

You don’t have to worry about undergoing specific tests. The healthier you are, the higher the chance you can lower your premiums.

Even if you cannot lower them, it is still a must that you get the policy so your loved ones can get your death benefits upon the time of your death.

Getting a No Exam Policy?

If you know that you have a condition that can affect the premiums you will have to pay; then it is strongly recommended that you get a no exam plan.

The premiums are slightly higher, but you are guaranteed that your insurance application is approved for this kind of policy you want to get.

Finding Life & Burial Insurance for Over 80

Every person has different needs and has their situation.

So, when it comes to finding the best life insurance, it is always best to take the time to compare the different choices.

Here we come in for help.

We have the most advanced policy comparison tool that you can use.

Choose your state from the box below and compare the rates by getting quotes.

Here are some tips to help you find the best deal:

Buy Only From the Trusted Brands

Before investing your hard-earned money into some company’s insurance plan, you should be sure that the company has a good reputation.

Many people end up having problems later on since some insurance companies may file for bankruptcy or some companies are just scam insurance providers.

Check if the insurance company has been around for years. There have been a lot of cases where scammers pose as insurance providers.

These cases have become a common sight in the market. Therefore, do not go by the offers that appear too much lucrative.

Apply a well-researched marketing approach before associating with the insurance firms. You can even choose to view their insurance license if any doubtful element comes forth.

Things To Consider of An Insurer

Choosing the wrong insurance carrier is the worst mistake you can ever make in your life. If you buy a policy from a carrier that will not deliver its promise, you will lose your money.

The stability of the company and its ability to make payment when it is due is critical.

Of course, there is an uncountable number of carriers out there. Some of them are small, yet they offer sufficient burial insurance cover.

But, it is vital to choose one that is stable and whose reputation is unquestionable.

Things to look at:

must check thingsLook at the firm’s past dealings. What are former clients saying about them? Are they consistent in their performance?

Choosing a stable carrier is critical.


The company’s website is one of the places you will get information concerning it. A suitable carrier allows clients to provide feedback.

So check out what previous clients say about the company. If the feedback is below 3 stars, you need to trade carefully.

Also, you may visit the department of insurance and check how the carrier you have chosen is rated. Besides, check out the review on the Better Business Bureau (BBB) data.

If BBB accredits your carrier, check out how they are rated. BBB will give you the information you need for complaints about the company of your choice.


Some people look at how competitive the quotes are. They do this before they pick an insurance company to underwrite their policies.

Financial Stability

An insurance company may have the best products and rates on the market. But if they do not have the finance to allow them to meet the claim obligations as they fall due, they may be of no help.

Note that companies do not have protection like banks.

So, there will be no guarantee that they will pay for the claim at the hour of need. For this reason, it will be in your best interest to choose a stable carrier.

Products Offered

A few insurance companies offer a wide range of products. Unfortunately, most of such products are bogus and may not meet your specific needs. They are designed to help enhance payment options.

Customer Service

The subject of insurance is least understood. So before you choose a carrier, check if you can access the company’s representatives.

They should be reachable at any time and be able to respond to some of the queries you have immediately.

This way, you will understand the products they offer and choose those you can benefit from.

Cost of Premiums

The cost of premiums varies from one company to another. The price difference may be brought about by the unique features they have.

But, some firms have a habit of charging higher than the rest even when the product is the same.

So, it may be vital to compare the policies and the plans available. It should help you choose one that conserves your best interests.

Read the Contract Carefully

Compare the different prices, and once you have finally sorted out your options, it is now much easier for you to determine which policy will suit you the most.

Just because you pay expensive premiums does not mean that you have the best deal.

Apart from comparing the prices, delve into the details of the contract. Read the terms and conditions along with the other pertinent information stipulated in your policy.

There have been several cases when people ended up paying money much more than they needed to pay for the points they intended to get covered by their policy.

It is all about making informed choices. Read in between the lines of the contract and ask the agent about any hidden clauses too.

It will not be a bad idea to get the policy documents verified by a legal counselor (if you know someone in person).

Specify to the insurance agent or company representative about what areas you need to get covered diligently in your policy.

It may not only reduce the price of your insurance policy but also give you a clear idea of what and how much to expect from your insurance plan.

Research Your Options Online

The Internet serves to be one of the best mediums for buying a life insurance plan. You can research your options without having to rush around the shops and offices to find the plan that best suits your needs.

Various online tools help compare and analyze different plans offered by multiple companies simultaneously.

You can choose among the plans available on their websites and compare them to find what suits your needs and the budget.

One added benefit of online research is that you can seek reviews of every policy through the online help forums that genuine buyers create.

All types of doubts and queries can be proposed to be addressed on these online help forums.

We are offering quotes from top carriers, click here & save up to 75%

You can book an appointment directly with the company representative instead of using a broker in between you and the company to strike the right deal.

Therefore we advise our customers to research their options online and make the most viable decision of buying the policy.

Future Of Senior Life Insurance

A late-life insurance plan has become more critical in modern life than it was a few decades ago. People are living longer, thanks to improved health care.

So, it is necessary to put in place robust financial plans. The plans should be able to support you many years past your retirement age.

Forget about savings; they are never enough. Experience shows that severe illness and other unforeseen setbacks leave many seniors exposed.

Increased Obligations in Twilight Years

It is no longer possible to imagine that you will have reduced obligations in your twilight years.

Modern seniors have more responsibilities than it was before. Mortgage debts, raising a second family, and taking care of grandchildren are emerging issues.

These burdens have left seniors exposed, and this is why they should consider life insurance.

The Average Age of Living

The improved lifestyle has made it possible for men to live to about 84 years while women go past 87 years.

It was not the case in the 50s’ when the average age was between 60 and 70.

Thus, increased life expectancy has put a massive strain on retirement savings. It necessitates that the elderly must find a way that can support them past the age of 65 years.

No wonder that it is possible to see seniors battling to stay in their place of work longer. Those in good health can do it easily, but the frail ones may not. It makes them vulnerable.

The savings and pensions are not enough to see them throughout the post-retirement life. Thus, getting into a life policy that earns dividends to the accumulated amount is one of the options they have.

More dividends are paid out to seniors who have more accumulations. These pay-outs can be used to meet living expenses in the twilight years.

Medical Debt

Increased medical cost is the leading cause of financial strain in many households. In the US alone, more than 62% of personal bankruptcy cases are caused by medical debts. Many seniors have found themselves in this corner.

So, it is necessary to put in place a plan that can help them avoid such troubles.

Life insurance is becoming popular because it bails seniors from such problems. With a good policy, medical debts will no longer pose a challenge to seniors.

Life insurance will insulate the elderly against medical debts. Some of the covers feature accelerated benefits to people with a terminal illness.

The plans allow them to access 90% of the living benefits. Also, the benefits may be accessed and used before the insured dies.

Raising a Second Family

Life is full of ups and downs. So when living with the first family becomes untenable, it may be necessary to start a second family.

In modern times, more seniors are opting for this lifestyle. The result is they must prepare to parent children from the second family in their old age.

Obviously, these aspects are not included in the retirement plan. So, it will put a strain on the resources and lead to financial challenges.

This is where policy for seniors comes in handy. It ensures that the amount guaranteed is available when needed.

Also, the prevailing harsh economic times may make it necessary for the elderly to leave some guaranteed benefit to their heirs. So, life insurance is becoming part of our lives and will continue to play a critical role in this endeavor.

Mortgage Debt

Life is changing fast. More seniors have found themselves carrying mortgage debts into retirement. Paying such debts is always challenging.

But, with an insurance policy, such debts will not be a problem. So, insurance plans that can take care of mortgage debts will continue to become popular.


Life insurance is becoming popular, and so people are thirsty to know more about it. They look for information that can help them understand the best options available.

They are aware that the best options depend on the circumstances they are in.

Here are commonly asked questions to help you understand life insurance.

Can you get life insurance at age 80?

Yes, there are options at age 80. But, the cost becomes two to three than life insurance over 75. The plans are to help to reduce the financial burden they leave behind when they die.

Burial insurance is one of the covers the seniors can opt for. We have already discussed this in detail within this article.

Is term or whole life insurance better for senior citizens?

Whole life insurance is ideal for seniors with good health and looking for an affordable policy. The premiums don’t change during the policy’s term.

If the senior dies, the beneficiaries receive the death benefits. Some companies give the option of converting the term life insurance to a whole life when the term comes to an end.

What is the maximum age of term life insurance?

The maximum age is dependent on the individual carrier. Some have set a maximum at 7,5 while others have put it at 85 or 99. It is the maximum age the insurer will provide the coverage.

So, one may choose a term ranging from 5 to 40 years. It is all depended on the current age of the candidate.

Who can be the beneficiary of my plan?

The persons named in the policy can be the beneficiaries of the plan. Your spouse or children are the best persons to choose from.

My mom is 80 years old; which plan is suitable for her?

Because of the advanced age, the ideal plan for her is whole life insurance.

Can I buy life insurance for parents without their consent?

It may not be possible for one to buy a life insurance cover for anyone without their consent. In most cases, it requires a medical exam. There is no way you can obtain the exam from a person without their permission.

Also, in some cases,  the insured must sign the contract before it becomes effective.

However, parents can buy life insurance for minors without their consent.


There is no arguing about the importance of having life insurance for seniors over 80.

By having a life insurance policy, seniors never have to worry about the people they will leave behind since they will know that their loved ones can benefit from their policy.

It is, therefore, never too late to buy life insurance, even if you are 80 years old!

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.