Whether you are over the age of 80 and thinking about purchasing life insurance, or you’re considering life insurance for a parent, you’ve come to the right place.
As you age, it’s important to think about what you will leave behind. Life insurance is the best way to help alleviate any financial burden from your loved ones in the event of your passing. And it’s never too late to find a life insurance policy that works for you.
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By far the most sensible option for the majority of seniors over the age of 80 is final expense life insurance. Sometimes called funeral or burial insurance, this type of policy provides a death benefit that can be used to cover any end of life expenses.
Most adults over 80 don’t have mortgages to pay off or incomes that will be lost in the event of their passing. But that’s only part of the reason why a final expense life insurance plan is a great idea for them.
Other benefits to this type of policy include:
Life insurance for seniors over 80 is definitely different than for those who are younger, but that doesn’t mean you don’t have options. We’ll dive into a few more below.
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There is never a one-size-fits-all solution when it comes to life insurance. While there are life insurance policies that do not allow people over the age of 80 to purchase a plan, there are some other options available to elderly people.
The following list will detail what these policies are and when they might be a good fit:
Depending on your needs, these are two great options for life insurance for people over 80.
Generally speaking, you can expect to pay more for life insurance in your 80s than a younger person would. This is because the price of insurance policies is determined by risk.
Other factors that will affect the price of your life insurance are:
Getting quotes from multiple insurance providers before committing to one kind of policy will help you find the most affordable plan to cover your needs.
If it’s not too late, buying a life insurance policy before you turn 80 is a very good idea. This will give you the most options and lower premiums.
But life happens, and no one is always 100% prepared. So if you need to purchase a life insurance policy in your 80s, or you are looking to purchase life insurance for elderly parents over 80, start by looking at final expense life insurance plans and explore your options from there.
Margaret Huntley Margaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.
