Best Life Insurance Seniors over 80

As a senior citizen, you probably won’t need the same level of life insurance you had when you were younger.

Types of Life Insurance for Seniors

  • Burial or Final Expenses i are considered Whole Life insurance, which means your policy does not expire as long as you pay the premiums, and it’s issued without a medical examination. Burial or Final Expenses policies typically offer enough money to cover funeral expenses and pay off a few debts (between $3,000 and $30,000). Your premium will not increase and policies are often available to seniors over 80.
  • Guaranteed coverage makes sense if you’ve been denied life insurance for health reasons. These policies  feature a two-year, graded, or limited benefit period. During this time, you only get a payout if your death is accidental. If you die from an illness, the company refunds your premium plus interest.
  • Term insurance will expire even if you make all of your premium payments once the term of your policy has lapsed. The advantage of term insurance is that the premiums are lower than whole life. Although you can often get coverage until age 90, this type of insurance is medically underwritten. If your health is poor, you may not qualify for term coverage (or it could be quite expensive). Also keep in mind that once your term policy expires, you’ll be older and could be ill or disabled and may not be able to get a new one.

Best Life Insurance for Seniors to consider:

  • Traditional life insurance: This type of insurance requires both a medical exam and completion of a medical questionnaire when getting a policy. As a result, the insurer knows more about your health, which reduces the insurer’s risk and therefore offers lower premiums than the other insurance types described below. Even if you have some health issues (Diabetes or High Blood Pressure), you can still get traditional life Insurance from some select insurance providers.
  • Simplified issue life insurance: This type of non-medical insurance does not require a medical exam but you will still be required to complete a medical questionnaire. This policy is more expensive and makes sense to consider if your current health condition(s) would make it hard to get standard life insurance.
  • Guaranteed issue life insurance: This type of non-medical insurance does not require a medical exam or the completion of a health questionnaire, but it would most likely result in the highest premiums (for the same coverage) and the size of your coverage might be limited (e.g. $25,000).

Compare Life Insurance Seniors over 65,75,85 HERE!


Call Mintco Financial Advisors at 813 964 7100 for more information.

We do insure Seniors up to 90 years old depending which State they reside. Call us today!  813 964 7100


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