Life Insurance for Seniors over 80 years old

Few people go through life without having to help plan or pay for the funeral of a loved one, so it’s smart to have a sense of what a typical funeral costs.

Armed with that information, you might think about whether you’ll be able to afford it when the time comes.

The average funeral costs about $6,500 not including the burial plot, according to the National Funeral Directors Association. Adding in burial expenses, a funeral can cost about $10,000.

Get a Free Life insurance for Seniors over  quote HERE!

Medicaid Does Not Have Death Benefits

It used to be that if Grandma’s assets were gone and she was receiving Medicaid assistance in a nursing home, the family expected the government would pay for her final expenses.

The perception was that funeral expenses were covered as part of Medicaid assistance.

But Medicaid hasn’t changed; there never were death benefits.

If you don’t have any savings to speak of and you worry about paying for a funeral, then it may be prudent to get a small life insurance policy to cover the funeral costs.

Life Insurance options for seniors over 80:

No Medical Life Insurance – Get insured without the need for a medical exam. All you need to get covered is just to answer a few “Yes or No” health questions.

 

Simplified Issue Life Insurance – Get insured in days by answering a few health questions. Available up to age 90. Some policies can get you covered even if you have been rejected before.

 

Guaranteed Issue Life Insurance – Insurance that you cannot be denied for under any circumstances. No medical exam or health questions needed. A great solution for planning for your final affairs.

 

Funeral Insurance – Specialized insurance plans that provide for your funeral costs and final expenses. A medical exam is not required to get covered. Funeral or Burial Insurance is a life insurance policy with a low face value, such as $5,000 to $50,000, that you buy from an insurance company. You can name any beneficiary, typically a family member, who would make the claim and receive the money upon your death. That beneficiary would then be responsible for using the money to carry out your wishes.

 

Burial Insurance Policies are generally either “simplified issue” policies, for which you’re asked several medical questions but don’t have to take a medical exam, or “guaranteed issue,” where the policy is issued to anyone who applies with no medical questions asked.

People who have a serious health problem may receive a policy with a “graded death benefit” or a “modified death benefit,” which means the coverage amount increases over time and your beneficiaries won’t receive the full face value if you die within the first few years of the policy.

 

The following no exam life insurance companies for seniors list represents some of the best Companies for life insurance for seniors over 80.

The list will change based on new products on the market.

LifeShield

 

 A.M. Best: B++

Survivor Life – As a simplified issue insurance, Survivor Life is a type of ‘first to die’ coverage. Essentially, this means that two people are covered and the beneficiary receives the death benefit after the first insured passes away.

Features

  • No medical exam required
  • Face Amounts: $10,000 – $50,000
  • Ages: 45 to 85
  • Simplified Issue Whole LifeInsurance

 

Christian Fidelity

A.M. Best: A-

Assurance Final Expense Whole Life Insurance – Over the years, Christian Fidelity has remained with their focus on the senior market despite being purchased by Oxford Life at the turn of the millennium. As a no medical exam life insurance option, their final expense policy is design to cover all the costs that might arise after death such as funeral expenses, medical bills, etc. After passing, the chosen death beneficiary receives the death benefit.

Features

  • No Medical Exam required
  • Face Amounts: $5,000 to $30,000
  • Ages: 50 to 85
  • Simplified Issue Whole Life Insurance
  • Cash Value
  • Level Premiums

 

Fidelity Life

 

A.M. Best: A-

Rapid Decision Express – As the name suggests, this product has been designed with speed in mind and to remove the hassle that normally comes with purchasing life insurance. With a unique application system, they claim to have coverage in place within a matter of days. Once the coverage is in place, it will remain there until death.

Features

  • Level Premium
  • Ages: 0 to 95
  • Simplified Issue Term Life Insurance
  • Duration: 10, 15, 20, and 30 years
  • No Medical Exam required
  • No Health Questions

Senior Term 10 Graded – With a graded death benefit, the underwriting is simplified. However, the policy remains as a standard no exam term life insurance policy which means that a death benefit will be set. If the term is outlived, a reapplication process may be necessary.

Features

  • Face Amounts: Up to $150,000
  • Ages: 50 to 70
  • Duration: 10 Years
  • Graded Benefit: 3 Years
  • Approval Time: Up to 48 Hours 

Liberty Bankers Life 

A.M. Best: B+

SIMPL Final Expense Preferred – As part of their whole life insurance plans, Liberty Bankers Life offer a ‘SIMPL’ option designed to protect your family. After you die, they will be awarded with the death benefit to cover all debts and final expenses as long as the premium payments are maintained.

Features

  • Face Amount: 4 Different Payment Plans ($3,000 to $30,000)
  • Ages: 18 to 80
  • No Medical Exam Whole Life Insurance 

Family Benefit

A.M. Best: B+ 

Golden Eagle FE Plan – As a simplified whole life insurance plan for seniors, the ‘Golden Eagle’ is a permanent policy that will remain in place after being installed (assuming the premiums are met). In addition to the main features, there are also options to add riders including accelerated living benefit for terminal illness.

Features

  • Face Amounts: $2,500 to $25,000
  • Ages: 50 to 85
  • No Exam Life Insurance

With this product, it is important to note that there is also a graded death benefit option depending on the needs of the individual. Available for those between 50 and 85, coverage starts at $2,000 and rises up to $10,000. 

Security National 

A.M. Best: A

Simple Security Plan – Preferred – In total, Security National has three different plans – preferred, standard, and graded. Of the three, the preferred option is the cheapest and it keeps an individual protected without seeing a decrease in the death benefit.

Features

  • Level Death Benefit
  • Level Premiums
  • Graded Benefit: No
  • Riders: No
  • No Medical Examination
  • Some Health Questions
  • Finer Details: Available as a Quote 

Mutual of Omaha 

A.M. Best: – A+

Term Life Express 10 – As a no medical exam term life insurance policy for seniors, this is a great way to receive coverage for a short amount of time. As you reach an older age, permanent insurance becomes less appealing and it sometimes isn’t required. Therefore, term life options can fill a gap.

Features

  • Duration: 10 Years
  • Face Amounts: $25,000 to $300,000
  • Level Death Benefits
  • Return of Premiums: Partial
  • Riders: Accelerated Death Benefit or Living Benefit (and more)

 

Living Promise Level Benefit – Essentially, this is similar to a final expense policy to cover debts, medical bills, and various other costs after death. With this no medical exam policy in place, loved ones won’t be forced to find the finances after your death considering the average funeral now costs $10,000.

Features

  • Ages: 45 to 85
  • Death Benefit: 100%
  • Face Amounts: $2,000 to $40,000
  • No Medical Exam required
  • Level Benefit
  • Simple Medical Questions

 

Assurity 

A.M. Best: A-

NonMed Term 350 – As a guaranteed premium no exam term life insurance policy, the premiums will remain the same for the life of the policy. Although it is term life initially, there is an option to convert before the end so it becomes permanent life insurance.

Features

  • No exam life insurance
  • Duration: 10, 15, 20, and 30 Years
  • Age: 18 to 65
  • Face Amounts: $50,000 to $350,000
  • Riders: Accelerated Death Benefit (more optional)

 

LifeScape Level Benefit – Essentially, this is a policy made up in the same way as the NonMed Term 350 but the focus is very much on level benefits. With this in mind, it is a more permanent solution to the younger audiences who need more than a term life policy.

  • Simplified issue life insurance
  • Age: 18 to 65
  • Level Benefit
  • Face Amount – Up to $350,000
  • Level Premiums

 

Americo 

A.M. Best: A

Ultra Protector I – Over the years, Americo has become known for its Ultra Protector series and this now boasts three different levels of coverage. Today, we are focusing on level ‘I’ as it offers full death benefit from the very first day. As usual, it is targeted at the senior audience and allows the peace of mind of a normal life insurance policy.

Features

  • Face Amounts: $2,000 to $30,000
  • No Medical Examination required
  • Simple Health Questions
  • Level Premiums
  • Approval Time: Up to 48 Hours
  • Riders: Accelerated Death Benefit 

Phoenix Life 

A.M. Best: A++ 

Safe Harbor Term Express – From one of the rare companies with the very best A.M. Best rating, the first product we have is the ‘Safe Harbor’ term life policy. As a short-term solution, it boasts a number of benefits and offers no exam level term life insurance for the duration of the policy.

Features

  • Face Amounts – $25,000 to $400,000
  • Ages: 18 to 80
  • Duration: 10, 15, 20, and 30 Years
  • Riders: Accelerated Death Benefit
  • Level Premiums
  • Simplified Issue
  • ‘Free Look’ Period

Remembrance Life – In truth, this is one of the unique options we have here today because it offers a lump-sum benefit and the coverage can go beyond the age of 121 years. Regardless, it is a permanent no exam life insurance policy that will remain in place after installed for a single user.

Features

  • Face Amounts: $10,000 to $100,000
  • Ages: 30 to 80
  • Riders: Accelerated Death Benefit
  • Simplified Issue
  • Level Premiums
  • Lump Sum Death Benefit 

Foresters 

A.M. Best: A

PlanRight Level Benefit – When looking for simplified issue no exam whole life insurance for seniors, you need to be sure of a number of factors. Firstly, financial security is a big must and Foresters offer this with an ‘A’ rating. Furthermore, you need a plan that will last and cover the important costs after you die which is exactly what’s on offer here.

Features

  • Face Amounts: Up to $35,000
  • Ages: 50 to 85
  • Death Benefit: 100%
  • Riders: Accidental Death (optional)
  • Simplified Issue
  • Cash Value 

United Home Life 

A.M. Best: A-

Express Issue Premier Whole Life – With United Home Life, they attempt to make the life insurance process easier than ever before and this can be seen in their application process. As a no exam whole life insurance policy, the insured can leave funds behind to cover debts, mortgage payments, funeral costs, and more.

Features

  • Simplified Issue
  • Guaranteed Death Benefits
  • Cash Value
  • Level Premiums
  • No Medical Exam 

American Amicable 

A.M. Best: A+ 

Term Made Simple – Sometimes, finding simplified issue term life insurance for seniors can be a tricky task but this isn’t true for American Amicable. After death, the income tax free death benefit will be passed on to the beneficiary to be used however they wish.

Features

  • Duration: 10, 15, 20, or 30 Years
  • Level Premiums
  • Face Amounts: $50,000 to $400,000
  • Tax Free
  • Riders: Accelerated Death Benefit

 

Golden Solution Level Benefit – If you need something a little more permanent, this no medical exam whole life insurance policy from American Amicable will provide you with the same protection but without having to worry about an end date.

Features

  • Ages: Up to 85 Years
  • Face Amounts: $15,000 to $25,000
  • Level Premiums
  • Graded Death Benefit (option)
  • Return of Premium (option)
  • Cash Value
  • Level Benefits 

Baltimore Life 

A.M. Best: B++

Silver Guard I Level Benefit – As a simplified issue policy, this is available to all individuals looking for a no exam final expense insurance policy. With standard premiums and a level death benefit, this whole life policy might just meet your needs moving forward.

Features

  • No Exam required
  • Ages: 50 to 75
  • Face Amounts: $15,000 to $25,000
  • Level Premiums
  • Level Benefit
  • Simple Health Questions 

Transamerica 

A.M. Best: A+

Trendsetter Super 10 – As a no exam term life policy, this is perfect for those looking for short-term coverage to perhaps cover a mortgage or an expense that might not exist in ten years time. After the policy has ended, the coverage will be removed and you will have to reapply if you still need insurance.

Features

  • Face Amounts: starting at $25,000
  • Age: 18 to 80
  • Duration: 10 Years
  • Level Premiums
  • Level Benefit
  • Riders: Accelerated Death Benefit

Immediate Solution Preferred – With the immediate solution option, you will have a final expense insurance policy where your age and health might not play a role in the decision-making. Much like a normal policy, the death benefit will reach the beneficiary after the death of the insured.

Features

  • No Waiting Period
  • No Cancellation (as long as premiums are paid)
  • Level Premium
  • Finer Details: Similar to Above

Sagicor  

A.M. Best: A-

Sage Term – With our final simplified issue insurance policy for seniors of the day, we have ‘Sage Term’ from Sagicor who have a strong financial rating from A.M. Best. This is no exam term life insurance that offers all the usual benefits.

Features

  • Level Death Benefit (Until 95 Years)
  • Duration: 10, 15, and 20 Years
  • Face Amounts: $50,000 to $500,000
  • Age: 18 to 65
  • Level Premiums
  • Option to Convert
  • Simplified Issue
  • Riders: Accelerated Death Benefit

Sage No Lapse Universal Life Insurance – provides no medical exam universal life insurance.

Features

  • Level Death Benefit
  • Face Amounts: $25,000 to $400,000
  • Age: 16 to 65
  • Level Premiums
  • Simplified Issue
  • Riders: Accelerated Death Benefit, Waiver of Premium, Children’s Term

 

Life Insurance for Seniors over 80 No medical Exam Quotes

If you’re unable to qualify for fully underwritten life insurance policy but need coverage, non-medical exam life insurance is your best option.

At Mintco Financial, we want to help you find the most affordable insurance coverage for you.

We are here to help you shop for the right company at the best price possible.

Call us at (813) 964-7100 if you have questions about Life Insurance for Seniors over 80  non-medical exam life insurance or any other type of life insurance coverage.

We do insure seniors up to 90 years old.

Call us today and we will discuss your health condition beforehand. You will then be able to decide on the coverage that is most suitable for your needs.

813-964-7100

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Mintco Financial has been helping seniors with alzheimers, wheelchair, multiple sclerosis, cancer, parkisons get small policies to cover their final expenses. At Mintco Financial you speak direct to a person, no computers, no waiting on the other line. Quick and easy. The way it should be.

Call us at 813-964-7100 for a free quote or go to our website: www.MintcoFinancial.com

Source: Blog