Funeral Insurance Over 80 (2024)

FAQs

Funeral Insurance Over 80? ›

Final expense insurance for seniors can cost less than larger permanent life insurance policies. According to Forbes, an 80-year-old man can purchase $10,000 in final expense coverage for an average of $197 per month. An 80-year-old woman will spend an average of $158 per month on the same coverage.

Yes, but your options are very limited. The best life insurance option for seniors in their 80s is burial insurance, because these policies have affordable rates and will pay off funeral bills and other final expenses.

Is there an age limit to buy life insurance? Age limits vary among life insurance companies, but for term life insurance, the standard is often around 80 years old. For whole life insurance and final expense insurance, some companies will insure new policyholders up to age 85 to 90 years old.

The average cost for a burial insurance policy is approximately $50-$100 monthly for roughly $10,000 in coverage. Multiple factors determine the net price, including your exact age, health, tobacco usage (if any), the type of policy, state of residence, and how much coverage you buy.

Supplementing your life insurance policy with burial insurance will allow you to settle your affairs by covering funeral costs and any other unexpected final expenses. A more robust life insurance policy will protect the financial future of your family and preserve the retirement you and your spouse worked so hard for.

The Colonial Penn 995 plan is a burial insurance policy that provides coverage for funeral expenses. It is a whole life insurance policy, which means it covers you for your entire life. The plan is known for its affordability, starting at $9.95 per month, and guaranteed approval for everyone over the age of 50.

Potential Disadvantages of Burial Insurance

Limited Coverage: Burial insurance policies typically have lower coverage amounts than traditional life insurance, which may not be sufficient for other financial obligations or to provide ongoing support for your dependents.

Coverage is typically available for those between the ages of 50 and 85. One of the benefits of burial insurance is that it doesn't require a medical exam to qualify. Depending on the type of policy you pursue, even those without health insurance or who have a pre-existing condition can usually obtain a policy.

There are two types of burial insurance: simplified issue or guaranteed issue. This makes it possible for seniors to acquire life insurance at an older age and even when they have some health problems. So, if you are worried about your health and eligibility, you should still request a free quote from us!

How much does life insurance cost for an 80 year old? ›

AARP's Guaranteed Issue Whole Life Insurance

This product by AARP is also a burial insurance. It won't expire and the monthly price will not change like the previously stated Level Benefit Term Life Plan. The benefits will not decrease as well.

You'll need consent from your parents before you purchase a life insurance policy on them. They will need to be legally competent to provide such consent. During the application, you'll also need to provide their Social Security number, name, and address.

We can pay a one-time lump sum death payment (LSDP) of $255 to the surviving spouse under one of the following conditions: —If they were living with the deceased. —If they were living apart from the deceased and eligible for certain Social Security benefits on the deceased's record.

If you cannot afford a burial or cremation, you can sign a form with the county coroner's office and the state will bury or cremate the body for you. This will be at no cost, but you won't have any say in where or how.

Best all-around burial insurance

Mutual of Omaha's Guaranteed Whole Life Insurance emerges as our best overall choice for burial insurance. It's available to the broadest age range of applicants among the policies we studied, from age 45 to age 85 (except in New York, where the age range is 50 to 75).

Final expense insurance for seniors is a small whole life insurance policy meant to pay for all funeral expenses. It provides immediate peace of mind, knowing that family members won't be stuck with the financial burden of unpaid end-of-life costs.

Your need for life insurance may be less if you don't have any debt or dependents who rely on your income. In that case, a simple final expense policy may suffice to cover funeral or cremation costs. You may qualify for coverage until age 85. Some companies offer final expense insurance over 85 with higher premiums.

Final expense whole life insurance is the only type of life insurance that is available to an 89-year-old. Commonly known as “burial insurance” or “funeral insurance,” final expense insurance is a small permanent policy with a fixed premium. It will last forever and build cash value.