When someone begins looking for a life insurance policy at the age of 80 or above, they usually want to purchase a final expense or burial life insurance policy. This way, when the inevitable happens, a small whole-life insurance policy will help their loved ones pay for the considerable expenses associated with even the most modest burial or cremation ceremonies. The only problem is many people don’t even consider life insurance in their 80s.
The result?
A family isn’t able to pull together the funds needed to provide their loved one with a proper burial. You see, sometimes, just having some amount of coverage in place can help a family provide a “down payment” on a burial and avoid having to make any “estate sales” or create a “go fund me” in an attempt to properly provide their loved one with the send-off that they deserve.
Which brings us to why…
We here at IBUSA decided to write this article so that our readers could better understand how most burial life insurance policies work and give them an idea about what it might cost to purchase one.
Life Insurance Rates for Seniors over 80
There are three different benefit options: Level, Modified, and Graded. The type of senior life insurance you choose will depend mainly on your current health status.
Level Benefit
Level benefit policies offer burial insurance with no waiting period. The full death benefit payout is available from the first day the policy goes into force, whether death is due to natural causes or an accident.
Level benefit policies require that you are in moderate health and are available for seniors to age 89.
Modified Benefit
Modified benefit policies provide death benefit coverage but are modified in the first 2 or 3 years. For example, the policy may pay a 30% death benefit in year one and a 70% death benefit in year 2, with the full death benefit available in year three onward.
The full death benefit will be paid if death is due to an accident.
Most modified benefit policies will be available for seniors up to age 85.
Graded Benefit
Graded benefit policies, which include guaranteed issue life insurance, pay the full death benefit for natural causes after the policy has been in force for 2 or 3 years. The policy will pay out the full death benefit from day one if you die due to an accidental death.
Most graded benefit policies will be available for seniors up to age 85. So, with those different types of burial insurance policies for seniors over 80 to consider, let’s look at some pricing based on age.
$10,000 Whole Life Insurance Policy Male Ages 80-85
The following rates are for a male based on the age listed. All rates are subject to change and must be qualified for.
| Ages | Level Benefit | Graded Benefit | Guaranteed Issue |
|---|---|---|---|
| 80 | $139.73 | $145.18 | $246.44 |
| 81 | $149.95 | $178.63 | $253.19 |
| 82 | $160.16 | $192.77 | $260.38 |
| 83 | $171.02 | $207.30 | $288.16 |
| 84 | $181.88 | $222.22 | $301.93 |
| 85 | $192.74 | $237.51 | $315.82 |
$25,000 Whole Life Insurance Policy Male Ages 80-85
The following rates are for males based on the age listed. All rates are subject to change and must be qualified for.
| Age | Level | Graded | Guaranteed Issue |
|---|---|---|---|
| 80 | 344.52 | 534.58 | 616.91 |
| 81 | 370.06 | 579.04 | 691.74 |
| 82 | 395.61 | 608.96 | 711.84 |
| 83 | 422.75 | 636.24 | 788.61 |
| 84 | 449.90 | 660.44 | 826.87 |
| 85 | 477.04 | 669.79 | 865.38 |
Whole Life Insurance Policy Male Ages 86-89
Finding life insurance for seniors over 85 gets more complicated as fewer companies provide options. The face amounts insurance companies will allow on these policies will be smaller, in the maximum range of $10,000. Finally, if you have a severe health condition, this can make it that much harder to find coverage in your 80s.
The following rates are for males based on the age listed. All rates are subject to change and must be qualified for.
| Age | $3,000 Level Benefit | $5,000 Level Benefit | $10,000 Level Benefit |
|---|---|---|---|
| 86 | $68.58 | $112.08 | $220.83 |
| 87 | $75.08 | $122.92 | $242.50 |
| 88 | $81.58 | $133.75 | $264.17 |
| 89 | $88.08 | $144.58 | $285.83 |
How Much Coverage Do You Need?
Burial and funeral costs can be expensive. You can expect the most basic funeral to cost about $3,000. However, the key is finding a policy that fits your budget. The last thing you want to do is buy a policy you cannot afford.
Now…
We’ll be the first to admit that understanding what different types of insurance terms and definitions mean isn’t always the most exciting and accessible thing to do. This is why when someone calls us here at IBUSA, we never assume that someone fully understands what Modified Benefit is versus Graded Benefit.
Instead…
What we like to do here at IBUSA is first to understand what you are trying to achieve by purchasing your life insurance policy and then try to match your goal with the “best” priced life insurance policy you can qualify for!
We have found that the “best” way to do this is by making you a well-informed customer so that you understand what you can qualify for and what you are buying! So, if you’re ready to see what you might be able to qualify for, give us a call and experience the IBUSA difference.
