Typically, when someone begins looking for a life insurance policy at the age of 80 or above, what they’re usually looking to purchase is a final expense or burial life insurance policy.
This way…
When the inevitable happens, there will be a small whole life insurance policy in place that can 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 do 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 gain a better idea of how most burial life insurance policies work and give them an idea about what it might cost to be able to purchase one.
Life Insurance Rates for Seniors over 80
There are three different benefit options to choose from: Level, Modified and Graded. The type of senior life insurance you choose will depend largely 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 in 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 modified in the first 2 or 3 years.
For example, the policy may pay a 30% death benefit in year 1, 70% death benefit in year 2, with the full death benefit available in year 3 onward.
The full death benefit will be paid if death is due to an accident.
Most modified benefit policies are going to 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 1 if you die due to an accidental death.
Most graded benefit policies are going to 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 take a 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 a male 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 difficult as fewer companies provide options.
And the face amounts that insurance companies will allow on these policies are going to be smaller, in the maximum range of $10,000.
Finally, if you have a serious health condition, this can make it that much harder to find coverage in your 80s.
The following rates are for a male 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 that you cannot afford.
Now…
We’ll be the first to admit that trying to understand what different types of insurance terms and definitions mean isn’t always the most exciting and easiest thing to do.
Which is why…
When someone calls us here at IBUSA, we never assume that someone has a full understanding of what Modified Benefit is versus Graded Benefit.
Instead…
What we like to do here at IBUSA is to first understand what you are trying to achieve by purchasing your life insurance policy and then try and match your goal with the “best” priced life insurance policy that you will be able to qualify for!
And what we have found that the “best” way to do this is by making you a well-informed customer so that you FULLY understand what you can qualify for and FULLY understand what you are buying!
So…
If you’re ready to see what you might be able to qualify for, just give us a call and experience the IBUSA difference.
